All right everybody. So time for a midday market recap. We're going to talk a little bit about my trades for the day today and some of my goals for January 2017. So this is the first recap of 2017 First day of the month or first day of the month, first day of the year which is always exciting and fun now.

I have a history on the first day of the month and often very early in a year of doing some reckless stuff and having big losses. Now for me, it's really important for me to get in the driver's seat as early as possible and that means getting myself up. You know, four or five, six thousand dollars on the month or the year, but in an effort to do that sometimes I Miss Manage risk I take too much risk early on and then I end up having a big loss now I Certainly didn't want that to happen today and so I made the decision that today would be focused on getting a base hit. Swinging for the fences, and going for home runs is fine when you have a cushion, but at the beginning of the month beginning the year, it's important to build up that base, build up that cushion.

and the best way to do that is just to go for base hits, right? So $100 here, $100 there and next thing you know you'll have you know a couple thousand dollars that you know have given you that that buffer on the month. Now the other thing I'm doing in 2017 is I'm starting I've reset my entire account balance so last year I made over two hundred and twenty-two thousand dollars I cleared out all that money and I've started 2017 with a $700 sure trader account. Well, what I didn't expect was that my platform fees would be deducted on January 1st. So I'm actually starting with a $583 account balance and today I traded that account and I made a total of a hundred and twenty-four dollars which is great I mean that really is a pretty good day and for a small account, it's about twenty percent so you can see that right there for those of you watching screen share and I'll flip the camera around.

For those of you watching the live feed, there's a hundred twenty-four dollars 96 cents with a starting balance right here which was 583 dollars now in my regular account which I also traded in today I traded a different stock ID XG and I made 1937 dollars. So I wanted to trade ID XG in my shirt trader account but it was not marginal, right? So that meant I couldn't use all that buying power with a $583 starting balance I have four thousand, two hundred and twenty three dollars or plus or minus in buying power. So you know that means on a three dollar stock I can take like twelve hundred shares. You know, on a ten dollar stock I can only take four hundred shares.

So I'm really limited to the types of stocks I can trade and so one of the things that I'm having to do is focus on the ones that have homerun potential. Now as I say this I'm seeing LEDs spiking up and I see news on it Awarded a new key US patent by the Patent Trademark Office so that's interesting I'm wondering whether or not that's going to be significant news. I see it just spiked from 365 up to 4:35 We've traded L.e.d.s in the past. My concern is that I'm not sure if issuing a patent is really a big headline.

The high that spike was for 35. So what I would typically do for those of you watching this is put mark the high mark the high a day for 35 and that would be the price I would consider buying. Now if you look at the daily chart you'll see the 200 moving average is right here at sorry for 33 then for 35 five-day So that makes that to me a little tricky. and I think I'm going to just let it be.

but I just saw that headline. so I didn't want to skip over. All right? So anyways with my shirt trader account I am very limited I have I don't have a lot of buying power and some people would say that I should go for home run trades that I should just swing for the fences. Well the problem is most of the time when you do that you strike out right, you miss and I can't afford to lose money in this account.

The minimum is $500 If I lose eighty three dollars, I'm going to have to put more money into that account. So I know that I'm backed right up against the wall and everything right now is about building my cushion. My cushion is eighty three dollars and I need to build that up. So today I built it up one hundred twenty four dollars and that paid for my January platform fee.

So I'll open tomorrow around seven hundred dollars with a six times leverage it sure. Trader You know I'll have a little bit more buying power tomorrow. That means if I see a good set up in the five dollar price range, I might be able to take a thousand shares. Now if I see a good set up in the three dollar price range, I'll be able to take like fifteen hundred shares.

So if I can get ten cents or twenty cents tomorrow, I might be able to make 150 or even three hundred dollars. You can see how as that buying power increases, my ability to take larger position size will increase. my ability to make bigger gains will increase that all will compound and will hopefully help me really build up this account quickly. But one loss is going to cut it down significantly.

So I have to be really careful and really smart and that's why I only took two trades in that account today I took the first trade a Ll T and I made a hundred bucks. It was on the high a day scanner I jumped in and now one of the cool things with this platform is that I can set different types of hotkeys. So one of the hotkeys that I'm using is Ctrl or sorry shift one my shift one Hockey when I press shift one I'm going to buy not a fixed number of shares. It's not going to be a thousand shares or 2500 shares.

In my speed trader account shift one is 2500 shares and sometimes I'll press it four times to buy 10,000 Well insure trader shift one is to buy 95% of my buying power. Alright, so 95% of my buying power My buying power is, you know, forty one hundred or whatever. that is forty two hundred. So that times now five percent it'll send an order to buy the number of shares.

That equals ninety five percent of my buying power. Which means I'm basically maxing out. Now that's risky, right? Of course, day trading is risky. We understand that.

But every trade I take I'm going to press that hockey and then it's going to populate and it's going to show me the number of shares that that equals and then I can choose to press, enter and send the order or I can just say you know what that's actually more shares than I'm prepared to buy so I'm just going to forget about I'm just going to hold off and I can make that decision as I go now. today I maxed out my buying power on a Llt and I was able to take I think six hundred and fifty shares I got about 20 cents profit, a little under 20 cents so that was a good trade on Kop n I was able to take a little over a thousand shares but I only got five cents so wasn't as big of a win and I knew on both of those I needed to have a very tight stop and obviously if either of those had gone the wrong way, I may have needed to add more money today. You know this is the deal when you start an account. usually you want to put enough money in, you've got a little bit of a buffer.

