Day 10 of My New Small Account Challenge | Recap by Ross Cameron transcript

[Music] what's up everyone all right well today is day 10 of the small account challenge and the account's up about seven percent today so a nice bounce back after the red day on a friday i'm up just under 500 which is great the account this morning started with about six thousand four hundred dollars of profit i was at six thousand seven hundred and twenty something or thirty something on friday so but lost 3 30 on friday so um made back what i lost on friday which is great and today's the first day in the small account challenge where i've taken two trades so the first trade was a 25 winner it wasn't great i bought 800 shares and made only three cents a share i was actually up almost uh 50 cents a share and i didn't take profit off the table it came back down i stopped that break even so first trade was break even and then i didn't take any trades for almost half an hour and then i saw another opportunity and i i thought for a moment about whether or not i should take it you know one trade a day is a small count way and i do think that that is the right approach especially in those first weeks of building a small account but i've got nine days under my belt right now well in ten after today but i had nine days under my belt the account was up fifty percent and what i saw today was the right price stock moving up quickly from about 1.80 to 2 to 220 to 240 i jumped in for the break of the half dollar it squeezed up to 255. then 65. 75. 85.95 3. up to 325 up to 350 topping at about 386. it was the right move to jump on the micro pullback when i got it it was the right price stock which allowed me to buy 2 hundred shares approximately having uh two thousand two hundred shares at two dollars and fifty cents is a little over five thousand dollars so you know i was able to buy a bigger position now one of the problems with higher priced stocks and we've seen several of them in the last couple weeks is that i consider it and i'm like man i could really only buy 200 shares 300 shares for me to have a nice five six seven hundred dollar winner and my biggest winner so far the small account has been 700 it's gonna this stock is gonna have to go up like three dollars a share it's just not gonna happen so for my one trade a day while i'm not necessarily trying to focus on home runs or hail mary's i want a stock that has at least some good potential in it and part of the calculation is if it has good potential but i can only buy 150 shares is it worth taking that trade and i feel like the answer may be but in any case today i got my first trade which was basically break even a small winner like 25 and then the second trade so first day taking two trades it was a good setup jumped in made about 475 on it i ended up selling uh in two pieces so i sold half and then sold the rest and where i sold the the rest i kind of stopped as it dipped right before a bigger move up which was a little disappointing but i booked the profit and that's the more conservative approach especially after having been read on friday and since it was my second trade of the day i i felt that it was really important just to book the profit and be green so day 10 now in the books a good day and the question is day 11 you know through 20 should i continue to take two trades a day and i think that right now i'm going to be in a place where if there's a really good opportunity yes but if not no and and so if there's no good opportunities i may just not take any trades at all it could be a no trade day but if we have some good opportunities and we see something that looks really good i think it may be okay to start taking two trades and then as the account continues to grow up towards maybe eight ten thousand dollars in profit maybe i start going up to three trades a day because one of the calculations that i talked about early on is your profit loss ratio your percent percentage of success and then you know your average winner how often do you trade if you only take one trade a day and you're making an average of 300 then you know that's your profit if you're averaging 300 a day but you're taking or 300 a trade but you're taking 10 trades a day then you're obviously going to have a bigger green day so the amount of trading is a factor and it's something to work with and be mindful of but early on one trade a day is a small account way and then slowly increasing but keeping a limit on it because that limit forces discipline when choosing stocks to trade and sometimes that limit is enforced by your broker if you're under the pdt rule or you have a cash account you have to wait for the cash to clear so being in the habit of trading less is really i think important less is more okay so with that we're gonna jump into the recap today as always my results are not typical trading is risky most traders lose money so i encourage you to trade in a simulator before you ever put real money on the line i hope you enjoy the recap and i'll see you first thing tomorrow for day [Music] 11.

