The Million $$$ Quest 2006

[Ripley]

Weekly Thoughts:

I decided to breakdown my $1 million in 5 years goal into achievable/realistic chunks.

Yearly Goals:

2006: +$25,000 (+250%)
2007: +$50,000 (+100%)
2008: +$125,000 (+166%)
2009: +$300,000 (+150%)
2010: +$600,000 (+120%)

Total Account Value at the end of year 2010: $1,100,000 (after taxes)

 

[polpolik]

you must realize that in general, as your money increases, it's harder to sustain the same amount of growth as you did with a smaller account.

 

[Ripley]

Quote from polpolik:

you must realize that in general, as your money increases, it's harder to sustain the same amount of growth as you did with a smaller account.

NOT REALLY... with the Big DD on the block, and you have a decent edge on YM, then it would only come to me moving around in upwards of 5 DD contracts at once.

$ 500,000 is not really any money in the big liquid electronic futures markets.

And I decided to switch to DD later on, when I get to the point where I'll be trading 5 YM cars. Thats the only natural thing to do.

edit: polpolik... maybe it will get tough after I have a million in my account... till then I don't think it would be that big of an issue.

 

[Ripley]

Day 53

...each & every single TRADE must be a WINNER...

SIMPLE as that.. itz that simple...

There is just so many opportunities throughout the day. You have to WAIT to take ONLY the best TRADES. And that means, staying away when you are not 99% sure that the trade will work out. Your goal for the day is to accumulate POSITIVE POINTS, not lose points.

I must make money everyday, and I must take ONLY WINNING TRADES.

... I made so many retarded trades today and I wasn't so lucky today to avert a disaster. I must not put myself in a position to get my asss handed to me.

1) i MUST only take those trades that I am SUPPOSED to take. Do not be greedy. Just be PATIENT & only take those trades that you are supposed to take.

I have to take SURE THING trades where I will not get stopped out. WINNERS only by staying aside and not being greedy. Wait and take only the best setups.

Each moment, and every single tick in the market is unique.. .thus, anything can happen at anytime. Thus, I need to control my risk by staying AWAY, when I am not supposed to be there. I need to STAY AWAY.

 

[chopper77]

Awesome.

I successfully implemented that into my strategy a few months ago. 200 winning trades in a row later, I'm glad I made the resolution for every trade to be a winner.

You won't regret this day.

 

[chopper77]

Quote from jaronimo:
If I lost 15% of my account because I was not aware of a position I would be seriously pissed. And I would stop the bleeding immediately. [/B]

That's because you just aren't man enough to meet the margin call head-on. Leave the trading to the men, I suggest you take up either tiddlywinks or hopscotch. Both honorable pastimes.

I've attached a picture of an old friend that also used to meet margin calls head-on. Hardcore!

 

[Ripley]

Quote from chopper77:


I've attached a picture of an old friend that also used to meet margin calls head-on. Hardcore!

Wow.. a homeless man with a name? thats crazy... Is Merida Lowres his real name?

...& I bet he was a floor trader once.

 

[chopper77]

Quote from Ripley:

Wow.. a homeless man with a name? thats crazy... Is Merida Lowres his real name?

...& I bet he was a floor trader once.

I think that's the name of a city in Mexico or something where that picture was taken.

 

[jaronimo]

Quote from chopper77:

I think that's the name of a city in Mexico or something where that picture was taken.

Wow! They named a city after him???

 

[Ripley]

Day 54

...FED days are FUN...

The MOST important thing to being a successful trader is to know beforehand where you are going to get out if you're wrong. Plus, getting STOPPED OUT is so much fun. It just means you are wrong, and the MARKET is RIGHT yet again. Market proved ya WRONG. Thus, its time to get out and go where the market is going.

I almost got myself out, stopped out for the day before the FED hours because I took a stupid trade, got a little carried away with it.. and added more to loser etc etc... but I came through, and now I really understand why its so awesome to trade FED days.