Turning 2.5k into 100k
- Thread starter bretddog
- Start date
Quote from spanish89:
LOL
Yes there are too different types of losing trades;
Unlucky 1s, and foolish trades.
Foolish trades are when im traidng oil and i see the dollar weaking abit and just hovering uncertainly, oil has gone down in mild rally of maybe 60ticks in about 1minute, and cos i get greedy i sell then as a chaser trade.
That would be a foolish trade.
And unlucky trade, like the 1 i made, is when i get my sell trade in from a good high resistance level, after oil as been down trending strongly, an dthe fundamentals are all negative for economy but dollar satying strong, only to then have oil start to rocket and rocket up for no expalinable reason.
I dont do foolish trades cos im experienced enough to just know not to, and unlucky trades happen to everyone, but i am skilled and experienced enough to not only avoid getting into lost of them, but also then when i am in 1 to know that im in 1 and to take the loss.
And as for targets, its great to have targets, everyone should have some.
But instead of having a ''cash number'' as your target, why not have a % as it instead, or a % combined with a minimum cash per week target??
For example i restarted trading fulltime this week after the 2weeks i had had to take off, starting from just under £2,400 capital, since id withdraw to pay all the rent till xmas and stuff,
and ive already made 1,188 so far this week at just £1 t £2 per tick.
-I have a monthly target i need to hit of atleast £1,000 min per month, and so cut this into a minimum target per day of £50.
-And have a daily % profit target of 5% - 10% per day of my capital.
Sounds extremly high and hard, and it is, but ive been doing in consistent day after day, week after week, month after month now since i put in those targets..
Because if you look at your account capital if you have only £2,000 it will be alot harder for you to make £3,000 profit in 1day, than it would be for someone who had a caital of £250,000, they should quite easily be able to make 3k.
So from the start 100k will seem impossible target, but if you break it down in %s, then you can build up capital very fast, and the moe capital you have the easier that 100k will become.
Goodluck
spanish,
filling your posts with useless bullshit again spaniard? well let me tell u something... Here in this country, it doesnt add inches to your dick. LOL
Looking back, it's obvious that my strong tendency to always come up with a new and better trading method has made me ditch methods that may very well have worked over the long run. I think I enjoy analyzing the markets more than earning the money. However I don't regret, because I think it's essential for me to have the development I've had.
Currently I suffer from a combination of related issues:
1. Uncomplete trading plan
2. Hesitation to take signals
3. Profit protection after completion of successful trade
4. Lack of focus during trading
Probably more, thats from the top of my head..
The very reason I start this journal is to bring in another aspect of accountability, in order to progress on these issues, and other stuff that might evolve.
So I'll address each trading day and hopefully bring a new level of honesty upon myself.
Quote from bretddog:
Sure 95% don't make it. But that means we have 5% who succeed. That's 5 out of a 100, 15 out of a class of 300. Those odds are really not that bad.
Hold on there, doggie...
It does NOT mean that. Out of the 5%:
there is a large group who probably break even
there is a large group who probably make a small amount
there is a smallish group who probably make somewhat of a living
and a TINY TINY group who "succeed" by the definitions you see the OP gave - 2.5K to 100K in a year. He has a better chance buying $2500 in lottery tickets.
Thursday 25.Sept.
6 trades, 3 breakeven, 3 loosers
Net (219$), (loss)
5 signals (technically)
1. BE (SL)
2. Missed (Winner)
3. BE
4. Pass (BE)
5. Pass (winner)
Other:
1 misinterpreted (SL)
2 chasers (BE, SL)
GOOD: Signal potential
BAD:
Tendency to pass on trades after ~150$ intraday drawdown. May reflect unconfirmed rule of daily cut-off.
Lack of confidence in entries due to focus on market action.
For improvement: Complete trading plan
6 trades, 3 breakeven, 3 loosers
Net (219$), (loss)
5 signals (technically)
1. BE (SL)
2. Missed (Winner)
3. BE
4. Pass (BE)
5. Pass (winner)
Other:
1 misinterpreted (SL)
2 chasers (BE, SL)
GOOD: Signal potential
BAD:
Tendency to pass on trades after ~150$ intraday drawdown. May reflect unconfirmed rule of daily cut-off.
Lack of confidence in entries due to focus on market action.
For improvement: Complete trading plan
What exactly are these 'signals' that you see though mate??? :eek: 
Cos im not taking the piss, but whatever they are they seem to be very inaccurate..
So maybe your current view on what a certain pattern means is incorrect??
Or is it just that you got the direction right, but too tight stoploss, so got taken out of the trade??
Cos im not taking the piss, but whatever they are they seem to be very inaccurate..
So maybe your current view on what a certain pattern means is incorrect??
Or is it just that you got the direction right, but too tight stoploss, so got taken out of the trade??
are you at about $2,000.00 for a grand account total right now?
To achieve "success"?? Meaning wealth? To turn $2.5K into $100K in a year? I think I said. Try putting it into the millions to one. Take a look at major institutions, who are just happy to beat the annual average rise of the S&P of 8-10%. Hear anything about a 4000% rise?
1 or 2 out of 100? Positive thinking or setting out to do this is not a plan. The entire endeavour is amazingly naive.
The people here encouraging you on this have no clue about the realities involved. They are paper traders, at best. I will not in any way believe your results if you chart out a sucessful path to $100K on this thread. I already know that it would be fiction.
You might as well step out of an airplane at 30,000 feet armed only with 2 feathers. You will have a better chance of success.