New trader. Is my strategy ridiculous?

[nazzdack]

Quote from heech:
----Play $1k hands. Every time you lose, double down. As soon as you win even once, you'll be up $1k (overall).
----You'll only be wiped out if you happen to lose 8-9 hands consecutively, which is statistically speaking a rare event.
----Most nights you'll walk away up $20-$40k.
----you'll be in the high-roller suite, be bombarded with free drinks, and have girls hanging all over you. A lot more entertaining than dealing with customer service at IB.

1) ?....your 8th bet would be $128,000, the 9th bet would be $256,000? Is it easy to find high bet limit tables?
2) A streak of 8 or 9 losses is "rare" but also certain with a lot of playing. The cards may even be "stacked" against you before you play.
3) If you can be consistent, those perks are nice.

 

[deaddog]

Quote from heech:

You'll only be wiped out if you happen to lose 8-9 hands consecutively, which is statistically speaking a rare event.

Not that rare.

 

[stefan_777]

Joke thread.

 

[wiesman02]

Quote from stefan_777:

Joke thread.

thats exactly what I thought. $250k a year at 26 yrs old is impressive. What job can you possibly get that will pay someone that young that much $ besides pro sports ?

 

[stefan_777]

Quote from wiesman02:

thats exactly what I thought. $250k a year at 26 yrs old is impressive. What job can you possibly get that will pay someone that young that much $ besides pro sports ?

Even if it's true, it's still a joke in the other sense of the word.

 

[slouse]

Not a joke thread, honestly. I have a high hourly wage and access to almost unlimited overtime at double time. I work a lot. I live in an isolated boom town and get large subsidies because of it. Although I work a lot of hours, I'm fortunate to have the opportunity to work where I do. Also I'm 26 which makes me a few years older than some of the younger ones so it's not all that impressive. There's a lot of 200k+ people at work.

Anyway enough about that.

I think I'm gonna tone it down a little, the common consensus in this thread seems to be that I'm crazy. As well I received some PM's saying the same thing.


Sometimes I play HOU.to, 2x leveraged on the oil price. Being down 20k and up 20k on the same day is a lot of fun and a wild ride.

 

[traderlux]

Quote from stefan_777:

Joke thread.

..my good friend is a broker with a full service firm...he wil be glad to help out the op....my friend is 22 and makes $1.25M, so he understands the needs of young people...(my friend is fighting a mass exodus of clients to s----trade, but says most of these are poor clients who want to do their own thing and wont listen to his advice anyway).....i thought this was a good thread to post this....
....i am going to play some racketball with my friend....i will report back on the trading tips i get....

 

[adadadog]

Only P&L is the litmus test whether you have a sound strategy. Be observant, be methodical, and consistently improve what you are doing.
Do not let shell-shocked veteran losers tell you what to do according to "theories", books, etc.

The legendary trader Jessey Livermore bankrupted (worse than blowing up an account) 4 times in his 40 year lifetime. How many times did you bankrupt?
You are living on edge in this business, risk and its management are part of the game.

 

[NoDoji]

Quote from slouse:

I am 26, make $250k a year, have $500k in my trading account.

I pick solid stocks that move with commodity prices. My main trading stock is CNQ. Huge cash machine and top management.

I only hold one stock at a time. I buy at what I think is a good price, start with $50,000. If the stock goes down I keep buying all the way down. Sometimes I end up with $400,000 of the stock. When it goes up a couple percent and I'm at a $10k profit I sell.

I made over $50,000 in June.

My whole concept is that I'm young, I make a lot of money, and if I take a big hit or get wiped out I don't really care. I have time to recover.

I want to get rich. Am I too risky and stupid? Setting myself up for failure?

Your strategy is ridiculous only if you care about exercising proper risk management.

BUT...

You're young and making lots of money! You have plenty of time to recover! You're not using margin! You don't care if you get wiped out! You came into this world with no money! Just because a strategy is ridiculous doesn't mean it won't make you tons of money!

Go for it!!!

 

[nazzdack]

Quote from adadadog:
---- shell-shocked veteran losers......
---- legendary trader Jesse Livermore......

Was he "shell-shocked" by a 38-caliber or 12-gauge slug?