12/4/19 +$182 Commission: $28.44 NG didn't have major movements today as it was trying to set-up for either a big upward or a big downward movement. Went in multiple times for short profits. I did pretty good trying to get my entry/exit timings off of yahoo finance charts, which led to less trading. I was tempted to enter or exit based on the IB charts many times throughout the day but did not cave in. One thing that was a disappointment today was I thought I saw a build-up happening via IB charts but ignored it because it didn't show on yahoo finance chart. Result was, a big spike upward happened (which would have been a better entry for a short) before it came back down again, and I did not make as much money as I could have. Also, if I analyed it wrong and if it had enough strength to go higher, my account could have blown up again. Goal tomorrow is to try to react to an upcoming big move instead of trying to catching before it even begins. While it feels nostalgic when I get it right, it really takes one bad decision to wipe out my 3-4 days of profits.
Why are you primarily trading NG? Biotech stocks have been more volatile of late. Also, were you doing front office work at your PE firm? I almost thought your story was mine since I'm also about to quit my job to daytrade having worked 1.5 years at a private equity firm only difference is that I'm self funding my account with the bonus I'm about to receive which brings my total account to be around $40k-$60k and that's after higher than planned expenses for the year....
12/5/19 +$161 $18.96 in commissions First position to short NG some minutes after the gas report today was a miss, as direction was predicted right but timing was not. If I looked at my chart over multiple days, it would have been easy to spot there were more upside coming yet I was quick to pull the trigger when I thought I saw the (fake) opportunity. My entry looked okay via IB chart and Yahoo chart but I should've took the extra step to be careful and confirm my entry by looking at multiple days as well. Midway during the day, NG was trying to break upwards which made me change my position, but I quickly reversed probably within the next 5 minutes as it seems NG didn't have the strength needed to break out today to the next resistance level, which is reall~y high for a single day move. Road NG down till the end of day but exited a little early as the decrease in price was happening very slow. I was getting mentally exhausted and while yahoo finance chart told me there is some little room to run, I just exited as it didn't seem like a big amount and it would be better to end the day green and rest my mind about my position. If I had a lot of money, I would love to keep a short position in as I think NG is going to fall big the next day or two and hit 2.319 and go lower maybe. But that's not the case
Cause PDT rule restricts me from daytrading as im poor Stocks are my main thing. When my acct hits over $30,000 im going back to stocks. I still never traded biotechs though because i couldn't predict the volatility. So much was based off of test results it seemed like gambling for someone like me who doesn't know one thing about the company stock im buying. Didn't see much patterns. I had almost $40k when i quit my job but for me like 8k was my money and rest was shark loans with APR of probably averaging 28%. LOL. FML. Hope you don't turn out like me. Honestly, I was like IM GOD IM GONNA TRADE F MY JOB IM THE BEST and i did what i did but looking back, i will slap myself in the face put a knee in the stomach and stomp myself until I give to not quit my job. Analyze your own self and ask how much of your decision to quit is based off of arrogance. I really thought I was God at trading but the rules change completely when the major factors in your life changes. You don't live the same so, mentally, you don't think the same.
12/6/19 -$354 $14.22 in commission This Week: -$16 Love how the NG itched lower and lower almost to the 2.319 level. I was not able to capture the profits because *surprise* I didn't follow my rules. First, want to give myself props for entering a long position at 2.4 than just couple minutes later selling at 2.399 because something seemed off and it seemed like it may reverse. Well, drop happened and I was feeling really good, not wanting to take the ride down but just keeping an eye out for the bounce as I believed it would do a strong drop today until mid-day, followed by strong recovery for ugaz to end up at starting price level. Well, I entered a long at 2.374 early. IB chart told me to go in but yahoo chart told me the graph wants to go a little more south before deciding to test itself to change directions. Being greedy and a wuss from all the losses lately, just entered so i don't miss this recovery back up.Well, dropped a little more just as yahoo chart said, and it was recovering. Close to 11am PST, tested the resistance line. Failed to break and went south. But being a noob I am I was doing something else instead of looking at the charts and took the losses.
I don't care what the punduits say. It is generally a bad idea to think NG will keep dropping as we enter the winter heating season, which is starting, basically, now. But with only $1K to trade with? You're trading with fire and will blow your stack, again.
12/16/19 I didn't post any updates last week. Monday didn't have any significant moves; tuesday and wednesday were losing days which brought my account below the minimum I need to traded 1 contract of NG. I noticed on my results sheet that I supposedly lost $3552 within 1 month of starting my results tracking sheet. Bro, I don't even make $3552/month and I really need the money to pay off other stuff. I don't think my stubbornness gave in to stop trading, but I have decided to stop until I get some stability in my life because I struggled the last 3.5 years of my life just to stay afloat. And if i hadn't traded during that time, chipping away more money, my life would be much more on-track than now. However, because I am stubborn and not trading makes me sad the entire day, I am going to pick up my tips today and deposit my final $500 into my account. That will bring my account to $2500, about the $2370 IB keeps telling me I have to maintain. Likely to trade tomorrow, but will be trading safe. (I think I heard this before?) Follow me just a little more because seeing history, not much is left!
A full time day trader is like someone opening a small business to run full time. A small business ALWAYS fails when it is opened without a detailed business plan and is severely under capitalized.