Day 20 of the Small Account Challenge: Red Day Recap | Ep. #22
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It was bound to happen that I’d have a red day at SOME POINT in 2017. Today was my first red day in the small account, and it was brutal. I can’t help but feel frustrated as yesterday I broke $22k in equity and I just give back 25% of it today. So where did I go wrong?! From my best day of the year to my worst day of the year. I’m still net +$2k on the week, and green is good. So before we get into the details, I want to step back and look at the big picture. I’ve turned $583.15 into over $16k in 20 days of trading. I’m well on my way to hitting my first target, which is $25k. Today I got overly aggressive, and took a bit of a step back, but I will recover.
This morning I took 1 trade on $RGSE, long at 6.50, and stopped at 5.75 -$5.5k. Here’s the problem, I WANTED to get in at 6.00 but only filled 200 shares. Instead of accepting I missed my trade, I got in at 6.50. Then when it went down, instead of a 25 cent stop, I lost 75 cents. This is what happens when you take the wrong entry. You position yourself to lose, and that’s what happened today. I was equally aggressive yesterday, and it worked out really well. Today, I pushed my luck, and hit my max loss in 4 minutes. This is the roller coaster of being a day trader! It happens so quickly.
I’ve been here before, and I know the best way to bounce back is to focus on just A quality setups. Slow and steady, I will rebuild and get back to where I was yesterday. My goal has been to hit 25k by Feb 17th, and although it will take a little longer if today hadn’t happened, I still feel I’m on track to hit my goal.