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Day Trading
One of the best things you can do as you progress in your journey as a professional trader is to continually improve your technical and mental skills. Thanks to TRADEPRO Academy, I have discovered Sierra Chart’s Chart Replay feature which allows you replay intraday charts so that you can practice and/or back test a strategy.
So far it has been about a month since I started the Small Account Challenge, and I can happily say that I did not lose any money nor did I make any money. Well actually I’m up a whole $49.83, which isn’t bad at all considering the hard lessons I learned about my trading this month.
Man did a lot happen last week in the stock market albeit nothing positive for equities between UK's Prime Minister May resigning, US-China trade tensions growing stronger on Trump's call to ban all connections with the Chinese company Huawei, and crude oil selling off over 6%.
The CME (Chicago Mercantile Exchange) Group has launched the E-Micros this past week! So far the E-Micros are one of the most successful products launched by the CME with volume on the /MES reaching almost 400k contracts on Friday.
This week I hit my goal to make $500 with a 1 lot trading ES. I'm really stoked on achieving this goal even in the midst of all the volatility created by Trump tweets and US-China Trade talks! Goes to show you why managing your risk is the most important factor in trading profitably.
This week I was able to make $253 between ES and CL bringing the account to around $2,830. As this video is being uploaded, I managed another $141 thanks to the gap down from Donald Trump announcing he is imposing a 25% tariff on China goods.
The Small Account Challenge did start off great the first two days making almost $300. But the next 7-8 trading days resulted in a draw down that has my account sitting at $2,580 as you can see in the graph below.
The equity market is continuing to grind higher thanks to strong Q1 GDP numbers (3.2% actual where forecast was 2.2%) and strong earnings reports from major tech companies like Facebook, Amazon, Microsoft and even Twitter.
I decided to challenge myself and prove that you can trade futures and be successful with only $3,000 as long as you focus on stringently managing risk per your trading plan, staying disciplined and having realistic expectations.
Happy Easter! Enjoy this blessed day with your family and friends. I haven't started to search for any eggs that the Easter bunny most likely is hiding around my house. But plan on doing so right after I share this breakdown on what to watch for this week in the stock market.
