Continuing a trend that I’ve been experiencing for weeks now in my trading, momentum in the market remains muted. At the same time, promising charts persist in breaking down and taking out whatever gains I have been able to post.
Although I’m holding out hope for more chart action through the rest of September, the lack of progress in my trading account has been discouraging, to say the least.
I’ve been able to stave off any daily net losses in the first few days of September, I’m still tracking for one of the worst weeks I’ve had in recent history at only around $30,000 in my day trading account. While that might seem like solid growth, it’s disappointing when it follows weeks of +$100,000 trading days.
Even last week, which saw me post more than -$25,000 over two red days, I still managed to surpass the $40,000.
Of course, this frustration is part of the territory in day trading. The current state of the market is just one in which reading charts can be misleading. The results are trades like the ones I made in Mediaco Holding Inc. (NASDAQ:MDIA) or Jounce Therapeutics, Inc. (NASDAQ:JNCE), which surged onto my momentum scanner hitting new daily highs before flushing out completely.
Even many of the large cap stocks I’ve traded through this week like Tesla, Inc. (NASDAQ:TSLA) and Netflix, Inc. (NASDAQ:NFLX) have been increasingly volatile, lacking clear direction to either trade or short with much consistency.
Unfortunately, I’ve done about as much as I can to keep my weeks green. Given the abrupt reversals I’ve seen in both the stocks that come up on my scanners and throughout the general market, trading at either a larger or small share size likely wouldn’t impact my overall results.
For now, the best I can do is remain cognizant of how much cash I’m risking on a given trade and capitalize on whatever success I do find through effective scaling. Hopefully, the market finds a more consistent direction as we head into the autumn months.