Hey guys, all right, what's up time for a midday market recap? Again, we're going to stream this on YouTube Facebook and in the chatroom, so anyone that has questions, you can feel free to add comments and we'll check them here. we are second day of the year 2017 and I'm finishing the day up 26% on my small account of a hundred and eighty seven dollars in 91 cents. I started the morning was 708 dollars of equity and you know I had two trades so I'll open tomorrow right around nine hundred dollars. My goal for this week was to try to get the account up to a thousand dollars as quickly as I can build my cushion and build that buffer between me and the five hundred dollar minimum.

The better off I'll be. And so right now I've been fortunate. It's maybe a little bit of luck, but certainly skill involved that I've taken for trades and I've had four winners. That's really helped.

I've almost doubled the account just in these last two days and that's what I needed I I Just I knew that I needed to start strong and so what I decided to do was focus on the best quality setups now. I had a nightmare last night and this really was a nightmare in my dream. I took a position it was like 1,500 shares I got in a stock at like 350 and all of a sudden it dropped to 3 and I stopped out and I blew up my account my shirt trader count and I was down like you know I was red and that's clearly the pressure is getting to me. you know I really don't want to blow up this account I want to have consistent growth but at the same time when you're trading with a small account, that's a risk that's in the back of your head that you know it's not hard for me to lose 700 bucks.

it's really not I mean it happens all the time. Really? I mean my average winners are pretty big and so last year I made $220,000 but you know when I have a loss I can easily lose 500 or a thousand bucks. So you know I think that it's a room finder to me to be very selective about what I'm willing to trade and so that's why I said to myself this morning I I got up and I was like I was like okay, let's let's pull it together. You know, let's just look that meat.

Let's hope that that wasn't like a prophecy of what's about to happen today. and let's just take that as kind of a you know, a warning to yourself to slow down, focus on a quality set ups. If it's not a quality, don't trade it. And that's what I did today.

So I took my first trade this morning on Eevee Okay, and this was a stock that was gapping up. It was actually gapping up a lot. It closed yesterday at a Dollar Ninety Eight and it opened this morning at just under three dollars. So really a pretty pretty big gap up and right out of the gates.

It squeezed. It squeezed up to 350 at the same time. I Was a little worried about this one because we already had almost a million shares of volume pre market so it was fairly crowded and in the first five minute candle we had 3.3 million shares of volume. What I thought might happen on this is that the market would open, it would squeeze up over $3 and then it would turn around quickly and drop like 40 cents down to like 280.

But I said you know what I think they'll be opportunity here for me to scalp the break of 3 So I got in at $3 There was about as we started squeezing up, there's about a 50,000 share seller at 3 and we saw a 50,000 shares. and then we saw 40 30, 20, 15, 14, 13, 12, 11, 10, 9, 8, 7, 6 and as it started to break down I press the order to buy a thousand shares and immediately I press my ctrl P button profit Target and that put out an order at 310 up 10 cents to sell. It popped up to 309 and 310 I didn't get filled on the ask. There was a pretty heavy seller there like 10,000 shares and so I said you know what? it's because of the fact that we have this heavy seller at 310.

I'm just going to hit the bid and get out sold on the bid. ended up making seven cents per share, seventy dollars Commission's were 15. so total profit of 55 dollars and not long after I sold it did drop and it dropped all the way down to 282 which would have been you know, $180 loss. So I think I did the right thing there.

it popped up, it couldn't hold that level. I got out with small profit. so the breakout or bailout mentality. Now when I was looking at my trades from 2016, I noticed something interesting.

My average hold time on scratch trades which are breakeven trades was less than a minute. So I am actually doing pretty well with that breakout or bailout if it doesn't go right away. I get out breakeven and my average hold time for losing trades was only 6 minutes. So again, when I got into a setup and it didn't work, you know I got out pretty quickly and that's really the smart thing to do.

so Evie Okay, $70 Winner $55 after commissions and then I started feeling a little frustrated. I started feeling frustrated because I saw a couple of stocks popping up. I saw I dxg pop up and I tried to get in it. no buying power I don't have margin on that stock because of the big move it made yesterday.

So I was like uh and then by the time I could have taken it, you know I try to take the order in my shirt trader account I get rejected and then I missed the opportunity to trade in my regular account. so I ended up trading it in losing $14 but I missed the good setup I only got a partial fill and it just didn't work. So then I was like alright, that was annoying. Next one o our E^x same thing I try to get in with Sure Trader and I get rejected I don't know buying Power they restrict margin on almost all stocks below $3 which I knew that but I forgot that when I try to take the trade so that order got rejected and this went from 220 up to 320 so that was annoying.

and again I missed the opportunity to take it in my Speed Trader account because I was over in the wrong window and then we had it happen on another stock and I was just like starting to feel like a little annoyed that I'm only up 54 dollars in Sure trader and I'm down 22 after commissions in my Speed Trader account and I'll just show you guys on the screen share here these are my this is my P&L for today in the short trader account sorry I didn't show that earlier but you can see here: net Profit: one hundred eighty seven dollars and 91 cents. Commission's were about $32 so unreal. I I realize profit before commissions was like 220 buying power and equity. You can see there.

my equity started the day 307 hundred and eight dollars. Alright, so in any case, I was starting to feel too frustrated and I had to remind myself, you know what? Fifty dollars a day in a seven hundred dollar account is not bad and you know you can't trade once the account gets bigger. I'll be able to trade some of these like $2 stocks but right now with only seven hundred dollars of equity I Just I don't have the buying power even if I just use my cash balance I Dxg is a seven dollar stock. That means I could only take a hundred shares I can't really make money on a hundred shares and cover Commission's It's just not very realistic on this price range.

