New trader. Is my strategy ridiculous?

You should be trading flat price front month crude oil futures with your background and strategy. Don't cheat yourself out of a truly visceral experience - you sound bored and a bit unsure of yourself.
 
Quote from slouse:


Mid 20's kids? So what. We're all money hungry and extremely smart.
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Money hungry obviously, but extremely smart? I highly doubt it judging from your trading strategy. Nevertheless, thanks for the interesting info about the boomtown, looks like a number of you Canadians lucked out. Maybe some of the struggling traders here should re-consider their current course of action and move out there.
 
It is a crazy world the Alberta Oil Patch. A roughneck can make 10K a month if he works two consecutive 2 week hitches, (12 hour days) and if he is in a camp he'll have 0 for living expenses.
 
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?
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Why not simply save half your income for 15 years? you'll then be at $2million at age 40 with no risk.

You need to understand how lucky you are, I've seen a lot of people like you not realize it and lose it because of hubris.

Human psychology- wealth is relative. Already rich compared to most, but always wanting more.
 
you shoudl check out the dalembert , its like martingale but less risky

adds 1 after a loss, subtracts 1 after a win
until we return to 1 unit.
 
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?
More...

Yes, your taking on too much risk.
 
Quote from heech:

You'd have equal success (and a lot more fun) doing the same thing at the blackjack table in Vegas.

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.
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Except this strategy don't work Vegas have a table limits and the 8th hand is always over the limit. Unless they change from the last time I was there 1989:D :cool: :cool:
 
hello stuouse, i.m not sure if it is ridiculous but may [if true] stand equating to the sum being invested.for instance my younger son was earning close to that with only ten thousand dollars worth of tools.since then after study he earns probably more with only 2/3 days a week constisting of a few hours a day .

like most proff.fx traders 40 plus pips per day 3 days a week is easily achieved to return the figures you quote with a total account of $5000.

this is even easier proved by having someone like myself having access to the trading side of a micro mini account consisting of several hundred dollars and make it grow for you at which time you would be able to answer your question yourself.not ridiculous but improvable.
 
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