Taking 0.5K to 100K in six months

Quote from Millionaire:

I am not yet a good discretionary trader, i have no profitable track record at all. I am still learning it.

But I would say i am very good at automated trading, but that is another story.

When i started in this business i had a 70% drawdown in my account, it never went to zero, but yes it could still be described as a blow up.

So only really 1 blow up in my career as a trader.
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Impressive - kudos!

How long have you been trading full-time?
 
Quote from Millionaire:

I dont like to recommend anyone, but i use IG.

I used to trade fixed odds (binaries), and i made a lot of money at it.
However spreads are now too wide on those. You pay between 4 and 8 pt spread on Fixed odds bets. With the underlying instrument it is just 2 or 3 pts.

So i recently stopped binaries, instead i am now learning how to trade the underlying markets.
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interesting.

i have precisely the opposite opinion.

ie the 1hour directional fixed odds bet on the indexes is priced at 4% spread on IG. that's pretty fair on my view. on the other hand the 4 point spread on the DJI cash seems quite steep for the usual scalp.

maybe you're talking about the daily bets which have wider spreads to protect them against index drift and other biases found on wider time frames. i think the dailies and weeklies on IG are a rip off but there are other shops that make an interesting and fair market around them.

best of luck
 
Just +250 today, so account stands at 1600 at present.

Only two trades taken, one in the USD/JPY and one in EUR/USD.

Will post a blotter on Friday for all the trades taken this week.

Tommorow is Fed interest rate day. I dont really trade much on Fed days, but will still be watching for any easy setups.
 
Quote from Millionaire:

I am not yet a good discretionary trader, i have no profitable track record at all. I am still learning it.

But I would say i am very good at automated trading, but that is another story.

When i started in this business i had a 70% drawdown in my account, it never went to zero, but yes it could still be described as a blow up. And i quit trading fulltime and went back to work.

So only really 1 blow up in my career as a trader.
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So for this journal are you trading an automated system? Did you come up with it yourself or did you stumble across it through other media? Did you do any backtesting with it? Its pretty amazing how far ahead of schedule you are already.

Sorry for all the questions, it's very interesting.
 
Quote from obeavers:

So for this journal are you trading an automated system? Did you come up with it yourself or did you stumble across it through other media? Did you do any backtesting with it? Its pretty amazing how far ahead of schedule you are already.

Sorry for all the questions, it's very interesting.
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I am not using an auto system for this journal.

My auto system has win rate of 40%. And only makes 100% a year, with big drawdowns.

With this journal i am looking for short term high probability discretionary trades. win rate >66%.

I have no idea if i can pull it off, i cant do back testing like you can do with an auto system.

Quote from snowhite:
You must have high risk tolerance and large set of balls.
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Are you joking? I am only risking a small amount of my own money, just £500.
Big risks will be taken with any profits i make.
 
just wonder what type of trading vehicle Wall Street Daily Futures is? where is it traded? who's the market maker? please point me to the website that provides quotes.
 
Quote from HeSaidSheSaid:

just wonder what type of trading vehicle Wall Street Daily Futures is? where is it traded? who's the market maker? please point me to the website that provides quotes.
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The 'Wall Street Daily Future' is a bucket shop instrument that tracks the front month YM contract pretty much tick for tick, just with a wider spread (4 ticks), but no commisions and no capital gains tax.

Sometimes i trade Wall Street Daily Cash market instead. This is priced based on the DJIA cash index, but settles at 4pm (at the official close), the futures daily bet settles at 4:15 (using the CBOT close).

So if i take a trade in the last hour or so i prefer to have the bet closed at 4:00 rather than 4:15 when it doesnt reach my target before the close. So sometimes you will see Wall Street Daily Cash on my blotter.

You need to goto the igindex website (google it), US residents cannot open an account, although you may be able to view the home page which shows quotes. At the time i am writing this post the homepage is showing out of hour quotes and so the spreads are wider than normal inhours spreads.
 
Code: 
Week #2 
=======

Opening balance: 811.8

Closing plance: 1279.1

P/L: +467.3

Target closing balance: 1300.0

Status: Behind target

The account was upto 1750 on Friday morning.

However Friday i lost 470, due to not concentrating 100% on my trading. Mind and body was else where. Spent the day out meeting friends and came back home to trade the last couple of hours. Forced the trades trying to hit the 2050 week 3 target ahead of schedule. Should not have traded at all this Friday.

Still not too bad, must not let the drawdown effect me. Hopefully the markets will give good setups next week.
 
A nice recovery after Fridays disaster.

+582 today.

Equity is currently 1861.


Daily results so far:

Day 1: -215.2
Day 2: 527
Day 3: 539.5
Day 4: 249
Day 5: 0 (FOMC Day)
Day 6: 151.3
Day 7: -472.5
Day 8: 582

Will post a blotter of all trades at some point this week.

But here is the current equity curve

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