So I said well, you know I'm just going to sit tight and wait for better opportunities And that's when someone in the chat room said hey, take a look at HM and why it's popping up and I looked at it and I was like oh yes it is that looks good and it's a former runner It's on my list of being a former runner stock So I jumped in. I pressed the order at 3:48 and it got rejected for 1200 shares. So I entered it again really quickly for a thousand and I got filled at 355. So I was like a filling On this a little on the high side, it popped up to 360 I put out my profit target control P that put the order on the ask at 370 which was up ten cents from the moment when I pressed it, it pops up I get filled to 370 I'm all out 150 bucks and I was like all right there we go.

$150 there plus the profit on TV Okay, that puts me up 187 dollars on a day and that's more respectable. I mean really $200 a day? That's $2,000 a year and starting equity of seven hundred dollars is that possible? I mean we'll see I think that it is, so you know today is day two of the challenge and I'm hoping that it continues to go well. Thursday and Friday But you know I have to be smart if and I'm probably only going to trade once or maybe twice a day in this account and I'm going to recognize that during these first few weeks and the first month, maybe the first month and a half while the account is smaller. I just have to be patient.

That's hard. That means I'm going to have to watch some stocks run without me and maybe I'll be able to trade them in my regular account. Maybe I won't. But you know, my focus right now is to build this small account and to do it in the same way that anyone else with $700 or $500 would be building this account.

One trade at a time base hits I can't swing for the fences. You know I can't get into a trade looking for, you know, seven? $800 winner right now? That's not realistic. Yeah I have to go $400 Here you know, $50 there knowing that those small wins will add up and that's how I'm going to build up my cushion once. I build up the cushion once I have $1,000 2,000 3,000 I'm going to start to have a little bit more buying power, a little bit more equity, and then even if I still choose to only trade once or twice a day, I can be more aggressive on those setups.

the same time when you're more aggressive in taking larger share size, your risk increases. And since I'm trading with leverage, the potential to lose more than I have in the account is real if I'm not smart and that's the risk that every trader has really with any day trading account. But it's especially true with an account this small and with six times leverage. So you know the reason I'm using share traders because I don't have.

There's no PDT rule. With $700 or 500 you can made as much as you want which is great it they're located in the Bahamas. The downside is that the Commission's are higher and that's why today my Commission's are you know thirty two dollars and that you know is more than ten percent of my games today. So not ideal.

but it is what it is. You know it's the cost of doing business. If I want to trade in this account then I've just got to pay the higher Commission's as soon as I get up above 25,000 I would definitely move the account to probably back to speech Raider or to you know, Interactive Brokers or Lightspeed or something like that depending on you know the situation. But for me, I'll probably just go back to Speed Trader and I've got my Speed Trader account still.

but I'm just saying. that's that's the sort of school of thought if you're using it that you use it for the period that you need it and then you move out of Shore trader and move into a domestic broker account. Alright, so again, you know the trades today. HM NY Entry at 3:55 Exited 370 Evie Okay, entry it $3 Exited I Guess it was 307.

You know, a couple small trades there. I DG x I got in that at 882 and stopped out at 880 losing two cents on 700 shares. So you know I'm finishing the day with a hundred and sixty dollars total profit between my two accounts. but I'm really just pumped about 187 in sure trader and yesterday I made two thousand dollars between my two accounts.

So I know that on almost any other day on any day last year I would have been like one hundred eighty seven dollars. This is a bad day, but because I'm in the small account I feel good about it so that's nice and hopefully I can continue to see good momentum and a little bit of good luck during the next couple days. It would be nice to maintain this this hot streak, but you know we'll just see what the markets willing to give us. And remember that if I get into a trade and it starts to go red, I got to get out fast, keep the losses small.

You know if I take a $300 loss, it's going to drop my account down I'm going to lose the buying power and it's going to be like starting over. It's not going to be like taking a $300 loss on a thirty thousand dollar account where it doesn't matter. Right now it's going to matter a lot. So this is a time to be really disciplined and it's definitely a an exercise for me and in patience and self-control All right.

So um, that's it for today. Any comments? You guys can make sure you put them in the in down below and I'll make sure I answer them alright. And the hotkeys? You sure? I can explain those quickly. So one of the great things about Speed Trader and Sure Trader are the hotkeys and the flexibility that you can customize them to do almost whatever you want.

So right now my hotkey and sure Trader shift one will buy based on my buying power so it looks at my buying power and then I told it to use 90 or 95 percent I can't remember now which one I used, but it's going to send an order based on 95 percent of my buying power. Alright, so if my buying power was $10,000 it's going to use $9,500 and it's going to send the send the order for the share size. that equals that amount of money. All right.

and it's going to be odd numbers you know might be 1128 shares or whatever it is, but it's basically me loading the boat on. you know, on every trade being aggressive and that means of course it's very important to keep tight stops. So control Z is to sell the whole position at the bid, bail out Control P is to sell the position up ten cents from the current price and control K is to sell on the ask. Alright, now all these hotkeys I break them down and show you the code and the scripts and everything as part of our trading classes so you guys can see more about them there.

All right? So again, any questions, feel free to comment. otherwise I'll catch up with you guys first thing tomorrow. All right! Thanks everyone! 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.

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