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Taking 76K to 500K by Year End
- Thread starter neke
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Quote from michaelscott:
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.
I'm not going to claim I know Neke's financial situation and his alternatives but have you given any thought that maybe Neke is trying to make his boom to 500k and then start from there? His chance to not have to work for some bank or a boss?
If he loses his 76k maybe he can simply get a job that pays for the rest?
Maybe just maybe he doesn't want to be a trader making 100k a year?
Why grind it out day in day out for your $500 a day when taking a chance/risk now will give you the chance to start grinding it out for $2000 a day?
Your high wire walker analogy is interesting but I think the prospects for Neke if this fails are far better than your high wire clown.
Your CD idea as Neke pointed out already is absolutely absurd. If your doing well why does that automatically mean your head is going to blow? I thinnk Neke isn't even having an abnormally good or succesful streak. The idea backing such a proposal is one of fear and insecurity, if your not going to continue when you are up you shouldn't have started.
Comparison to poker, some people will stop at a certain profit level, which is absurd, if the table is good keep playing and take everything there is to take, if your getting the right odds (which i believe neke is) keep going.
Anyway michael I wish you all the best and I'm not trying to be personal just think Neke knows what he is doing better than anyone that comments on these threads, and posts that discourage his progress irritate me a little.
Quote from FGBS:
I'm not going to claim I know Neke's financial situation and his alternatives but have you given any thought that maybe Neke is trying to make his boom to 500k and then start from there? His chance to not have to work for some bank or a boss?
If he loses his 76k maybe he can simply get a job that pays for the rest?
Maybe just maybe he doesn't want to be a trader making 100k a year?
Why grind it out day in day out for your $500 a day when taking a chance/risk now will give you the chance to start grinding it out for $2000 a day?
Your high wire walker analogy is interesting but I think the prospects for Neke if this fails are far better than your high wire clown.
Your CD idea as Neke pointed out already is absolutely absurd. If your doing well why does that automatically mean your head is going to blow? I thinnk Neke isn't even having an abnormally good or succesful streak. The idea backing such a proposal is one of fear and insecurity, if your not going to continue when you are up you shouldn't have started.
Comparison to poker, some people will stop at a certain profit level, which is absurd, if the table is good keep playing and take everything there is to take, if your getting the right odds (which i believe neke is) keep going.
Anyway michael I wish you all the best and I'm not trying to be personal just think Neke knows what he is doing better than anyone that comments on these threads, and posts that discourage his progress irritate me a little.
Very true. And to add to this a bit, we can't assume that the account neke is trading on constitutes his entire net worth. How do we know that he doesn't have millions of dollars tied up in other things? If that were true, the risks he is taking would be completely acceptable. In order to give neke asset allocation advice (which I have no urge to do), we'd have to know that critical information obviously.
These "all in" and "full margin" strategies does not seem like trading, but more like we are in Vegas gambling at the tables. There is an old song by Kenny Rogers about knowing when to walk away from the table. This song seems to be fitting at this point.
I am all for Neke and wish him luck. Thats the reason why I post these strongly worded warnings. I do not want to see him post a blotter up next of a super-loss.
I've said my piece in this regard and wont post again about my feelings.
I am all for Neke and wish him luck. Thats the reason why I post these strongly worded warnings. I do not want to see him post a blotter up next of a super-loss.
I've said my piece in this regard and wont post again about my feelings.
Just wondering what has changed since you posted this. You don't even know the reasoning behind what seems to you like 50/50 gambles and all-in vegas trades. If someone gave you a choice for 20% of your whole trading capital between 50-1 to role a 6 or gave you 2-1 on heads which would you take?
Just trying to show that different people choose different risk return ratio's and different people can stomach different amounts of risk.
Just trying to show that different people choose different risk return ratio's and different people can stomach different amounts of risk.
Quote from michaelscott:
Dont criticize this man. If this is how he trades, this is how he trades. He seems like an educated grown man who has traded before. Its his dime.
So if he makes money, then good for him. If he doesnt, then shame on him.
He knows what he is doing and he will be the one held accountable. Just sit back and watch the show.
Neke is a very good trader employing a relatively high risk method of money management to make outsize gains, and doing quite well at it.
Having said that, I am in complete agreement with Michael Scott in reference to pulling some loot out to make sure the wife and kid are well taken care of regardless of whatever does or does not happen with his trading, period.
The journal doesn't have to be "75k to 500k by Year End", it could be "75k to 500k in 2+ years, while keeping my family in the good life".
Good trading regardless,
Jimmy Jam
Having said that, I am in complete agreement with Michael Scott in reference to pulling some loot out to make sure the wife and kid are well taken care of regardless of whatever does or does not happen with his trading, period.
The journal doesn't have to be "75k to 500k by Year End", it could be "75k to 500k in 2+ years, while keeping my family in the good life".
Good trading regardless,
Jimmy Jam
Quote from FGBS:
Just wondering what has changed since you posted this. You don't even know the reasoning behind what seems to you like 50/50 gambles and all-in vegas trades. If someone gave you a choice for 20% of your whole trading capital between 50-1 to role a 6 or gave you 2-1 on heads which would you take?
Just trying to show that different people choose different risk return ratio's and different people can stomach different amounts of risk.
Im all for high risk spirited trading, but what has changed is that Neke has a newborn. Before, I looked at Neke in a different light and was all for him making these high risk moves. However, I just cant endorse it while he has children under his wing.
Id rather see Neke walk away with his 200 grand right now then risk losing it in these high risk/high spirit trades.
So before I was having fun looking on at the trades through the ups and downs, but then I have this picture in my mind of his baby and cant seem to support it anymore.
Like I said, Im not saying this to bash, but because I care and want to see him walk away ahead rather then behind. Of course, Im assuming that he might make the wrong move. He might just make the right move. At least I have stated my concerns and so I wish him luck with his moves forward.
Id rather see Neke walk away with his 200 grand right now then risk losing it in these high risk/high spirit trades.
So before I was having fun looking on at the trades through the ups and downs, but then I have this picture in my mind of his baby and cant seem to support it anymore.
Like I said, Im not saying this to bash, but because I care and want to see him walk away ahead rather then behind. Of course, Im assuming that he might make the wrong move. He might just make the right move. At least I have stated my concerns and so I wish him luck with his moves forward.
Quote from FGBS:
Just wondering what has changed since you posted this. You don't even know the reasoning behind what seems to you like 50/50 gambles and all-in vegas trades. If someone gave you a choice for 20% of your whole trading capital between 50-1 to role a 6 or gave you 2-1 on heads which would you take?
Just trying to show that different people choose different risk return ratio's and different people can stomach different amounts of risk.
Quote from michaelscott:
Im all for high risk spirited trading, but what has changed is that Neke has a newborn. Before, I looked at Neke in a different light and was all for him making these high risk moves. However, I just cant endorse it while he has children under his wing.
Id rather see Neke walk away with his 200 grand right now then risk losing it in these high risk/high spirit trades.
So before I was having fun looking on at the trades through the ups and downs, but then I have this picture in my mind of his baby and cant seem to support it anymore.
Like I said, Im not saying this to bash, but because I care and want to see him walk away ahead rather then behind. Of course, Im assuming that he might make the wrong move. He might just make the right move. At least I have stated my concerns and so I wish him luck with his moves forward.
Again, what is neke's net worth?
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.
If you can sustain this, more power to you. But I've done these sorts of doublings with these account sizes, and also come down just as hard. So the advice comes from experience.
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