Starting 2023 with $100K Trading Account...

I started a new day trading account for 2023 with $100,000. And what I plan to do is showcase you guys the journey of this account for 2023, what trades I take, where I make money, where I lose money, my setups, my playbooks, all of the great stuff. And just kind of wanted to start the journey with everyone on YouTube. So with that being said, let's dive into it. So, as I mentioned, I opened up a new account on TD Ameritrade and started the account with 100,000. The account is currently at 93,000. I took my first trade on Friday. I lost about $6,200 on that trade. And I want to walk you through, I guess, the psychological aspects, the trade aspects, what I. What I kind of did, right? And hopefully, you know, in a month from now, be it February, be it March, the count is in better shape. But just for transparency purposes, like I said, I want to show you guys hey how much I'm trading with, what my positions are, and just kind of share all that with you using tradezilla, which is obviously a journaling platform. So let's go into the first trade I took of the year. You know, it's always bad when you take the first trade on a new account for the month, for the year, and it starts off red. Right. And that's what happened to me on Friday. I was initially planning to take my first trade on the 30th or maybe February just because I took like the first two weeks off, three weeks off. But on Friday, I was kind of ready to, I guess, take on the day. I was a little bit biased too. So let's. Let's go into the trade. Right. So this was my trade for Friday. I basically traded. Yes. You know, yes. For 2023. I am planning on trading futures. You know, want to put a little bit more emphasis on futures. Want to put a little bit more emphasis on trading with order flow, something that I have been really, really actively watching and paying attention to for the past couple of. And getting a good idea of. Right. And I'll also share a lot of cool things that I've learned with order flow with maybe features with you guys as well. So this was my only trade on Friday. And like I said, on this trade, I lost about $6,200, lost about 1.5 R. And now I want to walk you guys through my mindset, what the game plan was, what I did wrong, what I, you know, kind of wish I did that would have maybe made me money or I would have had a better trading day, right? So initially before I take on any trade like I mentioned, I like to have a pre market game plan. What was my game plan? So here's a chart I kind of screenshotted from my trading platform. So initially what happened is I already had, I went into the day very biased and this is a problem I deal with and I've dealt with continuously in the past. I go into the day, I go, I become very biased on the upside or downside and there's days I'm able to control it and then, then there's days I, I, I have strong conviction in my thesis. So on Friday I went into the day being extremely biased that the market will have a good shorting opportunity. Now I always say, and I tell myself, and I'm telling you guys too and look, I make mistakes even day trading for nine plus 10 years, right? I tell myself every time do not go into the day being biased. It's not good, it's not healthy, it's just going to set you up for failure, right? But I still do it some days and you know, obviously I have to pay the price. So looking at the chart, looking at order flow, looking at you know, volume profile, just understanding what's going on, I was like hey, the market looks like we have, we, we're trapping a lot of sellers, you know, we're trapping a lot of people into the 480, 490 zone. And I think we're gonna get into this 470 maybe 480 zone a little bit under that and if we see some weakness I think there's a good shorting opportunity. Right. So for the past couple of days I've anticipated a big rejection. A lot of sell orders, a lot of aggressive selling going on around the 4:75, 4:70 zone. So right when the market opened we gapped down a little bit on yes, I have overnight off. Right, Right when we open immediately I went into, we're going to go down and what I did wrong there, and I'm very familiar with this is a lot of times I like to look at what are the economic events. I like to look for some sort of confirmation and I like to just get a good understanding of what is going on so I can get the best entry that I can possibly get. But because I was biased for the day I was already like not it's going to go down, let me just build a position and keep building more and more on top of that position. So ultimately what did I do? So right when we gapped down, right? We open up around 9:37am I short one contract, right? As I short one contract, a minute later I go in, I short another contract. A minute later I short another three contracts. A couple of minutes later I short another contract. So at this point I'm short about six contracts on es, as you guys can see. And what are the things that I did wrong here? Number one, when I look at this, I had no real confirmation for short here. My real play when I get a lot of choppiness action and I talk about this when I get a lot of chopped action happening on the open, right? My go to thing is to wait until 10am and I talk about the 10am move a lot. And you guys can see this 10am move is wait for 10am wait for the market to do something, wait to get some direction. Also we had an economic event coming out that day and that's something I, I don't want to say I forgot about. I kind of ignored, right 10am data. We had 10am data coming out. I ignored the data. I was just like I'm gonna stay in my position or I'm gonna get out before then. And obviously that's not something I did right. So when I built my position, some things I did wrong. My entry was early, I had no confirmation, right? And I did not follow my mental stop loss. That's the third