Taking 410K to 4million by Year End 2010
- Thread starter neke
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Weekly Update for week 3/50 ended 01/30/2010
Negative week, down 27K (8.6%).
Was supposed to be a lacklustre week, with plenty of automated trades paying slippage and commission. Decided to size up on discretionary trades on Fri and paid the price. Bought 7000 ESI at various prices and got stopped out by my system when the max loss of 18K was attained in a broad market sell-off. Tough way to learn.
Negative week, down 27K (8.6%).
Was supposed to be a lacklustre week, with plenty of automated trades paying slippage and commission. Decided to size up on discretionary trades on Fri and paid the price. Bought 7000 ESI at various prices and got stopped out by my system when the max loss of 18K was attained in a broad market sell-off. Tough way to learn.
Code:
Opening Balance: 314,134
Net loss for the week 27,334
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Net Balance: 286,800
Number of Trades 99
Number of Profitable Trades 44
Since Inception of Thread 01/10/2010 - 01/30/2010
Opening Balance: 410,000
Net loss(Less Margin Interest) 123,200 (Down 30%)
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Net Balance 286,800
Number of Trades 201
Number of Profitable Trades 94
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE
ESI 2010-01-29-09-39-24 2010-01-29-11-42-09 7083 711883.9 693000.8 -18934 LONGwith the increase in volatility and his inability to control losses, he's more likely to blow up this year.
He should stick to his automated trading, churn out a steady return over a couple of years and then move to managing OPM. That's where the real money is anyway.
He should stick to his automated trading, churn out a steady return over a couple of years and then move to managing OPM. That's where the real money is anyway.
Neke,
Taking the time to offer my most sincerest advice, hope it serves you well.
In order to make it you need to think risk first reward later.
Obviously you are not doing this.
If something bad can happen that's just too much risk because eventually it will happen.
The only way I was able to skin from this ruthless business called trading was to study the market hard enough and long enough until I was able to spot how to enter virtually heatless. Effectively knowing from the very start if things were not looking good and exiting for a small loss because I was obviously wrong.
In my most humble opinion until you can find the magic of no heat entries your trading business is at risk.
Best spirit to you,
No Heat
Taking the time to offer my most sincerest advice, hope it serves you well.
In order to make it you need to think risk first reward later.
Obviously you are not doing this.
If something bad can happen that's just too much risk because eventually it will happen.
The only way I was able to skin from this ruthless business called trading was to study the market hard enough and long enough until I was able to spot how to enter virtually heatless. Effectively knowing from the very start if things were not looking good and exiting for a small loss because I was obviously wrong.
In my most humble opinion until you can find the magic of no heat entries your trading business is at risk.
Best spirit to you,
No Heat
You should listen to the post above very carefully. It's the best advice you will ever get.
I suggest you cease all discretionary trading at once. There is no kind way to put this........ you're not very good at it.
I suggest you cease all discretionary trading at once. There is no kind way to put this........ you're not very good at it.
neke, you need to take a week off, come back fresh and start working on your MM; your risk management is way too high while not having any cushion to start the year with. The odd is always against you the bigger the hole you dig the harder it is to climb out, just wait until you've built up some of the houses money and then start swinging for the fence. Good trading to you.
sws
sws
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