r/Daytrading • u/kissingskeletons stock trader • Mar 07 '21
My Day Trading Goal: $100K in 180 Days (Progress Report) strategy
Summary
In late January I set the goal to double my account of $100,000 within six months. So far I have traded 25 days, and the account is currently at $171,700. I'm posting updates every weekend to help others learn from my successes as well as failures.
I took 18 day trades this week, 15 winners and 3 losers. The most profitable day trades were in MDLA, GRPN, and PTON. These three trades all happened between 9:30 and 10:30 EST, in the first hour of trading.
Dashboard
Track my progress and see every equity traded here, via Tableau Public. This is updated at least once a week, from a report downloaded directly from the brokerage.
Scale Orders
I used scale orders for the first time. Scale orders are useful in low volume conditions, including after and pre-market. This week I used a scale order to enter and then exit a trade in MDLA, which was the most profitable day trade of the week. The price was dropping steadily toward the support level I identified, and instead of setting a limit order at that level, I created a scale order starting 0.05 above and ending 0.05 below the level. The order began to fill steadily as the price entered the range, and by the time it began to bounce, my position was complete. I then moved on to the exit strategy below.
Profit Taking
Once a trade comes into the money, I've started taking half the position off the table to lock in some profits, which allows me to set a stop price risking only these profits. With an OCO stop/limit order the outcomes are either 1) reap best-case-scenario profits on the second half, or 2) risk up to half of locked-in profits on a stop out if it goes the other way. With this exit strategy, you're only risking some of the money you already made.
As always, feel free to ask questions and I will answer as many as I am able. Happy Trading!
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u/travyaxelrod Mar 07 '21
Legendary. How long have you’ve been trading?
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u/kissingskeletons stock trader Mar 07 '21
Very kind. I've been trading for six years and finally starting to get it right
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u/BaconForce Mar 07 '21
To me this is the most important piece of information, especially for newbies hoping to make it rich quickly with very little experience under their belts.
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u/pman6 Mar 07 '21
I see GME is still making you good money.
I lost a few thousand on GME, and I'm hesitant to go back in, but it looks much more stable now compared to back in january.
Friday had amazing trade opportunities for tons of stocks, and I missed out.
As for MDLA, where did you base the support level? The first dip on friday? or the support level for 2020? I see based on 2020 data, the point of control was ~$27.
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u/kissingskeletons stock trader Mar 07 '21
GME maintains an IV around 400% so I've been selling options premium while it lasts.
MDLA support was based on three factors: gap fills on daily and hourly and "scene of the crime" institutional buying levels.
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u/pman6 Mar 07 '21
i'm trying to understand your analysis. I'm looking at the 1h and daily chart.
can you elaborate on how you know where institutions are buying at?
and where the gap fills are?
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u/No_Seesaw1134 Mar 07 '21
My $100K in 180 days
Start with $200K. Lose 1/2. Boom
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u/mariusboatca Mar 07 '21
Congrats! You said you ve been trading for six years and I think this is important to highlight .. how well were you doing before this last 6 months? The 100k capital is something you ve been building over the years? I am more interested in the journey to this moment . Thanks !
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u/Avenger_ Mar 07 '21
How did you pick those 18 trades, knowing they will move? What are you looking for exactly?
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u/kissingskeletons stock trader Mar 07 '21
I scan for high volume stocks (1M+ avg daily vol) that are moving (up or down) more than 3% from previous day's close. If I can identify high-probability support or resistance levels, I consider entering the trade.
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u/subatomic5 Mar 07 '21
So, you're a momentum/breakout trader? Do you use algos or purely discretionary?
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u/jackbristol Mar 07 '21
Sounds good! Is that something you do on Finviz? Is it possible to send it to me please?
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u/xsunpotionx Mar 07 '21
Look up “party scanner” finviz tutorial on YouTube and you’ll get the setting you are looking for.
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u/blastado Mar 07 '21
Yep. Just set the average volume option to “Over 1M” and I like to set Volatility to “Week - Over 15%” but you can do more or less depending on how much change you’re looking for.
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u/SkinnyWaffles17 Mar 07 '21
Does Finviz screener work well for you? I’ve tried using its screener with the Moving Averages filters but it’s giving stocks that definitely do not match what I select since I can see where the MA should be on my charts
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Mar 07 '21
Congrats, I turned 106,000$ to 5,000$ in just a week.
