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From $5k to $50k
- Thread starter Money Trust
- Start date
....
if your acct size is only $5k, then you should be averaging 19% (simple) a month minimum! That's not even a thousand dollars a month! If you can't do that, then forget trading*, the light is not worth the candle**.
* we're not talking about investing, but active trading
** this means you are not being adequately compensated for your time and effort
I have no doubt that it is possible. It is also possible to buy a $5 lottery ticket and win millions.
But you must agree it is not likely and not sustainable. If you gave 100,000 people this challenge there will likely be a few who do make 19% in a month. Now what are the probabilities that they will make that 19%/month for 12 straight months...
If 5k is pocket change then sure take on the challenge.
Would you invest 5k with a person who is going to try this?
if your acct size is only $5k, then you should be averaging 19% (simple) a month minimum! That's not even a thousand dollars a month! If you can't do that, then forget trading*, the light is not worth the candle**.
* we're not talking about investing, but active trading
** this means you are not being adequately compensated for your time and effort
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There's a thread on the forum by schizo, a very good trader no doubt, where he is attempting to make $300 a day, daytrading pretty much the whole day. IMHO, he needs to increase this target to an average of $1k a day for the days he will be trading otherwise he's not being adequately compensated for his time and effort.
But you must agree it is not likely and not sustainable. If you gave 100,000 people this challenge there will likely be a few who do make 19% in a month. Now what are the probabilities that they will make that 19%/month for 12 straight months...
If you think negative you should give up trading and flip burgers. All people flipping burgers are sure to make at least a few bucks every month.
If you look at the list of new billionaires, you will see a lot of people who never thought to become billionaire. If you think like average joe, you will become average joe. You should not watch statistics, you should try to mesure your own capabilities, as they will decide if you can become successful or not. Statistics will never make you succesful.
If you think negative you should give up trading and flip burgers. All people flipping burgers are sure to make at least a few bucks every month.
If you look at the list of new billionaires, you will see a lot of people who never thought to become billionaire. If you think like average joe, you will become average joe. You should not watch statistics, you should try to measure your own capabilities, as they will decide if you can become successful or not. Statistics will never make you succesful.
I make 3-4% a month. I posted results of one of my systems in another thread. The point I was making was at 19% a month your risk of blow out is pretty high and it is unsustainable and that 24% a year is a very good return, better that the vast majority of hedge funds.
I make 3-4% a month. I posted results of one of my systems in another thread. The point I was making was at 19% a month your risk of blow out is pretty high and it is unsustainable and that 24% a year is a very good return, better that the vast majority of hedge funds.
The most frequent mistake that people make is read what others do and can make and project that on themselves. Not only in trading this happens, it happens almost everywhere. So everything that has less than 50% chances to be successful should never be tried. And what is above 50% will almost garanteed lead to success. Unfortunatelly this is not true at all, and proves that these statistics are worthless.
But what everybody forgets is that the only thing that will define success or not is the person who does try to do something and who knows his capabilities and limitations. He and only he can influence his success or failure. So what you tell about 19%... and 24% is irrelevant. For some these figures are ridiculous high and for others they are ridiculous low.
99% of people who try to become a rich sportsmen will never be successful.
99% of people who try to become a rich moviestar will never be successful.
99% of people who try to become a rich singer will never be successful.
99% of people who try to become a rich trader will never be successful.
So everybody should abandon trying?
The most frequent mistake that people make is read what others do and can make and project that on themselves. Not only in trading this happens, it happens almost everywhere. So everything that has less than 50% chances to be successful should never be tried. And what is above 50% will almost garanteed lead to success. Unfortunatelly this is not true at all, and proves that these statistics are worthless.
But what everybody forgets is that the only thing that will define success or not is the person who does try to do something and who knows his capabilities and limitations. He and only he can influence his success or failure. So what you tell about 19%... and 24% is irrelevant. For some these figures are ridiculous high and for others they are ridiculous low.
99% of people who try to become a rich sportsmen will never be successful.
99% of people who try to become a rich moviestar will never be successful.
99% of people who try to become a rich singer will never be successful.
99% of people who try to become a rich trader will never be successful.
So everybody should abandon trying?
I am not saying people shouldn't dream big but even at 2% a month you are beating 99% of hedge funds.
Ok, since you think it is realistic. Why don't you take this 5K to 50K challenge and show us it is possible.
I eagerly await your trading journal
24% a year on $5k for active trading is crap. About $1200 a year. What a waste of life. The opportunity cost is very high.
24% a year on $10 million is very good. $2.4m a year.
24% a year is a waste of life? 99% of hedge funds don't make that
I eagerly await your trading journal where you show $5k to $50K is easily achievable
you have to look at the payoff, not just the chance of success. also, odds change. the odds of my next door neighbour being a elite athlete are zero right now. however if he started training, losing fat , gaining muscle, his odds creep up. same thing in trading, the newbie has zero chance initially, however as he learns and becomes more experienced his odds become better, much better in fact!