hit my goal, now what???
- Thread starter ballstowall
- Start date
Damn, I hope not.
Quote from neophytenate:
Damn, I hope not.
dreaming is OK.
If you love trading and still have a working system, I would say keep it. But, heres what I do, take a lot out and start working the capital up again. I trade hogs in the CME pits exclusively and make well over my account balance every year, and every time it gets over $75k what I started the year with, I withdraw the $75k and work it up again.
So, my recommendation is to withdraw profits everytime you have a winning, and don't trade with everything you have. It's kind of like a don't have all your eggs in one basket kind of ting. Just trade with 500k and build it up again and take out profits.
So, my recommendation is to withdraw profits everytime you have a winning, and don't trade with everything you have. It's kind of like a don't have all your eggs in one basket kind of ting. Just trade with 500k and build it up again and take out profits.
It's tough to believe how somebody could run an account that much money without withdrawing and banking it for 5% at some point. There are pro traders every so often you hear about that dumped all their eggs in one basket with options ran up their accounts a few million and never looked back...
Whether this guy is telling the truth or not, he needs to pull at least 2mm out and revise his strategy for a much larger account size. Taking on the leverage you would with 1.75MM that you would with 175K is asking for a disaster.
Whether this guy is telling the truth or not, he needs to pull at least 2mm out and revise his strategy for a much larger account size. Taking on the leverage you would with 1.75MM that you would with 175K is asking for a disaster.
Take out 3 mil and invest it in other ventures.
Spread it between safe long term investments and perhaps real estate. Try to establish multiple streams of income where your 3 milion guarantees you steady income for the rest of your life.
Now take the remaining 700k and use that to trade your strategy. Even if you blow out your account you still have 3 mil working for you through multiple streams of income. If you find good deals on houses buy a couple and rent them out and have someone else pay the mortgage.
If you somehow blow the 700k you left. and still want to trade PROMISE yourself to only fund your account with 100k 3 more times..if you blow out 3 more times quit trading for good and you still have 2.7 million dollars invested in safe ventures making money for you.
Basically worse case scenario if you follow this advice is you blow out 4 different accounts through bad/unlucky trading and still end up with 2.7 million ;-).
JMO
Spread it between safe long term investments and perhaps real estate. Try to establish multiple streams of income where your 3 milion guarantees you steady income for the rest of your life.
Now take the remaining 700k and use that to trade your strategy. Even if you blow out your account you still have 3 mil working for you through multiple streams of income. If you find good deals on houses buy a couple and rent them out and have someone else pay the mortgage.
If you somehow blow the 700k you left. and still want to trade PROMISE yourself to only fund your account with 100k 3 more times..if you blow out 3 more times quit trading for good and you still have 2.7 million dollars invested in safe ventures making money for you.
Basically worse case scenario if you follow this advice is you blow out 4 different accounts through bad/unlucky trading and still end up with 2.7 million ;-).
JMO
"A goal is not just a directional device; it works as a source of inspiration and motivation. A realistic goal can be exhilirating. It empowers you to concentrate on genuine interests, and provides a sense of excitement.
However, whie you may feel excited and fulfilled by a chieving a goal, and while this may enhance self-esteem, it is not an end in itself. Once you a chieve a goal you must move on towards new goals if you are to maintain your vitality. Otherwise, the goal becomes part of your identity or concept of yourself, and once again you are subject to the stresses and strains thata come from tradin gin terms of some fixed self-image."
- Ari Kiev
However, whie you may feel excited and fulfilled by a chieving a goal, and while this may enhance self-esteem, it is not an end in itself. Once you a chieve a goal you must move on towards new goals if you are to maintain your vitality. Otherwise, the goal becomes part of your identity or concept of yourself, and once again you are subject to the stresses and strains thata come from tradin gin terms of some fixed self-image."
- Ari Kiev
Don't ask for advice on this. If you've made $3mil+, you should know what you're doing. RE prices are coming down - perhaps diversify and take a few months off per year.