Are you ready to start the year fresh and grow your $ 500 account to a million in six months, just kidding, there's none of that marketing PS here. If you want to set realistic goals to grow, your small account slow and steady in 2020. Here are the three tips to follow. Remember that one time when you follow the chatroom alert a mate, a thousand dollars only to come back and next day and repeat the same theme but lost two thousand dollars instead.

Believe me, I've been there done that as somebody who's been through the same struggles and lost big, buy in breakout and back holding losers for way too long. I want to share some realistic tips to help. You grow your small account in the new year and I'm confident to say that these tips will help traders of all levels from complete beginner to expert to the Lamborghini gurus, who never lose and before you even ask. No, I'm not gon na.

Take a thousand steps back and grow. My $ 500 account from scratch. Why would I ever do that? You know unless I have a $ 5,000 DVD to sell. So if you're ready to start the year fresh and grow, your small accounts in the new year make sure to destroy the like button to have a profitable 2020.

First and foremost, we cannot improve our trading for the future for the rest of the new year. If we do not take a step back and analyze how we did in the past, which is our strengths and weaknesses in 2019, speaking for myself after analyzing a lot of my traits from 2019, I realized that one of my biggest downfall is not having the patience To let my traits work out a lot of times after three to five minutes. I get really impatient and I'll exit a trade for either a small loss or a small win, only to see the stock breaking out to new highs and run for another one or two points according to my original plan. Maybe it's because I'm a millennial, I'm young, but I really need to work on my patience in trading.

Probably the same way in date into a really good example of this weakness of mine is the clvs long trade. If you are my, we can watch this email. You probably seen me talk about this stock a couple of times and looking back, I had a really good read on the stock. I was observing it for about two to three weeks, but, as you can see from a lot of my long trade on the stock clvs, you can see me going in to buy the tip after the morning sell-off only to bounce it for about 50 cents to A dollar and all the while the stock was going parabolic on the daily charts from $ 10 to $ 17, and it's the same thing with his BP th and JM.

I a trade on the short side. I wasn't patient enough to let it work out. According to my own plan, only to see the stock dumping after I already gotten out for a small loss - and I know what some of you might be thinking at this point: it's okay to take a small loss or it's okay to take a small win profits. Profit, but I think in the bigger picture, if you always take small wins in small losses and not having any bigger winners, then your true risk reward on all your trades is one-to-one, and ideally we want a risk reward ratio greater than one two three, both on The potential trading setups and actual wins and losses that we do end up taking on our trades.

So I think that's definitely something worth making a note of. Fortunately, adding bigger into my winners is one of my strengths. In 2019, it was a goal of mine at the beginning of 2019 to start adding bigger into my potential winners and, at the same time, cutting my losers smaller with just starter size. Well, I do lack the patience to let my trades work for a longer period of time.

Some of my biggest winners of 2019 were from me adding a lot bigger size after recognizing that this is an A+ setup in the stock. Has a lot of room to go on the daily chart which allows my overall rest world to be bigger than 1 to 3, so my question to you is: have you gone back to review your best and worst traits of the last year? Do you have any problems such as chasing breakouts, now cutting losses quickly enough or being too biased or short at old times, and what are your strengths or some of the things that you're really good at that make your bigger winners? Are you able to switch bias quickly from short to long where you see a low flow to penny stock, squeezing with volume, or did you get really good at reading SEC filings this past year to add to your conviction when you're shorting parabolics? This is extremely important, especially if you have a small account. You want to link into your strings in your trading in 2020 and reinforce them in awhile. You want to take measures that will prevent you from repeating the same mistakes.

That's causing those bigger losers. Let me know in a comment section: what are your strengths and weaknesses because chances are you and I had the same experience as well from buying breakouts and chat room alerts to back holding a loser for way too long? I've done it all I'll, be happy to help and provide some feedback from my own experience, not as a trading guru but as a trader who's. Never perfect. Now I know you must all be thinking at this point: okay, the more trader enough with the bad jokes.

What is that? One secret strategy? They'll help? You grow your small accounts? Well, yes, while I will be mentioning some strategies, I think it's suitable for you later on. I do think the bigger emphasis should be focusing on building a good trading habit, which is the next tip I have for you for building your small account and really. I think this is the secret. That's the most overlooked in a notion of day trading.

Marketing telling you about all the quick and easy money, in my opinion, there's no secret sauce. That's gon na make you millions of dollars this only good trading discipline, because, let's be real here, it doesn't matter if you have the best strategy in the world. If you do not have the discipline to execute and keep the money from your hard-earned and then make any money, the stock market is like a beast. That's ever-changing every day, there's something different, especially when you're playing volatile penny stocks.

