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Small Account Challenge aka Warrior Trading Strategy

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Wasn't doing it today for me.

Finishing down £116 (almost back at my £500 now :D )

Pretty much one winner, one loser, one winner, one loser. Until I ended up at break-even in the end and took two revenge trades which cost me the £116. What can I say - don't trade past 4pm.

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Started on a quick short on this one on the break of yesterday's low. Worked out fine.

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Then 3 trades on IPXL. One winner, then a loser and another winner. Afterwards missed the nice VWAP bounce, cause been in a meeting. ****! This would've been the winner I needed today.

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Then LJPC from the MoMo scanner. Looked simple to trade in theory, but first got stopped out twice. Stop too tight maybe. Worked on the 3rd run, but didn't make everything back I lost.

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After that my meeting had another look at the market and just saw MEET popping up and selling off afterwards.

Was trying to get the reversal twice, but neither worked. Should've not traded this one for sure and call it quits at break-even.

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How much time/effort do you put into this?  Does it beat buying and holding?

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1 hour ago, dmedin said:

How much time/effort do you put into this?  Does it beat buying and holding?

Time: 2 hours per day / 5 days per week

Effort: sitting at my desk, only sweating a little when positions go against me :D 

Does it beat buy and hold - absolutely yes!

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28 minutes ago, DSchenk said:

Does it beat buy and hold - absolutely yes!

 

Or 'sell and hold', like I should have done back in August with Boeing.

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Ok, another red day for me.

Not the worst day in terms of winning %. 7 winners, only 4 losers.
Problem was the first trade of the day, took me down badly. Then it was hard to get back up.

Learning: Buying the 2nd 1min candle when it makes a new high, might not be the best strategy. Rather give it another 1-2 candles or so before buying in.

Learning 2: Also spoke with @nit2wynit where to actually buy in. Low of the pullback or breakout after the pullback. So far I was buying the breakout after the pullback, but tomorrow will try hitting the low of the pullback and see if that works out better. Today got stopped out multiple times, just to see it rally afterwards. Getting in on the low, might mitigate this.

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Mostly been trading IMGN today.

Big loss at first trade. Then a few small winners, but all stopped out at break-even. Only the last one  (short) was able to let it run and make £27 back. At least something.

Without the big loser at the start, certainly would've made some profits on this one today. Just when you're with the back against the wall it's impossible to work back.

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Watchlist

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Analysed my trades from yesterday a bit. Finding: Looks like my entries are all a bit too late. So today, trying to enter a bit earlier. Hitting that low of the pullback. Then moving stop to BE once in profit. Although also not moving the SL to BE too early, otherwise it gets hit unnecessarily.

Let's see how we doing today!

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21 hours ago, DSchenk said:

 

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Why is the volume bar green on a red candle stick period?

Still not sold on this method.

Edited by dmedin

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1 hour ago, dmedin said:

Why is the volume bar green on a red candle stick period?

Depends how you set it up. The first candle I assume you're talking about is red, but it also closes higher than the previous candle (cause it is a gap up). That's why the volume is green

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Ok.

Been a bit of a weird trading day today.

On the first trade I was up £70, but didn't close it. In the end got out at BE.

Second trade up £30, but didn't close either. Got out at BE.

Then my PC was all of a sudden shutting down and installing updates, wtf!!!

Anyway, finished the day down £26, but actually not the worst trading performance. Just one big loss, which took my profits today. 63% winning %, that's fine. Target is 70%.

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First two trades as mentioned, stopped out at BE, but could've been up £100 by then if done right.

Then my platform shut down.

Then I took the big loss on SLDB, which was lousy trading.

Afterwards worked my way back up to profit zone, but took another £27 loser in the end on SYRS.

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Will do a full monthly review end of this month, but today was showing me again, that it is indeed possible. Just don't have the right skillset just yet.

Learnings:

- On spike-ups take profits, before it's too late

- Don't buy the break-out, buy the low of the pullback

- Stick to max loss per trade (that was costing me today)

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23 hours ago, DSchenk said:

- Don't buy the break-out, buy the low of the pullback

 

 

If there is a pullback.

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1 hour ago, dmedin said:

 

If there is a pullback.

There's always a pullback :D 

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Ok guys. The account is blown! :D 

Balance left: £286

Only 40% win rate today.

First trade got me into the red and then never recovered from there. Key is to get the first trade green, no matter how much, just green. Otherwise the day is doomed.

 

Does this mean the Warrior Trading Strategy doesn't work? --> No, I don't think so. I think the strategy does indeed work as we've seen on some of the days, where we had huge winners. Just need to refine my skills a bit more.
Obviously IG makes it even harder to follow the strategy, cause they restrict 70% of the hot stocks, but guess we have to live with that.