thing I'm going to talk about. So looking at this trade, I think the trade was there but my entry was too premature. I didn't factor in the real hard facts for the trading day. The theme of the day, what is happening. And that caused me to enter too early because I was also very biased. I wanted to make essentially money. So I was like I'm going to make money, it's going to go down. Let me just build a position now without waiting for the confirmation. Now building the position there, right? This is how my position looked, right? I was down about 3,700 at one point, 3,800. And then I slowly started recovering. Like at one point I was down only 1500 bucks. That was around 10am right when we started really flushing down. Once we started flushing down at 10am and we got the big reversal, that's where I should have maybe exited and that's where my exit was.4082, I was like hey, around 4882 is where I'm going to exit. However, that's not where I exited. I essentially exited my position right at the top of that session. You guys can see I exit and then that's where we start coming down. Now once again, the few things that I did wrong here, right? And I want to share with you guys and have you guys get a good understanding. One thing I did wrong is I had no confirmation. And guys, when you guys go into a day, any trading day, you need to have confirmation, right? And if you don't have confirmation, right, don't put on a position. And I had to remind myself no confirmation. I ignore the 10am data and my entries exits were terrible. Now the trade that was there that I wanted to retake was I wanted to take a short around here, around the 4 4, 4085 zone on ES. That's where I wanted to re short after we got the first fade. I wanted to reshort. Now why didn't I reshort? I didn't reshort because one, I started with a new account. Like I said, the account started at 100,000. The account is currently at 93,000, right? So I was also like, hey, I took, I put on too much risk on my first trade of the account. I put myself 6% under on the account, which is not good.

And I put myself in a tough position. So I wasn't able to put myself in the zone again of go take another trade. And I said, you know what, I took one trade. I was very sloppy. I'm not going to try to recover my bad trading day today. I will come back Monday and next week and start reevaluating the market again. Right now is not the time for me to do so. So I'm going to step aside and I'm going to relook at the market from a different perspective. Now a few things on a psychological level that caused me to also, you know, look at I guess these trades and, and mess up because it's a new, new account, right? Obviously, even I, I'm pretty sure you guys can relate whenever you guys have new accounts. And by the side, just side note, if you guys do enjoy these videos and do enjoy these breakdowns, just give me just if you guys can do me a favor really quick, if you can give this video a thumbs up, I'd really, really appreciate that. But anyways, as I was saying, a lot of times when the, whenever I start a new account and I'm pretty sure you guys can relate, it puts things in a tough position, right? Because you're so eager to get that 10k account to 12,000 or 100k account to 104,000, you're trying to build cushion so initially, building that cushion is extremely hard. So it's like when you start with a new account or you're trying to recover from a losing day, a week or whatever the case is, you have to be more selective of the trades you take, and you have to be more selective of the risk you put on and how aggressive you are, right? Something like this is unacceptable. Even in my setups, you guys can see I had no setup here. Like, this was no setup. This was me just, you know, shooting my, myself in the foot and just trying to make money and entered early with no confirmation. Two bias. And I went in for the 10am data without factoring the 10am data, right? And it's like, same for people watching. Just make sure when you guys are taking trades, you know, those trades do align. Like, I wish I can give you a better recap of something along the lines of here, but I, I, I didn't take that trade. That this is what threw me off. And that's another thing, right? Sometimes there's an opportunity cost to trades that we miss out on. Sometimes you might have a great trade, right? That is later on in the day. But because you take a bad trade that causes you to not take on the second trade because your confidence goes down, you know, you may be going tilt, maybe you get a little bit messy, sloppy, whatever the case is. That's why being selective on the trades you do take are, are very, very, very important. Me going into Monday, like I said, gonna reset from this loss, first loss, and that's kind of always things I'm gonna reset. And, you know, going into this upcoming week, I'm gonna share some of my setups, share some of the, some of the things I've, I've taken some of the trades I've taken, and just kind of keep updating you on this account because I want to, I want to showcase kind of how, I don't want to say how to grow an account, but how to actually trade the proper way, right? How even traders at a certain scale, they make mistakes. Even traders at a certain scale lose money, right? Even traders at a certain experience level, if you want to call it, have bad days and just make stupid mistakes. And I think in the trading community, that's very essential and important because people are always thinking, oh, a great trader is always making money. No, look at this. I just had one of the most stupidest trades, like, to start the year off right? So with that being said, I hope you guys enjoyed this video. This is just kind of an intro for the upcoming videos I make. I guess that goes along the lines of this sequence or series. And I hope you guys find a lot of value. Thank you for watching.