My last post received some comments that , my account might be a practice account or paper trading. Guys this is a real trading account. Few months ago I stumbled upon Tim Sykes videos and watched over 100 videos of his, Pretty good and educational, Thanks Sykes. So I decided to give a shot at Penny Stocks (Earlier use to think that Penny Stocks are $h*t) so I liquidated my holdings and traded Penny stocks this week. I have a trading account over $50K and made nice $20K just in this week(But I am not Happy with it) and I'm calling it a Month.....Mind you this did not happen OVERNIGHT............. Few would be wondering how.....You need to read a bit more......Just a few words about myself

I was introduced to stock market in 2006 while I was still in the university but actively traded since 2008, spent a lot of money on Trading education over 20K and market taught me some valuable lessons by taking another 30k but I held on to it. Because I knew this is where the money can be made if approached with right strategy & MINDSET. I was born and raised in India , Now living in Canada for few years now. I currently trade Indian Markets and North American Markets. During this course of Journey had many ups and downs but passion towards markets kept me going. During this period I had many teachers (Online & Chat Forums)and I do have a Mentor as well from whom I learnt a lot of stuff and I dedicate my trading success to him. Now I'm proud to mentor others, so far mentored little over 50 traders....Ok enough about myself

During these 10 years of Market Experience I learnt a lot of stuff, I can't even explain. But here are my 2 cents

1. For me Trading is More a Mental Game than anything(which is Fortified by DISCIPLINE & RIGHT MIND SET)

2. Having a Right Strategy

3. FOLLOW THE RULES (For me the best trade even today would be not the one which made a lot of money but the one which I followed my rules and executed them perfectly)

4. Trade the Plan, Money will follow automatically (There is a lot of money to be made in this market, Sorry no offence but One should have Balls to take it)- Trader Ed Seykota made Over $15 Million with just $5,000 in 16 years. 

5. Money Management (Most Important and Most Misunderstood Concept in the Business)

6. PATIENCE (Most Important attribute of a Trader which comes from Discipline)

7. CONSISTENT (Being consistent in generating profits not just $1 Million , after that ????)

So In order to keep myself on the right track I read a lot (Market Wizards by Jack Schwager) I would recommend if you are really serious about this business, but if you are looking just for a quick buck better go Vegas. A lot of mental preparation is necessary overnight to be a day trader and lot of people don't understand this. THIS IS NOT A GET RICH QUICK SCHEME.....Tim Sykes always Iterates this- The best thing you can do is Fu**king invest in your self and educate yourself. There is no Holy Grail and no Substitute to hard work in this business. "Survival of the Fittest " is truly applicable to the markets.

My Money Management Rule:

Position Sizing:

This is how I do, different people have different views. Choose what is right for you

Example : Your account size is $10,000

Rule : Never risk more than 2-5% on any single trade (5%-10% if you want to be aggressive)

Math : Say 5% - $500 of trading capital on a single trade

Stock ZFGN - if I want to BUY enter @ $10 and my stop loss is @ $10.5 , which is $0.5

No of Shares - $500/0.5 = 1000 Shares (You can go all in or Scale In)

Scale In- Increase number of shares as position moves in your favor (I don't average down when position is moving against me)- This is how I test the market

Scale Out - If stock is moving in my favor say 

$10.25 - Exit 250 Shares

10.40 - Exit 250 Shares

$10.70- Exit 250 Shares

11.00 - Exit rest

By following this, you will drain your account ONLY if you execute over 15 consecutive losing trades, if you drain your account by following this Money Management Rule (Dude there is something Seriously Wrong with you.....), sit back and think over it (It might be your Strategy or Just you- which in most of the cases it is)

This is discretionary, no rules written in stone. Depends on Market, vibe and experience. Sometimes I go all in and all out. NO HOPING....NO PRAYING.....NO WISHING......If my stoploss is hit, I am out looking for another setup or just call it a Day. I WOULD NEVER EVER TRADE IF I'M NOT IN THE RIGHT MIND SET. No matter how great the opportunity is. IMHO- Market has been there for over centuries and will remain until the end of this world BUT you should be there to trade it. LOL !!!!! This is going to be a  freaking long post.... I think I need a webinar or video post to convey my message

Today I stumbled upon one of the Momo Traders - Phil Goedeker (@OzarkTrades)-  who made $1 Million with $5,000 in just 9 months which is not an ordinary feat. I don't wish to make the same, I never put a target to myself. For some reason, his story instigated curiosity in me and I want to trade with $5000 (Inspired from Tim Sykes as well). Will start from Feb 1st, need to find a broker where I can verify my trades in Profit.ly , couldn't verify my trades with the current broker. I have always been reluctant to disclose my trades (Most of the Traders don't) but inspired by Tim Sykes work I want to do this in 2016.

Last but not least I thank Tim Sykes  for introducing me to the World of Penny Stocks. I strongly believe that by combining my strategies with Sykes's, I can generate some good profits by improving my trade execution. I thank other traders (Profitly & Team)for the information provided. Always want to learn, teach and grow......

Remember : No one is Right or Wrong, but The Markets Always Is (There are several ways to Skin a Cat - Choose what works for you), its like Mona Lisa Picture, No one can describe/predict it ,in a Right or Wrong Way. The bottom line is being CONSISTENT...that's all it matters.....

"In the Market Everybody Gets What They Want" - Ed Seykota - Think over this quote... :(

PS: If You have any Technical Questions.....Don't Ask...Get your A$$ out there , Google and Learn