My Brand New Small Account Challenge for 2024
Hey, everyone! Ross Cameron here, thrilled to kick off a brand-new trading adventure — a new small account challenge. Today marks the start of this journey, and I’m eager to unravel the strategy I will be using for this account. Join me in this blog to gain insights into my approach to this challenge.
Starting Out with Limited Tools
The initial trades in this small account challenge brought a wave of excitement. Having undertaken similar challenges previously, the first trade felt like breaking the ice without any jitters. To immerse myself in the ‘starting from scratch’ vibe, I’ve deliberately chosen to operate using an old laptop with a few broken keys and a cracked 24-inch monitor. It’s about maximizing what’s available — a phase familiar to many who are just setting out.
Account Setup and Harnessing Leverage
Starting with a modest $1000 in my account may seem conservative, but there’s a rationale behind it. Leveraging an international account affords me increased buying potential. In my inaugural trade, I invested in 600 shares of a stock at $6.50/share, leveraging nearly 4x on my $1000 account, with the position costing around $3900. Leverage amplifies profit opportunities but also heightens overall risk, requiring a cautious approach.
Small Account Strategy: Simplifying the Approach
This challenge requires me to trade differently from the typical trading style. It necessitates carefulness, as a single big loss could wipe out the account. By showcasing my small account trading methodology, I aim to inspire others navigating similar journeys with limited capital.
The blueprint here involves identifying ascending stocks and strategically timing entry points. My daily profit goal isn’t lofty; even a modest $100 would suffice. It’s not about aiming for grand victories each time; rather, it’s about consistent, incremental progress.
My strategy revolves around spotting stocks demonstrating:
Trends: Stocks on a consistent upward trajectory during premarket and market opening.
Significant Movements: Stocks showing substantial shifts hint at potential volatility, creating opportunities.
Volatility: Elevated relative volume and impactful market news hint at potential volatility — my area of focus.
Final Thoughts
For those intrigued by my trading methods during this challenge, I’ve prepared a detailed PDF here. It outlines the strategies I’ll be utilizing and might serve as a useful resource for fellow traders embarking on their journey with a small account. I’m excited to share this expedition and hope it serves as a testament that success, even with a small account, is achievable through the right strategies. Thank you for joining me on this venture!”
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