Today I begin my quest to turn a roughly $7,000.00 balance into a day trading account. To qualify for a day trading account the balance needs to be $25,000 meaning the goal, however long it takes, is to make 257% on my starting balance.
Each day I’ll provide balance and percent updates so you can track how I am progressing if you’d like.
Regarding the trades for this account, I’ll update you no different than I normally do except I’ll point out if I’ve also bought shares with the ‘Challenge’ account, how many and at what price. After running the numbers, I figured the price range to be between $.01 and $2.00 with the majority of my trades coming in around $1.00.
Making a 257% return will take time and like anything else, the only promise I’ll make is that I’ll be working my tail off to find the best opportunities for this account on a week to week basis. If you decide to follow my buy and sell strategy on this account you need to know it’s not going to be easy but it can be done. This account will make less trades than my larger account to reduce commissions. I’ll still focus on 10% through day and swing trading but obviously I’ll need to stick the 3 round trips in a 5 day stretch rule.
Email me if you have specific questions but the above pretty much sums it up. Understand this is a long term strategic plan and won’t happen over night so it’s not for the impulsive.
I’ll start today, again… I’ll identify this account as the ‘Challenge’ account when posting information.