Hello all. I just wanted to write a little post about something I've been struggling with and wondering if any of yall have the same issue and some ways to get by it. With my account being just under 500, it gets tough to make trades as I'm already going in down 20 due to commissions. Trying not to be aggressive and following tims take around 20 cents/share profit, it doesn't leave much room for profit may $5-15 each time. That said, when im cutting my losses and setting my risk to say 5 cents that around $25-30 each time. Obviously I'm not right every time but have definitely been improving the last 2 months so I'm finding it tough to grow when I can only make these small amounts each time without being too aggressive. What are some things yall have done to grow small accounts like this when profits are usually smaller than losses due to commissions?
0.20 cents a share doesn't pay for the commission.
with an account being $500. You can make money on it. I wrote a blog about my $SINO trade, i spent $260 for 100 shares and turned those 100 shares into $100. With a $500 account, you HAVE to wait for the PERFECT setup. Wait for an earnings report/contract winner to come out and overnight it if it holds intraday/multiday support.
I also made another $100 off 100 shares of $TOPS. With the exact same setup. So it is possible to grow a $500 account.
I use just 500 dollars per trade because I'm still new but I use Robinhood because commisions would kill me. My average trade winning trade is a little over 8% so over 40 dollars, but still. I'd recommend you use Robinhood for now.
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