Learnings from this round:

  • Enter trades with pre-defined stop. Keep stops tight, but not too tight (about 2x spread seems to work)
  • Taking profits quickly, but not too quickly (still not sure on when to take profits; so far I was just adjusting my stop into profit zone and waited until it got hit - probably not the best strategy)
  • Focus on winning trades % rather than £ profit targets. Better to take a profit once possible, than to see it reverse and hit stop-loss (seen this so many times). Winning trade % should be about 70%.
  • Getting into trades early (low of the pullback), but not too early (pullback still going lower) and not too late (next move already in progress - entering too high)
  • First trade of the day needs to be green to avoid back against the wall situation

 

All a bit harder than it seemed from the beginning :D 

I'll charge my account back to £500 and start round 2 of the small account challenge shortly (maybe tomorrow already?)

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These were my overall stats for this round of the small account challenge:

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This is my result from today..................Up £70 from £500.

A lot to learn in all areas.  23 Trades by myself.  5 is my limit!

I no longer think this will work going forward.  Retired!?  Maybe.  It's just too difficult to find Gapping Stock with IG and Spread Betting.

 



 

todays trades.jpg

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Ok, decided to use the Christmas Period to think, test and analyse a little and start in the new year with a fresh £500 small account challenge.

Speak then!

@nit2wynit I won't accept your retirement! Keep going mate :D 

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Haha @elle - you have to watch the video, he's just joking.

His account has grown in 11 trading days from $500 to over $7.000 already. Insane.

We're just not on the same level of skillset yet - plus have it more difficult cause IG is restricting most of the good momentum stocks to trade. Like the one stock Ross made over $4,000 in the last 3 days, we can't even trade.

IG really makes it hard for us to keep up with the pace here :(  

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21 hours ago, DSchenk said:

Haha @elle - you have to watch the video, he's just joking.

His account has grown in 11 trading days from $500 to over $7.000 already. Insane.

We're just not on the same level of skillset yet - plus have it more difficult cause IG is restricting most of the good momentum stocks to trade. Like the one stock Ross made over $4,000 in the last 3 days, we can't even trade.

IG really makes it hard for us to keep up with the pace here :(  

yep, I agree , it's difficult to replicate some of his stuff due to the "small" stocks he's able to trade together with tighter spreads etc

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On 21/12/2019 at 17:15, DSchenk said:

His account has grown in 11 trading days from $500 to over $7.000 already.

All the big financial companies in the world should be knocking at his door and offering him a salary in the billions then, if he can make 1000%+++ returns with such ease and so consistently.  He would literally be able to flood the entire world with money singlehandedly if he could use BlackRock, Goldman Sachs etc capital to trade with.  We can all be gazillionaires if we subscribe to his channel and make the same trades as him - ****!  World poverty solved.  Is he Je-sus?

Edited by dmedin

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@dmedin Doesn't work like that, cause of the float

You can do his strategy with share sizes of 100, 1000 or maybe sometimes 3000 or even 10k-20k.

But you couldn't trade the same way in the big hedge fund style, cause there wouldn't be enough shares and buyers and sellers to get in and out of trades that quickly. That's why hedge funds hold positions over 1-3 months and slowly building up their position and slowly unwinding it again.

If a stock has let's say a float of 10m shares, you just wouldn't be able to buy 10% of that in one go and sell it one minute later again.

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On 10/12/2019 at 05:05, dmedin said:

 

This is hopeless, I mean really.  Wtf am I doing with my life ...

Greetings @dmedin,

I think the very first thing you need to ask yourself is whether trading the markets is something you're passionate about. Trading is not a get rich quick scheme, it is as good as you going out there to find a job, and trying to get promoted over the years. The effort in obtaining success in trading is not a simple and straightforward road.

In trading, you need to earn your capital, build your capital, do research on a daily basis and make effective decisions very regularly. 

For me, it is my passion to understand how the global economy works and also be closely updated with current affairs (i.e. politics). As such, when I research the markets, I don't feel like I am dragging my feet to do something dry and boring. 

I need flexibility in my life because I am the main caregiver to my sick mum and I would like to have more time with my son to see him grow up. Trading gives me this flexibility. 

Therefore, I guess what I am trying to say here is that trading is not for everyone. It might sound like a very lucrative job to be in but if you do a plus and minus, you'll realize that trading is just like any other day job with its pros and cons.

Hope you find the light at the end of your tunnel soon.  

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Holy cow, his account is now at over $39k after only 15 trading days. From $500 to $39k, that's a juicy return right there :D 

Obviously the market for US small caps seems insanely hot right now, but nonetheless, some solid trading performance.

https://youtu.be/Vu2fheiyeow

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Why can't you use the platform that he uses to trade?

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