Taking $5K to $250K by year end

[allenhobbs]

I've been toying around with this idea and now is as good as time as any to try this. The official start date is March 3, 2008 and ends December 31, 2008. During this period, no additional capital infusions are allowed and the desired goal is before commissions.

I really haven't thought about how detailed this journal should be and I'm a bit lazy on top of that, but please give me your thoughts on what should be included. This isn't an excercise in self-aggrandizement, but rather a personal challenge to see if this sort of thing can be achieved trading the ES intraday.

By way of brief background, I was a CFO at a large company that was acquired by a private equity firm a couple of years ago. I stayed on for a month and then retired at the ripe age of 40. Trading has fascinated me for a long time and I decide to take a small piece of my windfall from the sale to get into this business. The first year was spent learning--and losing. Second year was profitable with good equity growth curve month by month.

Now comes the hard (and fun) part.

 

[ggoyal]

"During this period, no additional capital infusions are not allowed"

are you sure that is exactly what you meant. if you are serious about this, why not start with 20-25k to give yourself a realistic chance of reaching 250. 5k to 250k. thats a 4900% return. maybe this guy is joking.

 

[lolo24ca]

Can't wait to see your progress. This will be fun

 

[allenhobbs]

Quote from ggoyal:

"During this period, no additional capital infusions are not allowed"

are you sure that is exactly what you meant. if you are serious about this, why not start with 20-25k to give yourself a realistic chance of reaching 250. 5k to 250k. thats a 4900% return. maybe this guy is joking.

Thanks for pointing out the typo. I corrected it. My model shows the goal can be reached with $5000. Is it realistic? Probably not, but I'm going to give it an honest try using the strict guidelines in my business plan.

 

[sellingrich]

Tell us a little about your plan.

 

[ggoyal]

thats another problem. you can back test whatever you want and tweak things here and there to show a nice end number. this lead you to think that it will continue like you think it will for a while. I don't mean to sound negative, but that is the reality of it. backtesting is good only upto a certain point. the only to find out is doing it real time.

 

[allenhobbs]

Quote from ggoyal:

thats another problem. you can back test whatever you want and tweak things here and there to show a nice end number. this lead you to think that it will continue like you think it will for a while. I don't mean to sound negative, but that is the reality of it. backtesting is good only upto a certain point. the only to find out is doing it real time.

Actually, I haven't backtested. Why bother? As you say, realtime is the truth. The money management aspect is irrefutable math and the setups from my own real trading experience have a very high rate of success.

 

[allenhobbs]

Quote from sellingrich:

Tell us a little about your plan.

Initially, I will trade 2 contracts with a 2 point daily goal and increase/decrease via a modified fixed fractional system.

I employ a pattern recognition strategy which is solely price and supply/demand based.

 

[kitty1996]

i don't want to sound "negative" but i can tell you that it's IMPOSSIBLE for anyone to turn $5K to $250K in only 10 months.

it's very UNREALISTIC.

how about $5K to $50K? if you are the Master of all traders, you can do it.

Quote from allenhobbs:

I've been toying around with this idea and now is as good as time as any to try this. The official start date is March 3, 2008 and ends December 31, 2008. During this period, no additional capital infusions are allowed and the desired goal is before commissions.

I really haven't thought about how detailed this journal should be and I'm a bit lazy on top of that, but please give me your thoughts on what should be included. This isn't an excercise in self-aggrandizement, but rather a personal challenge to see if this sort of thing can be achieved trading the ES intraday.

By way of brief background, I was a CFO at a large company that was acquired by a private equity firm a couple of years ago. I stayed on for a month and then retired at the ripe age of 40. Trading has fascinated me for a long time and I decide to take a small piece of my windfall from the sale to get into this business. The first year was spent learning--and losing. Second year was profitable with good equity growth curve month by month.

Now comes the hard (and fun) part.

 

[sim03]

Quote from kitty1996:

i don't want to sound "negative" but i can tell you that it's IMPOSSIBLE for anyone to turn $5K to $250K in only 10 months.

it's very UNREALISTIC.

how about $5K to $50K? if you are the Master of all traders, you can do it.

"IMPOSSIBLE for anyone"? I don't want to get sidetracked here, but... an automated trading system, no less, has turned $10K into $130K in less than 3 months in the most recent MT4 championship, without breaking a sweat - with 400+ trades, a well-behaved equity curve and great risk/return stats throughout. That represents more than 2.5 times the return per unit of time (e.g., weekly) than taking $5K to $250K in 10 months... Care to reconsider your definitive statements?

Besides, the OP has already stated...

Quote from allenhobbs:

TIs it realistic? Probably not, but I'm going to give it an honest try using the strict guidelines in my business plan.

... looking at this and his other posts, he is neither naive nor apparently risking more than "a small piece" of his capital. He seems to consider this largely as a "personal challenge." Given all that, why in the world wouldn't he go for it?