Are there any millionaire traders who started undercapitalized?

[ktm]

I went from around 2K to a bit over 100K in about a year in the 80's. I was shadowing the greenmailers. Greenmailing was effectively made illegal a few years later. Things change in the markets (technology, crowd behavior, regulation, market dynamics) that may create or eliminate opportunities and you have to evolve with those changes if you are going to remain profitable.

As Robert said, it's certainly doable, but it's harder today. That kind of compounding requires risk levels that make blowing up exponentially easier.

My advice is to remove the 600 day target. Find your edge and be sensible about your risks and work the edge and let it grow organically.

 

[wrbtrader]

so do u think even a funded person on TopStepTrader can grow his/her account (which is a retail account) into millions in 600 trading days or so >?

If the market conditions are right for such and you're in the right market and the right time...maybe and only if TopStepTrader is allowing you to trade that market.

For example, pretend something crazy right now is happening with Wheat and its lasts 2 years. Does TopStepTrader allows trading Wheat ?

Even one of the Market Wizards Bruce Kovner (rumored to have begin with 3k...via his credit card) didn't do it in 600 days and he was hired by a firm before making his million in the markets. Essentially, he was no longer a retail trader via your requirements when he made his millions.

 

[just21]

Always possible in options. Risk reversals or ratio back spreads.

 

[wrbtrader]

Always possible in options. Risk reversals or ratio back spreads.

There are millionaire options traders but they don't qualify via the requirements set by Commodity Trader

 

[just21]

There are millionaire options traders but they don't qualify via the requirements set by Commodity Trader

Where did he say this?

 

[CALLumbus]

Tom Baldwin...

He turned $25,000 into a $1,000,000 before his first year was up.

 

[wrbtrader]

Where did he say this?

He posted his requirements in this thread after I asked him to define the rules for such. Please read his statements again. Thanks.

All the millionaire options trader I've heard about...doesn't pass Commodity Trader's definition rules.

 

[Al_Bundy]

Richard Dennis started with some $400 and then became 'king of the pits' and multimillionaire. Dan Zanger parlayed some $10k into $18M in the late nineties. I believe cases like these are exceptional, on par with winning a lottery.

 

[just21]

@wrbtrader
i mean some one with a retail account of less than 5k usd and 600 trading days,do you know anyone who falls in this category?

You can do this with options. Specifically risk reversals. You could sell options in a different market and always be long vix options, for example, for 600 days.

 

[wrbtrader]

Richard Dennis started with some $400 and then became 'king of the pits' and multimillionaire. Dan Zanger parlayed some $10k into $18M in the late nineties. I believe cases like these are exceptional, on par with winning a lottery.

Eliminate Richard Dennis...he wasn't a retail trader. His seat gave him a "professional trader" status. Eliminate Dan Zanger...he's over the 5k rules set by Commodity Trader.

I think Commodity Trader is interested only in those that begin in similar status as he currently is in right now which is why his rules or definitions are so restrictive.

Remove the qualifications he's set, we can name a lot of folks but none will be helpful because I suspect he doesn't have access to the markets most of these folks made their millions in nor are those markets currently in similar like market conditions that occurred back when those millions were made.