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Small Account Challenge aka Warrior Trading Strategy


DSchenk

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On contraire, ASLN got me today. Badly :D 

Total Rollercoaster today

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First started off well with £385 on ASLN. Then I was pushing it.

Missed the run on the second 5min candle - and FOMO - I thought this is going to get halted soon, so better get in before. Bought straight the top at 700 and was down couple of hundred almost instantly on the flush back to 600. I was like, selling now won't make much sense either. So I held onto it, but eventually cut losses when it broke below the VWAP. **** ****!

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Then I saw PT popping up on the Momentum scanner. I thought this looks really well. Volume picking up. I got in and then it got halted shortly after. When it came out of the halt I was up over £300. That's how to do it.
Tried to take another trade later on it, but lost £121 on it. Calling it a day.

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End of day result: -£158

End of week result: +£328

Account size after week 1: £909

Edited by DSchenk
  • Thought provoking 1
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@DSchenk  What The Actual F**K?????

You let a trade go -£700??????????????????????????????????????????????

You're playing for 1:1 with a £500 account.  Absolute Max Risk is £100!!!!  WTF are you doing?? lol.

 

You were already UP on the 1st Trade.  Done!  Enjoy the weekend!   Oh man.....You're not ready to go Live again yet hahaha.

Well done on the week though.  Up is Up, but you've lost a lot too.  I'm starting a fresh next week with £500.  I'll pick your brain later about the Trade Ideas scanner.

It's the Weekend people. :D

  • Like 1
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Yeah, the risk management needs a bit more practice. Agreed. :D 

Don't think it is actually possible to work with these hard £ risk levels. Like £100. With that you wouldn't find any entries. Sometimes you just have to go with the flow.

I mean the ASLN situation today, right thing to do would've been cut losses immediately failing to break the $7 level. Would've been a loss of like £300 and back to break-even on the day. All good.
On the other hand, this could've broken the $7, get halted, re-open at $7.50 and shoot to $8. Up another £300-£400

 

2 minutes ago, nit2wynit said:

I'll pick your brain later about the Trade Ideas scanner.

Let's do it. Happy to make a screen record, how I set it up if you like?

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1 minute ago, DSchenk said:

Let's do it. Happy to make a screen record, how I set it up if you like?

yeah that'd be great.  

I can't move the default windows around or remove them either.  Wondering if I have a Browser issue?




We're at odds with how you're playing this game though.  There was no pull back to speak of on the 1M today so getting in was risky.  But....you still need a max Loss of £100 with a 1k account and a goal of 1:1 or 2:1 if possible.  Your target today should have been £100, or Bonus ball £200.  You made £385 with a 1k margin on your 1st go!! You got Greedy boyo haha.  I mean yeah **** it go for it, but we need to practice as if it's REAL!.  You'd have been in a great place today.  Up nearly £1500 from £500 in a week.  Boom.  Crushing it. :D

There's no way in any Strategy, especially Ross's, where he'd allow -£700+ with a 1k account.  Risk No More than 10%.

Looking forward to next week :D

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33 minutes ago, DSchenk said:

Don't think it is actually possible to work with these hard £ risk levels. Like £100. With that you wouldn't find any entries. Sometimes you just have to go with the flow.

It might have been wiser to get in here with half the stake and add if it's going the right way.  At least this way you can have a larger Stop in place that still equates to £100, but more room for error as it oscillates.

Remember, we're still learning.  :D

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Haha, want to keep it modest mate :D

Target is £100 - £200 and to beat the FOMO instinct. Always wait for the pullback! Always!

Also, want to play around a bit with stop-loss lvls so that I'm not getting that £700 loss again. So far I wasn't having any stop loss pre-set when entering trades, but was more knowing in my head where I want to exit - that caught me off guard last week, so might be better to set that max loss of £100 in stone straight when entering the trade.

 

Did you figure out the trade ideas scanner yet? Won't have time to do the screenrecord before market open today, otherwise I'll do it afterwards.

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1 minute ago, DSchenk said:

Haha, want to keep it modest mate :D

Target is £100 - £200 and to beat the FOMO instinct. Always wait for the pullback! Always!

