I’m back after wrapping up another great Inner Circle event in Miami and the results in my small account challenge have been stellar. December has been a crazy month. Between the small account challenge and talking face-to-face with Warrior Trading students, I feel like I’m learning to day trade all over again. It’s been an exhilarating few weeks.
All told I’m up more than 800% from less than $400 in my trading account, largely thanks to a couple huge green days over the past week. Last Friday I was able to double my account thanks to a massive 60% gap in LMP Automotive Holdings, Inc. (NASDAQ: LMPX), while this past Monday saw me tack on another $1,200 between a few trades in SIFCO Industries, Inc. (NYSE: SIF) and Mirum Pharmaceuticals, Inc. (NYSE: MIRM).
While strong momentum has certainly been an invaluable tailwind for these results, keep in mind that I’m still working with relatively low buying power and just 2,000 maximum share size. Not to mention the fact that I’ve had two days without trading a single stock, in addition to a handful of red days.
The crazy thing is that, even under these restraints and having missed a couple of days, I’m still averaging about $300 a day in profits.It just shows that knowing which stocks to watch is a large part of finding success in day trading.
However, I’m also trying to maintain perspective on these results, lest I fall back into bad habits.
This Thursday is a good example. Even though I finished the day up almost $340 on Catalyst Biosciences, Inc. (NASDAQ: CBIO), I also gave up that much trying to follow up on my original trade. If you watch the recap, you can see just how quickly these stocks can reverse and why locking in profits and placing stop orders are invaluable risk management tools.
I stepped away from my trading station after that bracing drop, and I’m happy I had the wherewithal to realize when enough was enough and call it a day.
Overall, I’m feeling the right amount of confidence to end 2019 on a strong note and gear up for even better things in 2020.
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