Turning $15K credit card debt into financial freedom

[Redsails]

Well, then do it then. You seem headstrong and confident enough...to have already made up your decision. Why are you debating these people here.
Post your success story later (or bust story)
May the force be with you, Mazel tov

I am not debating anyone. This is my journal. Thanks!

 

[Redsails]

I totally agree, subconciously he actually wants to blow the account.

If this were true why dont you just open an acct with 5k and blow that one nice and quick and then you will know the secret to making it as a trader.

Ps. I dont mean to be a dick to you, its nice to have dreams but you have to be realistic. None of the successful traders on this site have figured it out in just a couple of months. It takes years to become a good trader. Your chance of losing all of it is extremely high and so far you are down 33% in just 3 weeks.

Id stop and reconsider if I were you. Id suggest you go look for someone to mentor you for a bit then try live trading again. Maybe you friend whos making 300 a day could help you out.

If I opened 5K account, I would have lost it already. Don't you people say that being undercapitalized is bad?

I don't expect to become a good trader in two months. But I don't think that someone who earns $200 per day on average (which is my initial goal) is a good trader. I think it's quite realistic to achieve that level in three months.

 

[Redsails]

Your NAV for instance, with dates... and your MTM performance.

You say in your first comment you started trading 3 weeks ago... May NFP is 6 weeks ago, so how can you have traded that?
Also, when you only trade forex, say 150k euro per trade... that's $10 roundtrip fees... so $1700 in fees is 170 roundtrips... in 3 weeks? For a beginning trader?

Then you say you're "excited" because your overnight trade of 150k....

Again... BS

How can I get my NAV on a day by day basis on one screen? I only see how to get a statement at a particular point in time. I still have not mastered this IB platform..

 

[NoBias]

Wife, child and quiting your sole means of support is just irresponsible ...

I normally don't make negative posts... but so tired of seeing family's suffer do to dream chasing. It is always the same formula... and in the end the same result.

Previously recommended reading

 

[MrMuppet]

I like that attitude, Mr. Redsails, although a blow up doesn't necessarily correlate with the success of a trader.
One thing is for sure, though: This will be a hall of fame thread if you keep posting untill your blow up

 

[Redsails]

June 14 was the day of my heaviest losses: -2.4K

That was the day after I read the chapter "Basic Concepts of Trend" in the book of the wise man John Murphy. I decided to catch the trend and was jumping on every little move. Somehow I managed to lose more than 70 pips even though the price was ranging within a tight channel. That was because I continuously bought at resistance and sold at support.

That was completely my fault. I misinterpreted the teachings of John Murphy. I should have waited for trend confirmation. I should have sold only if the support was broken, agnd I should have bought only if the resistance was penetrated. Simple! Sorry, John, I will not do it again.

 

[trickshot]

My earning power is more than 100K. Don't forget that I gave myself time until the end of summer. If I am not successful by then, I will find a job (unless US goes into recession, that is).

Your earning power is currently zero because you are unemployed, you have a problem with counting your chickens before they are hatched.

 

[MrMuppet]

A little info about myself

I am a 35 years old cis-gender straight man born and raised in a poor Third World country. I did well academically in high school and got scholarship to study at a prestigious European university. After graduation I worked in management consulting, then got MBA from a top-10 school in US. After b-school I worked at one of MBB firms in the US for a couple of years, then moved to a corporate job at Fortune 50 company.

Walmart is #24, no?

Anyway, I'm following this thread. I love the sophistication of trolling you do.

 

[d08]

Of course, I do not expect to blow up my account. I expect to win $10K by the end of summer. I just meant that there is nothing tragic in blowing up an account. Many successful traders did it in the beginning. I promise that I will be giving updates to the end. I hope it will become a #1 hall of fame thread.

My point is that it's supposed to be tragic, otherwise you won't learn anything. You talk as if the money isn't significant yet you needed to take on CC debt to get it, I don't get it but hey, go for it.

 

[d08]

How can I get my NAV on a day by day basis on one screen? I only see how to get a statement at a particular point in time. I still have not mastered this IB platform..

You can just open the account window, press print screen, paste into Paint or IrfanView and save as PNG file.