Stocks End Mostly Higher Last Week, Earnings, The Fed, And Inflation On Tap For This Week

Is LottoX The Real Deal? Nathan Bear Applied It Yesterday  To Score Profits Of 108% and 311%     How Is It Possible And Can You Do It Too? Find Out Today At 2 PM ET—LIVE Register Now Hello trader, I've been getting bombarded with questions about my journey from a broke college graduate to a 7-figure trader… and in an attempt to help as many people out as possible, I came up with 3 tips that I wish I knew when I first started out trading. You see, when I first stepped into the trading area — I put $15K into a trading account with money I saved up from birthdays, working as a security guard in college, and an analyst at a real estate firm. Of course, when I was in my early 20s… that seemed like a lot of money — but in the trading world, $15K would be considered chump change. Heck, I couldn't really day trade with that small account.  But the thing is, I realized I didn't necessarily have to trade every day to make money in the market (one of the tips I wish I knew before I lost about half of my account when I first started out). When it comes to small accounts, I believe trading every day can actually be more hurtful than helpful. You see, if you actually day trade (buy and sell the same stocks or options the same day, 5 times a week)... you run the risk of being locked out of your account. It's what's known as the pattern day trader (PDT) rule. Not only that but if you're not profitable… your account can dwindle very quickly, as I found out when I first started trading. So what was my solution? Only Trade My Best Setups   When I realized I was overtrading with my $15K account early in my career, I went back to the drawing board and only focused on my best setups — the ones I found to be profitable. In other words, I was extremely selective and only traded setups in which I believed to have a high probability of success. Once I did that, I started to turn the corner and become a profitable trade. To this day, I only focus on my bread-and-butter setups. Now, I know how hard it can be for small-account traders to select the "best" trading setup... so I came up with a strategy that I believe can benefit this type of trader. Basically, I come up with just one trade idea a week — my highest conviction trade idea of the week.  The goal is to generate double-digit percentage returns (or more) in 5 days or less. It's something I wish I had when I first started trading. Now, this actually ties in with my second tip for small-account traders… remain disciplined. Remain Disciplined   I believe all traders should take a disciplined approach… but it's even more important for small account traders. The one pitfall I kept committing when I first started trading was style drifting. Basically, I wasn't focused on my best setups… I just traded stocks that moved and I didn't really have a plan.  I believe the quick solution here is to just trade less and develop a clear cut plan.  Here's what I mean by that...     With my highest-conviction trade idea of the week, I provided Fast 5 Trades with my thesis, as well as an execution plan. Additionally, I let them know about my moves in the stock. I find when I have a thesis and a plan, I can remain disciplined, and set it and forget it (not really though because I have the luxury of sitting at my desk and following the market). I believe if small account traders focus on just one trade idea a week, it can help them become disciplined. Last but not least, my last tip for small account traders is to be realistic and risk manage properly. Be Realistic And Risk Manage   I know what it's like to be a small account trader… and early on in my career, I thought I was going to be an overnight success. I thought I could quickly double my account by just trading stocks. However, it doesn't really work like that. Chances are, small account traders aren't going to become millionaires in just a few weeks or months. It could happen, but it's unlikely.  So my tip here is to be realistic and manage expectations.  Why? If you set unrealistic expectations, it's very easy to lose discipline and not manage your risk properly.  For example, if a trade moves past your stop… I don't think it would be wise to double down and continue to buy as the stock moves against you. At some time, you'll hit your pain point and potentially take a massive loss… which could put you out of the game. So if you have a small account, take it slow at first… stick to your trading plan and only focus on your best setups. I wish I knew about these tips when I had a small account because I believe I could've saved myself from a lot of pain at the start of my career.     Kyle Dennis The People's Trader    Remove me from Biotech Breakouts Free Newsletter  Click here to unsubscribe and stop receiving exclusive emails from kyle@biotechbreakouts.com Neither Kyle Dennis nor RagingBull.com, LLC (publisher of BiotechBreakouts) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of this website are advised that all information presented on this website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user's particular investment needs or objectives. The owners, employees and writers of RagingBull.com may engage in securities trading that is discussed or viewed on this website, but all such individuals are buying and selling such securities for their own account. These individuals do not engage in any trades with customers. The buying and selling of securities by these individuals is not part of a regular business of buying and selling securities. Past performance is NOT indicative of future results. Furthermore, such information is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of this website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information included on this website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. 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