Made a simple spreadsheet to track a few strategies ( see below ) and going to use this data to guide myself which strategy i should focus on when i'm going to start with $3000 next year.
Going to track 7 long strategies in the coming 6 months, so i have alot of date to work with.
your own trustworthy data = knowledge and knowledge you can trust gives you self-confidence. Uncertainty creates fear and doubt, and these 2 emotions made me lose alot of trades while papertrading. Also these 7 strategies i think are wired for my personality, and this is different for everyone else. Really love the bounce plays myself because they give me a clear picture where my risk is.
Also worked out my risk management strategy for when i'm going to start next year.
My max risk is going to be $-25 for every trade to make atleast $+50. Aiming for atleast 2/1 R/R
Feel free to use this, i hope this help new traders.
RISK Shares
5 ct = 500
10 ct = 250
15 ct = 175
20 ct = 125
25 ct = 100
30 ct = 85
35 ct = 75
40 ct = 65
45 ct = 55
Going to slowly scale up $25 each time.. risk $-50 to make $+100 then $-75 to make $+150.
Papertraded many months on stocks to trade, i think it was for 10 months and 6/7 more months on my broker software. Wanted to cut on my expenses to save up money for my account so i've stopped with using stocks to trade, but i think it's a amazing tool! Also living like a cheapskate right now to save up every penny i can for next year. Want to have atleast a $28.000 on my broker before i start daytrading. And yes 28k account and start with just $3000 ?
I know it's not about the money when you start, first you have to learn the progress ( screentime)
And when i'm going to start, i am going to focus all my energy on this, nothing else in my life.
I am obsessed with the market, and i know i can make this work. But i've got to have patience.
On the positive side.. Already learned so many hour a day for 3 years. Like 15 hours a day for 1.5 year starting 3 years ago. Stopped because someting horrible happend in my life right when i wanted to start daytrading 1.5 year ago. Sometimes life just get in the way and you have to accept it and never give up on your dreams.
This are the 7 strategies i am going to track.
- U shape Breakouts | |
- $1 breakouts | |
- VWAP Bounces | |
- Red to Green | |
- Resistance bounces | |
- ABCD patterns | |
- Multiday breakouts |
And here is the simple spreadsheet i'm going to use. ( feel free to copy this style )
Thanks for the post Krogzax! I also have been tracking a similar method using those 7 strategies you listed, but instead using very small positions while learning. You seem very organized and you will do very well!
@EMTrader Your welcome, good luck to you. Wish you the best!
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