Vic Real money $50k challenge BBT start MON 6th May 2019 - My journey

[vic 11]

Hi there, 

I have a clean account with $50.000 at my broker and will start day trading the BBT strategies from Andrew his books live on Monday 6th of May 2019 for 1 month. 

This thread will be a log of my journey into preparation to it with struggles and hopefully, somebody can learn from my mistakes or help me to be successful.

If anybody wants to help mentor a bit I'm willing to reward if needed or donate to charity. 

I will post broker statements every day and describe all my trades.

Basic rules will be: 

 

1. Only trades with strategies from the books from Andrew.

2. Maximum loss per trade $250 - (0,5% of account) so size will be positioned accordingly to this rule

3. Maximum loss per day $1000 - All trading of the day stops when I'm down $1000 

4. Daily target will be $500 - Trading stops when hit. 

5. I can only enter trades between 9.3am and 11.30am NYC time

 

So maximum I'm willing to lose here is $20.000 in this experiment in 1 month. I'm not a beginner in trading and I have 100% free time to trade like this full time. 

I'm mentally prepared to lose 20k, I see this is a worst-case scenario and I accept this fate. I will do everything I can to prevent this from happening. 

Wish me luck and let's see how I will do! I'll appreciate all advice and comments!

Cheers

Vic

Edited March 27, 2019 by vic

[buckgrad04 2]

Good luck!  I hope to have the  confidence (and skills) to get into a live account later this year.

[hailchaser2 185]

Im new, so maybe I'm way off here. But why not do this challenge with a simulator first. It's going to take time to spot his setup ideas and manage the trades the way he teaches. Doing this challenge without practicing his strategies first will not be a true representation of his teaching advice.

 

 

[vic 11]

3 hours ago, hailchaser2 said:

Im new, so maybe I'm way off here. But why not do this challenge with a simulator first. It's going to take time to spot his setup ideas and manage the trades the way he teaches. Doing this challenge without practicing his strategies first will not be a true representation of his teaching advice.

 

 

1

I have been doing that for a while now. I don't start from zero.

Simulation trading is a great thing, but it's absolutely not working for me. I have zero emotion when I know there is no money on the line. I would even say that if my positions are too small I don't feel anything at all. 

Simulation trading is teaching me bad habits, it's putting me in a wrong mindset. Did you ever read about people who are profitable on sim, and then they go live,  blow up massively or are all of a sudden in a huge loss? This is exactly why I would say it's better to learn to trade with a small size with real $ on the line compared to sim with fake money. 

But that's just me. 

Edited March 28, 2019 by vic

[hailchaser2 185]

Yes I’ve heard of that many times......but I’ve never heard of stories of Trader’s that trade poorly in sims, then trade well with their live accounts. 

 

IMO if you can’t control your emotions to be profitable with a sim account, it’s just going to be worse in a live account.

If you don’t have the self control to trade your sim the exact same way you plan on trading your live account, more self control practice might be needed.

Again I’m new, maybe a more experienced trader would like to shed some insight.

 

Thanks for posting this journal thread though, this should be interesting either way.

 

Best Wishes

[vic 11]

1 hour ago, hailchaser2 said:

Yes I’ve heard of that many times......but I’ve never heard of stories of Trader’s that trade poorly in sims, then trade well with their live accounts. 

Best Wishes

Well, then I'm the first, I trade extremely bad in Sim not caring about plans because it's fake money anyway, but when i have some money on the line I follow the plan better. 

Thanks! :-)

[Rob C 826]

2 hours ago, vic said:

Well, then I'm the first, I trade extremely bad in Sim not caring about plans because it's fake money anyway, but when i have some money on the line I follow the plan better. 

Same with me, I was terrible on the SIM (until recently). No discipline and lots of hotkey mistakes. I traded much better when I went live (though still not adequate). Its amazing how few hotkey mistakes occurred when I knew that the button had real money behind it. I am better on the SIM now since I use it infrequently. 

Edited March 28, 2019 by Rob C

[Andrew Aziz 97]

This is excellent, but my recommendation is to stay away from low float stocks. What we see in challenge is people who trade those, have a HUGE swing in their account. We want to have a steady increase. And be careful of HULK days!

[RTrader 20]

Good luck to you and I look forward to seeing more posts about this. I do think that developing your own style is really important and comes with experience most likely in a real money environment.

[Sheela 31]

On 3/27/2019 at 4:50 PM, vic said:

Hi there, 

I have a clean account with $50.000 at my broker and will start day trading the BBT strategies from Andrew his books live on Monday 6th of May 2019 for 1 month. 

This thread will be a log of my journey into preparation to it with struggles and hopefully, somebody can learn from my mistakes or help me to be successful.

If anybody wants to help mentor a bit I'm willing to reward if needed or donate to charity. 

I will post broker statements every day and describe all my trades.

Basic rules will be: 

 

1. Only trades with strategies from the books from Andrew.

2. Maximum loss per trade $250 - (0,5% of account) so size will be positioned accordingly to this rule

3. Maximum loss per day $1000 - All trading of the day stops when I'm down $1000 

4. Daily target will be $500 - Trading stops when hit. 

5. I can only enter trades between 9.3am and 11.30am NYC time

 

So maximum I'm willing to lose here is $20.000 in this experiment in 1 month. I'm not a beginner in trading and I have 100% free time to trade like this full time. 

I'm mentally prepared to lose 20k, I see this is a worst-case scenario and I accept this fate. I will do everything I can to prevent this from happening. 

Wish me luck and let's see how I will do! I'll appreciate all advice and comments!

Cheers

Vic

@vic, I am new trader and lot to learn. Wish you Good Luck with your challenge...

[John 10]

On 3/28/2019 at 1:00 AM, vic said:

I have been doing that for a while now. I don't start from zero.

Simulation trading is a great thing, but it's absolutely not working for me. I have zero emotion when I know there is no money on the line. I would even say that if my positions are too small I don't feel anything at all. 

Simulation trading is teaching me bad habits, it's putting me in a wrong mindset. Did you ever read about people who are profitable on sim, and then they go live,  blow up massively or are all of a sudden in a huge loss? This is exactly why I would say it's better to learn to trade with a small size with real $ on the line compared to sim with fake money. 

But that's just me. 

I participated in the trader's challenge this week and each day I tried to win the day by hitting home runs instead of taking base hits, completely forgetting about proper setups, revenge trading just everything we are taught not to do.  I wouldn't even take profits when I was up because I wanted more, pure greed.  But I'm actually glad this happened since it taught my some very valuable lessons about what not to do and what could happen if I traded this way live.  If I had won then would I have learned some horrible ways of trading that would have eventually lost me money in a live account.  I'm not knocking the challenge at all only the way I traded during it.  I did have a plan each day of which stocks to trade and wait for those setups but once the bell opened I completely abandoned those plans and traded like a goon.  I didn't adhere to stops!?  On Friday after being down immediately after open, I took some time, thought about everything and opened my SIM account and traded my plan.  I caught X as it went to the 9 MA on the daily and my original target was the take half at the 9 MA then the rest at the 20 MA which it hit but it was SIM and I was over it already.  I also had a plan to trade BYND when it hit the premarket low of $66.56, it broke it but started coming back up and I took it long and it went through VWAP and fell but didn't come back to my break-even and ended up at $72.  I guess this is my confession on my extremely poor trading this week. 

I do understand that SIM has little to no emotion.  I go back and forth with SIM and live to control bad behaviors/habits. I look forward to hearing about your journey this month and wish you much success.

[Abiel 474]

Hey @vic! hope first day was a green one!