Well did you know since about September of 2020 I been learning and investing in the stock market as a type of hobby (that counts as new right?). It’s been a learning experience to say the least. So far my portfolio is up about 3% but this is only thanks to last weeks insanity. (Thanks Wallstreetbets!!)
Was talking to a friend about the recent week and he said something along the line of ‘no one makes money studying technical charts alone’. Yea…. Challenge accepted!!
So what I have done is opened a webull broker account. At the time they were offering 2 free stocks if you deposit $100 or more. Going to liquidate those and just using technicals trade on the open market.
So the challenge is how much money can a small account make trading on chart technicals alone.
I can already hear some of you in the crowd with questions. The first one being what?!
The art of trading technicals is the ability to read a stock chart like the one above. The too long didn’t read of the strategy is of course buy low sell high. I will achieve this by looking for various indicators on the chart.
You any good at this?: Nope! Like said earlier I only in my first year (with little success) of trading and 90% of people drop out in there first few months. I look at this as an opportunity to become a better trading with this challenge.
Okay what’s the goal?: To become a millionaire……. Jokes aside realistically if I can double the $100 in a month I will consider it a win.
Okay so how you going to do this?
Rule 1: No meme stocks. I have to stay away from any of the recent ‘meme’ stocks that wall street bets have been playing with.
Rule 2: work with what I got. This mean no deposeting. Estimating when everything settles i’ll have about $106 to play with.
Rule 3: Trade with techicals only. I may slightly break this rule while looking for the initial companies to start investing into. Need to make sure I don’t blow the whole account the same day I start the challenge.
Rule 4: Uhhhh i’ll get back to you on this one if there I think of one.
So why Damein, what’s the point of this and why use a blog no one looks at?
Well first when I checked my stats on 1/30/21 apparently I have 9 people that have read this (Hi random internet strangers.) Second is for accountability and transparency reasons. My main goal of this is to become a better overall trader for my real account. So far the only reason I have made money in my real account is very little skill and a lot of dumb luck.
Plus the ability to track ones profit and loss is a skill I should have been using since the start, thus why I would like to post all positions and changes here. I’m thinking once maybe twice a week.
So yeah that’s the plan. I’m looking forward to the challenge. As it sits now looking to start this whole thing within the next week or so.
Side note: Now noticing this blog is a little all over the place with travel post to now stock talk. I may make a whole new blog for the stock stuff. Depends on how far/long I take this.