Challenge Day 1 - 9/7
Challenge Account is Back !!!
We had to lay off the account last time , as we did not follow a few of the rules I had made , so here we are back at it fresh , with daily updates , along with solid tips and tricks to help you grow your small account !
Each day we will have a blog recap that entails :
- Start value , end value
- Plays taken that day on account
- pros and cons of the day
Disclaimer:
- This will not be a flashy, grow quick challenge, especially for week 1-2 , the main goal will be to develop good trading habits, and learn how to slowly scale them. The number 1 reason most trader's blow there account is because of poor risk management, so our goal will be to master that 1st step, and then grow from there.
Rules:
---- Start value 1269.53
---- Don't blow the account
---- Once $2.5K account value is hit (or just around 100% account growth) - we will withdraw our initial $1270 investment. and play with profits to continue
---- We will be making gradually withdrawals from account as it grows , to emulate how you can utilize trade profits for everyday expenses
MAIN GOAL:
To show that, at the end of the day, the key to trading profitable isn't based on your account size (although a larger account does help), but it is in fact based on a foundation of good trading habits thru proper risk management, and patience. There are a million trading opportunities in the market each day, find the ones most suitable for your trading style, and be patient to take them at the levels you want. By being disciplined, and consistent to their trading strategy, anyone can become a profitable trader.
SATISFACTION:
- at the end of each trade breakdown I will rate. myself on a scale of 1-5 on the trade based on execution. 5 being the best where i followed my plan and played it to the tick, while 1 being the worst execution I could possibly have done. Notice how this is not based on P/L , it is based on how I performed based on trade strategy.
** THIS IS NOT FINANCIAL ADVICE**
**ALL TIMES BASED ON PST**
DAY 1
OPEN : $1269.53
CLOSE : $1400.99
CHART KEY : GREEN CIRCLE = ENTRY
RED CIRCLE = EXIT
BLUE TEXT (any other color text) = WHAT I DID
ORANGE TEXT = OTHER TRADE POSSIBILITIES
TRADE 1: $CRWD
- We identified an over/under level for CRWD before open , longs over 279 , shorts under
- 278.77 was an important level for CRWD as it was hourly support before the earnings gap down. After that , when we got the bounce , the key level was respected on 9/3 failing to break back over by eod. With that in mind this became our key pivot level for the trade , looking at longs over and shorts under.
ONE MIN CHART 9/7
- This was a quick one , getting a put off 277 , and selling into 275 about 2 minutes later. The price did end up holding under 275 for continuation towards the 268 target but with 1 contract , plan was to sell som towards 275 so we took off the only 1 that we had.
SATISFACTION (3.5/5) :
- A little late on the entry , would've been ideal to get in on the 2 minute , closer to 278.77 , but not a terrible entry with good enough r/r in place
- good exit at first target , although i could've been a little more patient to see if sellers held under 275 , since I only had 1 contract , made a good decision to sell and lock in profits
TRADE 2: DOCU
- The morning plan for DOCU was similar to CROWD , where we had an over under level in place. Looking for longs over 308.5 and shorts under 308.5 .
- This level was crucial as it was the highest daily close before the close we had on 9/3. Meaning sellers were positioned around this zone. On 9/3 the zone was being held on an hourly basis , so if buyers wanted to hold strong they would not let the zone break , whereas if the zone broke sellers would have recaptured control.
ONE MIN CHART 9/7
- Since we missed the opening drive short we waited for a bounce to get a good short. 303 had the potential to save and reverse the stock , so keeping that in mind I waited for the bounce to send us back towards vwap. Notice how I didn't just enter DOCU on the way down when i had missed my entry. Instead i waited for it to give me a good entry , which in this case for the retrace towards resistance.
- Off the rejection at vwap we continued lower , eyeing a 303 break with 300 as next target. Boom boom we break and hold under and get towards 300.
SATISFACTION: (4.5/5)
- Good patience on waiting for entry , as I didn't chase it on the way down , but instead waited for the bounce and rejection.
- Could've also been a bit more patient for this trade , as breaking 303 was a good trigger for continued downside . Contracts got all the way down to 4.8 midday a nice extra +150 , but followed plan at sell on first target so can't be disappointed.
TRADE 3-5 : SNOW
Morning plan , we wanted to look for shorts on weakness around 310-311 or around 314-315 where we would want to take a short side swing trade.
1 MIN CHART 9/7
- Morning trade executed well , seeing sellers step in , was able to take the short trade. Ya i entered with a swing mindset , but with small account we got to take profits as they present themselves . Had a quick drop back towards 305 where we locked in gains .
- Off the 305 bounce I wanted to go short again , but off the bounce the intraday price action became a bit more bullish which is why I kept a tight stop over HOD. Stop got triggered , got out , and then just waited to get back in for swing trades.
5 MIN CHART 9/7
- The first entry around 311 for the swing trade was probably a bit early, I was up on the drop back towards 308 where we bounced earlier , could've scalped that trade for a quick +20 and then just re-added on move back up.
- The 312 and 314 entries were better for the swing . I sold 1 on the way back to 311 as that became the intraday pivot , resistance in morning and then support on mid-day breakout. Also i was only interested in swinging 2 contracts not 3 to manage risk.
OVERALL SATISFACTION : (4/5)
- Morning trade was executed beautifully , good entry and grreat exit, a 5/5 on that one
- 2nd trade , since I mentioned the intraday trend was shifting up , I could've stayed away from the scalp traded and just wanted to take the swing trade. But kept a tight stop followed it and gave back a small amount of profits from the initial morning win. 3.5/5 on this one.
- 3rd trade set , the first entry was a bit early for the swing trade. If anything that could've been another scalp entry and then re get the swings all the way back around 313-315. Since 1st entry wasn't executed great , a 4/5 here.
That wraps it up for today , good start to the challenge account.
One thing to work on for the remainder of the week is potentially allowing winners to continue going , ya it can be difficult to do so when you only have 1 contract , but it's possible by implementing trailing stop. Not a long way away from being able to take 2-3 contracts soon , so might just tuff it out for another 1-2 weeks with small gains and then add in contract size .
IF YOUR INTERESTED IN FOLLOWING ALONG WITH OUR SMALL ACCOUNT CHALLENGE LIVE , FIRST WEEK IS 100% FREE , HIT THE LINK BELOW TO JOIN NOW WITH THE FREE TRIAL;
@ https://www.truetradellc.com/stock-signals-membership or contact our IG @ (Truetrade_llc)
If you haven't already check our our free watchlist this week : https://www.truetradellc.com/post/market-watchlist-4-26-4-30 , already had some nice bangers 🔥🔥🔥
Have a wonderful rest of your day everyone, drop any questions down below !
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