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Turning $500 into $100,000
- Thread starter Hybr1d88
- Start date
I'm about to embark on an exciting adventure gentleman.
I'm planning on turning $500 into $100,000 with a strategy I will construct utilizing a variety of technical indicators, and in essence it will be a system designed to follow trends. This will be primarily for day trading equities, and yes before you even ask some will be penny stocks, although I will be trading NASDAQ listed equities almost exclusively. I will turn the $500 into $100,000 in one year or less.
My $500 will be boosted to $3,000 using the 6:1 margin supplied by Suretrader, where I plan on opening an account.
My strategy will consist of a high winning percentage(works at least 75% of the time), and most of my positions when I'm just starting out will be around $1,000 as I grind my way up. Ideally each position will only consist of 5% of my total account balance, utilizing no leverage at all, but this will take some time.
After I complete this task you will all worship me as though I was a god.
Lets go!
#500to100000in2016
Also any suggestions for devising my ultimate stock trading strategy?
Which DVDs and books do you guys suggest for me?
worthless banter except for narcissist beehavior
I'm about to embark on an exciting adventure gentleman.
I'm not quite sure what an "adventure gentleman" is: call me sheltered and protected, but I tend to stay away from websites where those services are advertised.
Make no mistake bro I will return with epic tales of battle.
I'm afraid there won't be enough of them to constitute an "epic", if your positions will be for about $1,000 each and you're starting with $500 leveraged to $3,000. Because you have no idea of position-sizing (and if you use that "broker" it will probably only ever be on-screen "money" anyway).
Instead of posting "get-rich-quick" threads in forums, your time would be far better spent reading an introductory trading textbook (not an introductory gambling book).
Michael Harris's Profitability & Systematic Trading would be a good starting-point for you.
If nothing else, you'd realise, from reading it, why you won't be turning $500 into $100,000, this way.
My strategy will consist of a high winning percentage(works at least 75% of the time)
That will immediately stack the deck even further against you.
If you want to learn why that's so, then take a look at a couple of introductory trading textbooks.
Van Tharp's Trade Your Way to Financial Freedom and Tushar Chande's Beyond Technical Analysis would both help.
They both explain at some length and in some detail why systems with win-rates over 50% tend to be more difficult to produce steady profits from than systems with win-rates under 50%. Win-rates, in isolation, aren't significant. Expectancy is significant. But you don't yet know this, and are not going to learn it by posting in forums rather than getting some realistic trading education. Apologies if I sound a little blunt, but that's the way it is.
Which DVDs and books do you guys suggest for me?
The three books above. All three will help you a lot, but only if you read them slowly, carefully and repeatedly, not skipping over the boring bits and the parts you don't understand, and stop dreaming of turning $500 into $100,000.
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classic. open scamtrader account, sign up to furu newsletter, then we will not hear of the nickname anymore few months later.. yawn
They both explain at some length and in some detail why systems with win-rates over 50% tend to be more difficult to produce steady profits from than systems with win-rates under 50%
this doesn't make sense to me. could you provide a brief explanation of why u think this?
this doesn't make sense to me. could you provide a brief explanation of why u think this?
Having a high winning percentage does not guarantee winning. Example: You place 10 trades and win $100 each time 90% of the time or 9/10 times. So, you earned $900? However, the 1 loss you incur is $1,200 or more. So, you end up -$300.00 after 10 trades. You do not have an edge! Now, flip it to the other side, you only win 40% of the time or 4/10 and lose 6/10 trades.
So, each time you win, you win $500, each time you lose $100. So, now, you earned $500 x 4 = $2,000 and lost $100 x 6 =$600 for a net gain of $1,400. Now, you have an edge! Using the winning percentage to determine if a trading system is any good is bunk!