It has been roughly 3 week since my last trading log post and boy do I have a story for you all. So it started out with me deciding to take a week off from trading and to reevaluate my strategy and it ended with 3 weeks of ADHD rabbit hole but man do I think we have something nice and interesting moving forward.
Before I move forward, if you have not been following my trading log journey, you can find the previous week notes here
Learning to Day Trade
Day Trading Log week #3
Day Trading Log week #4
At the end of week 4, I finished with my second major loss due to the strategy of full porting the account into a single play which did not work out. After this happened twice in two weeks I decided I had to go back to the drawing board and define a new strategy. We still had to do a full port play a day with the goal of 5% compounding gains but could be do it with spreading the account out across multiple plays. This would obviously mean that more time is required for tracking and monitoring but, it might net us better results.
I quickly came to identify the new strategy we will utilize which will be to try and target three to four plays a day of 25% to 33% of the net account for the total of 5% on the day.
In order to better track and trace this new strategy, I thought I should build a better trading log and this is where the chaos ensued. I spent 3 weeks building an online trading log as well as a member area on the site to give my readers to opportunity to support me more and also to get access to things I am doing live (More details to come in a later post)
Anyways, we are back and now below you can see a cleaner tracker for the trades I took this week as well as my overall compound plan and the expected versus actual balance. Let me know if there is something you think would be interesting to see added and don’t forget to subscribe to the site for free updates or one of the paid plans.
These are just screen shots of my log tool I built however, in future posts these will be live searchable charts. Remember to follow or subscribe for future updates.
Buy and Sell Log
In the picture above are each of the buy and sell actions I took in the account this week as well as some of my notes to why I took them. The setup and reason for buy / sell fields need to have the enums updated so please do not pay attention to those at this time.
Compound Tracker
We started the week with around $1250 in the account and finished the week at $909 in the account. Based on our one year compound chart we should have ended around $1357.
I decided to begin adding this compound tracker to show where we are relative to the overall goal of 149 million dollars after a year. We are slightly behind but the losses and dumb trades during these low values will only help us perfect this new strategy early.
Reflections
Overall I am happy with the week. Since I took off over 3 weeks from trading to work on the new log and get distracted by my ADHD hyper focus, I think an early week failure followed by some strong plays was really good.
I don’t believe I have mentioned this anywhere but part of everything I did over the three weeks away was to swap my broker from Webull to TradeStation. I made the swap mostly out of the desire to be with a broker who has available web API’s because my next step in the project is to build some automated trading app inside this website. So moving forward you will see screen shots of TradeStation.
I mention this change of broker above, mostly to explain my big loss for the week. Since It was my first trade on the new broker, I impulsively went into it not really knowing how to use their tool. I fucked up my stop loss on my SPY play and went from 10% positive to 30% negative quickly. At that point I got emotional and I decided to ride out the play in hopes that the volatile market could save me. In the end I was down to -95% so i took the loss and moved forward.
The rest of the plays for the week were fairly good and straight forward so I am not going to go in to much reflection there. I will say that moving forward I am going to be a lot tighter with following my strategy. I have allowed myself to let me emotions and impulsive gambling nature take over on many plays and those have all been major losses for me. NO MORE! we will follow the strategy and actually realize a 5% compound account for the rest of the year 🙂
