What’s up everyone, Ross Cameron here! You’d think Monday’s would come with a bit of grace for us day traders, but here we are, a red day to kick off the week for me personally. It’s a bit of a bummer, considering how we all love starting our week on a winning note. But the market has its mind, and today, it decided to hand me a slice of humble pie. I ended up in the red on three out of the four stocks I traded, and guess what? I wasn’t green even for a moment today–tough day! Let me walk you through my rollercoaster of a trading day.
A Rough Start
The day began with me pulling up the scans bright and early, searching for that golden opportunity. Unfortunately, the market was as sleepy as a bear in winter—nothing promising till about 8 a.m. Then MLGO caught my eye. It had news and seemed like it might just spring to life.
I jumped in, hoping for a squeeze from $5.90 to $6.90, a beautiful run, right? Only, I hit a snag early on with a partial fill—ended up with just 561 shares out of the 5,000 I punched in for. Talk about frustrating!
As it pushed up, I got a bit stubborn, not gonna lie. Instead of cutting my losses at a minor $500 or $400, I dug my heels in. The stock did a quick turnaround, and there I was, adding more shares on every dip, telling myself it would bounce back. Spoiler alert: it didn’t. And just like that, I was almost $4,000 on what was supposed to be a quick win.
A Glimmer of Hope
After shaking off the MLGO debacle, CYTO appeared on my radar. I was hesitant at first, given its lower price point around $2, but then it hit $2.20 on the scans, and my interest was piqued. I waited for a pullback and eventually got in at $2.38, managed to ride it up to about $2.70—not a bad recovery, right?
But, old habits die hard. I added back at $3.05, hoping for another surge. Instead, it took a nosedive, and I had to give back half of what I’d just made. I ended up with a total profit of about $2400 on the stock. Despite my efforts to salvage the trade through active buying and selling in a tight range, the small profits just weren’t enough to offset the high commissions and the earlier loss on MLGO.
Hoping to claw my way back, I traded two more stocks as the opening bell rang: XTLB and CZOO. Unfortunately, both trades lead to another small loss of about -$1200 combined. All said and done, I finished the day red -$2800.
The Balancing Act
One thing about day trading, it’s not just about picking the right stocks. You’ve got to manage your risk and keep a close eye on those pesky commissions. The broker I use charges steeply, especially with the ECN fees sent directly to the exchange. Buying 100,000 shares? That’s $400 in ECN fees alone, not to mention the other trading costs. Today, those fees likely ate a significant chunk of my potential earnings, dragging me further into the red.
Setting Realistic Expectations
Looking back at the day, it’s clear the market is still in a bit of a lull. After riding a wave of hot market days, it’s cooled off, forcing me to adjust my expectations and trading strategy. I might have gotten a bit too aggressive too early, which certainly didn’t help my case today.
Every trade, win or lose, comes with its lessons. Today’s red day reminded me of the importance of cutting losses early, staying disciplined, and not chasing after a losing trade in the hopes of turning it around. It’s all about managing risk and knowing when to step back. In a way, today was a successful red day—it didn’t spiral out of control, and I lived to trade another day.
Looking Forward with Optimism
Red days are part and parcel of the day trading experience. They keep us grounded, remind us of the risks involved, and teach us valuable lessons in discipline and risk management. Today wasn’t my best day, but it certainly wasn’t my worst. What matters is how we bounce back, stay focused, and snag those quality setups without overstaying our welcome. Tomorrow is another day, and the market awaits with new opportunities. Happy trading, everyone!
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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.