Day 1 of the Small Day Trading Account Challenge 2017 | Ep. #1
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The time has come for me to do another small day trading account challenge! The pressure is on because I’ve raised the bar this year. Last year I started with a $1k account balance, and this year I decided to up the stakes by starting with just $700. What I didn’t realize is that I would get charged a $125 platform fee the day I opened my account. Suretrader decided to one up my challenge my giving me a $583.15 starting balance. Remember, the account min is $500. That means I have a $83.15 cushion before I need to add more money into the account. This is nearly the least amount of money you can day trade with. Make sure you listen to my Podcast or YouTube recap!
Day 1 of the Small Day Trading Account
Today was my first day with the small day trading account and I took 2 trades. I bought $KOPN and $ALLT, and sold both for small gains. I made a total of $125 which is a 21% gain on the small day trading account. Overall, these gains felt so tiny, but in reality, this was a huge day. I’m so happy to have had the good fortune of starting the challenge with a win. The hardest part is the first couple of weeks. This is the time I need to be the most disciplined. I can’t allow myself to have big losses. If I get into a trade and it doesn’t feel right immediately, I need to bail out breakeven, or with the smallest loss possible.
Momentum Scalp Trading Strategy
The type of trading I’m doing right now is based on scalp trading. I’m taking the largest size I can, and trying to capture easy 20-30 cent winners. If I can only get 10 cents, I’ll take that also. I’m using Hot Keys for my entries and my exits, and that means as quickly as I press a button the keyboard I’m sending orders to buy/sell. This will drastically improve my trading speed vs traders who are using traditional web based or even desktop platforms without hot keys. My focus for the next few weeks will be finding the quick breakout opportunities to capture 20-30 cents with minimal risk. With hard stops at -10 cents, profit targets at 20 cents I’ll have a 2:1 profit loss ratio which means even 33% accuracy is my breakeven, and 60-65% accuracy will make me very profitable.
The pressure is on! I hope enjoy watching me see this challenge through and if you have any questions please don’t hesitate to ask in the comments! I’ll reply 🙂