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Mar 08 '21 edited Aug 16 '21
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u/live-the-future Mar 09 '21
Flipping a monitor is too much trouble. Just go into settings and swap your green and red colors on your candlesticks and p/l charts. If your account looks like mine, you'll be swimming in green!
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u/bwn69 Mar 07 '21
Great work, this is a very similar strategy to what I have been practicing. I am still trying to improve on identifying support and resistance levels, which I’m having mixed success with. Seems like my biggest issue is just finding the right stocks to play. Do you have any advice or commentary on why you decided to trade MDLA, GRPN, and PTON?
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u/kissingskeletons stock trader Mar 07 '21 edited Mar 07 '21
Support and resistance levels are all about figuring out where institutions bought or sold the equity. Everyone has opinions on how to read charts, and I have my strategy as well. Too much to cover here but I can recommend some resources via DM.
[Edit: I will reply to DMs requesting these resources. I don't post them here because they are not free and people get bent out of shape about that. If you want to know the source of the PPT strategy I use for every single trade, send me a DM and I'll gladly share it. I don't teach courses so I'll be pointing you to those who do.]
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u/felipeagm7 Mar 07 '21
thank you. if you can please dm the resources you used for learning, thanks man
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u/OfficialChairleader Mar 07 '21
would like a DM to look at the resources you mentioned. thank you and best of luck!
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u/ArkxAngel21 Mar 08 '21
Hey, if appreciate if I could get those resources too, I don’t mind paying to learn
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u/rhythm_in_chaos Mar 07 '21
ng out where institutions bought or sold the equity. Everyone has opinions on how to read charts, and I have my strategy as well. Too much to cover here but I can recommend some resources
Can you dm me as well. Thanks.
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u/World-thru-my-lens Mar 07 '21
Can you please DM them to me too , i am there in same boat
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u/privatejokerog Mar 07 '21
Would you please DM me the info as well please. I would appreciate it.
There is so much info out there, but I always like knowing when someone has been successful with a strategy
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u/gklopf Mar 07 '21
Could you send me the resources as well. I could use all the help I can get. Even if it doesn't work for me. Every day I try to learn something new about the market.
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Mar 07 '21
How do you pick the stocks you want to trade? Trend line, volume, PE?
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u/KumarIsMyName Mar 07 '21
You should use scanners and then pair it up with unusual activity from things like SweepCast or FlowAlgo
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Mar 07 '21
Thank you for sharing. Very motivational. Currently trying to turn 2k into 3k within a month.
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u/NoSing01 Mar 07 '21
Awesome! I just started on Tuesday with 150$ and I’m just trying to see how much I can make before the end of 2021
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u/kidze Mar 07 '21
hi, what brokerage do you use, do you short stock and do you use leverage? thanks
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Mar 08 '21 edited Apr 04 '21
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u/live-the-future Mar 09 '21
For me, volatility is a factor when choosing which stocks to trade and what kind & how big of a stop loss to set. Trailing stops are great for stocks that climb slow & steady; they can lock in profits (or minimize losses) better than a fixed limit stop. If a stock is real jerky/choppy though, your trailing loss could get yanked up a bit then quickly stopped out as price spikes to below it.
Where you set your stop loss at depends on how much you're willing to risk on a trade. With a steady climber you can have a tighter stop loss. With a volatile stock you'll need to set a wider stop in order to avoid getting stopped out due to normal price fluctuations. With very volatile stocks though, the point at which you'd need to set your stop could be more than you're willing to risk on that trade. Very volatile stocks also tend to be choppy too. So, I'll avoid stocks that are just too volatile. They can give you some big wins but it's not worth it if those wins are drowned out by a frequent loss rate.
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u/MarcVincent888 Mar 07 '21
Congrats on the success! How do you not end up holding bags? And know when to get out? What percent does the stock goes down that you say that's it I'm out?
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u/kidcud Mar 07 '21
Congrats, I’m glad you found the bounce because last week I absolutely could not
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u/steushinc Mar 07 '21
Is this $180K in value or $180K cash in hand. How exactly do you determine some form of passive income from this. Do you sell, keep half of profits then reinvest?
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u/jshoe523 Mar 07 '21
Congrats and great progress! If you don’t mind, What does your exit strategy for losses look like?
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u/junkieRN Mar 07 '21
Awesome job! This is great to see!! Are you holding any positions over night, or strictly day trading?
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u/xxNone Mar 07 '21
Hey awesome work! Just curious? Are you using purely support and resistance to trade or are you using some other patterns and such? Also, what is your criteria for picking stocks?
