I guess I've been trying to move back to Micro account lately... Sheesh.
This string of losses made me consider quitting. Damn! I felt like I couldn't get anything right - like I was only ever going to be able to trade backwards: Buy High and Sell Low.
I was feeling like I was still going to find a way to blow up my micro account. I was as high as about $700 at one point. Now I've been "market humbled", and I'm near my original balance again.
I understand why Sykes says it's so hard to make money with a micro/small account. With larger positions on well-vetted stocks, you can make a lot of money on just a .02-.03 move. But with a micro-account, you have to have mental discipline (which I obviously need more of) and even more study time to find the right stocks. With a smaller account, a .02-.03 move may only make me/you single digit or maybe low double digit gains most times. I have to have more training to know when this gain "is enough for now". I have to set better expectations for my exit and be better at exit execution. I don't mind taking a single. I have to do better at knowing what a real single looks like.
The good news is, this is all just practice. I get fired up because it's actual money, but even if I lose it all, I can still just start over. Trading by myself, it's easy to feel like "I'm the only one losing, having a bad day, or making a bad trade." But 90% of traders lose $$, so I'm actually one of many.
In my defense, my day job schedule changed, and so did the time I have available for study and trading. I'm on the west coast so already up well before dawn to do all of this - and still working a full-time schedule from 8a PST M-F, and also working on building a separate business of my own. That said, I still don't want it to be an excuse and I'm adjusting how/when I approach study and trading to find a new groove.
I'll get it right eventually. There's plenty of $$ to be made, and Sykes and his band of merry moneymakers are good teachers and mentors. I'm in the right place, just gotta make and keep the right pace.
Micro to Millionaire..... Let's GO!!!
**If you look at any/all of my sorry trades and happen to notice a theme in my comedy of errors that you can help me identify, fix and get better at, PLEASE don't hesitate to reach out to me. I welcome all truly knowledgeable and experienced constructive criticism. Thanks!**
For months when I started I was trading so stupid. My whole strategy was ridiculous. But one thing that I found was that even though my account size wasn't small, the fees were eating me up. I was basically scalping, and even despite the fact that my winning ratio was probably terrible, the fees ate up a significant part of my profit. (Probably would have been better to start out in a free brokerage, but I'm short biased). I guess what I'm saying is that even with size, it can help to find
(sorry didn't know my comment would cut off, let me try to remember what I said)--It helped me to find big picture moves because I only had to capture the meat of the move, and I didn't need to worry about slippage as much if my trade was stopped out. I don't know if that's helpful for you or not, because I don't know what your strategy is. I eventually had to scrap my whole strategy and start over, but now I feel like it's finally working for me. Good luck to you!
@Lyoness Thanks for the feedback. Sometimes just knowing you're not alone in the trading world is plenty of help. I had to learn that commissions lesson early trying to trade OTC. I'm commission free on TDA for most trades, but I have to reaally consider the risk/reward if I'm going to pay a $14 cover charge for every trade. Plus I'm learning to use share size buys that fit my balance so that's helping too. Anyway, thanks again! Continued success to you too.
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