Day 2 of My New Small Account Challenge | Recap by Ross Cameron

[Music] what's up everyone all right well today is day two of the small account challenge and i'm up 600 bucks before fees and commissions so i'll be up a little under 600 after fees and commissions but a good second day although i made a little bit of a mistake so we're going to talk about that during today's recap i'm a little annoyed about it but it is what it is i got green shut it down one trade that's it alright so that's gonna be the recap now before i get into the recap i realized yesterday in day one you know i gave you guys the micro strategy uh pdf download which many of you guys downloaded awesome good job i'm glad you did that but i realized that some of the terminology that i was using in that micro pullback strategy pdf may already be over your head you may not know some of the terms i was talking about you may not understand some of the concepts i was referring to about stock selection only trading the right type of stocks so what i want to do is i want to encourage you to click down below and register to the last day trading 101 class that i taught it's a replay and you can watch that and that is actually a free class that i taught the community out there all the people out there that are interested in learning how to trade i taught a free class that straight out of the warrior pro course and i did that because i want to share with you these basic concepts that many traders don't understand the process of finding strong stocks to trade so yeah i took one trade today and one trade yesterday well how did i even find that stock that's what i'm going to break down in day trading 101 so click below register to that you'll learn about stock selection you'll learn about my approach for risk management and i'm going to show you a couple of my other favorite entry setups we don't talk about the micro pullback in that class but we talk about actually the one that i took today the first candle to make a new high that was the setup that i took so stock pops up it pulls back a little bit first kayla make a new high is my entry boom just like that one trade in and out done for the day so make sure you register to my next replay of day trading 101 i hope you guys enjoy it and hey in case you didn't already know day trading is risky easy come easy go just like that you can lose everything you put into a trade you've got to be so careful so with that in mind you should trade in a simulator before you ever put real money on the line and don't you dare try to blindly follow me or anyone else the right way to learn to trade is by practicing in a simulator before going live with real money alright so with that i will see you guys tomorrow for day three i hope you enjoy the recap it's a quick one and we're gonna keep moving right along so day one in the books day two in the books day three coming tomorrow all right enjoy the recap and i'll see you in the [Music] morning [Music] all right everyone so today is day two of the small account challenge and um not a perfect day but one trade uh on dtss so i bought uh twice and sold twice so i today i have four tickets so two times four is eight so i'll have at least eight dollars in commission and then i'll have ecn fees so dtss this one um is also the one that i traded and did the best on in my main account and we had some great momentum on it this thing was hot so the entry on this was uh first one minute candle to make a new high a little bit different from the micro pullback that i took in um yesterday's trade this is a bit more of a defined pullback first one minute candle to make a new high my entry was right there at uh four dollars it popped up here to 436 i took the profit at 425. it then ended up as you can see continuing higher and this is where i ended up trading it in my big account as it went higher and higher i was tempted to consider going back in in my small account because i took this trade uh early this was it what time was this um this was at 8 44. so i sat down here opened up my computer and before i even started broadcasting i saw the setup and took the trade so then when i logged in i was like hey guys i i already took the one trade to my small account today and i felt like some of you guys were like oh man i missed it and i felt bad too and i was like oh maybe i'll maybe maybe today i will just go ahead and take two trades and then i was like no one trade a day is the way to do it and you know just it's just the luck of the draw that this one was um just i sat down and there it was but the important thing in my opinion uh is getting in early on a good quality setup so getting in on that pullback right there right at the uh kind of the half dollar whole dollar four next target moving up to 425 450 and took profit as it went higher so so that was where it wasn't totally perfect because i but i was recording so students you guys can go watch the the replay as you wish uh but uh then the other problem is that i put in the share size right here for 1200 shares because my account today has four thousand uh what is it four thousand nine hundred forty six dollars and thirty eight cents which is yesterday's profit uh minus um some of the ecn fees so i was like okay i'll you know so i can buy a thousand shares i could buy 1200. so i put it in for 1200 and then i click the buy button twice i it was and the time stamp will show um let's see it was it was like instantaneous it was just like i could i just clicked it twice in the same second and that is sort of force of habit because i do that in my main account all the time i enter the order for 3 000 shares and i'll press it twice or 5 000 and press it twice and so i clicked it twice and all of a sudden i was like oh oh god i'm in 2 400 shares i'm using leverage this whole point was to not use leverage so really i