Do you ever look at the yourself in the mirror ?
How to turn $1000 into $1,000,000 with options in less than 6 years
- Thread starter crayon851
- Start date
Do you ever look at the yourself in the mirror ?
We don't know it all. But we know enough to have saved you some money, at least for now. But I can feel that money is burning a hole in your pocket, and it is coming out one way or another.
++1.
Most of us here are experience enough to give this guy good advice for Not to do something stupid in the market. I wish someone can help me like this when I am new to trading many years ago.
God, you quit easily.
I've been dabbling in the market for years and years ...before a simple light bulb went off -- and I finally became profitable.
(i studied it and paper traded it for a long time and kept an open mind...after i jumped in and lost 40% of my account quickly)
I remember when I was turning 1,000 into 100,000,000,000 and some guy in my class said i couldn't do it. i cried for 11 days straight and then went and bought 1,000 lottery tickets. i won, but only 40 million.
you should go to wall street and cry to your manger after 1 hour of playing with the wolves. it is ok, there are plenty of sheep jobs where you can tell everyone how you almost were the greatest trader the world has ever seen!!! (note: i still think the OP will be posting and this thread will have 450 pages, all without one trace of value).
Anyone who thinks it isn't possible to make 2-3%+/per month consistently needs to go back and take another look at his/her options trade plan. I know several premium writers who make better than 35%/annum, one fairly consistantly for the best part of 30 years on ETOs, the other 35-70%+/annum with virtually no drawdowns/minimal or losing months/minimal on a monthly basis on Indexes, the overall strategy ( how he engineers the trades, this is where effective risk management begins) is very low risk. He is happy to show people what he does because it isn't rocket science, he has traded this way for well over a decade, obviously he keeps improving his strategy. In Australia a company can have up to 20 shareholders before it is required to issue a prospectus and wear the accompanying ongoing compliance costs, so he runs private investor pools at 50K / share, maximum 20 shareholders. I on the other hand use options to take directional bets on Indexes, 6-12 surgical trades/ annum on average although I do make adjustments often during the trade and shoot for 10-20% return on account per trade. I regularly kick goals, whilst only ever being exposed to small losses/drawdowns,the key here for all of us is high leverage and extremely good risk management. When I talk about risk management I am referring to financially engineering the exposure away whilst setting up the trade, not stop losses which are for suckers. As far as extrapolating this performance out, we all make our income trading so are drawing on profits, and none of us have a penchant for continually going all in because that is one of the quickest ways to go from a winner to losing everything. Survival is everything, don't get blinded by $ signs or get rich quick impulses, steady steady wins the race. My futures trades regularly beat the 2-3%/month criteria, although they are a completely different kettle of fish, with very different risk profiles/ management strategies. Current futures trade is showing +29% of starting account balances from several weeks ago using approx 10% of the account as margin, double digits are not unusual on these time frames. At the end of the day we all run on the traditional hedge fund model where hedging is an intrinsic component of the strategy. One thing I will say is that if you can consistently make reasonable money trading the techniques bandied about on forums then I take my hat off to you, because if you do your risk assessment properly you will realize that you have odds of 2-1 or 3-1 against you, it takes some real skill to beat these odds. I'll stick to trading with the wind at my back.
Cheers John
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Every now and then I get bored with chatting online with woman via the dating sites and look for a reminder of why they are still the best opton.lol I have to agree, any usefull secret knowledge is certainly a well kept secret on this site.lol Successful speculation doesn't require watching tick by tick action. Actually, very often I am bored stiff, waiting for mister market to weave his magic.
Cheers John
Thanks for sharing that incredibly cool story, we are all very impressed. I always love the part when people tell their fairytale stories, they always add in that hilarious part: "this is where effective risk management begins" as if that somehow proves a point. Oh I see, so he just added "risk management" THAT'S how he did it? Why the hell didn't we think of that? Just.... add..... risk management..... then buy Bugatti's and mansions.
35-70% per year with virtually no drawdowns. Ha, try again clown. I have "a friend" who makes 200% a year with almost no drawdowns. My friend is way smarter than your friend !
I wish I had friends as impressive as all of you. I knew a professional trader business acquaintance. He was a total loser. Everything he traded, he lost. I don't know the precise stats, but I would guess he lost 2%-3% a day and possibly more. He then blamed it on a bad computer, bad software, bad developer, bad broker, etc. But people kept giving him money to trade because he could come up with impressive stories. He may well have told them he knew friends who could make xx% a day, blah, blah, blah.
This "I know someone who can" is very old and I hear it on every forum, and almost on every thread, I go to.
This "I know someone who can" is very old and I hear it on every forum, and almost on every thread, I go to.