I started a 3K challenge on Friday June 11, 2010. I want the opportunity to share the progress with as many people as possible. To that end, I have decided to post an end-of-day progression in this forum. My trading is all day trading. I have specific setups that I look for and follow exactly. The account started with $3,000 and trading 1 contract. In the last 7 trading days, the account has grown to just over $6K and trading 2 contracts/trade. I will continue to add contracts as the balance grows. My style of trading involves taking very high probability trades with great risk/reward ratios. My goal is to show that it is not impossible to achieve decent success with modest capital available.
Passage to $1 Million
- Thread starter smilestraders
- Start date
Sounds interesting, however, could you please tell us a little about your background and your level of experience in trading.
In addition, could you provide just a little bit more about how you specifically intend to trade this account, first technically (i.e. Using Price Action, Indicators & Oscillators, S&R Pivots, Intuition, or Other), then Money Management wise (i.e. Pyramiding, Multi-Lots, or Other Schemes)
Lastly, I'm assuming your objective is $1 Million in some timeframe, will you be providing your PnL Statements or just letting us know how you did at the COB?
Thanks
In addition, could you provide just a little bit more about how you specifically intend to trade this account, first technically (i.e. Using Price Action, Indicators & Oscillators, S&R Pivots, Intuition, or Other), then Money Management wise (i.e. Pyramiding, Multi-Lots, or Other Schemes)
Lastly, I'm assuming your objective is $1 Million in some timeframe, will you be providing your PnL Statements or just letting us know how you did at the COB?
Thanks
SIM account...generally happens that way...that is why you posted...
What are you supposed to be trading?
Roy Orbison has a nice song "In Dreams" and 2 others that will be appropriate...."I'm Hurtin" and "Its Over"...
Trader Zones won't to be too far away....
It seems that some folks here on this forum haven't as yet learned that in this business there is nothing new under the sun with regard to a "Technical Analysis Secret" in the market. And further, that the "Real Technical Secret" to the market is that there is no Real Technical Secret.
Technical Analysis was and always will be, a necessary and viable means to creating consistency and replicability in what you do in your analysis. This is critical and essential in defining what one believes to be their edge, nothing more, and nothing less. But to believe that there is any "magic technical secret" in the arithmetic games, that once discovered will lead one to untold riches, is the absolute height of pure folly.
Wake up and buy the coffee,....that is of course,....if its above its 200 day MA and K crosses above D.
Technical Analysis was and always will be, a necessary and viable means to creating consistency and replicability in what you do in your analysis. This is critical and essential in defining what one believes to be their edge, nothing more, and nothing less. But to believe that there is any "magic technical secret" in the arithmetic games, that once discovered will lead one to untold riches, is the absolute height of pure folly.
Wake up and buy the coffee,....that is of course,....if its above its 200 day MA and K crosses above D.
Quote from Now is Now:
SIM account...generally happens that way...that is why you posted...
What are you supposed to be trading?
Roy Orbison has a nice song "In Dreams" and 2 others that will be appropriate...."I'm Hurtin" and "Its Over"...
Trader Zones won't to be too far away....
This is not a SIM account, and the traders can be verified in real time. SIM trading has its place for those that need practice, but as my track record will show, this is not my situation. You (and anyone else) are welcome to follow along with the trades posted.
My trading experience: I have traded stocks for 10 years and futures for the last 3 years. My profession is trading, but previously I was a consultant. I strictly use technical analysis for my trading decisions. The problem with technical analysis that most traders use is that it is lagging. A useful indicator needs to be leading. I couldnât find anything that led price, so I derived a crossover method that visually shows the direction the price of a specific instrument is most likely to go. I will attach a screenshot illustrating this. This is not a blind system of crossovers though. The attached 60 minute chart gives an example of one of the setups that I will use for this challenge.
