(10/30/23) I am still up $300 on bit coin, it had a down spike but it was not that big so it probably will go down again. I am going to try to do some day trading today.
(11/2/23) Bitcoin made a new high around my +$700 area; It has now just hit the consolidation at my $300 level, and I expect a reversal back into bullish momentum. It also created somewhat of a level at my $500 area, as it struggled at that level a bit. I need to find some time for day trading this week I've been focused on other things and haven't done anything but watch my long trade. (11/3/23) I tried day trading Eth but I was unsuccessful losing around $200. It is hard to wright a lot about my swing trade because I'm just watching it and seeing what it does. So far it is back up to my +$700 area and it doesn't show signs of reversing, hopefully that is true. I put my stop loss at my entry point so I can not lose any money in the trade. I expect the price to consolidate a little at my $700 level and then rocket upwards to a higher highs. I like swing trading a lot more than I thought I would. It is a lot easier than day trading, and I don't have to worry about the pattern day trading rule I talked about in earlier blogs. I have only done one swing trade so I will have to experiment with it more. Swing trading is a lot harder to blog about, so I will probably do a mixture If I have time. Currently my account equity is around $7300 which is a new all time high, so that's exciting hopefully it continues to rise in the coming weeks.
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(10/22/23) Today I started off with some good and bad trades losing around $100. Then I made a very good trade making me around $1600 putting me at $6800 overall.
(10/23/23) Today I noticed bitcoin breached a extremely strong level based of of its all time history. I am going to try and take advantage of this and buy. So far I am up $300, If I had not exited the trade from yesterday I would be up around $15,000 but sadly I didn't, so I am trying to take advantage of it. This is the first trade I plan on keeping overnight so I am kind of nervous, but if it does what it did in the past I could make a lot of money. I made it back to 7k so that's exciting, I will explain my strategy in detail tomorrow. (10/24/23) I've created a strategy that seems to work pretty well, In certain situations I wont follow the strategy such as strong up-trends breaking extremely strong resistance levels like what bitcoin is doing now. If the price is above the 200 exponential moving average I am looking to sell, If its below I am looking to buy. I try to hit the exact reversal point of the graph and set my stop loss at a reasonable place and risk less than 2%. I then watch the graph and try to make as much as possible. Bitcoin went down close to the major level but I expected this and put my stop-loss below this, so I am still in the trade. (10/25/23) So far I am up $300 on the trade. I plan to hold the trade for a while, and day trade other things. I've been somewhat busy, so ill start doing that soon. (10/27/23) Bitcoin is consolidating slightly above the level I entered at, so I am still up but It has not moved up significantly. It will likely fall back bellow consolidation before going up so I am prepared for that. (10/16/23) Using the strategy from 10/12/23 I made $500. The new strategy I am trying I like it but it is not good in the 1-minute time frame. So I am going to try it in higher time frames.
(10/17/23) Today I made $830.97 putting me at $6419.90 total. I would like to have fewer losses in my strategy, as I would obviously would make more. If I had no losses I would have made $1121 Witch would be insane not that $830 is bad. I am not going to use the new strategy as I do not like it, only the strategy from 10-12-23 to trade as it works very well. (10/18/23) Today I had a few large losses from various stocks. Bringing my winning streak to an abrupt halt. I would like to clarify that as of right now I am not investing real money into the market. I am paper trading which is the same as using real money but it is fake. During this project I do not expect to become a good trader as for many people that takes years of struggle, I just want to get a start on the years of struggle ahead of me. and because I can't quit this project, I can't just quit after I lose as this is most likely what I would do if I was not in this project. My original 600% gain was pure luck (gambling) and I don't expect it to happen again. The purpose of paper trading is so you don't just lose all of your money starting because that is what will happen. I plan to paper trade until I have an edge in the market and consistently make profits. That will probably take months to succeed in doing. But if I spend enough time doing so I will eventually get a feel for the market and be able to trade effectively. There is also a hurdle to overcome called the pattern day trading rule (PDT). This rule is made by the government to "save you" from yourself. It states that if you have less than $25,000 in your account you can only make 3-day trades in 5 days with a margin account. This rule massively limits day traders' profit and makes it very slow to gain profit. This rule only applies to stocks but this is what most people trade and what I am currently trading. Because of this rule, I am going to focus on futures and cryptocurrency. So I can prepare myself for the real market because I probably won't have 25k lying around. I am going to focus more on price action and support resistance levels and less on indicators or a specific strategy. I am going to focus on Bitcoin, Ethereum, the S&P 500, and the NASDAQ 500. Another hurdle we face is the amount of "fake" YouTube channels out there that are just trying to sell a course or gain subs. This makes sense because if I was a good trader I would