Day 20 of My New Small Account Day Trading Challenge | Recap by Ross Cameron transcript

[Music] what's up everyone all right well today is day 20 of the small count challenge and i'm right 191 dollars and 26 cents no big deal a little bit of a bummer but i had a green day yesterday a great day today's a small red day and i'm done i'm not over training i'm just cutting it right there at 191 dollars live to trade another day i'll be back at it tomorrow for day 21 but as a reminder in case you didn't already know trading is risky most beginner traders lose money and just like that you can go from green on the day to rent and that's what happened to me and i hit my uh sort of mental max loss and had to cut it and be done so as it turns out things ended up going without me and you know it's just the way it goes sometimes you just take too much risk on the wrong trade you go red and then that's it and you know you blow up your account and then stocks go back up but you know you couldn't afford to hold through the pullback well unfortunately that's it you get knocked out so i encourage you guys to practice in a simulator before you put real money on the line take it slow all right with that i hope you guys enjoy the red day recap and i'll see you tomorrow for day [Music] all right so uh today's day 20 of the small account challenge and it's a red day down 191 dollars and 26 cents uh but we'll be a little over 200 with commissions factored in i started the morning with eight thousand two hundred twenty nine dollars and seventy cents so i will still be up over eight thousand today which is great uh but you know it's it's a red day uh i had i was green my first trade on zev was a winner and um you know it was not a very big trade and then i ended up um going red on it so eh you know what can you do it is what it is ahpi ended up being one of the bigger momentum stocks today but had no news uh and at this price range these are harder to trade in a small account anyways it's it's kind of hard to grab a quick 10 20 cents on it and of course at this point it looks maybe interesting but look at this last red candle look at this red candle and it's not hard to imagine having another one form right here and maybe even be even bigger and that's kind of what happened on zev on zev the trade that got me was um it wasn't even that trade that one was pretty nasty it was this one right here so it did it like twice that was a gross false breakout i thought this was a great five minute chart a good five minute chart first five minute kill make a new high and it broke i was up ten cents and then it flushes 50 cents on me and then it did something similar at the open right there and now it's curling up but unfortunately i just sometimes the stock for whatever reason is so choppy you just can't trust it so that's zev and then fulc i had a small loss on it was pre-market we had this squeeze here up to 65 and this is where i lost on that one too so got caught in false breakouts today but the risk was relatively small the loss is manageable as far as a loss goes it's uh it's like a three percent loss on the account today no big deal 10 is my max risk so i'm okay with taking a small loss and living to trade another day it's just not worth overstaying my welcome when my first trade isn't great and then the second trade it's not great either so that's where i just say you know what let's leave it alone so that that's day 20 of the small account challenge uh you know no big deal i had a good day yesterday almost 600 bucks so gave back a little bit today but i'm glad that it gives back too much and i think that this is absolutely the right stopping point you know once once i'm read on two stocks it's the writing's on the wall to shut it down so shut it down and i'll be back at it first thing tomorrow morning for day 21 and just continuing each day to make small progress in the small account while i continue to trade in the big account so kind of getting the best of both worlds here which is nice i suppose um one challenge that i certainly have is my focus being dispersed a bit between two accounts and in fact it's three because i've got my main account and then i've also got my retirement account and then i have this account uh so you know look at zev here and you know what can you do are you going to buy right here look what it's done before so it's very hard to trust a stock up in these levels when you know it's got these this history of these big red candles sometimes this can create a little bit of a short squeeze and maybe that's what you're getting here is it's going into a hall because people who were confidently shorting against that 1050 level finally stop out but who would be confidently buying into that level it wouldn't have been me because look at what it did at that level so many times so i'm not going to sweat it but i missed that one i wouldn't have traded it even if i've been watching it just not worth it and you know it's also worth noting that as you get kind of further in the morning you get to a point where it's like you know what my odds of having a really good trade at this point are kind of diminishing it's probably better for me just to cut it and just be done so you know a trade like that i could have taken it and maybe i could have made some money or i could have doubled my daily loss and been down 400. i'd rather keep the loft small with the trade another day so when the market's hot i'll get more aggressive when the market's a little softer i'm going to cut it quick and come back tomorrow so that's the game plan here day 20 in the books down dollars and 26 cents making i think my fourth red day in the challenge uh but i had one day where i was down only eight cents so that's not too bad all right that's it for me thank you guys for tuning in uh small account recap day 21 day 20. 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 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