So if you have a red day, you're not going to have to deposit more money tomorrow and that's what I thought I was doing with a $700 account. But sure, traders said, you know what? I think we can do you one better? you're going to start with $583 tomorrow, so that's fine. It just makes it a little bit more challenging and it really puts me like right up against the wall and we'll see how I do. and I'm really not sure how this is going to go.

My plan is to trade in this account for the foreseeable future. I'm just going to see really what it's like how I feel and try to build it up. Ultimately, my goal would be to build it up past $25,000 and then I could transfer that money into share trader and just trade in my share trader account for the rest of the year. But during the next month or whatever it is, a couple months while the account is small, I'll be trading in both accounts.

So like I dxg that was the stock I trade today in my regular account I made 19 hundred dollars on it. Well I tried to buy it in my speech rate my shirt trader account I pulled up the stock symbol I entered my order and it said that I didn't have enough buying power so I was like huh? that's interesting. So I changed the order I mean I I use my hotkey which should have been correct I changed it and I realized okay, they've restricted this stock so I can't use all of this buying power on it. They've restricted it to only I think it was restricted to three to one this morning and then they pulled it back to one to one which meant at one to one margin I could literally only buy $583 of stock.

That's like a hundred shares I can't make money on a hundred shares I would need to make 20 cents just to really cover Commission's and that's not going to happen I Mean it's just - it just makes it too difficult for me most likely. I'm going to lose money and commissions. There's not a good profit loss ratio. There's not a good risk reward for that type of trade.

So I said. All right. Well, I still want to take the trade I'll just trade it in my regular account. Now if I only had my share trader account, then today's a day where I would have had to exercise patience and self-control and I would have had to say you know what? I'm going to sit here on the sidelines and watch this stock run I can't trade it I just have to wait for the next opportunity.

you know? and that's that's what it would be and that's something that every trader has to deal with from time to time, even for myself on IV XG I only made $1,900 This is a stock that went up three points and I probably could have made more, but I said. You know what? Ross Take your money. take your profit. When you're up five, seven hundred dollars start to take profit.

You you're in the very beginning of the year. You don't want to go red on the year, just start to build up that cushion. Take the profit, you know. And then once I'm really in the driver seat of the year, I can be more aggressive and I can you know I can let things ride a little bit more and that's what I was doing in December quite a bit I had several positions that I was up three four thousand dollars on that I stopped out, was only 700 or $800 and I was fine because I was up over two hundred thousand dollars and it was like yeah, it's no big deal, but beginning of the year, you know, New Year new you you got to kind of change your mentality scale back a little bit and so trading in these two accounts is definitely adjusting my focus.

So I started the year with twenty eight thousand, nine hundred dollars in my Speed Trader account and $583 in my shirt Trader account and you guys will be along for the journey to see what we can do here in 2017. Obviously, 2016 was a great year with two hundred twenty two thousand dollars in profit and I'll do a full recap on those trades I've got them all imported into Trader view and I'm just waiting for my December or end of December statement to come in. so I can show you guys all the gains and stuff like that. Alright now as a reminder, today is the last day of our New Year's Eve specials.

So folks that want to join the chatroom, we've got 50% off annual chatroom membership normally $900 You can join for 449 $450 We're also doing $2,000 off the Warrior pro course normally $42.99 You guys can join for 20 $2.99 and those sales are ending tonight at midnight Pacific Time Alright, so that's about it for today. Overall a good day, good start and tomorrow Pretty much going to come in with the same plan in my shirt trader account. One to two trades. You don't need to trade a lot to make good money as a trader and you don't need a lot of money to make good money.

This is 124 dollars with a 583 dollar balance, right? 124 dollars a day. Consistently, it's like thirty thousand dollars a year. That's not bad. So I'm going to try to up that to two hundred dollars.

Day four hundred 500 and 600. But I've got a you know kind of work my way up. I Think the big lesson here will be that it's not about how much money you have, it's about whether or not you have the skills to trade the market. You can make money even if you've got a really small account as long as you have the skills.

Alright guys, so any questions, feel free to post them either in the comments below or in the chat room. I See someone asking what kind of scanners I'm using. The scanners are all trade ideas scans and so I will flip this around here. So these are the scanners here on trade ideas and these are scan ending the entire market for stocks that meet my criteria.

Stocks that I think have homerun potential. So we've got reversal scanners down here and up here we've got momentum scanners. So this really does all of the heavy lifting for me, you know. I Basically tell the scanner what I like and it searches the market for those setups.

So it's looking for that needle in a haystack every single day. You know that stock that has the potential to move 20 or 30 percent and that's what I need you know really to make a good profit? You'll never catch the total top to bottom the entire move. but if the window is big enough and you can capture, you know a portion of it, you'll be able to walk away with profits on a near-daily basis. Alright guys, so again, that's it for today and I will make sure I comment.

For those of you that ask questions in the comment section I'll make sure I reply a little bit later. Okay, thanks guys! let's be honest. if you made it this far, you must have really enjoyed that video. So what's stopping You subscribe right here and get email alerts anytime I upload new content.

Until then, happy surfing.