(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.
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AuthorHI, I am Austin sweet a high school student that would like to learn how to trade. Archives
December 2023
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