As a part of my transparency, Here are my current #'s as of today:
After 10 weeks of trading , i have had my 2nd green week this week.
Week 1: $-35
Week 2: $+726
Week 3: $-330
Week 4: $-348
Week 5: $-1,141
Week 6: $-297
Week 7: $-437
Week 8: $-50
Week 9: $-639
Week 10: $+518
I have combined both my daytrade and my swing trade brokerage accounts in these #s so that is why they are different from my profitly growth chart. The Growth chart is tracking ONLY my daytrade account for which there is the most volume and i trade the plays i am learning through Sykes.
Total Fees: $2,773.00
Trade Volume: $187,719.00
Total losses with fees: $4,985.00
I thought having tight risks are good for protecting small accounts, because one good trade can wipe out your losses. Anyway how are you planning proper levels of risks?
I base my entries on support levels now. I use an area where if i were short, i would enter as my risk. my goals are set to a combination of trend spikes and resistance levels minus a few cents in case of failure. I have a custom spreadsheet i have designed that i use to calculate weather the price points i enter make it a viable trade for me.
Starting with my anticipated entry price, my dollar value of position, that calculates the ammount of shares i enter. Then i have 3 "key areas: where i input the goals determined by the above mentioned and the risk as well. this auto calculates my risk/reward and generally if its worth the time and fees associated with the trade.
And as for the opening my risk, it allows for the trade to play out. +/- 80% of my losses are accounted for closing out a position too early (tight stop) as they all had played out for gains had i stayed in longer. I would be up substantially had i started doing this earlier. lessons learned.
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