Trading style for the challenge: There are several different setups that I will trade for this challenge account. These setups are based on the leading indicators that I have developed. As far as Money Management, I will generally use a very basic formula of trading 1 contract/$3,000 in the account. I intend to cap the contracts traded at 144/trade. After reaching this level, the contracts will not continue to increase. For now scaling has been very limited, due to the limited contract size (starting at 1 contract and now at 2). As the contract size increases, I will scale out of positions and add-on to positions. During the challenge there will be minimal frequency in trades per day. My goal is to select only the highest probability trades each day. This should result in 2-3 trades per day, but this is not a set maximum. If the market shows more high probability trades, then there will be more trades that day.
I do not have a set time frame of achieving the $1 Million goal. That will depend on what is offered by the market. After 8 days of trading the account stands at just over $7k. I traded with just 1 contract for the first 5 trading days (june 11th-June 17th). Beginning June 18th, I moved to 2 contracts. I will continue to add contracts as the account progresses. When the account reaches $30k, I will remove the initial $3k in risk capital and continue trading until the $1 Million goal is reached. My real time positions are given in my facebook page, but I will post the daily results here.
I welcome and look forward to any other questions.
Trading style for the challenge: There are several different setups that I will trade for this challenge account. These setups are based on the leading indicators that I have developed. As far as Money Management, I will generally use a very basic formula of trading 1 contract/$3,000 in the account. I intend to cap the contracts traded at 144/trade. After reaching this level, the contracts will not continue to increase. For now scaling has been very limited, due to the limited contract size (starting at 1 contract and now at 2). As the contract size increases, I will scale out of positions and add-on to positions. During the challenge there will be minimal frequency in trades per day. My goal is to select only the highest probability trades each day. This should result in 2-3 trades per day, but this is not a set maximum. If the market shows more high probability trades, then there will be more trades that day.
I do not have a set time frame of achieving the $1 Million goal. That will depend on what is offered by the market. After 8 days of trading the account stands at just over $7k. I traded with just 1 contract for the first 5 trading days (june 11th-June 17th). Beginning June 18th, I moved to 2 contracts. I will continue to add contracts as the account progresses. When the account reaches $30k, I will remove the initial $3k in risk capital and continue trading until the $1 Million goal is reached. My real time positions are given in my facebook page, but I will post the daily results here.
I welcome and look forward to any other questions.
The time frame to achieve this goal is 6 months.
L @ 1111.50 s/o @ 1109.50 -2/contract
L 1107.50 Target 1 @ 1112 +4.5 Target 2 @1112 +4.5
S 1106.50 Target 1 @ 1103 +3.5 Target 2 @ 1096.50 +10
L 1095 exited @ b/e 0
Trading 2 contracts today, there was a profit of 18.50 points.
To track all the accumulated trades, I have a spreadsheet that can be viewed at the following link:
https://spreadsheets0.google.com/ccc?key=thrcxt0fR2m7S8cqMQmu7yw&hl=en#gid=0
This spreadsheet will most likely not be updated daily, as it is only used to show the progression of all trades, not necessarily on a daily basis.
L 1107.50 Target 1 @ 1112 +4.5 Target 2 @1112 +4.5
S 1106.50 Target 1 @ 1103 +3.5 Target 2 @ 1096.50 +10
L 1095 exited @ b/e 0
Trading 2 contracts today, there was a profit of 18.50 points.
To track all the accumulated trades, I have a spreadsheet that can be viewed at the following link:
https://spreadsheets0.google.com/ccc?key=thrcxt0fR2m7S8cqMQmu7yw&hl=en#gid=0
This spreadsheet will most likely not be updated daily, as it is only used to show the progression of all trades, not necessarily on a daily basis.
In order to provide real time posts for those wishing to follow along on an intra day basis. I have a facebook page where I will post all of my trades on a real time basis. This is the easiest way for me to manage my trading but still be able to provide real time trades.
http://www.facebook.com/pages/SmilesTraders/130790796936898#!/pages/SmilesTraders/130790796936898
http://www.facebook.com/pages/SmilesTraders/130790796936898#!/pages/SmilesTraders/130790796936898