Journal: Small account challenge - $2k to $50k Daytrading options

Can I do it?

  • Total voters
    24
Well, I promised win, or lose I would continue to provide updates. Here are the trades from the last two days.

Ultimately, i'm down $400, on the account, with Tuesday's loss accounting for over half of that. The trend here is crystal clear - large caps, and large floats(MTCH,AIG,MOS) are just not my niche. My win-rate on large caps, this week is 0%.

I expected big moves on MTCH(high short interest), AIG(big negative catalyst), MOS(earnings beat), but all three did not make the type of moves I was anticipating.The other losses, which are $20-40 are very acceptable.

Despite spotting some very big trades this week and even putting on size on thoose trades(NIO,REZI,CODX,CRNC,OMI) I'm in the red - which is frankly, unacceptable. Going to adjust and stick to low floats and small cap stocks. Unless there is a big trade Thursday or Friday, im expecting to finish the week break-even or slightly down.



8/5
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8/4
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Week 1 is a wash.

Yesterday was horrible. This morning the account was at ~$1,100
  • Best day of the week was today PnL, got lucky with 0 DTE options on CVNA and MDB. Ultimately held the contracts a bit too long(intraday the account peaked at a little over $3k). Some of the CVNA contracts were at 2000% and I refused to sell, hoping for a a drop below $190.

  • Account balance is at $1,880. Still holding 2 contracts until close so that might change.
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I've been observing new traders in chat room for a while now. The common trait i found in many of them is, they are all making money, until they give it all back(and more) in a single trade.

Considering your account is swinging more than 100% in a single day, it will take just one mistake to wipe you out.

I personally think those challenges are really stupid, because they all end the same way. Surreal how many people actually believe you will succeed with this "challenge".
 
orbit23 said:
I've been observing new traders in chat room for a while now. The common trait i found in many of them is, they are all making money, until they give it all back(and more) in a single trade.

Considering your account is swinging more than 100% in a single day, it will take just one mistake to wipe you out.

I personally think those challenges are really stupid, because they all end the same way. Surreal how many people actually believe you will succeed with this "challenge".
More...

The swing was to the positive side due to the huge return on the CVNA trade. Wouldn't be possible to swing 100% in the other direction since the position sizes are never 100%(or even close to that) of the account.
 
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Following your journal! Good luck :)

Quick qns, Which platform are you using and I thought you need minim 2k$ to trade options? How did you start at 370$?
 
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