Hello, everyone! It’s Ross Cameron, and today marks the beginning of an exciting new chapter as I embark on a small account challenge. This is day one, and I can’t wait to unveil the strategy I’ll be employing to nurture this account. In this blog, I’ll delve into my approach to this challenge and share the insights with you.
Getting Started Modestly
Starting this small account challenge brought a rush of excitement, especially with those initial trades. Having attempted similar challenges in the past, the nerves were absent, and breaking the ice with my very first trade was truly invigorating. I’ve intentionally chosen to operate using an old, slightly battered laptop with a few malfunctioning keys and a cracked 24-inch monitor. It’s all about making the most out of the resources at hand, something many can relate to when starting out on a journey.
Account Setup and Leveraging Opportunities
Kicking off with a mere $1000 in my account might seem like a small figure, but there’s a method behind this seeming madness. Leveraging an international account grants me the advantage of increased buying power. In my first trade, I took 600 shares of a stock priced at $6.50/share, effectively employing about 4x leverage on my $1000 account given that the position cost me about $3900. While leverage increases profit potential, it also elevates overall risk and demands prudent risk management.
Small Account Strategy: Simplifying the Approach
This challenge necessitates a shift in my usual trading style. It demands heightened vigilance as one wrong move could potentially wipe out my account. By showcasing my small account trading approach, I aspire to inspire others navigating similar paths of starting with limited capital.
The blueprint for this challenge revolves around identifying ascending stocks and entering at opportune moments. My daily profit target isn’t exorbitant; even $100 would be gratifying. It’s not about hitting grand slams every time; it’s about consistent progress.
My strategy revolves around identifying stocks with the following characteristics:
Trends: I keep a keen eye on stocks steadily ascending during premarket and market opening.
Significant Movers: Stocks displaying substantial movements signify their potential to fluctuate, and that’s where the opportunity lies.
Volatility: Elevated relative volume and impactful market news hint at potential volatility, which is my terrain of interest.
Free PDF Guide
For those intrigued by my trading methodology during this challenge, feel free to check out the PDF I made here. It outlines the strategies I’ll employ and might serve as a helpful guide for fellow traders commencing with a small account. I’m genuinely excited to share this journey and hope it serves as a testament that even with a small account, success is achievable through the right approach. Thank you for being a part of this journey alongside me!”
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