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From rags to riches, 700$ to 100k in 2013
- Thread starter dfantome
- Start date
Quote from justrading:
@ Put Master
I am not going to quote your rant, it is so wrong-headed there is little point.
What is obvious by now is that you are prejudiced against short-term trading, and as a consequence, rather than providing the best advice to the OP, you advise based on this prejudice.
Hats off to Surf and a couple of others who actually looked at the situation and gave advice based on the reality of it. The only thing I would add is once he crosses the 25K PDT threshold, he should trade short-term. Long-term trading is a luxury reserved for those with the capital to make large dollar gains from relatively small percentage gains.
How much does canned dog food cost? I have seen reports of elderly people on social security eating canned dog food because that is all they can afford. If the OP commits to eating canned dog food every day for a year, will he be able to survive on $350? Your wonderful advice to look at LEAPS in the context of a 50% annual return will yield the OP the grand sum of $350.
You can express your individuality by calling 'cats' 'dogs' if you wish, there is no law against that, but it is generally accepted that absolute dollar gains are a function of account size, and looking at absolute percentage gains minimises that factor somewhat.
As for what constitutes spectacular in short-term trading, why don't you broaden your perspective by reading the Market Wizards series. Schwager is respected in the industry and fisherman's tales do not get one a place in his books. Don't get hung up that many are running funds, nobody gets to run a fund straight off the bat, they make good consistent profits before they attract OPM.
Yes, I agree that PM just dosen't understand why I have to do what I have to do. Sure if I had a 100k in the bank id be selling puts too and sitting back relaxin watching my cash roll in, BUT I DONT HAVE THAT LUXURY!
Like I said i have the utmost respect for PM and his style, as it greatly influenced me. But I am not blinded by prejudice against short term trades - they can be very powerful.
Thanks "justtrading" you said what i wanted to say more eloquently.
Quote from cygnetnoir:
As Bill Murray said in Stripes, "Lighten up, Francis."
Why go through life wishing for others to suffer and fail, rather than prosper and succeed?
That $700 isn't likely to make a difference one way or the other in the OP's life if it remains as $700 or if it is converted into $700 of consumables. He obviously has a computer and a place to plug it in, so one can easily infer than he is largley under the care of someone else, perhaps, for example, his parents.
On the other hand, if he managed to take that $700 and turn it into something more substantial, that could make all the difference. And there is nowhere in this world where someone stands as good a chance to take a small capital and turn it into a large capital as the financial markets.
I'm not saying that it is easy, and I'm not even saying it is highly likely. The odds are certainly against him succeeding with such a small stake. But I wish him well, and I hope he succeeds. I would like to see someone here at ET (or anywhere, for that matter) pull an Archie Karas $50 to $40 million dollar run (I'd be quite pleased to witness a $700 to $100K run).
And if some individual does manage to pull off such a run, my additional hope for that person would be this: That having made big money, I pray that he or she takes steps to keep the better part of it, and not to lose it faster than it was earned.
Thank you! I really mean it!
Quote from justrading:
Buddy, if you click on that Twitter link you will see a tweet
@Malaniruth let's go..post it everywhere on every forum..theyll buy it
If you click on that you will see that it is the Twitter feed of a skinny chick with oversized shades. Follow down to her tweet of 19 Dec and you will see,
Who's up for starting and spreading a $NFLX $150/share buyout rumour? Let me know. I'll start it. You spread it.
Cockroaches and rodents.
Lol! It was a joke.. and how is that so different than what ackmen or loeb are doing with HLF?
Quote from cygnetnoir:
As Bill Murray said in Stripes, "Lighten up, Francis."
Why go through life wishing for others to suffer and fail, rather than prosper and succeed?
That $700 isn't likely to make a difference one way or the other in the OP's life if it remains as $700 or if it is converted into $700 of consumables. He obviously has a computer and a place to plug it in, so one can easily infer than he is largley under the care of someone else, perhaps, for example, his parents.
On the other hand, if he managed to take that $700 and turn it into something more substantial, that could make all the difference. And there is nowhere in this world where someone stands as good a chance to take a small capital and turn it into a large capital as the financial markets.
I'm not saying that it is easy, and I'm not even saying it is highly likely. The odds are certainly against him succeeding with such a small stake. But I wish him well, and I hope he succeeds. I would like to see someone here at ET (or anywhere, for that matter) pull an Archie Karas $50 to $40 million dollar run (I'd be quite pleased to witness a $700 to $100K run).
And if some individual does manage to pull off such a run, my additional hope for that person would be this: That having made big money, I pray that he or she takes steps to keep the better part of it, and not to lose it faster than it was earned.
And yes.. that 700$ is doing nothing for my life currently.. just sitting in the bank collecting dust.
But even If I double that - it would make a difference.
Quote from cygnetnoir:
+1
Indeed.
I still hold out hope that someone will publically attempt "The Run," and follow it through to the end, whether the end is Boom or the more likely Bust.
Im sticking to it, trust me.
YOU GUYS WILL KNOW IF I BUST OR BOOM.
If i do end up going bust, atleast ill smile a little knowing some of ya assholes had a laugh.
Starting the "official full first week"
only had two trading days last week... account up to 843$.. so gonna post an update at the end of this week, and an overview.
Quote from dfantome:
I know PM that you have your own style, but you definitely dont appreciate the power of short term trades. I still like your philosphy on everything else though.
I fully understand the power of S-T trades. We just have a different definition of what it is.
For example, if you close a 30 day trade in just one day, you think it's a one day trade.
But for me, unless that money is reinvested in another trade the next day, I consider it longer than a one day trade.
If that cash does not get reinvested for another 4 days, I consider it a 4 day trade.
Thus, if you do 90 one day trades through the year, with each earning 60% annualized,... you will end the year earning a 15% annualized return.
And that assumes no loses over those 90 trades.
Quote from dfantome:
Id welcome the competition, or even someone to do this with. Let me know! Im always at my best when competing.. especially against those who I believe are more skillfull than myself.
I am pleased to see you still here.
I might be game to do this, but if I do, I won't be competing against anyone but myself. I'd advise you to do the same. It is tough enough without looking over your shoulder to see what the next guy is doing.
See I told you. No respect.
I know people like you, in 10 seconds. You didn't work hard in school go to the best colleges get the best internships and land the job where you become "made". Instead you took shortcuts your entire life and like you are contemplating about doing again. You haven't learned your lesson yet huh?
Stop being selfish and invest in your daughter. You had your chances in life you blew it. Don't ruin it for the next generation by becoming a gambler.
I have nothing to be mad about by your negligible chance of making a positive % return on peanuts.
I know people like you, in 10 seconds. You didn't work hard in school go to the best colleges get the best internships and land the job where you become "made". Instead you took shortcuts your entire life and like you are contemplating about doing again. You haven't learned your lesson yet huh?
Stop being selfish and invest in your daughter. You had your chances in life you blew it. Don't ruin it for the next generation by becoming a gambler.
I have nothing to be mad about by your negligible chance of making a positive % return on peanuts.
Quote from dfantome:
Get the fuck outta here. You don't know what I respect.
I hope you get mad when i beat your % returns for the year. Then i'll ask you how it feels to get beat by "someone whos making a mockery of this business".