What’s up everyone, Ross Cameron here! Today, I’ll walk you through a typical day in the life of a day trader like me, tackling slow markets but still finding opportunities to squeeze out a profit. Let’s dive into the details of my trading day, strategies, and some insights on managing risks and expectations in the world of day trading.
A Slow Day with a Silver Lining
The market today felt sluggish, much like the calm before a storm, with very little momentum swinging our way. However, one particular stock, CZOO, came through with a squeeze at the open, turning what could have been a break-even day into a profitable one. Yesterday had been tough, as I hit my max loss limit early on and had to step back, capping my losses at $1,000 instead of the usual $5,000. This precaution helped me avoid a deeper financial setback, reinforcing the importance of adaptable risk management in day trading.
CZOO was the star today, providing that much-needed momentum. I entered my first trade on CZOO at $9.88, buying in on a small dip which then rallied to $10.40. My cautious approach today was influenced by yesterday’s performance; hence I traded with smaller shares, not exceeding a 500 share position, keeping in line with a stringent risk control plan. Despite the stock lacking a clear catalyst and battling against some resistance around the $12.50 area, it managed to climb, and I walked away with a total profit of $1,187 from CZOO alone, contributing to an overall gain of $1,000 for the day.
Disheartening Morning Gap Scan
The morning began with a scan of potential gappers, which was disappointing. The leading gapper was only up by 27%, setting a tone of lowered expectations for the day. This initial outlook was essential as it prepared me for a potentially quiet day ahead, shifting my strategy towards preservation and cautious day trading instead of aggressive pursuits.
AMST presented an opportunity with some news that broke early in the trading session. My initial entry at $2.78 saw a small rise to $2.90, but the stock proved challenging to trade due to its choppy nature. Subsequent entries at lower points saw minimal gains, and some positions even resulted in losses, such as my exit at $3.76, which did not pan out as hoped. Throughout the day, AMST was a grind—offering small windows of profit in a sea of unpredictability.
My trades with other stocks like BOF and WISA didn’t fare much better, with both being particularly choppy and ultimately not very profitable. Today was a clear reminder that not every day can be a big win and that managing expectations is as crucial as managing the trades themselves.
Recent Performance and Market Pulse
Reflecting on the past few weeks, it’s clear the market has cooled off considerably since the frenzy in February. After a couple of significant red days, it’s been about grinding it out and clawing back into a more stable position. Although today wasn’t a stellar day, staying green and ending with a gain of approximately $1,000 keeps me positioned well for the week, totaling about $4,500 in profit.
With the week drawing to a close, my hopes aren’t high for a sudden spike in market activity, particularly because companies tend to release significant news earlier in the week. Tomorrow, I’ll continue with a strategy that emphasizes risk management, preparing for whatever the market decides to throw my way.
Celebrating a Milestone
In a more celebratory tone, this month marks the 10th anniversary of when I started sharing my day trading journey, initially through the Warrior Trading Blog and later through various educational platforms. To commemorate this milestone, we’re offering special access to our Day Trade Dash software and educational bundles, designed to help new traders find their footing in the day trading world.
Final Thoughts
If today’s trading day taught me anything, it’s that resilience and adaptability are your best assets as a trader. The markets may not always swing in your favor, but with careful planning, risk management, and a commitment to continual learning, you can maintain steady growth in your trading career. Remember, each trade is a learning experience, building towards greater proficiency and hopefully, more consistent profits. So here’s to taking each day as it comes, making smart moves, and trading another day. 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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Disclaimer: The results shared are based on my personal trading experiences and are not typical. Trading involves significant risk, and past performance is not indicative of future results. Always practice in a simulator before trading with real money.