So it makes sense to keep the few things you have control over constants and grounded and those things are, do you have a pre market planning process? Do you have a morning routine before you even sat down in front of your computer and after you're done for the day? Do you have a routine of going back to review your trait and the charts or going to the gym or watching Humboldt Reader videos and destroying the like buttons? For me, I have a pretty rigid pre-market planning process, which I shared in these two videos and in general I have a pretty set daily routine, every single day from 7 a.m. market time to 6 p.m. after the market closes. And yes, that does mean I wake up at 4 a.m.

every single day on the west coast here, unfortunately, and technically, I'm working 11 hour days, hell no man. I feel kind of tricked honestly why I signed up to those day trading guru, DVDs, many years ago. They promise me I can make millions of dollars working only one hour a day and trading from anywhere in the world, from drinking on the beach driving a Lambo to sitting on the toilet. Now, six years later is just me alone at home, with no beach or Lambo in sight.

Wait, let me check no Lambo in my garage out there. Ok, ok! I want to be fair here. I do all now not just one but two toilets, so those DVDs are definitely working. So it's important that you have a set routine, that you can repeat every single day.

It doesn't have to be the whole day like I do, because I'm OCD and have no life, but you should at least have one for the hours are you're trading, even if it's just two hours at the market open before you go to school or go to Work I had done exactly that myself and I'll be making a video soon on that topic. Also, I highly recommend reading a book atomic habits by James, clear, which I mentioned in this video talking about my top trading books. It helped a lot with your trading psychology and creating good trading habits for 2020. Now the next tip I have for you for growing.

Your small account is to focus on just one or two strategies that you're very good at and block out everything else. If you know you're a better lone trader who buys low float penny stocks after it sells off to a previous support levels, then just wait for those set up. It doesn't matter if you see other traders making millions of dollars on social media shooting penny stocks. If that's not a strategy that works for you, that gets a distraction and vice-versa, if you know you're a better options, trader okay, make money buying covered calls when they could put on blue chip stocks, then focus on those and stay away from penny stocks.

The truth is, there's many different ways to make money in the market, but it's too easy for beginner traders to get overwhelmed by what everyone is saying out there an experienced analysis, paralysis. I had the same problem when I was starting out. I was buying penny stock breakouts one week and the next week I was shorting parabolics and trying to catch the falling knife. It was literally everywhere, but going nowhere, and then I finally took a step back and went back to paper trading.

It's only after I started. Focusing on just one setup at a time that I found out that I was really good at buying mid-cap stocks that have positive catalysts. That can be anything from good biotech data to good earnings, and that was my focus for the entire year. So I started growing.

My small account without one strategy I knew I was good at and in the meantime I was practicing buying penny stocks on paper trading and think will swim on-demand and that's my suggestion for you for growing a small account find one focus and become very good at It maybe it's by studying SEC filings and find ATM offerings and dilutions and swing those stock shorts become an expert at one setup that you can repeat every single day and only then start branching out to other strategies by paper trading. The truth is what works for other traders, it's probably not gon na work. The same way to you. You have no idea the amount of messages and comments.

I get on a daily basis telling me that I should try this new strategy, this new spreadsheet or then missing out by not trading options or not buying this new 100 % success rate indicator were all different traders. I trade moment small-cap and mid-cap stocks ranging from $ 1 to $ 50, both long and short, and that's what makes me money and that's why I talk about it on this channel. That's my focus. I have a few strategy: videos on the channel not suitable for part-time traders, with a small account such as a large cap gap, up strategy and loan in the morning bounce setup.

All the videos I've made so far on a channel will give you a general framework of how the strategies work, but it's up for you as an independent trader to find pieces. That's useful and fit them into your own trading style, I'll, be making more videos soon and setups and strategies that's suitable for part-time traders with a small account. So if you only have time to trade, one or two hours at the market open make sure you subscribe and bring that notification bill, because there's gon na be a lot more practical day trading videos coming soon without any of that Lamborghini both instead, you just get Some bad jokes, as always, if you enjoy the video, please remember to smash your like button. Also, I'm thinking of doing a Q & A video soon for both the trading and now I'm trading related questions on my Instagram story.

So if you're interested in having your questions answered, feel free to follow me there, thank you guys so much for watching. As always, I'm the Humboldt trader and I'll see you guys next week.