Milestone – $1000 in profits!
Without even realizing it, I crossed a very important milestone yesterday. I managed to hit my first $1000 in profits. Now, I’m sure that doesn’t seem like a very big deal but you have to understand where i’m coming from here. I started with only a couple grand. I have been meticulous about trading small in my first year to avoid blowing up my account. Capital preservation has been my biggest priority. To hit this point is pretty special to me. I certainly made more than I would have if this money was just sitting in my bank account. Here is my profit chart.
What makes this even more impressive (to myself) is that I have done this while trading very irregularly. I was originally using Questrade as my broker and they suck donkey balls when it comes to shorting so I was forced to only take long opportunities. I really didn’t do a whole lot of anything in the summer and then decided to move to Interactive Brokers. As you can tell by my post frequency, that has been the biggest advantage to me. I am much happier using their platform and it’s awesome actually being able to short and understanding the associated costs right up front. Here is a deeper dive into my stats.
I’m not going to look too far into these stats at this point. I think they were severely corrupted by my initial broker. I started trading with Questrade in February and only switched to Interactive Brokers in October. That means that I have only been trading with IB for a month and a half. It just isn’t enough of a sample size. I made 29 trades with Questrade from February to October. I have then made 17 in a month and a half with IB. I think that shows my trade frequency is on the rise significantly with the new broker. Any other stats I’m really not going to worry too much about. I’m a rookie still! My focus to improve my timing on entries and commitment to my trade. I will continue to work on those as I move forward.
I am hoping that I can accelerate this rate of profit over the final weeks of the year. I’m not going to put any pressure on myself though. My first priority is to end the year having not lost any money. It looks like I should be able to accomplish that. Having said that, I would like to be able to bring this up to $1500 – $2000 in profits before new years. Thats my ballsy goal. When I hit the $2000 profit mark, I will probably do another check in and maybe dive a little deeper on my losses as to what went wrong. Here’s to getting there before the end of the year!