should only be up 300 today that's what i should be up if i hadn't uh inadvertently used leverage so after that i i i said when i was streaming i was like i don't know how am i going to prevent that from happening again and someone said well you could email the broker and say hey can you disable leverage on my account so i was like okay um so i did and it now shows my daytime buying power as uh the same as my starting equity which is the starting balance today so now i think that problem is solved and so right now for instance uh if i tried to enter an order on this for 2 000 shares and i'll just put it at like 450 this order should get rejected yes um the order will not be sent right so so that's good um okay so it sounds like it seems like the problem um is is solved here which is good so you know i think this is also relevant for a beginner trader because you may fund an account with you know 5 000 or maybe 2 500 or maybe 500 or whatever it is and if the account does give you leverage you may end up inadvertently using it you may not want to you may not intend to but maybe instead of pressing the order for you know 600 shares or 500 shares you pop an extra zero and it's 5 000. or instead 1200 you put an extra zero it's 12 000. and if you have the leverage to take that trade it's going to execute that order and i actually talked in a warrior pro mentor session about how two of my biggest green days from a few years ago were as a result of accidentally entering 15 000 shares and pressing that order three times when i had not intended to so i ended up with a huge position and thank goodness the trade ended up working you know so it was still it was still a good trade it just was that i took about 10 times more risk on it than i had intended and because i had the buying power i was able to do it and so that's a good reminder um you know not to let the account just get bigger and bigger and bigger and bigger but to draw the profit out and pay yourself so you don't get caught in one of those scenarios where you actually have the buying power and then you make just a stupid mistake it's a total accident and trading is hard enough without losing money because of a stupid accident right we know that trading is hard so today one trade a day keeps the uh real job away one trade a day it's a small account way and yeah unfortunately i did end up using um my buying power so this position of 2 400 shares ended up being about um a 9 000 trade but that's not um that's not too bad all things considered since i have 30 000 of buying power in this i could have if i had uh wanted to use that leverage i could have been taking like an 8 000 share position and that would have been um certainly much more aggressive and much riskier so a good lesson from today and a green day nonetheless uh and of course that's regardless of share size because i focused on one good quality trade so for those watching the recap um i mentioned this during the intro but i'll say it again now i realized yesterday when i gave you guys that um sort of micro uh let's see i'll do a split screen when i gave you that micro strategy uh pdf that you guys were probably lacking some of the knowledge of the terminology that i was using right in the pdf and so i encourage you to register to one of my day trading 101 classes i teach them a couple times a year if you registered right now you could watch the last one that i taught but even if you register like a year from now you would go into a replay of the most recent one that i've taught and in that class what i do is i actually teach a chapter straight out of the warrior pro course and i break down for you before we teach that chapter the basic terminology that you need to know in order just to kind of you know get your head around what day trading is i talk about stock selection how i find strong stocks to trade i talk about risk management and then i talk about the specific entries and exits so make sure you click uh the link down i'll pin it in the comments but it'll also be in the description if you guys want to check that out uh for those who haven't already of course students who are watching this um i'm not saying anything that you don't already know you've probably checked out or watched that workshop before you joined us so anyways i just wanted to share that with those tuning in on uh social media and um thank you guys uh here for uh another another good day so grateful that the market is as hot as it is right now that's one of the things with a small account challenge it's a bit of the luck of the draw you just don't know um exactly what you're gonna get but uh we've had a good first two days and i'm going to try to keep the momentum going and tomorrow with this buying power adjusted i'll be able to make sure that my trade is within or under my my max buying power which is good all right so uh that's it for day two six hundred dollars before commissions uh we'll come back in tomorrow over five thousand dollars will be around five thousand five hundred and keep this account growing uh twenty five thousand dollars of profit is the goal which will put the account at just under 30 000 all right so uh thank you guys for tuning in i hope those on youtube hit the thumbs up and are subscribed and keep watching the small account challenge all right see you for day three 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

Channel: Warrior Trading

Views: 31,667

Rating: 4.9193082 out of 5

Keywords: day trading, day trading strategies, trading strategies, how to day trade, beginner trading strategies, momentum day trading, stocks, trading, how to trade, stock trading, penny stocks, pdt rule, shares, float, volume, candles, profits, Wall St, finance, brokers, Ross Cameron, warrior trading, day trade warrior

Id: 0qQR-VmmaY0

Length: 12min 30sec (750 seconds)

Published: Wed Jul 14 2021