Hey everyone, it’s Ross Cameron here! Starting the week on a red note isn’t exactly what day traders dream of, but it’s all part of the game – a game that demands resilience, quick thinking, and an ability to stay cool under pressure. This Monday, my trading session was a mix of ups and downs. In the world of day trading, every session is a fresh start, each with its own set of challenges and lessons. Let’s dive into the details of today’s trading journey, from initial scans to final trades, and see what we can learn!
The Morning Scan
My day kicked off with the usual scanning for potential stocks to trade. Despite the early start at 7 a.m., the scans were uneventful, showing little promise until around 8 a.m. That’s day trading for you – a mix of anticipation and patience, waiting for the right moment to spring into action.
First Encounter
MLGO caught my attention early on, thanks to some noteworthy news. However, it wasn’t the clean runner I had hoped for, reminiscent of its choppy performance the previous Friday. Despite this, the stock showed some life in the pre-market, hinting at potential.
My initial trade on MLGO was turbulent. I aimed for a substantial position but only managed a partial fill – a frustrating start that’s all too familiar in day trading. Following a spike from $5.90 to $6.90, I saw an opportunity for a quick win. However, the stock’s stubbornness matched my own; instead of cutting losses during a dip, I doubled down, hoping for a rebound that never came. This decision set me back almost $4,000, a stark reminder of the importance of discipline in day trading.
A Glimmer of Hope
After the MLGO ordeal, CYTO presented itself as a potential winner. Despite initial reservations due to its lower price point, the stock’s movement on the scanner piqued my interest. My entry at $2.38 was rewarded with a squeeze up to $2.70, a momentary sigh of relief. However, the victory was short-lived as I got too aggressive, aiming for a bigger win that ended in a loss, half of my earlier gain. Overall, I finished with a gain of +2400 on the stock. With the day progressing, I took a few other trades with XTLB and CZOO, each ending in small losses and adding up to about -$1200. All said and done, I finished the day down about -$2800.
In today’s session, commissions were a significant factor, chipping away at my earnings. While necessary, these fees can sometimes turn a promising day into a challenging one, underscoring the need for strategic trading decisions.
Managing the Red
Today’s session was a testament to the critical role of risk management in day trading. With a daily goal and max loss limit set, navigating through the volatility becomes slightly more manageable. However, today’s market conditions served as a reminder that adjustments might be necessary, especially during colder periods. Reflecting on the day’s events, it’s clear that maintaining discipline and focusing on quality setups is critical.
Navigating the Cold
Day trading in a cold market requires a tempered approach, one that I admittedly struggled with today. Being overly aggressive from the start put me in a challenging position, emphasizing the importance of setting realistic expectations and recognizing when to step back.
Closing Thoughts
Despite ending the day in the red around -$2800, it’s important to view such days through a lens of growth and learning. Successful red days are those where you manage to stick to your rules, minimize losses, and gather insights for future sessions. Today, while not ideal, was a reminder that day trading is a journey, one filled with both success and failures. Thanks for reading, and happy trading!
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Warrior Trading was founded by Ross Cameron in 2012. Today Warrior Trading is a thriving community of thousands of day traders learning to trade under the curriculum designed by Ross.
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