Successful Trading and Compounding - On Steroids

Quote from bornwarrior:

No need to stomp a down man. I am sure he is having a hard time. Hopefully he will get up and start kicking again. :)
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Hopefully he's done the smart thing and gotten a job or onto a career path.
 
Quote from Traveler:

The OP's just taking a shot, right? Even if he doubles his money, it's only $2500.
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"Big things have small beginnings." - Prometheus
Richard Dennis started with 400 bucks.
Not to imply that OP is on same path ... just saying.
 
Quote from gmst:

Welcome to the new journal. This is going to be a no nonsense journal, focused on making me independently wealthy. This journal will continue till account increases to at least 1MM USD, at that point I may decide to stop this journal. I will run this account with the discipline as if I am running OPM. Salient facts and plan of action:

1) Start Capital: 2500 USD
2) Will use large leverage - upto 30x leverage for FX, 2500 USD per ES contract and 5000 USD per CL contract.
3) Will primarily trade 1 FX and 2 ES strategies and possibly 1 CL strategy - all intra-day
4) There will be no non-strategy trades on Futures. Zero. Period.
5) Whenever possible, will also trade 5 other FX strategies - all intraday
6) Will also trade some macro moves and some spread strategies playing over several days/weeks using less leverage - mostly support/resistance/trend type of strategies.
7) Continue researching more intraday strategies and add them to this program when they fit with the program.

Will withdraw 10k for every 100k increase in capital and put the capital in 4 different groups. Once account reaches 550k, will withdraw 50k and will withdraw 100k when account reaches 1.1 MM.

1) Group1: Same intraday strategies as in this journal but with considerably low leverage
2) Group2: Mostly focussed on daily/multiday/multiweek trades mentioned in point 6 above. Possibly will use systematic trend following on multiple markets. Will also do multi-day spread trades
3) Group3: Safe and other investments - in government bonds, my house, business franchisee, real estate etc.
4) Group4: An account for completely discretionary trading - if I have interest yet.

Following is the link to my earlier journal.
Successful Trading and Compounding

There will be weekly updates.
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Are you a smart/real/savvy retail trader, or another one of the dumbshits around here? :confused: (No provocation)
 
Quote from vincentvega:

Are you a smart/real/savvy retail trader, or another one of the dumbshits around here? :confused: (No provocation)
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:D

I am 100% real!. I do think I am smart and savvy also :)
 
Quote from flipside21:

"Big things have small beginnings." - Prometheus
Richard Dennis started with 400 bucks.
Not to imply that OP is on same path ... just saying.
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Man, you nailed it. Thanks.

I am going to make more money than Richard Dennis, I promise you this. :)
 
Quote from PHOENIX TRADING:

Hopefully he's done the smart thing and gotten a job or onto a career path.
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I would be most likely taking a job so that I can build a bankroll. Have no intention of starting a career path btw, I was on a very good career path before I left it to pursue trading. No intention of going back, if I go back it will be just to build a bankroll. Thats it.
 
Quote from satchel:

Keep posting gmst, your progress. This journal is one of the top reasons I even look at the journal forum. Keep learning!
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Satchel, that is an extremely big compliment you have given me there :) I am truly speechless :) Good to see someone appreciating my efforts. Its very easy to be critical of others and I am myself prone to this tendency.

Quote from satchel:


Discipline is something achieved over accumulation of good habits. Can't come from anywhere else. Not following your plan? Then create routines and follow them, build habits, be boring. Reward yourself for following boring processes...habits. Sounds like consistency. Sounds like discipline then achieved.

A list of the behaviors, habits, (not your trading plan) that you want to achieve sounds like a good start.

Having an external source check-in with you, someone close (you mentioned something like this earlier). Go over that list. Different being accountable to someone that is close to you vs. public forum. Determine what you want to share in this more public setting, different type of accountability.
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2-3 months ago, I asked my mother to ask me if I am trading ES or not. She agreed to do it but got too busy with housework and didn't checked on me frequently. So, the plan didn't work out.

This time, I have chosen my sibling and he has been constantly checking with me every half an hour - sometimes like every 15 minutes. He actually did an audio clip and put it on scheduled task on my computer which runs every half an hour during US market hours telling me to not stray away from plan. Its the best constant reminder that I have been able to get. In the heat of the moment, when I was seeing some very attractive price move, I would jump on the ES trade without checking if it was in the plan or not - this was my problem. Now with this clip constantly playing in the background, this is acting as a GREAT source of constant reminder that tells me to stop and not do things that I should not be doing.

I highly recommend this approach to everyone suffering from discipline issues. VERY PRACTICAL AND VERY EFFECTIVE.
 
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