Taking 5,000 to 100,000
- Thread starter MWycliff
- Start date
Yes, I did it myself. Actually it was 7K to just over 200K from Aug. 99 to March 2000. Most of it made in the OTCBB. Then I called it trading. Today I know it was lot's of dumb luck. It ruined my trading for years trying to duplicate that run. You're better off never experiencing such a lucky run, and that's all it was my friend, a lucky run.
Yes it's possible, check out my results from last year on IB. That is a GBP account so its almost exactly what you asked when you convert it into USD.
I am a swing trader, approx. 10-20 trades per week. Holding time is from a few hours to a few days on average. I trade FX, equity indices and commodity futures.
I am a swing trader, approx. 10-20 trades per week. Holding time is from a few hours to a few days on average. I trade FX, equity indices and commodity futures.
I've had the same idea for a while. I think the way to do it would be to offer to teach someone how to trade, then fade their trades. You just have to make sure they don't know you're fading them, as that would probably effect their decision-making.
The only problem is many losing traders may not be "fadable". If most of their losses come from panicky churn-and-burn scalping, there's no way to fade that without burning up your own account on commissions and bid-ask spread.
The only problem is many losing traders may not be "fadable". If most of their losses come from panicky churn-and-burn scalping, there's no way to fade that without burning up your own account on commissions and bid-ask spread.
those are some of the most honest statements that I have ever seen on these threads.
thanks for sharing the reality....
in fact, informally, when a new floor trader would come into our midst, he would get the same speech, in different words, of course, but essentially the same.
what with the invention of ECN's, even the floor experience has changed, nothing is the same anymore, no specialists control, no opening orders edge, etc. etc. etc...
This week I have discovered a fatal flaw in the 5K to 100K attempt. With a 5K account and 1 contract, the $150 a day trade stop reduces my numbers of profitable days. My trading method currently gives profit on 70% of trades using no daily cut off. After a few losers I can still make a daily profit by averaging into a winning position. Now with 1 contract, a fixed daily loss stop and fixed daily profit target, I now must be almost 100% accurate on every entry.
what is your current balance as of...now?
Account balance is 4850, down for the week. Trade entries this week are at 80% profit with 20% losses. Was up to $5200 but 2 stop outs on Thursday looking for trend reversion led to losses. Working on refining entries to 90%. With more selective trades. I have also adjusted the trade strategy to options + futures. Indications are there for a general market pull back. In downtrends moves are faster and much of the futures move occurs overnight leading to Gap downs in stocks. Buying Put options allows the account to capture a bigger % of the downtrend.
On Friday I bought. 1 Jan Put and 1 sept Put at 135 and 130 strikes. As of Friday close the Puts were. Losses at -$28. The banking sector shows signs of distriobution and I think GS can see $100 by Jan. I plan to liquidate the Sept Put when volatility increases and may hold the Jan put longer until it is ITM. Friday's ES trade was +1 point for $46.
On Friday I bought. 1 Jan Put and 1 sept Put at 135 and 130 strikes. As of Friday close the Puts were. Losses at -$28. The banking sector shows signs of distriobution and I think GS can see $100 by Jan. I plan to liquidate the Sept Put when volatility increases and may hold the Jan put longer until it is ITM. Friday's ES trade was +1 point for $46.