Passage to $1 Million

[trading_time]

Quote from smilestraders:

I intend to cap the contracts traded at 144/trade. After reaching this level, the contracts will not continue to increase.

What passed experience has told you to cap contracts at 144/trade?

margin for 144 x $3,000 = 432,000

 

[oraclewizard77]

I think there are so many TA indicators that people don't spend the time to actually learn how to use the few that work.

I saw another trader using an indicator for stock trades, so I added it to my future trades, and once I watched it for a few days, I determined it was pretty good in helping me.

 

[toc]

'Few people have the discipline to do what you have done.'

Correct, you can give the same system to 10 folks in a trading room and end of the month or 6 month period you will have 10 different results.

 

[smilestraders]

Summary for Thurs 06/24/2010

S 1075.5 s/o @ 1078.50 -3/contract
L 1076.50 Target 1 @ 1080.25 +3.75 stopped on 2nd @ 1078.25 +1.75
S 1070.75 exit @ b/e

The last trade went as much as 4 points in my favor, but I was targeting a larger move. When time began to run out in the session I exited the trade at entry.

Total for the day trading 2 contracts is -.5 points (.25 per contract).

 

[smilestraders]

It has now been 10 trading days since this challenge began. The trades have produced a gross gain of 76.75 points. As the account grows and more contracts are added, trade management will be easier, as I will be able to scale out and do more add-on trades.

 

[smilestraders]

Quote from KDASFTG:

Smiles, you have a very interesting and intriguing approach. And it is now apparent that you do possess a plan. However, it is my opinion that what you are proposing to do is just within the realm of numerical possibility, but well outside the range of statistical probability.

In my own personal experience, I once watched a trading associate take a $40K account to $478K in one day in the S&P500. But that day was the crash of 87. In any case, you've stirred my attention, and I'm more than curious to observe your progress as you proceed.

I still have many unanswered questions that I will reserve for a later date. And, I might add, contrary to popular belief, you have my best wishes for success in this quest, no matter what the odds say. I would really like to see you do it.

Thanks,

BTW - My trader friend left the market in disgust 8 months later with about 3K left in his account. I haven't heard from him, or about him since.

Thank you for your continued interest in this journal. The best measure is the track record being produced. So far the track record is doing well. As time progresses and you see the track record, please ask any questions that you have.

Thank you,
Smiles

 

[smilestraders]

Quote from NoDoji:

I don't understand why so many people believe you can't make consistent profits patiently waiting for high probability setups and trading them with risk management in place, especially when trading just one or two things that you've become very familiar with.

It's not only possible, it's almost difficult to not be profitable when doing this.

Yes NoDoji,

As stated in one of my earlier posts, this the purpose of this challenge.

My goal is to show that it is not impossible to achieve decent success with modest capital available.

My strategy involves taking the highest probability trades with a high risk/reward ratio. The track record continues to show that consistent results can be achieved even starting with a small account.

Smiles

 

[NoDoji]

Quote from smilestraders:

The last trade went as much as 4 points in my favor, but I was targeting a larger move. When time began to run out in the session I exited the trade at entry.

From the look of that late day price action, it appeared 1056 was not out of the question IMHO.

 

[smilestraders]

Quote from NoDoji:

From the look of that late day price action, it appeared 1056 was not out of the question IMHO.

Exactly NoDoji. And that was why it was worth it to give the trade time to work, but ultimately time ran out.

Smiles

 

[trading_time]

you seem eager to answer questions.. I am not trying to pry.. I am just thinking maybe you didn't see mine.

Its on page 4, 3rd post down... thanks...

TT

Quote from smilestraders:

Thank you for your continued interest in this journal. The best measure is the track record being produced. So far the track record is doing well. As time progresses and you see the track record, please ask any questions that you have.

Thank you,
Smiles