Another small account win!
I'm running a small account... started with 2500.00 trying to grow this account 5 to 10 % a week. With a small account, I have to be selective with the options I trade and I'm not able to scale in our out of positions as it is a small account.
Having a small account i can day trade, but it's within a cash account. The issue with that is you can only use settled cash each day. This limits your ability to roll your cash into positions. As I'm trying to grow this account steadily till the end of the year, I must really try to use most of my account each day. So... as many trades as I can with strict rules in trying to follow.
1, Only A+set ups for every trade
2, No speculation plays (Too Risky)
3, Strict money management. Stop loss management & Take profit limits. ( As I'm not going to monitor this account the whole day, I need to have both. )
4, 2 to 1 setups only. Risk 1 unit to make at least 2.
5, Trade from 9:30 to 11am and again 3pm to 4pm. I do this because I want to be able to do this without spending a lot of time trading. I enjoy this but I don't want to be stuck at computer all day for small account.
6, No more than 10% of my account on any 1 trade.
My plan is to scale up my trades and positions with the growth of the account. My goal is to make 10% of my account each week. so in the beginning..250.00.
As of today... account at 3200.00 after just over 1 month. This is actually kinda fun as it makes me be more selective on each trade I make. The wins are small... but the losses are smaller. Which is true in all accounts that make money.
Happy Trading All!
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