Also, want to play around a bit with stop-loss lvls so that I'm not getting that £700 loss again. So far I wasn't having any stop loss pre-set when entering trades, but was more knowing in my head where I want to exit - that caught me off guard last week, so might be better to set that max loss of £100 in stone straight when entering the trade.

 

Did you figure out the trade ideas scanner yet? Won't have time to do the screenrecord before market open today, otherwise I'll do it afterwards.

No pal, I'm currently developing a new business making and selling soap lol.  However, i will be logging in but really taking my time.  My target is £50 or more today with a max loss of £50 too.  I'll be using the smallest ppp as possible, unless I see a Clear winner.  Though I'll still be risking £50 for £50 or more.   Anything above £50 is also great. :D

What's important to take note of is how far a stock might climb on the 1M or 5M before a Pullback.  I won't want to risk more than 50% of a profit.  As soon as I'm up 100% I'll move my Stop to my Buy In so i'm Risk Free.  If it stutters I'll get out right away.   In hindsight I've lost most of my profits going straight back in to the same Stock right after I've got out.  Then I chase the Demons for the losses I've taken.  Then I see I've lost 25% of my capital.  Those days are gone........I hope. :D

So, I've got 1hr to figure out Trade Ideas Settings :D

Help me out here:

Max Float 20 mil.

Minimum Gap 5%

Max Price $50 (This is still doable with Spread betting)

Spread really needs to be 5 or less!

What am I missing?  Where do we go for News?

I'm still Winging it it seems lol.



 

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ok boys, this is it.

+ £271.6 - happy with that

ASLN was my big winner again.

Then took two short positions on NVAX, which worked out as well. NVAX could've been more profit, but was too distracted after an hour :D 

Bring on tomorrow. Good start into the week

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Here's a lesson in keeping it too long.  I keep proving this so I don't forget it.

I got in on this on the turn at 600.  I knew it would return on this time frame.  2x double taps at resistance at 560.  Risk was £35 to start.  When it got to +£35 I moved my Stop to Zero.  It came back down to +£6 but I left it, then it went up to +£50 where I would normally have got out.  But to prove it, I left it longer, then look;  Dropped to Zero.  So, nothing bagged, nothing lost.  Though technically I lost +£50 profit.

Don't stay in too long.   Take Profit of 1:1 when it's there.  Playing 1M or 5M you get pullbacks or reversals sooner.

 

don't let it run too long.jpg

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8 minutes ago, dmedin said:

I'm back to losing big ... nearly time to quit trading, until I see that the best savings accounts in the UK are less than 2% :( 

Why aren't you following what we're doing?  Why are you so against this?  It works bud....What did you lose on today and how/when did it happen? :(

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6 minutes ago, nit2wynit said:

Why aren't you following what we're doing?  Why are you so against this?  It works bud....What did you lose on today and how/when did it happen? :(

Short-term trading is just an absolute disaster for me.  Lost hundreds of pounds recently.  It's starting to become really harmful.

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2 minutes ago, dmedin said:

Short-term trading is just an absolute disaster for me.  Lost hundreds of pounds recently.  It's starting to become really harmful.

Get on the Demo pal, we'll work thru this together.  Though if you think you're suffering, I'd suggest a good break till the new year.  Reset.  Time with Family.  The constant losses can be detrimental as I'm sure you're aware.  you can't play the long game with a small account though I'm assuming you have a 'relatively' small account compared to the big hitters.  This can only be done short in and outs.  I'm pretty certain of this.  It oscillates too much to go Long.  1:1 profit pal.  short game.

But I'd say take a break.  Sounds like you might be addicted to the click.

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Agree with @nit2wynit. Take a break then onto Demo until it all works out.

My 4 wk break last month was legit. I know look forward to trading every day and can't wait for market open :D On Sundays I'm like, ****, no trading today, good that tomorrow is Monday again :D

I'm gonna ride the Demo certainly this month. If I end anywhere between £2k and £5k I'm gonna try live from next year again with this new strategy.

I feel like I'm doing most of it right already.

  • I know how to do the pre-market scanning and also the live market scanning with PRT
  • I know how to calculate position sizes
  • I know how to scale in and out of a trade
  • I know how to play it long and short

Just bit of improvement on the risk management and FOMO required, then this should work out. Only trialling this on the Demo for 1 wk now, but feeling more confident than ever that this might all work out eventually.

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