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How long will it take to turn a $5,000 account into $100,000?
- Thread starter guy2
- Start date
It would depend if you hit 0 first
Quote from mirtex:
Well the fight is like between two guys I know:
- one sticks to his long term proven strategy, listen to his technical analysis, never goes out of it, keeps the line of approved methods - and makes his money from the market
- second has some basic strategy, bus on his words "he feels the market" and changes his buys and sells often based on intuition. And his revenue (as a percentage frombase) is higher
Well as I am a poor newbie, I like to talk to them and realized, that NO method can work generally, you just have to find you the one, that you are happy with.
Hi,
I have been following this thread from the beginning and it has thrown up a huge diversity of opinion. I am sure market moves are very non-linear and chaotic. They probably cannot be modeled for any length of time eg Long Term Capital Management.
The essence of FX trading is trying to guess what the Big Boys are going to do next and being of the right side of whatever they do. Viewed like this FX trading is a behavioral science like watching the migration patterns of wildebeest!
Sometimes the market moves in a mathematical fashion eg fibonacci retracement, other times it moves sideways randomly then suddenly it moves a great distance because price has moved thru an arbitrary level (trendline break, previous low, taking out stops or a pivot point). It can then whipsaw back on release of economic data which last month didn't affect the market at all.
I suspect most traders are absolutely fascinated by this behavior. It probably doesn't bear too much analysis. The art of trading boils down to simply recognizing patterns. Some of these can be quantified and some can't.
I also suspect that each trader's workable strategy is probably a unique solution. We would all recognize the building blocks but the execution is impacted greatly by the trader's individual psychological profile.
I'm not clever enough to have come to these conclusions myself! I have found John Piper's book "The way to trade" crucial in my developing my own trading style.
Best wishes
Morty
Quote from science_trader:
Logic ? where is the logic ? It's all about probs&stats, which is apparently something totally unknown to you. But I stop here. As far as I can remember, you've already proven in another thread your gap of knowledge in that field.
Probs and stats are about PROBABILITIES. So you can never proof with certainty what you are saying.
About the gap in my knowledge, you're right, i' m an idiot. But i know very smart people ( probably like you) who can make big impressions on others with very difficult words. They repeat what they learned in college and at the university without being critical or creative. They just reproduce without thinking.
I might have a gap in my knowledge (nobody is perfect) while they have a gap in their wallet ( for as far as they trade).
For me only one thing can prove if something works or not: the state of your bank account.
Quote from spike500:
For me only one thing can prove if something works or not: the state of your bank account.
...so it is unlikely that you'll ever prove anything here, right?
ET is FULL to overflowing with liars, scammers, dreamers and the self-deluded. You may not fall into that group, but on ET...who knows?
m
Quote from spike500:
Probs and stats are about PROBABILITIES. So you can never proof with certainty what you are saying.
Again a gap of knowledge. You can prove things in probailities. Never heard of 'almost sure' convergence, of 'in law' convergence, of 'in probability' convergence ?
If you can live on your way of trading, that's fair, keep on doing. You don't need a high knowledge of maths, finance or whatever to make money in trading (but it helps). But please, don't come and make theories you can't feed because you miss the knowledge.
But let me say it again : if you are so sure about what you claim here, you should write an article, ask for a PhD and become a famous professor as your theories are putting down more than 300 years of scientific research. What a revolution ! Don't forget a university professor earns quite well...and has plenty of time to trade next to his job...
Quote from mortysill:
Hi,
I have been following this thread from the beginning and it has thrown up a huge diversity of opinion. I am sure market moves are very non-linear and chaotic. They probably cannot be modeled for any length of time eg Long Term Capital Management.
Morty
Modeled long enough to make a profit
btw, LTCM has made their debt back with interest using the same models
Quote from mogul:
Modeled long enough to make a profit
btw, LTCM has made their debt back with interest using the same models
Thanks, I didn't know that. Perhaps someone needs to write the sequel to the first book!
I just checked on Amazon and couldn't find any new books. I must of missed this in the financial press.
Thanks
Morty