What kind of approach can make you INSANELY rich?

[ironchef]

Please, stop selling people ludicrous dreams that you know 99.9% of people are going to be unable to achieve (and the remaining 0.0.1% only managed a 1000x return only by luck rather than good judgement).

Tim,

Please don't give him a hard time, he is a good trader (I read some of his old posts).

Actually he said 90%. He and the other 10% can achieve profitability.

Another point, the fact that you and I have not seen a black swan does not mean one does not exist.

Best to you.

 

[trdes]

Well oddly on this one I am kind of torn on who to agree with. at least for the $5000.00 to a million this is totally Unrealistic for a new trader or a trader who all he has is $5000.00.

For someone who has an extreme edge and is well funded $5000.00 to a million is relatively easy and actually should be expected.

So what I am saying is its kind of a weird thing because trader #1 isn't likely to have the tools he needs or mental strength due to he's risking all his capital.

Trader #2 not only has the edge he found he also likely has plenty of other capital so he can trade the 5k with impunity and no mental stress. And what's the odds of trader #2 helping #1. Not extremely high. I guess this is theory vs reality here. But bottom line is yes it can be done without taking crazy risk.

 

[ironchef]

The FACT is that time and time again, the markets prove that "slow and steady wins the race".

The trouble is that we live in a world of instant gratification, and most people are just too damn lazy to do the right thing and look at the bigger picture.

The one great paradox in life is youth have no patience yet they have lots of time to compound their gains. Aged have the patience but not the time to compound their gains. Rarely will you find a young trader who understands patience and can go slow and steady to achieve great wealth in life.

Best regards,

 

[Rationalize]

Billions as-in % net worth uplift?

Marry it.

 

[Tim Smith]

Please don't give him a hard time, he is a good trader (I read some of his old posts).

Wasn't giving him a hard time, more was just pointing out the harsh realities that lurk not far behind his ultra-bullish statements.

Whichever way you slice and dice it, his statement of "$5k to $5m in 12 months" is absolutley shrouded in a necessity to over-trade, over-leverage and take large risks.

Even more so when you consider what equates to "12 months" on the markets. Take out weekends and public holidays and you're basically saying "$5k to $5m" in 11 months not 12.

If @Mtrader is so confident then how about this .....

@Mtrader opens a seperate live account, puts $5k in there, posts his P&L showing $5m after 11 months and gets an independent accountant to audit and certify the result !

 

[trdes]

Wasn't giving him a hard time, more was just pointing out the harsh realities that lurk not far behind his ultra-bullish statements.

Whichever way you slice and dice it, his statement of "$5k to $5m in 12 months" is absolutley shrouded in a necessity to over-trade, over-leverage and take large risks.

Even more so when you consider what equates to "12 months" on the markets. Take out weekends and public holidays and you're basically saying "$5k to $5m" in 11 months not 12.

If @Mtrader is so confident then how about this .....

@Mtrader opens a seperate live account, puts $5k in there, posts his P&L showing $5m after 11 months and gets an independent accountant to audit and certify the result !

it seems your argument is more you don't believe it's plausible to have an extreme edge in trading or pick up on repeatable patterns in the market. Because with this it's only a matter of time turning $5k into millions, with how much time depending on how strong your edge is.

I have to disagree in this case, in the pass I've traded with people who have unrelenting accuracy. No I am not at this level yet, but I have been fortunate enough to witness it first hand, so I know things like this are plausible.

Where I more agree with you is in the practical reality of it. Like i said new traders or traders with only 5k this is an fairly unrealistic and unlikely achievable task.

But I would not be shocked nor impressed if mtrader could turn 5k into a million in a year assuming he's the real deal and we take what he says at face value. As he would have no mental stress plus the edge needed.

Apologize for any errors posting this via phone thanks

 

[Tim Smith]

it seems your argument is more you don't believe it's plausible to have an extreme edge in trading

I think we all know that in the modern markets, the ability to have an "extreme edge", let alone a consistently repeatable one is a bit of a non-starter. I mean even HFTs with tons of money and the best data feeds in the world can and do struggle.

And for $5k to $5m in 11/12 months, you need that consistently repeatable bit, and that's where the realities of the markets start hitting people and keep the dream just that... a dream.

Sure, @Mtrader might be some sort of trader-god .... but just like god (if you believe in such things), there are not many of them out there and you could probably count them on one or two hands. Hence what I am saying ... for the vast vast vast majority of people, the statements @Mtrader is making will only ever remain a dream.

 

[lawrence-lugar]

I think we all know that in the modern markets, the ability to have an "extreme edge"

And for $5k to $5m in 11/12 months, you need that consistently repeatable
just that... a dream.

Sure, @Mtrader might be some sort of trader-god .... but just like god (if you believe in such things), there are not many of them out there and you could probably count them on one or two hands. Hence what I am saying ... for the vast vast vast majority of people, the statements @Mtrader is making will only ever remain a dream.

This is EliteTrader -- not AverageTrader.com ...I think we're all kind of fantasizing about that magical, fabled story of that unicorn astronomical success story in the market

It's not That Impossible, however. Given the right edge or skill, and in the right market.
Compounding leverage or options in the biggest, most liquid market is like producing an A-Bomb of returns.

Of course, without say, 99.2017% of traders will get nowhere near this point.

 

[trdes]

I think we all know that in the modern markets, the ability to have an "extreme edge", let alone a consistently repeatable one is a bit of a non-starter. I mean even HFTs with tons of money and the best data feeds in the world can and do struggle.

And for $5k to $5m in 11/12 months, you need that consistently repeatable bit, and that's where the realities of the markets start hitting people and keep the dream just that... a dream.

Sure, @Mtrader might be some sort of trader-god .... but just like god (if you believe in such things), there are not many of them out there and you could probably count them on one or two hands. Hence what I am saying ... for the vast vast vast majority of people, the statements @Mtrader is making will only ever remain a dream.

Yeah for majority of people, can certainly agree here.

 

[Overnight]

Completely wrong.
Daytrade the ES with the following hypothetical information:

• Starting capital: $5,000
• Margin: $1,250
• Commission: $5 per RT
• Net profit per day: 2 points
• Maximum position: 250 contracts

After 1 year your account will be at $5,100,895.
Even with making just 1 point net a day your account will be at $1,885,145.
...

*choke*

Please tell me how you can enter a position of 250 contracts on the ES with $5K? Does it require some magical leverage with options or something?

To enter 250 contracts in ES with my broker I would need $100,000. If I were to enter the $100,000 position with that amount of capital in my account, and it went down one tick, I'd be margin-called in 3 seconds.

So please tell me how your hypothetical could be actualized? Through which broker and with what method?

Remember, you stipulated that the max capital you have to work with is $5K. Please, make it so.