In this article, I share an update on my small day trading account and answer whether or not my trading account has blown up…
Trading Account Blown? [ Day Trading Small Account Update ]
Trading Account Blown? Day Trading Small Account Update – YouTube Video
Day Trading Small Account Update – Script
I’m Emily from Mindfully trading and it has been a few weeks since my last video!
Thank you for all of your comments and support so far. Some of you have been asking about my progress as it’s been a while since my last video so here is an update for you…
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So let’s get into it…
A quick recap for you on my beginner day trading journey…
I started trading live with my small account in September 2019. Focusing mainly on the small-cap strategy from the warrior trading course.
In November 2019, I was halfway through the month and down about $200 when I realised that the small caps strategy was proving too risky and tricky for me.
So halfway through November, I switched from trading small-cap stocks to trading large-cap stocks. The results were amazing. My profit/ loss was an inverse of the previous 2 weeks and I made around $200, which was what I originally lost. As a result, I finished the month up around $16, so not much but still green.
At the time I was so excited for December. I wanted to see the results of this after a month and hopefully start to grow my account and scale up my position sizes, to grow my account further…
In addition, December is historically quite a busy time for trading providing opportunities for momentum trades.
Unexpected News
However at the beginning of December, unfortunately, I had a bereavement in the family which had a knock-on effect in different areas of my life. I have decided to create another video which will dive deeper into this topic. This video will explore the personal problems you can face when day trading for a living.
So back to my small account progress, or lack thereof…
I tried to trade where and when I could, but this only ended up being the odd day in December and the odd day in January. I didn’t trade enough to build any consistency or even to make enough to cover the monthly platform fees of TradeZero which at the time of recording, are $79.
Fast forward to February which, after relocating ( moving onto a narrowboat!), I decided to withdraw my trading account, as I needed the funds.
This was quite frustrating and disappointing, as an aspiring trader never wants to have to withdraw their funds before they have grown them. However this is sometimes how life can go, and I am accepting where I am in the moment.
I am also crafting what I believe to be a better plan for trading, which should hopefully provide me with better results.
What’s my new day trade plan?
Firstly, I am in the process of getting full-time work. Where my goal is to save £4000, roughly around $5000. Which will give me a much greater account size than I have previously had for trading.
Meanwhile, I will continue my study and development to stay in the game. From a combination of reading, watching other traders recaps, and by continuing to analyse the technicals of stocks etc.
I aim to develop swing trading around working full time, once I have built the funds for my account. As I am working and saving, I will paper swing trade to develop my skills. I have previously studied swing trading and kept a watch list for swing trades for about a year now so I am quite excited for this.
Keep focused on trading
Withdrawing your trading account can seem like a backstep or even as though I have failed. However, I don’t believe in that. There is a lesson to be learnt from everything. One of the greatest things I struggled with trading a small account, is covering the platform fees of the broker, whilst building the consistency of probability. Naturally, trading with a larger account would make this step easier.
Trading Account Blown? Day Trading Small Account Update – Conclusion
So there is an update for you.
A lot has happened for me in the past 3 months. I am thinking of sharing a few different videos as I mentioned before. If you want to get access to these videos when they are released, make sure you are subscribed to my channel.
Meanwhile, any comments, leave them below and don’t forget to drop me a like if you enjoyed this video!
Catch you soon!
