Beginning of day: $37815.94
End of day: $39109.89
P/L: $1293.95; +3.42%
Woke up late today.. and saw airline stocks up. Was watching airline stocks this week and I couldn't go along for the ride but not disappointed.
Made money on DUST today.
Made money on VSX but a little disappointed because even though I thought it would go up more, it wasn't a strong enough set up for me. If I had more cushion I probably would have left a position in it but since current capital is something I can't afford to lose, I exited early. And it went up. Lost psychologically but I saw the momentum and made gains so w/e.
Very disappointed in how I traded FB. Saw the overexaggerated drops and went in. Rode the second big wave about half of it down but not mad about that, I exited when I wanted to so w/e. Mad about the third big drop because I saw the bottom and went in, but with the last small drop exited my position because I got scared. Already lost all the gains I got from VRX and more, and didn't want to lose more capital. Watched FB shoot up. It was like -2.5% by that time. Thought it would recover a lot more but didn't like the setup and did not have the balls. Can't believe it ended up going positive during the end of the day (did not expect that much of a recovery), but the entry/exits I did on FB was very pathetic. Very disappointed on how I traded.
Frustrated from FB, played with SCTY. Knew it was going to hit positive before the close but sold it at .32 because I had to go into a meeting in 12 minutes. 2 minutes later hits .40. And like 2 minutes later hits positive. Not disappointed with how I traded with SCTY but just wished I was a little more patient.
Overall, i give 3 stars to how i traded today. Would give myself 2 but I made an okay gain today and followed my trading plans most of the time. Also 2nd day back in daytrading so ending it on a positive note relieves a tiny pressure off my shoulders.
(not sure how to quote people) @sun11 - when I traded small, i wasn't profitable but this was my conditions: $5000 capital. Goal of $1000 return a month to pay for rent, phone bills, living expenses, school things, etc. and under PDT restrictions. I would be able to meet that goal like 2-3 months but once I went negative or even short of my goal, it was pretty much downhill from there. However did practice daytrading in virtual accounts and did pretty well, @darktone Who is the guy in the picture you posted? I love reading about people and would love to google him and read about him.
Yes, I agree to the importance of psychology and I think trading is basically a psychological game. Thanks for your words, its really encouraging (really really truly). I also have a full-time job but hoping to make trading my sole revenue in the future.
Beginning of day: $39109.89
End of day: $43342.15
P/L: $4232.26; +10.82%
Wow what a crazy day. DUST still being good to me. Wasn't seeing much other action in beginning or any good entry points but thought I could make something out of WDC so dipped my foot into that. I'm not sure if I was net positive or net negative on WDC but made some and lost some. Volumes were weak across the stocks I was screening. Was not satisfied with how I traded WDC. Saw an opportunity in VRX and went into that. Weak volumes and bad entry/exit points. Not satisfied with this trade either and was scared because of the longer period of time I was sitting on the trade and the weak volume, but I saw the trend as going up so held steady. Then BOOM! I was refreshing my brokerage account and the total $$ started going up. I thought the system had an error or something and that's when I saw the VRX chart. Sudden unexpected boost and I was like "WTF What is happening. No idea but I'm satisfied with this profit" and exited. Ended up exiting at $33.03 which was a really good exit. All luck right there, but made huge gains today thanks to VRX. I experienced these giant unexpected moves before but it was all going against me. First time in my life a sudden change happened to move for me, and wow it feels great.
I was thinking of giving myself 2 stars for todays trading for poor entry/exit points but I stayed in VRX seeing the trend and while luck was probably 95% of the whole results, still gotta give credits to someone and who else but me. For such huge returns today, giving myself 4 stars for todays trading. Withdrew $2000 afterwards for my mom so tomorrows starting money will be $41342.15.
I am going to jump on the bandwagon too and say pay the loan back asap.
I'm also going to go out on a limb here and say that if you're willing to take that type of risk on a 25% loan, then you should take less of a risk of trading with an offshore broker which doesn't have the PDT rule.
I won't name the brokers here, but I think it makes sense to look into this if you MUST day trade. Last I heard they will start you will around 5K.
@sun11 - when I traded small, i wasn't profitable but this was my conditions: $5000 capital. Goal of $1000 return a month to pay for rent, phone bills, living expenses, school things, etc. and under PDT restrictions. I would be able to meet that goal like 2-3 months but once I went negative or even short of my goal, it was pretty much downhill from there. However did practice daytrading in virtual accounts and did pretty well,
Your answers states that your performance falls with excessive risk or drawdown on small account. Which is a common case.
Well with large account size it can be done. But I need to highlight few things,
You may do good in demo account. Everybody does! But when it comes for real money people get mad. So set a limit on your current account. If balance fall below x point, then you will stop. Recover the loss money with your salary & pay back the loan to the bank. (They are taking too much interest) Keep doing your current job & side by side trade with small account size. Do this for 1-5 years, you will see your small account grown up & you can go full time with full confidence.
This totally depends on your trading abilities regardless of it being a wise decision to take out a loan or not. If you have a track record of making consistent gains profitably over time and you are confident that you can stay profitable long term perhaps you may have an edge to play on.
However, as we all know most fail in this game long term with greed and fear being the main manipulators of success.
Best of luck, if you need any help let me know, I manage funds for two institutions and private clients at the moment so may be able to point you in the right direction.