see no point in wasting time with a channel when I could be trading or studying the market. This makes learning more difficult as you can't trust any channels to have good advice. I have an uncle that trades or has traded and I am going to see if I can get in touch with him and talk about trading to see if I can learn anything. My mom also said someone at her work knows someone who has been trading since high school so I may look into that as well. However, I would like to be able to learn from a credible source to speed up my learning of the markets and give me some advice. I need to start fully journaling ALL of my thoughts while trading in some journal so I can re read it at a later date and make connections to better understand the market. I haven't decided if I should put it in a written notebook, this blog post, or make a new page on the website. I am going to try to stop relying on as many indicators and just use support and resistance. I am also going to only trade at home from now on so I can completely focus on trading. (10/19/23) today I made some trades on Bitcoin most of them were bad trades that is should not have made and been more patient. I also should of made better stop losses and stop trading in consolidation. I made one trade that was the most sensible making $1000 canceling my losses. then made more bad trades because I was confident. If I would have stuck with the good trade and "let my winner run" I would have possibly made 2k plus, so I need to let my winners run more. tomorrow I will be more patient and only trade when it makes the most since. I am setting up a trade that may execute overnight and make me 1.6k or lose $100. I have to right ideas of what the market is going to do but I just enter at the wrong spot or get stopped out just for the chart to immediately do what I wanted it to do. I just need to get the timing right and that will come with experience and practice. (10/20/23) Today I made a single trade on bitcoin making a profit of $300. I followed my plan from yesterday and that is what made me profitable. (10/9/23) I'm starting this week with $5734.05. Over the weekend I made around 1.88% (around $100). It is harder to make money on the weekends because, for the majority of the weekend, only cryptocurrencies can be traded, so there are fewer opportunities for my strategy. Today there weren't many opportunities while I was looking at the market, but I made around $220. (10/10/23) Today was a bad day, I lost around $280. I believe I lost today because I felt like I needed to trade and was tired so I made several bad trades. I also didn't have much time in school today for trading. That wouldn't be bad, but stocks are only open from around 9 am to 4 pm so there is not much room outside school for opportunity to trade, and this strategy doesn't work as well with crypto as it is more volatile. (10/11/23) I have less time for trading this week and my Chromebook has died so I won't be able to trade in school. I am looking forward to Thursday and Friday because we do not have school and I will have way more time for trading. (10/12/23) I lost more today I'm going to try a different strategy and see whether I like it better or not. (Strategy) (10/13/23) I like the strategy. Today in 2 hours I made back all the money that I lost in the past few days because this strategy can only be done from 9:30 am to 11:00 am, and it requires a lot of focus I will not be able to do it because of school. If we are ever out of school for some reason I will definitely be doing this new strategy. I am going to try this strategy for the rest of the day, and see what happens. (10/14/23) The new strategy I terrible It hasn't produced one successful trade so I'm not going to use it. I'm going to try to do the strategy from 10/12 during school if I have enough time to do so. ![]() (10/1/23) I started my account at 1k and now it´s 7k! I was just day trading BTC and ETH and now my paper account is at 7k, so that's nice. I definitely going to stop trading today because my emotions will likely make me trade bad, and a 600% gain is pretty good for the day. (picture above) (10/4/23) over the course of the last few days I've lost around 2k. I plan on focusing on my stop losses and take profits so I do not lose more than 1% per trade, and plan on trading 1-2 times a day. You should not try to make your money back if you loose in a day, because you will likely just loose again. You need to be patient and wait for a good opportunity before opening a trade. I've made around $130 total today. (10/5/23) I found a strategy that I am going to try. (I will link the video here if anyone is interested) I am currently in a trade and it is looking good. I've calculated how much I will make by the end of the 12 weeks, using a 2 to 1 trade ratio, 2% risk, and 100% of trades being profitable. Obviously I likely wont be 100% profitable but it is a guide. The amounts are listed below. Y=5000*1.04^X 10 Days - $7,401 20 Days - $10,965 50 Days - $35,533 75 Days - $94,726 100 Days - $252,525 I also did the math of the strategy creator's gains. and I expect more like 15k by the end of the project. But it is technically possible, so we will see. (10/6/23) I have higher hopes Now, so far 2 trades have been completed today and the were both successful giving me $400 dollars, and one more that will give me at least $150 more. All of these trades were done during school as well so I think I am doing pretty well with my time. I am getting more confident which can be good and bad. As time goes on I am liking this strategy more and more, considering I made about 10% today those numbers may be closer than I thought. We will see in 9 days I suppose. |
AuthorHI, I am Austin sweet a high school student that would like to learn how to trade. Archives
December 2023
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