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Taking 76K to 500K by Year End
- Thread starter neke
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Quote from stocktest:
Glad to see you have another profitable week.
I have a question on the trade pattern, will it be able to make money to take the over night position? (for someone doesn't have enough initial deposit to meet the day trader bottom line and can't do intraday operations)
Yes, some of the methods (especially automated trades) involve overnight positions. I do hold 30% of my option positions overnight as well.
Quote from scriabinop23:
take 100k out and repeat.
you'll be happy.
Hey, that would basically take me to near the beginning. That is not my intention. I would like to build up my account balance. It is then making the big dough each month will become routine. Why would you keep taking out all your gains, to be stuck in a low-level playing field? Unless you think the gains are purely by chance, yes. But if it is based on sustainable edge, there is no reason to start again.
I prefer to increase my monthly take-out, not to do a one-time mop-up.
I believe what the other posters are trying to communicate to you is that they suspect that some of your gains have come from chance. When looking at your trades, you are using a high level of margin and there appears to be a high amount of risk involved. Therefore, their exists a chance that your gains will be eaten up in the future if something goes wrong.
If your not going to take out any gains, why not use a less risky strategy or eliminate using margin at the very least?
You have come a long way and more then doubled your capital in a few months. This is very commendable. However, things happen when your this far ahead. My humble opinion is that you should either take some off the table or review your strategy thoroughly and take the less risky route...
I know a certain trader who, when he is up big, takes some off the table and places it in a short-term CD (3-6 months). That is in order to protect his cash from himself. He places the money in an instrument where interest will be made, but he cant touch the money for a certain period of time. Eventually, he will place the money back into his trading account, but he likes to have a cooling off period where the money will be safely put away for a time.
I believe that is an excellent strategy especially for a non-pro trader who is married with kids...you want to protect the cash from yourself...
If I doubled my money in a few months, I would definately take half off the table and lock it up in a 3 month cd. Then when the money is out of the "lockup", I would then once again place it into production. The 3 months would give me a cooling off period and time to think over my strategy.
If your not going to take out any gains, why not use a less risky strategy or eliminate using margin at the very least?
You have come a long way and more then doubled your capital in a few months. This is very commendable. However, things happen when your this far ahead. My humble opinion is that you should either take some off the table or review your strategy thoroughly and take the less risky route...
I know a certain trader who, when he is up big, takes some off the table and places it in a short-term CD (3-6 months). That is in order to protect his cash from himself. He places the money in an instrument where interest will be made, but he cant touch the money for a certain period of time. Eventually, he will place the money back into his trading account, but he likes to have a cooling off period where the money will be safely put away for a time.
I believe that is an excellent strategy especially for a non-pro trader who is married with kids...you want to protect the cash from yourself...
If I doubled my money in a few months, I would definately take half off the table and lock it up in a 3 month cd. Then when the money is out of the "lockup", I would then once again place it into production. The 3 months would give me a cooling off period and time to think over my strategy.
Quote from neke:
Hey, that would basically take me to near the beginning. That is not my intention. I would like to build up my account balance. It is then making the big dough each month will become routine. Why would you keep taking out all your gains, to be stuck in a low-level playing field? Unless you think the gains are purely by chance, yes. But if it is based on sustainable edge, there is no reason to start again.
I prefer to increase my monthly take-out, not to do a one-time mop-up.
Quote from michaelscott:
I believe what the other posters are trying to communicate to you is that they suspect that some of your gains have come from chance. When looking at your trades, you are using a high level of margin and there appears to be a high amount of risk involved. Therefore, their exists a chance that your gains will be eaten up in the future if something goes wrong.
If your not going to take out any gains, why not use a less risky strategy or eliminate using margin at the very least?
You have come a long way and more then doubled your capital in a few months. This is very commendable. However, things happen when your this far ahead. My humble opinion is that you should either take some off the table or review your strategy thoroughly and take the less risky route...
I know a certain trader who, when he is up big, takes some off the table and places it in a short-term CD (3-6 months). That is in order to protect his cash from himself. He places the money in an instrument where interest will be made, but he cant touch the money for a certain period of time. Eventually, he will place the money back into his trading account, but he likes to have a cooling off period where the money will be safely put away for a time.
I believe that is an excellent strategy especially for a non-pro trader who is married with kids...you want to protect the cash from yourself...
If I doubled my money in a few months, I would definately take half off the table and lock it up in a 3 month cd. Then when the money is out of the "lockup", I would then once again place it into production. The 3 months would give me a cooling off period and time to think over my strategy.
Have you forgotten that chance works both ways? If some of my gains are due to chance, why not say the same of some of my losses? I think I have elaborated it enough, and given you scenarious based on risk/reward expectations. My aim is not to have the "smoothest" curve out there; if that is the aim I would pack all my money in CDs earning a consistent 0.05% per week without a drawdown!
Locking your money away, and bringing back after 3 months is ridiculous: why do you think the disaster would not happen right after you bring it back?
My strategy is to take monthly payments, which I will step up as the balance increases (actually starting this month I will bump it up to $10K a month). The other time I will make lump sum withdrawals will be to provide for taxes and personal benefits at the end of the year.
