Well after 2 weeks back to using real money, not following any plan again I have lost another $2,300. I deposited $2,500 into my Suretrader account, but after the $150 I still owed them for Suretrader Pro, I was starting with $2350. I look back now and see all the stupid trades I made and I was making $6,000, $8,000 trades with no plan. I was finally down to my last $190 today and I trade so differently when I know that is all I have left. I'm not making stupid trades, or trading just to trade. I held my positions longer because I knew I could not afford the lose the commission on another trade. But when I had that much money I did not care spending $200-$400 a day on fee's. Trading on margin will kill your account. I have heard it before, many times, but it truly messes everything up. You want to stick to your plan of cutting losses quick but on a $8,000 penny stock trade 5 seconds could mean $200. Today was my first profitable day since I refunded my account. It killed me not having a good amount of money to short RPRX today but if I did today I would not have held on to it and probable would have lost my money in something else or from overtrading. I also held RPRX over night from $1.99 and this is something I would not have done trading on margin or bigger money. Here are my trades today and my carry over from last night.
RPRX Buy $1.99 Sell $2.33 17% Gain
SUNE Buy $0.68 Sell $0.63 7% Loss
RPRX Buy $3.00 Sell $$3.36 12% Gain
RPRX Short $3.23 Cover $2.63 18% Gain
So my lesson here is to appreciate money when I have it, do not waste money making stupid trades especially on margin. It's really amazing how I knew I could not lose any more money and I had only one bad trade today. I also did not have the funds to have multiple positions at once. So I need to stick to one position at a time, not buy every ticker that is mentioned in chatroom out of fear of missing out, and trade small.
Would it be worth it if I only make one or two trades a day
@COMBATVET Thanks for the response. I'm curious how you are able to grow your account with the amount you have now? Especially with the fees
I trade based on fees. I try to keep fees at 1% or less on total trade.
@NoviceUnicorn I'll have to get more info on that sometime.Opening an account soon
Join now or log in to leave a comment