[Music] all right so today is uh day 10 of the small account challenge and i am finishing the morning here up uh 493.18 cents and i did take two trades today so uh today's the first day i've taken two trades here on day ten uh trade number one was on sprt uh that was pre-market coming right into the open and on that one we had this five-minute bull flag that was forming and i bought the dip at 7 48 i'm sorry 740. um which one was this no sorry yeah 7 40. um this is filled in uh this isn't the time is kind of weird on this um let's see no it was 748 yeah i'm and then 240 was sgrp okay so 748 so i bought it at 740. um and i was looking for this basically on this curl the low was 30 7 7 40. it dipped down curled back up and i got long at 7 48 i was looking for that break through 770 and in the minute right before the bell it actually popped to 790 and i was holding i thought this looks great perfect first five minute candle at the open should be 790 795 squeeze through eight and looking to take profit anywhere over eight dollars now on this one i was only able to buy 800 shares so i bought 800 shares if i'd been able to sell the whole thing at eight dollars i would have made 400 bucks so but unfortunately at the bell it dropped and i sold it for uh basically two cents profit or three cents profit 25 i just bailed and you know that was a good exit just get out if it's not working and it unfortunately didn't work it sold off and it hasn't come back to 790. maybe it will but it hasn't yet so that was kind of disappointing at the open and i thought all right well here we are day 10 and i took my one trade and it was basically a more or less break even trade 20 so then i sat here and traded in my main account and did some other stuff and then i saw sgrp hitting the scanners sgrp hit the scans and on this one it pops up and i jumped in as it was squeezing up at 240 to anticipate the breakthrough 250 and i took it in my small account because i was able to buy more shares i said you know what it's not every day we see a stock price between a dollar fifty two three dollars that's up fifty percent that's moving quickly this is an opportunity to jump in this and i can actually buy two thousand shares right because i only have my my total cash balance is six thousand four hundred dollars but of a two three dollar stock i can buy two thousand shares so i bought the two thousand shares and it squeezes up to 265 and gets halted i then made the decision to sell half going into the hall i say you know what take half off the table just be smart i took half off the table it ended up opening from the halt flat it dipped down to 250 pops back up to 274 dips down a second time to 257 and i sold it 258 so you know what you're still holding the 1100 shares just just take it off the table it's not worth it turning into a loser and it ended up ripping up to 311 right here dropping down coming back up to 305 and then having this nice squeeze from about 267 up to 355 and it did all of that without me so the small account i left some money on the table but i stepped up today and took two trades so for the first nine days i took one trade a day and here on day 10 for the first day i took two trades and i'm okay with that i think it was the right move okay like i said it's not every day that we see a stock in this price range that is making a big move and these are the type of stocks that in the small account i really want to capitalize on yes i had already taken one trade but this was a good opportunity so jumped in it took a good trade on it sold it maybe a little early but not going to be too bent out of shape about that it was still a green trade so i think it was the right move here and now the question i suppose is um moving forward um you know as we continue as i continue this challenge day 11 day 12 do i continue taking two trades a day on some days now that i've built up the account the account's up about 50 i've got a little bit more cushion there may be some days where i'm comfortable doing it and i think that that would be okay i think it's a natural progression as the account grows to start to trade a little bit more actively as you have a builder cush as you've built a bigger cushion but at the same time you have to be careful because you don't want to fall into the habit of over trading and the emotional traps in the market start to get bigger when you start to over trade when you go from green on the day to red because you overstayed your welcome so i think it was okay today generally i think it's probably going to be better to focus on just one good trade a day in the small account and if it just so happens that i see a second really good opportunity then that may be all right now that i've built a little bit of a cushion so we'll see it that's it's still a little bit to be determined but uh finishing the day here with just under 500 of profit which is which is really good for a 6 400 account that's a great day and i'll keep it up uh you know going into the rest of this week so today's monday small accounts off to a good start you know 500 and we'll try to keep that momentum going as i look to the uh the next trades sitting down tomorrow morning all right so that's the game plan there uh hopefully we see continuation today it was a little choppy friday it was a bit choppy this morning as well but i did find my way to some profit here on the small account so a green day to start the week green on day 10. and that right there was an entire video with no ads i don't monetize my youtube channel with video ads which means you guys get to enjoy the content but do me a favor please hit that subscribe button and give me a thumbs up and let youtube know that this channel is the channel to watch if you want to learn about day trading