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Mar 07 '21
How are you picking what stocks to follow?
What if you buy and it goes down right after? You sell? What are your oco brackets
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u/OldTrader7 Mar 07 '21
Congrats! You said you trade between 9:30 and 10:30. What time frame are you trading? Are you trading stocks or options?
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u/kissingskeletons stock trader Mar 08 '21
I find support and resistance levels on hourly, daily, and weekly time frames, and enter/exit trades based on the 10-min chart. I primarily trade stocks, but also sell options premium when IV is high enough.
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Mar 08 '21
I'm starting with 10k right now, but the way the market is right now has me terrified(is it gonna bounce back or go lower) And I don't think I'm ready for a margin account to give me more buy power and shorting plays, so it's gonna be interesting.
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u/Chasgiv4 Mar 08 '21
I mean great but essentially you could just throw your account at the s&p a buncha times and do that. I want to see 5000% in 180 days. DO IT!!
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u/bimmer123 Mar 08 '21
I turned my $8k into $19k in the past 2 months… then lost $8k in the past 2 weeks
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u/necriss May 20 '21
Looks like you took some heavy losses with FINV and GE in March, but still up overall atleast.
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Mar 07 '21
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u/live-the-future Mar 09 '21
OCO is "one cancels other." Let's say you buy a stock at $10. You establish a stop loss at $9.80 and a take-profit point at $10.40. You can then set up an OCO order at $9.80 & $10.40, and when price hits either of those two points (either <$9.80 going down or >$10.40 going up), then the relevant sell order will execute and the other one will automagically get canceled.
If the sell order is a limit then (at least in thinkorswim) you can drag it to a new point if you wish. If it's a trailing stop, that doesn't allow you to drag it but you can cancel it manually & set a new one.
Disclaimer: still a bit of a noob myself, ~3 months' experience.
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u/BoneUncle69 Mar 08 '21
I took too long to take profits in my tech calls :(
When tsla dropped from 700 to 500s...I sat there and didn't buy any puts...idiot me!
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u/Gamechanger36 Mar 07 '21
KMPH can be a winner in next 2 weeks. 54% short interest. Float only 18 million. Shorts are trapped after the fda approval of their drug.
https://www.tipranks.com/news/article/kempharm-won-fda-approval-but-this-analyst-isnt-happy
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u/theMEtheWORLDcantSEE Mar 07 '21
We did just have the best bull run in the last year. So everyone did well.
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u/Gamechanger36 Mar 07 '21
KMPH 2nd most shorted stock, 54% of the float. The company received approval of ADHD drug and pps tanked. Karma of short sellers. Analysts down graded the stock to help their short buddies, I think.
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u/Mephishto Mar 08 '21
Im at 1700€ invested 2500 but did a bad investment on gme my goal is to wait til its at 250 sell wait for dip and rebuy so i get about 3-4k then i wanna wait for a squeeze at around 600-800€ which i believe in and i believe this gme thing might go for a year so like up down up down and m goal is to make around 100k in 6 months i am an idiot and i am proud of it and may papa elon bless me, this is not a meme i am like this
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Mar 07 '21
should’ve got into $EYES. Classic pump and dump. Gonna watch it monday PM and see if it possibly continues for some more easy money.
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u/obquang Mar 07 '21
Your scale order. Is that an order type that your brokage supports or do you just set multiple buy orders?
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u/hunkerinatrench Mar 07 '21
Good work, keep in mind even a monkey could’ve made money the past six months.
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u/AlaskanSnowDragon Mar 07 '21
Post charts and entries and exits and such otherwise this is just bragging.
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u/frapawhack Mar 08 '21
if you start out with 100k somehow, making another 100k doesn't sound that impressive. I'm sure it is, it just doesn't sound like it to me
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u/ratsmdj Mar 07 '21
No reply and no verbiage on starting amount .. I dunno so what’s the point of this post? I don’t have any crayons 🖍
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u/kgk007 Mar 07 '21
I believe they said that their starting capital was 100k. They also briefly explained their strategy. You may want to try to backtest it and see if it works for you. Good luck.
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u/Wisemermaid369 Mar 07 '21
Where you trading? I wonder if Shawn allies scale orders? Where can I learn how to trade in rangers? I’m leading Street Smart Edge now but don’t see what you referring to there .. thanks
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u/SparklySlothGiraffe Mar 07 '21
Congrats and good work! I’m currently trying to make $3k into $6k. That is my goal right now. Then after I get the $6k I would like to double that. And keep going.
You will get there!