Taking $5K to $250K by year end

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Quote from allenhobbs:

Week 4 Summary:

Total trades: 49
Contracts per trade: 3
Points won/(lost): 12.50
Profit/(Loss): $1,254.

Beginning account balance: $5,000.
Ending account balance: $9,480.

% Increase (decrease) 89.60

Comment: I overtraded this week.
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Allen also got these Q's on the table this week.

Allen stated:

03-23-08 09:18 AM

"It goes without saying the recent ES market is highly volatile and some of the entry/exit strategies that once worked like a charm don't cut it now.

I would like to hear from intraday ES traders what initial stops and strategies they are employing after the trade moves in their favor. At what point is the stop moved to breakeven, entry or trailing a profit? I ask this because I find my entries, in general, pretty decent, but have no clue what the market is going to give me if the trade moves in my favor. I would like to get more points from my trades that run but I never know which ones will do that, so I take 1 or 2 points and close out. Also, I am a strict believer in not letting a winning trade turn into a loser. How about you?"

Allen's reports (Daily) are reflecting a shift in trading style as well. Particularly the number and duration of trades. Anyone can review the data.

For four weeks, using Allen's rules as they have been illustrated, the rules vs. actual turn out as attached.
 

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Allen-you are doing great! It seems as though your stop losses are tighter now than before,do you like it better this way I presume?
 
Quote from pma:

Allen-you are doing great! It seems as though your stop losses are tighter now than before,do you like it better this way I presume?
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Thanks pma.

I have tightened the stops a tad. Others have submitted that stops should be widened as volatilty increases, but I find the opposite to be true as those larger stops will be taken out making recovery more challenging. I shudder at the thought of trading with no stops as a few have proffered in various threads, but hey, to each his own and whatever works.

Who am I to judge what other successful traders are doing? I stiil consider myself an amateur at this business who has much to learn.
 
Quote from allenhobbs:

Moderator, please remove HamptonsTrader's posts as he is also one of Reaver's aliases.
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He's not really a rich, intelligent Doctor from the Hamptons?

I guess the errors in some of his posts should have tipped me off. But i just assumed he was drinking too much while typing.
 
Although it's early in the process, I promise that at the end of the period, I will allow anyone who is interested to confirm the validity and accuracy of the trading statements I post here by contacting my broker, who will have written authorization from me to discuss them.

In addition, if anyone wants to audit my statements at their own cost, they will get total cooperation from my broker to do that, provided they agree to post the results of that audit in this thread.

Real trades. Full disclosure. Total transparency.

I can't think of any other way to do it. :)
 
I was referring to someones comment in this whole thread but it was on a page before your comments. I do not have time to go back through these comments but it was not directed towards you allenhobbs
 
Quote from pipboy:

Yea the 5k thing was stupid. You cannot trade with 5k. it is useless.
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So, just to clarify, your saying the whole thread is stupid, correct? Please enlighten us why I or anyone else for that matter can't trade with an initial $5,000 capital base (which is now almost $10,000)?
 
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