If you made 12.5k EVERY week (for 52 weeks) from now on, you'd be up a nice 650 large. I've noticed that your losing weeks however, you are almost double that or more. A problem in deed. But congrats on this week, and knockem dead newxt week too!.
Taking 410K to 4million by Year End 2010
- Thread starter neke
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Dear neke,
I've been viewing ur journal on and off for a few years now, you're a dedicated and passionate trader. However I'd just like to make a few observations if i may.
1)You always seem to be swinging for the fences by risking a large portion of your a/c
Instead of this if you had risked 1-3% per trade from the inception of your trading career you might have been way ahead of what you are right now trying to swing for the fences.
2) You average down, this really is of course dependent on your strategy but more often than not it results in disaster somewhere down the line.
Hope you don't mind my comments I would like to add you are very honest and how should i say ..... courageous trader. These traits are hard to find now-a-days as most people on forums feign to be profitable.
Al the best to you.
fugly
I've been viewing ur journal on and off for a few years now, you're a dedicated and passionate trader. However I'd just like to make a few observations if i may.
1)You always seem to be swinging for the fences by risking a large portion of your a/c
Instead of this if you had risked 1-3% per trade from the inception of your trading career you might have been way ahead of what you are right now trying to swing for the fences.
2) You average down, this really is of course dependent on your strategy but more often than not it results in disaster somewhere down the line.
Hope you don't mind my comments I would like to add you are very honest and how should i say ..... courageous trader. These traits are hard to find now-a-days as most people on forums feign to be profitable.
Al the best to you.
fugly
the dilemma.. atleast for neke is that if he has used 1 -3% per trade, he would have not reached the 400K he made. and once you have tasted the quick fast money. do you think you will quit.. no way.. 100% traders will tell you. once you go large, you dont go small. you need to be GOD to have that kind of discipline.
It's always funny to see the haters try to take you down on any loss that you take. As my account grew, and so did the haters in number (most of whom cannot trade at all, but just like to take others down) then I finally got sick of them and stopped posting.
Most of them have absolutely no idea what it is like to make or lose 5000$ in a trade so they just try to take others down.
I also think that finding truly profitable daytrades are far harder than finding good swing trades, especially in the bios, and I wonder if you might want to do that? I found that my daytrades lost a thousand here, and thousand there, but then they are more than made up by my swingtrade profits, such as this one...
Maybe you should become a swing trader?
g
I knew they were extremely likely to release positive results, and I had done massive amounts of research to support that hypothesis. It was just a matter of when. I planned on waiting until that happened. Considering that I had 147,000 shares of SPEX I pretty much didn't have a choice, as the volume was too low otherwise.
The other really annoying thing was that SPEX kept delaying and delaying their PR, which killed me as I had done massive DD on CHTP and I had to sell my 1/4 million$ position in that stock that I had bought at 3, at 4$, instead of 7. I was essentially completely sure they would release positive phase 3 results, but as SPEX kept delaying, it kept me from really taking advantage of the DD I had done with CHTP.
Sure would have been nice to sell my 400,000$ position all at 2.50+ that day but of course it is far harder to make the same percentage of profits as your account size goes up. I do envy people with 25,000$ stock positions as it is child's play to get in and out of a position. As some of the traders on ET know, trading becomes an entirely different ballgame once your stock positions are at a quarter of a million dollars and up.
I am willing to let my current 1/4 million$ stock position in a bio go to 500K$ before I get out, as people realize how oversold it is. This time I won't take a measly 50K$ profit, although I might have to wait a month or two.
g
SPEX being a penny stock, I'm sure your account could handle a failure. But look at ITMN, where a huge volume of "big money" bought into the gaps on 3/5 and 3/10 because they knew that 99.9% of the time when the majority of an FDA advisory panel recommends approval, the drug is approved by the FDA, only to find the stock price 30% below the pre-gap levels when the unthinkable happened in May. It dropped from a close of 45.44 to an open of 10.00 the next day. A $300K hit on a $400K position could be a tough one to take :eek:
Neke, it's not like I'm trying to discourage you from swing trading. I'm trying to encourage you to avoid swinging "sure thing" biotech stocks
Glad to see you made some of it back Neke. I still don't see the value in repeating the same trading style/methodology, but everyone has to find their own way in this business.
If you follow your usual pattern, you'll have several weeks of small winners now follow by another huge loss. Let's hope that's not the case. I agree that working on your risk control is a good place to start. I just think doing it with small dollars and share size would make a lot of sense until you're confident you have this worked out.
Good luck & nice job this week.
If you follow your usual pattern, you'll have several weeks of small winners now follow by another huge loss. Let's hope that's not the case. I agree that working on your risk control is a good place to start. I just think doing it with small dollars and share size would make a lot of sense until you're confident you have this worked out.
Good luck & nice job this week.
Quote from NoDoji:
SPEX being a penny stock, I'm sure your account could handle a failure. But look at ITMN, where a huge volume of "big money" bought into the gaps on 3/5 and 3/10 because they knew that 99.9% of the time when the majority of an FDA advisory panel recommends approval, the drug is approved by the FDA, only to find the stock price 30% below the pre-gap levels when the unthinkable happened in May. It dropped from a close of 45.44 to an open of 10.00 the next day. A $300K hit on a $400K position could be a tough one to take :eek:
Neke, it's not like I'm trying to discourage you from swing trading. I'm trying to encourage you to avoid swinging "sure thing" biotech stocks
Anyone buying ITMN at 40$ per share was a fool. The r/r was not there.
The key with swingtrading bios is that you have to know your DD. And 99.9% of the time, I notice that the DD that is out there in the form of seekingalpha, yahoo finance, and the various messageboards is kindergarten level. You need to understand the science, and really do deep DD. It is not for everyone, and you win some you lose some. Hopefully you win more. Anyway, it is working for me, and it is why my account is up over 3000% since Nov 2008.
And it is also why anyone offering to teach their methods for a trivial fee (say, less than 50,000$) is either a fool, or does not have a working method. As I said before, I would teach my methods for a one day seminar price of 50,000$, mininum 5 people at a time. Anything less, is not worth it for me, and is giving away the golden goose at firesale prices.
g
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