I have found this post in another forum which was geared towards investing in general (Kyosaki, Burley etc......). Problem being there were no answers or discussions so I hope elitetrader.com can come to my rescue.
"""""""I'm having the current "problem" (or challenge). I have had great difficulty executing without significant slippage above 300 SP eminis (at the market execution). To my system, "significant slippage" is more than 0.5 points. I trade 5' charts and aim to make 4-6 points per day consistently in some 10-15 trades. Most trades are either 1.0-2.5 point losers, breakevens, or 3-4 point winners, with about 60W32L and 8Bk. Some "knowledgeable" people tell me that I have hit the ceiling for my system, and that I should stay at that level or less. Of course these "knowledgeable" people have never had the rates of return that I have had.
Anybody with any knowledge of money management knows that one can grow an account of $5K to $1M in less than 80 trading days with little %risk.(I took a bit longer and with a bigger starting account, for conservative reasons, but the theory stands).
Any suggestions to take my trading to the next level?. (i.e.: 10 times the current position size). """"""""
Now the area I would love to discuss is the best money management technique to turn $5,000 to $1,000,000 using the Emini S&P's. The poster claims this can be done in 80 days with little % risk.
Is there an age old theory to do this? If not, what is the best way to do this? Are there any Guru's that have this money management technique in a lecture series for $5,000? Otherwise are there any good books on the topic of money management and position sizing?
Personally I have turned $20k into $100k in 11 months trading only the ES. Looking back I put this mostly to good fortune. When I was at $20k I didn't care if I lost the money as it felt like play money, but now that my personal programming tells me that $100k is real and not for play I find that I haven't been as profitable.
If my next goal is to reach the $250k mark, what should I do now? Risk the $80k in profit on one trade? Risk $40k on two trades? Risk $20k on four trades?
Or should I head to my local casino because the drinks are free?
"""""""I'm having the current "problem" (or challenge). I have had great difficulty executing without significant slippage above 300 SP eminis (at the market execution). To my system, "significant slippage" is more than 0.5 points. I trade 5' charts and aim to make 4-6 points per day consistently in some 10-15 trades. Most trades are either 1.0-2.5 point losers, breakevens, or 3-4 point winners, with about 60W32L and 8Bk. Some "knowledgeable" people tell me that I have hit the ceiling for my system, and that I should stay at that level or less. Of course these "knowledgeable" people have never had the rates of return that I have had.
Anybody with any knowledge of money management knows that one can grow an account of $5K to $1M in less than 80 trading days with little %risk.(I took a bit longer and with a bigger starting account, for conservative reasons, but the theory stands).
Any suggestions to take my trading to the next level?. (i.e.: 10 times the current position size). """"""""
Now the area I would love to discuss is the best money management technique to turn $5,000 to $1,000,000 using the Emini S&P's. The poster claims this can be done in 80 days with little % risk.
Is there an age old theory to do this? If not, what is the best way to do this? Are there any Guru's that have this money management technique in a lecture series for $5,000? Otherwise are there any good books on the topic of money management and position sizing?
Personally I have turned $20k into $100k in 11 months trading only the ES. Looking back I put this mostly to good fortune. When I was at $20k I didn't care if I lost the money as it felt like play money, but now that my personal programming tells me that $100k is real and not for play I find that I haven't been as profitable.
If my next goal is to reach the $250k mark, what should I do now? Risk the $80k in profit on one trade? Risk $40k on two trades? Risk $20k on four trades?
Or should I head to my local casino because the drinks are free?
