I don't have any plans. Suppose I'll continue to trade since that is my full-time job.
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Taking $5K to $250K by year end
- Thread starter allenhobbs
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Quote from aidaweb01:
I understand the concept perfectly well. I\'m not really sure why you ask?
backrub99 doesn\'t understand why he asked either. I am still quite skeptical of allenhobbs\' ability to come even remotely close to $250k.
I am betting the OP won\'t reach 20% of that goal. At least not without photoshop.
No offense OP just a statement.
Quote from aidaweb01:
I understand the concept perfectly well. I'm not really sure why you ask?
My point is that the key to making (and keeping) fortunes in the market is discipline and consistency. The actual real amount of money is irrelevant while trying to develop the technique and confidence that comes from growing an account.
Allen has already stated that he has quite a bit of money in other investments... so he is not actually trying to accumulate a fortune rather than trying to develop the method of doing so. Sure - he could dump say, $100K into the account and trade larger size - but what would that prove?
Your post implied that his only goal was to create wealth. I believe he is trying to develop a solid trading methodology and psychology to do so in the future.
Quote from TheDarkness:
backrub99 doesn\'t understand why he asked either. I am still quite skeptical of allenhobbs\' ability to come even remotely close to $250k.
I am betting the OP won\'t reach 20% of that goal. At least not without photoshop.
No offense OP just a statement.
What is it that Allen has done - or not done - that leads you to draw that conclusion?
Quote from bakrob99:
My point is that the key to making (and keeping) fortunes in the market is discipline and consistency. The actual real amount of money is irrelevant while trying to develop the technique and confidence that comes from growing an account.
Allen has already stated that he has quite a bit of money in other investments... so he is not actually trying to accumulate a fortune rather than trying to develop the method of doing so. Sure - he could dump say, $100K into the account and trade larger size - but what would that prove?
Your post implied that his only goal was to create wealth. I believe he is trying to develop a solid trading methodology and psychology to do so in the future.
In response to my initial question to Allen - about what his plans were after the completion of this experiment he stated he wanted to trade full-time. To get to full-time as a day trader requires two things.
1. Consistent and profitable trading strategy (Allen seems to have nailed this).
2. Sufficient daily returns to fund lifestyle. (This was reason for question) - I guess if Allen doesn't need this trading income for 'survival' purposes then there is no need for him to up his account size.
Of the 1000's of traders that follow posts like this in ET, there can't be many in Allen's position.
eg. Very consistent and proven day trading strategy with low drawdowns, enough capital in other investments to support lifestyle and therefore not relying on trading returns and possibly most importantly, the discipline to not 'chuck' money at a winning strategy.
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