...?
If you were going to make 1 mil in the next 12 mo's, would you change your trading?
- Thread starter ElectricSavant
- Start date
or at least buy a new car?
I just was curious how a trader handles money management and I thought to ask it in a Savantish way to bring it out...thats all...
go to bed granny..
go to bed granny..
LOL, no problem. For a while I was up late and I would notice you posting and the threads were a nice divergence (think you were trading the Yen or something).
Anyway, as for MM... well.. if you told me I'd have 1 mil in a year and no appreciable draw downs, I'd up the position size as much as I could. But does such foreknowledge exist?
Anyway, as for MM... well.. if you told me I'd have 1 mil in a year and no appreciable draw downs, I'd up the position size as much as I could. But does such foreknowledge exist?
lol
Well...
The idea here is
Not necessarily in that order
I am in hopes to hear from those that are there...that have been there...and have the vision to get there...
as far as foreknowledge, i think every trader has the vision...
The idea here is
- expectations
- confidence
- illusion
- reality
- vision
Not necessarily in that order
I am in hopes to hear from those that are there...that have been there...and have the vision to get there...
as far as foreknowledge, i think every trader has the vision...
is there anybody that would REDUCE their size if they had a larger yield than they counted with? percentagly (is that a word?) speaking?
Michael:
You really should know better.
All any goal requires is to work backward from your target
If you want to make a million dollars, you start by looking backward one step at a time. Each step requires that you answer (correctly) a question.
For example, your goal is to make a million $ trading. Alright how long do you have to make the million dollars? (say 1 year?)
Next question, how much do you need to make on a weekly basis to hit your goal? Answer.. you divide 1 million into 50 parts (weeks) and you know that you have to average $20,000 profits each week to hit your goal.
Next question, "which market(s) do I know well enough to trade and can provide sufficient liquidity to permit me to make a million dollars over a years time"? (Answer...I know the S&P500 futures market well enough and I know it has sufficient liquidity")
Next question, "Which trading approach will provide the best chance of making $20,000 dollars per week?" Answer....?
Next question, "What size trading account do I need in order to fund my trading account?"
Next question "What size positions do I have to put on in order to make $20,000 per week?"
What is the minimum profit target on a per trade basis necessary to hit my goal?
What is the maximum stop loss I can tolerate and still hit my goal?
Are you getting the idea?
Thats how its done. Simple.
Good luck
Steve
You really should know better.
All any goal requires is to work backward from your target
If you want to make a million dollars, you start by looking backward one step at a time. Each step requires that you answer (correctly) a question.
For example, your goal is to make a million $ trading. Alright how long do you have to make the million dollars? (say 1 year?)
Next question, how much do you need to make on a weekly basis to hit your goal? Answer.. you divide 1 million into 50 parts (weeks) and you know that you have to average $20,000 profits each week to hit your goal.
Next question, "which market(s) do I know well enough to trade and can provide sufficient liquidity to permit me to make a million dollars over a years time"? (Answer...I know the S&P500 futures market well enough and I know it has sufficient liquidity")
Next question, "Which trading approach will provide the best chance of making $20,000 dollars per week?" Answer....?
Next question, "What size trading account do I need in order to fund my trading account?"
Next question "What size positions do I have to put on in order to make $20,000 per week?"
What is the minimum profit target on a per trade basis necessary to hit my goal?
What is the maximum stop loss I can tolerate and still hit my goal?
Are you getting the idea?
Thats how its done. Simple.
Good luck
Steve