I have started this journey in may 2016, registering with Tim Sykes Millionaire Challenge students.  It was the service who had the most educational material available. I didn't look to invest that much at first, as my available money was somewhat small. I had to see it as an investment in my knowledge, not an expense. On top of that, you need to buy monthly Platform, level 2, screener etc.  That said, I plunged into it and commit to the Challenge.  It would be a pass or fail situation.

At first, I found overwhelming the quantity of videos to watch, while following the market, 2-3 webinars per week and having my regular life. Specially during the first 60 days, where an extra daily video lesson is emailed to you. As suggested, I started to study Pennystocking and Pennystocking Part Deux. It was very hard to not get behind schedule.  I came to the conclusion that too much is probably not better than not enough.  

At the same time, the market went in this crazy low float mania. Many stocks were skyrocketed everyday on the long side.  Also, at that time, OTC Market was not like it use to be. It was very confusing to learn a system mostly based on short selling and OTC markets and at the same time observing amazing long plays going on everyday.  Successful trader need to adapt to the market conditions and that summer 2016 market condition was very special. In counterpart, studying short selling wasn't as relevant as it should have been.  I guessed that strategy would come around again later.

I became into some discouragement of watching the DVD's.  I tried to learn mostly from the daily video lessons (trading recap), the webinars and keep getting experience from watching the market.

How my trading worked?  Hummm!  Not very well, but not catastrophic.  Except one stupid bag holder trade, that wiped out about 35% of my entire account in 1 hour.   That trade changed a lot of things.  It came very early in my trading carrer.  I was shocked and I understood that would not be an easy game.  So, this lack of preparation for long trades combined with ultra fast moving market and the fear of losing, resulted in placing very few trades. I was scared to enter too volatile stocks. That made me try slower movers without success.  The good news, I had witnesses potential gains all summer.  I was there watching, most of the time a bit late to play.  I am getting better at finding stocks and on the reaction time.  However, I am still a tad late or hesitant. 

During summer, Tim Sykes changed is style of teaching, which I prefer. 

Then came TraderChecklist, 12 more hours of commitment. Some parts were totally mind blowing, specially parts taken from previous video lessons or webinars.  Watching lessons for a second time is golden.  I decided to resume watching all the DVD's.  My market experience allow the lessons to be even more relevant.  I have also watched Michael Goode tutorials included in the Challenge introductory email.  Those passed completely under my radar of this overwhelming debut and are a must watch.

From one of these tutorials I builded my own Position size calculator spreadsheet.  This tool was a big eye opener for me.  I played a lot with it analyzing charts and different scenarios.  Not every trade, even if the set up is perfect, is suitable for your account size and risk tolerance. 

Since September, management of risk (losses) is getting under control. My target is not losing more than 1% of my micro account of $2500, commission included. Thanks to my Size calculator.  It might be to strict, I tend of exiting trades a bit to early. I probably need to extend a little my mental stop loss.  I find the r/g, g/r, round numbers, supports, VWAP, etc. are may be to obvious levels. It need a little stretch to not get bumped out by market makers manipulations.

Good news, market conditions changed, short selling and OTC's are back, while low float long plays are coming once in a while.  That give more reasons to watch more DVD's 

My plan for next months  :

Watching more of the DVD's.  Watching them combined with more knowledge from the market is a whole new learning experience

Increasing my winning trades ratio by getting a better entry level.  Previous preparation is the key. Getting better at dip buys.  B/o didn't worked very well for me so far.

Let the winning trades run a little more. This will be easier with better entry level and patience.

 

If you are interested in my Position size calculator, let me know. I will be happy to share. In the meantime watch Michael Goode's tutorial on that subject.