Taking 0.5K to 100K in six months

M

Millionaire

This journal is inspired by member neke's great ET Journals.

The Gameplan
==========
The plan is to day trade the FX Majors and also the main US/European Stock Indexes.

Im aiming to take an average of about 10 trades a week (between 0 and 5 trades per day). ie Looking to take the best setups only.

Initally i will risk a large percentage of the account on each trade, but reduce the risk percentage as equity grows.
My risk of ruin will be extremely high in the early stages but will reduce as times goes by. I dont mind blowing up in the first 10 weeks, but after 3+ months of hard work i want to reduce the likelihood of this happening.

If the account drops to below 300GBP, it will be topped back up to 500GBP and the clock reset. Hopefully this will not be required.


Code: 
Starting account balance: 500

Week  Target
====  =====
1	800
2	1300
3	2050
4	3200
5	4500
6	6000
7	8000
8	10500
9	13500
10	17000
11	20500
12	24000
13	27500
14	31000
15	34500
16	38000
17	42000
18	46000
19	51500
20	57000
21	63000
22	70000
23	77000
24	84000
25	92000
26	100000
 
Code: 
Week #1 
=======

P/L: +311.8

Closing balance: 811.8

Target closing balance: 800.0

Status: Ahead of target

Number of Trades:  8
Number of Profitable Trades:  5

Just 2 days of trading this week as my first day of trading was Thursday.

I closed out my final trade today when my account went over the 800 target.
Which is why the closing account figure is so close to what i was aiming for.

Its good to end the first week ahead of target.

Lets see how things go next week...

Code: 
Date		Market				Open	 Size	Close		P/L
19/06/2009	Wall Street Daily Future (Sep) 	8505 	 -11	8492		143
19/06/2009	Wall Street Daily Cash		8512	 11	8542		330
19/06/2009	Spot FX GBP/USD 		16489.9  5	16500.7		54
19/06/2009	Wall Street Daily Future (Sep) 	8488 	 5	8438		-250
19/06/2009	Wall Street Daily Future (Sep) 	8542	 -5	8492		250
18/06/2009	Wall Street Daily Cash 		8561	 8	8555.6		-43.2
18/06/2009	Wall Street Daily Future (Sep) 	8513	 -5	8503		50
18/06/2009	Spot FX GBP/USD 		16337.1	 -5.55	16377.1		-222
							
18/06/2009	Card payment ********* 	- 	- 	0			500
 
Thanks for the support,

I can definitely do it if i remain patient, but i have a nasty habit of getting compulsive.

I can read the markets well, should be able to maintain a 70% win rate if i am patient.

But if not my win rate drops to just 50%.

The DOW was farely easy to read today and i pressed my size because i was feeling more confident.
 
Quote from Millionaire:

Thanks for the support,

I can definitely do it if i remain patient, but i have a nasty habit of getting compulsive.
More...

Ok...... take your 311.8 and run then.
 
Quote from retire45:

Ok...... take your 311.8 and run then.
More...

LOL, i dont need the money. Even the 100K wont really give me any more buying power over what i can afford or need now.

Im more interested in the challenge which on the one hand should be possible if i can remain patient and disciplined, but on the other looks like an almost impossible feat for anyone to pull off.
 
it is defintely achievable. winners bigger than losers. that's it. obviously you need to have a system.

systems are fine, it's the human mind that lacks. we spend all our time trying to tweak the system here and there. It's all about confidence.
 
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