Quote from brokerboy:
you are young and dumb i get it but you will lose that $700 very fast. i am kind of depressed reading this even because if you only have $700 spend it on your kid before someone takes it away from you.
Quote from HopelessTrader:
When do you plan to start?
Quote from Zr1Trader:
" great day today.. prob gonna go throw some 100's at the strip club just for the hell of it"
OP , waste of O2, I hope your child is not in your care. Shitty f*cking human being. Don't ever reproduce again for the sake of humanity.
Quote from Put_Master:
<<< I said that my planned return% is to have 100k by the end of the year. I definitely dont throw darts and "hope" there is no hope, just cold hard facts in my trades. >>>
Did you mean to say $100,000 or $1,000?
If you actually meant $100,000 I assume you selected that goal based on the % return of various super short term trades you've either paper traded or did for real.
But again, I have to remind you % returns on very short trades are 100% meaningless, in terms of how the value of your portfolio will actually turn out at year end.
If you did 50 - 100 very S-T trades through out the year, with each earning 50%, you'll end the year earning A LOT LESS than 50%.
Those very S-T % returns are 100% meaningless.
The shorter the trade the more meaningless the % return.
A goal of turning your $700 into a mere $1,000 at year end will be difficult enough to do, as that will be close to a 44% annualized
return..... without even factoring in all your commissions.
Quote from mm2mm:
This x1000
Quote from trader198:
doable. $700 is a big number. not a small number. from option trading point of view.
you need outline your plan. each steps(target, stratigies,ideas,problems to deal with). very detailed, concrete, feasible executions .
otherwise, it is a dream.
Quote from justrading:
Doubtless this is what you have in mind when you use annualised returns, but what you believe to be true about longer term trading is in fact quite irrelevant to very short term trading.
Quote from Zr1Trader:
OP,
I would think you need a minimum of 5 years and 10k hours of experience to become the jack of your trade, whatever that may be.
There's no free pass.
If you had a years living expenses covered to take care of your child ect. and had a nut laying around or different source of adequate income I'd say go for it. You need to get a reliable source of income to feed your family. Trading with a 700 dollar account hoping to pay bills isn't reliable. For the sake of your child.
Save the 700 to feed the kid. Get a job, learn to trade in your freetime, it will take years to learn. Where there is a will there is a way but nothing worthwhile comes free.
Quote from cygnetnoir:
As the OP has not been heard from since his 3rd post, I fear he has already lost interest in us. If so that is a shame, as I would like just one of these "From Peanuts to a Palace" threads to follow through with a serious attempt. Not a successful attempt, but a serious nose to the grindstone effort. Of course, given the small size of the account, if he has been opening and closing positions intraday, he may already be under a 90 day lock out.
Quote from riskaddict:
For shits and giggles someone else should open a $700 account and we should turn this into a competition. As soon as I find a new daycare for my 2 year old I'll do it. Where can you trade a $700 account? Are you using Oanda or some shady ass thing like that? If I could turn $700 into 5K by the end of the year I would shit myself and then go piss it all any on scratch off lottery tickets.
With $700 it might take 2 weeks just to find a R:R trade that would get you started. Like the other guys said the 1st 3 or 4 trades are super important and you'll need to be crazy patient.
Go Ravens!!