I’m happy to report that the holiday week has been another strong one for my small account challenge, adding another $16,000 and more than quadrupling my buying power from last week. After just 14 trading days I have managed to turn my initial $500 account (which was actually a little less than $400, after fees) into nearly $20,000.
If things keep up the way they have been, I could conceivably end the month close to $30,000, that’s more than 7,000% profit.
Even more astounding is, if you recall a previous article from when I first started this challenge, my average monthly profit over the first 10 months of 2019 was also $30,000 and I was trading with 3x-10x share size. Another surprising piece of info is that I’ve only posted two red days this entire month, their average drawdown less than -$200. Prior to the small account challenge, my average monthly drawdown was roughly -$2,500. The results speak for themselves.
What’s been most rewarding over the past month is how much positive feedback from people who are just now learning how to day trade and who have watched my videos and followed along. These traders have varied from those who are experimenting with paper trading, looking at penny stocks on Robinhood to those who have just opened their own live trading account.
The consensus from these traders is that the small account challenge is helpful to them in identifying which stocks to trade and how to make the most of every dollar of buying power in their account.
While that’s an encouraging thing to hear from those watching my morning watchlist or midday market recap on Youtube or Facebook, another major reason why I personally do these small account challenges is that they are fun to do.
In light of these factors, and the fact that I’ve managed to match my monthly performance from the rest of the year, I’ve decided that I’m going to end the current small account challenge on December 31.
I’m doing this because I’m going to start a new monthly small account challenge in January! And I’ll do another in February, and another after that and another after that one.
Until further notice, 2020 is going to be the year of the small account. Given the great experience I’ve had in December, I’m super hyped for what the year has to bring, both for my account and those of the Warrior Trading students following along on their own trading stations.
And for anyone who isn’t a student but might follow along with my daily market recaps or check in on Benzinga for my articles, Warrior Trading has just opened up priority access registration for 2020. The classes, chat rooms and paper trading platform can be a great opportunity for anyone looking to get serious about trading in the new year.
In any case, I want to wish everyone reading this a joyous and prosperous new year.