I Want To Make At Least 1 Million in '07

[thehangingman]

Think about this for a minute.

Once every week or so there comes a trade that seems very obvious. For example. Although I dont like Apple and have a bearish attitude for next year, the Apple trade this last few days was fairly obvious. The bearish press release causing an oversold condition. Trading it right could have netted you at least a 10% gain in a few days.

Many traders believe that they must trade everyday. They use a small percentage of their capital on trades that are questionable. Attempting to daytrade the market when there are no obvious trades and then losing.

Why not use a large amount of capital on a fairly obvious trade? Its actually less risky then it sounds. The more times you trade, the more times you place yourself at risk. The less times you trade on a fairly obvious quality trade, the less you put yourself at risk.

This is the strategy I will follow next year. Keep myself in cash until the obvious daytrade comes along and then use a large amount of capital. I will only trade when I see the obvious trade that will net me at least 10% or more. The trade might take a week or more to appear, but Im patient.

 

[Anunakki]

Quote from thehangingman:

Think about this for a minute.

Once every week or so there comes a trade that seems very obvious. For example. Although I dont like Apple and have a bearish attitude for next year, the Apple trade this last few days was fairly obvious. The bearish press release causing an oversold condition. Trading it right could have netted you at least a 10% gain in a few days.

Many traders believe that they must trade everyday. They use a small percentage of their capital on trades that are questionable. Attempting to daytrade the market when there are no obvious trades and then losing.

Why not use a large amount of capital on a fairly obvious trade? Its actually less risky then it sounds. The more times you trade, the more times you place yourself at risk. The less times you trade on a fairly obvious quality trade, the less you put yourself at risk.

This is the strategy I will follow next year. Keep myself in cash until the obvious daytrade comes along and then use a large amount of capital. I will only trade when I see the obvious trade that will net me at least 10% or more. The trade might take a week or more to appear, but Im patient.

I follow this theory for the most part. I wait for beautiful plays and then pony up ( what I consider) big money of $100k+.

But I then day trade smaller swings using lower amounts $20-$30k capturing a coouple percent here and there .

Now..as to making $1m in '07..thats easy..just start with $20,000,000 and put it in a savings account

 

[fletch2]

Quote from thehangingman:

the Apple trade this last few days was fairly obvious

I don't see how. All it would have taken was a news item saying Jobs was in fact under investigation for wrongdoing (which seemed possible based on earlier reports) and it would have sold off many more % points. Unless you had some kind of inside information that this was not the case, I don't see how this trade was obvious at all.

Fletch

 

[Bogan7]

Exactly fletch these trades all seem great in hind site but only ONE has to go wrong and due to your massive overcapitalization you are out of th game( and back to flipping burgers or driving a cab) .

LTCM and Amarath thought they were on to pretty obvious trades as well

my 2 cents

Bogan7

 

[newtoet]

Quote from ElectricSavant:

I want to make 5 million in the next 10 years...I have failed three times...this is the forth attempt...my time is running out

Its not about me though..i need 5 mil for retirement...and i do not care if someone writes me out a check...I will take it and retire...

ES, just find someone to pay you per post. You are well on your way, brother.

 

[VictorS]

Quote from ByLoSellHi:

I'm serious.

Short or long, artificial and arbitrary or not, if I don't make at least a cool million, I will have failed.

I had 6 months to figure the market out. Now comes the true test.

Whaaaattss upppppp!!!! Good luck with your goal. Hopefully we'll have 6 more months of uptrend for ya.
By the way, if you only make $600,000 in 2007 you can cry on my shoulder.

Seriously, don't overleverage yourself. Take it one trade at a time. Longevity is the key. $1,000,000 in '07 isn't good if it gets snared in '08.

 

[NoEmotions]

Sitting on the shore, I always dream that one day I will sail deep into the sea and catch 1 Million fish
and come back to retire.

My problem is the minute I go near the water, I see all the fish lined up to eat me.

All the best with your goal.

 

[vanquish]

Quote from NoEmotions:

Sitting on the shore, I always dream that one day I will sail deep into the sea and catch 1 Million fish
and come back to retire.

My problem is the minute I go near the water, I see all the fish lined up to eat me.

All the best with your goal.

now thats funny

 

[vanquish]

Quote from RhinoGG:

Two bulls were sitting on the high meadow and the young bull said to his father;
"Hey dad, lets run down there and screw one of those cows".

His father turned to him and said...
"Son, lets just walk down there and screw them all."

Rino,

Isnt that the famous quote from the movie"Colours"

 

[taofinance]

Quote from ByLoSellHi:

I'm serious.

Short or long, artificial and arbitrary or not, if I don't make at least a cool million, I will have failed.

I had 6 months to figure the market out. Now comes the true test.

Maybe the market figured you out already?

I would think, that before you make a million in a year, you make half a million in a year, and before that a quarter million. I am just guessing though.