Taking 410K to 4million by Year End 2010

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Neke dude,

Not being in any way pessimistic and I sincerely hope you will turn things around just as you did last year but in case you have not started to by April 15th and you have yet to make the mark-to-market taxation election(which I would guess you may have done so years ago), it may be a good idea so as to not be limited to the $3000 annual loss. Beyond that, you get to write off a bunch of trading related expenses you would not otherwise be able to do and as you don't trade futures (i think), you are not giving up their tax friendly 60/40 status. Just an idea that I hope you don't have to use.

Peace and slightly better timing prosperity to you:)
 
The guys who make the multi millions are guys like neke who are super aggressive and go for home runs. One of the interesting things I read from the book Market Wizards was that almost all the great traders who made huge sums of money blew up or nearly blew up early in their career. That tells me that those that succeed and make big money are using lots of leverage and willing to accept big drawdowns to get there.

Those trying to make 20% a year trading stocks will never get rich unless they already are.
 
Quote from MarketOwl:

The guys who make the multi millions are guys like neke who are super aggressive and go for home runs. One of the interesting things I read from the book Market Wizards was that almost all the great traders who made huge sums of money blew up or nearly blew up early in their career. That tells me that those that succeed and make big money are using lots of leverage and willing to accept big drawdowns to get there.

Those trying to make 20% a year trading stocks will never get rich unless they already are.
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Did you really read that book?!?!

What message do you think the "wizards" were trying to convey?

paul-tudor-jones.jpg
 
Neke has an edge with his discretionary trades: All he has to do is put off whatever discretionary trade he wants to do by one day.

1/14/10: Loss of over $100K buying near month BIDU puts the day before expiration. Had he waited until the next day and bought the Feb puts, price gaps down the next trading day and falls to over $40 from the high. If I’m not mistaken, that would equate to at least a $250K overnight gain based on 100 contracts.

1/29/10: Loss of almost $19K going long 7000 shares ESI. Had he waited until 2/1 (next trading day) and bought 7000 shares, ESI gains almost $4 over the next 2 days.

2/16/10: Loss of just over $35K buying near month X puts a few days from expiration. Had he waited until the next day and bought Mar puts he would’ve had a small gain or worst case stopped out near break even.
 
Quote from MarketOwl:

The guys who make the multi millions are guys like neke who are super aggressive and go for home runs. One of the interesting things I read from the book Market Wizards was that almost all the great traders who made huge sums of money blew up or nearly blew up early in their career. That tells me that those that succeed and make big money are using lots of leverage and willing to accept big drawdowns to get there.

Those trying to make 20% a year trading stocks will never get rich unless they already are.
More...

One of the best lines from market wizards was from Bruce Kovner, who spoke about a fellow trader:

"Intellectually, he knew markets much better than I did, yet I was keeping money and he was not. He traded much too big. For every one contract I traded, he traded ten. He would double his money on two different occasions each year, but still end up flat."

Frankly speaking, the great traders wouldn't even have a problem with "big drawdowns" on accounts this small. Swinging for fences is only applicable when those rare opportunities show up maybe a few times a year, not every week picking random tops and bottoms.

The question here is that of edge: if neke really had one, all he'd have to do is apply it slowly and steadily. Win-some-lose-some just isn't enough for any account to survive in the long run, especially with the leverage being used here. Remember, the market will always give you as big a losing position as you want.
 
you dont seem to get it. It has NOTHING to do with any market sentiment. With Neke's approach to trading he will go belly up no matter which direction the market trades. It does not matter how much time it takes to make it back. It matters NOT to blow up. If he finds an edge in system trading then he should go for it.


Quote from illiquid:

Automate what? His automated trades aren't what got him here. It'll take another 9-month-60% straight line up for the markets for him to possibly replicate his performance last year.

Not to be harsh but don't confuse brains with a bear market retracement.
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nobody is mean.

This is a business, no place for heros, courage, fights. Courage in trading gets you to the poorhouse in no time. Respect for markets, honoring stops and strict risk management gets you to richest. Very simple yet most dont live by those...


Quote from freewilly:

Why are you guys so mean to Neke. He is a hero in my book. He has the courage to fight. He will succeed.

A guy who made his 10 millions in trading told me, in the first million dollar you make, be prepared to lose $100K in one trade. It kind of making sense to me. The methods are all there. Many people can handle small account sizes.

In order to become a great trader, at some point, you have to learn how to handle big losses.

Livermore got wiped out couple of times.
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hahahha here comes asiaprop and his "wisdom" now that neke has a temporary drawdown. notice how he was missing in action when neke was doing well.

asiaprop is just a faker and a failed trader. in another thread, he was caught using another alias to reply to his own posts. pretending to be a guru with supporters lol.

asiaprop cannot accept to himself that he has no trading success after 10 years of trying, while a retail guy like neke kicks his ass. neke has it. asiaprop doesn't. end of story. bye.
 
Great Point. Exactly....isnt it ironic that a lot of people dont even get the message after reading market wizzards? How do they get the message when they watch markets each day?

I stopped wondering long time why there sometimes is a dime here or there lying on the street to be picked up for free.

Quote from Pension_Admin:

Did you really read that book?!?!

What message do you think the "wizards" were trying to convey?

paul-tudor-jones.jpg
More...
 
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