Quote from michaelscott:
I believe what the other posters are trying to communicate to you is that they suspect that some of your gains have come from chance. When looking at your trades, you are using a high level of margin and there appears to be a high amount of risk involved. Therefore, their exists a chance that your gains will be eaten up in the future if something goes wrong.
If your not going to take out any gains, why not use a less risky strategy or eliminate using margin at the very least?
You have come a long way and more then doubled your capital in a few months. This is very commendable. However, things happen when your this far ahead. My humble opinion is that you should either take some off the table or review your strategy thoroughly and take the less risky route...
I know a certain trader who, when he is up big, takes some off the table and places it in a short-term CD (3-6 months). That is in order to protect his cash from himself. He places the money in an instrument where interest will be made, but he cant touch the money for a certain period of time. Eventually, he will place the money back into his trading account, but he likes to have a cooling off period where the money will be safely put away for a time.
I believe that is an excellent strategy especially for a non-pro trader who is married with kids...you want to protect the cash from yourself...
If I doubled my money in a few months, I would definately take half off the table and lock it up in a 3 month cd. Then when the money is out of the "lockup", I would then once again place it into production. The 3 months would give me a cooling off period and time to think over my strategy.
I love everyone trying to give Neke advice that has NO UNDERSTANDING of what he is trying to do... Notice the title: 76k-->500K... Does it say double my money, does it say can't afford to lose? no, it says I think I have the edge, the balls, the mentality, the drive to hextuple my 76k...
That others wouldn't take the risk (of course there is a large element of risk involved) does not mean that we should discourage Neke from achieving his goal.
Neke: great so far, keep up the good stuff and reading this journal is inspiring, motivating and very educational.
Agree with FGBS. If Neke has a working edge, why not exploit it as much as he can before it stops working?
And, Neke does show his # of wins vs his # of losses and not looking back or searching for it or doing any statistical analysis, I believe he has a pretty good R/R ratio, too.
Some people like to swing and hit it out of the ball park. Some people are happy with a run to first base. To each his own.
I'm rather risk averse myself but my older bros risked a lot to get to where he's at running several very successful businesses. I'm sure he went through a lot of stress and took a lot of high risk moves but he had a goal and he went for it and that was that.
And, Neke does show his # of wins vs his # of losses and not looking back or searching for it or doing any statistical analysis, I believe he has a pretty good R/R ratio, too.
Some people like to swing and hit it out of the ball park. Some people are happy with a run to first base. To each his own.
I'm rather risk averse myself but my older bros risked a lot to get to where he's at running several very successful businesses. I'm sure he went through a lot of stress and took a lot of high risk moves but he had a goal and he went for it and that was that.
Oh no, I do have a perfect sense and understanding of where Neke is at right now. Neke is a man who has a wife and at least one kid, if not more. He is a family man with a job and responsibilities. There are other people who depend upon him. He trades with his own money and not someone elses. For every dollar lost, it will effect the other people he supports negatively.
In the past, he has had some serious drawdowns and the chances of it happening again are there. His record isnt spotless.
When we go to a circus and see a young man walking a high wire, we are all wowed and dazzled as he walks high above the crowd without a net. Everyone cheers and feels happy for him until he falls on the concrete. The shocking part comes when we discover he has a family and could have used a net when he chose not to.
In the same way, some of you are wowed and amazed by Neke's high wire act as he uses full margin and these high risk options plays that could wipe out his entire account in a matter of hours.
My assertion to take out half at this juncture and place it someplace safe like a CD wont seem so ridiculous when he finally slips off the high-wire.
Comparing a legitimate business to Neke's game is "ridiculous". Neke is a businessman in the same way a professional poker player is a businessman in Vegas.
I dont believe your brother would ever take the same risks that Neke is taking with these trades.
In the past, he has had some serious drawdowns and the chances of it happening again are there. His record isnt spotless.
When we go to a circus and see a young man walking a high wire, we are all wowed and dazzled as he walks high above the crowd without a net. Everyone cheers and feels happy for him until he falls on the concrete. The shocking part comes when we discover he has a family and could have used a net when he chose not to.
In the same way, some of you are wowed and amazed by Neke's high wire act as he uses full margin and these high risk options plays that could wipe out his entire account in a matter of hours.
My assertion to take out half at this juncture and place it someplace safe like a CD wont seem so ridiculous when he finally slips off the high-wire.
Comparing a legitimate business to Neke's game is "ridiculous". Neke is a businessman in the same way a professional poker player is a businessman in Vegas.
I dont believe your brother would ever take the same risks that Neke is taking with these trades.
Quote from polpolik:
Agree with FGBS. If Neke has a working edge, why not exploit it as much as he can before it stops working?
And, Neke does show his # of wins vs his # of losses and not looking back or searching for it or doing any statistical analysis, I believe he has a pretty good R/R ratio, too.
Some people like to swing and hit it out of the ball park. Some people are happy with a run to first base. To each his own.
I'm rather risk averse myself but my older bros risked a lot to get to where he's at running several very successful businesses. I'm sure he went through a lot of stress and took a lot of high risk moves but he had a goal and he went for it and that was that.
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