If you follow my blog, you know that my goal for this year is to turn a measly $1,500 into $25,000 by the end of the year with savings from my job and trading profits....no mean feat! Since starting this journey in March, my account now stands at $2,900 or almost double with a quarter of the growth coming from trading profits.I must say that it has been tough sledding!
Only 3 day trades per week, high commission costs and limited borrows on low priced stocks have been major stumbling blocks! For these reasons, as soon as I get my account up to the $5k mark which I should be able to do by the end of June; I have made up my mind that I will subscribe to the Bulls Pro service!
Please note, that I do not have any intentions what so ever of changing my approach to managing risk. I will still manage risk as if I were managing my current account. That is, I will not risk more than 2% of my equity per trade (for instance, when I first go prop my equity will be $5,000 ...so initially, I will not risk more than $100 per trade).
I do not plan to become reckless and just put trades on willy nilly. What I plan to take advantage of is unlimited day trades and leverage in the sense that I will be able to carry 3 - 5 positions at the 2% of equity at risk per trade. As things currently stand, as soon as I put 1 or 2 positions on with 2% risk per position all of my buying is used up; this forces me to pick and chose my trades and to pass on good set ups when my buying power is already tied up. However, this will not be the case when I go prop. Also I will not be forced to sit out the rest of the week when 3 day trades have been used up in the first one or two days of the week. My monthly data fees will be no higher than it is currently, I will have lower commissions, plus free access to one of the best traders on Twitter all day in live chat for absolutely free...@kunal00; in case you are wondering! All in all, I believe that going prop will make it easier for me to achieve my goal of getting to $25,000 by the end of the year. So logically it makes a lot of sense for me to join the Bulls Pro service.
So I am now looking forward to achieving this little milestone and to turning the next page in my exciting journey to $25k by end of year. If any one who is a current or former Bulls PRO member happens to read this please comment/leave advice. Thanks in advance!