Would you quit after you have made $1Mil?

[Pa(b)st Prime]

You're generally correct. There were however a few guys who made TWO million when I was in the bond pit and called it a day.

I always said I'd quit at two. I went from one to two VERY quickly and before I knew what hit me I was back under one and by the time that run was over I was lucky to have several hundo left.

Alas, that was as good as it ever got.......

Quote from Cutten:

Someone who would quit after making $1 mill is unlikely to be the type to make it that far in the first place.

 

[Longhorns]

Quote from Pa(b)st Prime:

You're generally correct. There were however a few guys who made TWO million when I was in the bond pit and called it a day.

Pabst,

If I recall correctly, weren't you in the pit in the 80's?

Two million back then was a shitload of money.

 

[Pa(b)st Prime]

It was a lot of $. Rates were 10% and home prices were a third what they are now. Drugs cost a bit more then than now....

We all know how dangerous success is. One day I was sitting in my clearing firm's office and there was a Motor Trend on the table with a Carrera on the cover. I remember clearly thinking to myself "I'll NEVER be able to afford a Porsche." Three months later I could have bought ten of them. And yet rather than happy or satisfied, I was constantly overtrading trying to make even more, even faster. Needless to say those greedy impulses made years of "L" rides later a quite bitter experience......

Quote from Longhorns:

Pabst,

If I recall correctly, weren't you in the pit in the 80's?

Two million back then was a shitload of money.

 

[Mvic]

This may seem counter intuitive to all you big time dreamers but how about investing $900K (asset class of your choice) and trading $100K. If you are any good (or lucky that year) you will make out fine (if not you will not lose your shirt and will be around for another year), take the profits out of the market annually and reset at $100K beginning of each year. Has worked very well for me over the years but then again I will never be a billionaire either nor do I need or want to own a private jet.

 

[El OchoCinco]

In a heartbeat...

Well actually as one poster said above, I would probably dump $600,000 in closed end funds with good yields, trade $200,000 and use $200,000 to pay off all debts so I do not need as much money anymore and then do something else

Quote from xtrader99:

Just say you have an aggressive trading style with about 50% gain and 50% drawdown yearly. Would you quit after making 1Mil and trade less aggressively or continue compounding, risking losing back 500K? Or would you diversify and invest part of your equity in some other investments?

 

[xtrader99]

Looks like the general consensus is 1Mil is not enough. So when would most of you decide to scale back? at 2M, 5M or compound all the way

Quote from vikana:

Ofcourse not. Here in california 1M barely buys you a house!

1M/year, THAT's a good goal (not that I'm there yet).

 

[jcmonger]

Give yourself a 10% bonus to play, travel, buy toys (Ferrari, boat, plane), a house or second house, pay debt, buy some bolt-ons for your squeeze, party, drink, snort, or whatever is your cup of tea.
Stash 50% in muni's, to cover your eating and housing bills. Laddered out 5, 10, 15, 20, and 25 years.
Trade 40% back up to 1MM, and do it all over again!
Sooner or latter (probably before you know it) you'll have a bond ladder large enough to cover your life style and then some.
AND on top of that with all the bonus $ you blew you'll have some pretty kick ass toys and stories and life experiences.

Regards,
J.C.

 

[Kastro_316]

Even though I am reletivley young and some what foolish , I still could never bring my self to think of actions I will take that derive from something I still do not have.

A better question would be, what will you do when you never make 1 million ?

-Kastro

 

[Pension_Admin]

Quote from Kastro_316:

A better question would be, what will you do when you never make 1 million ?

-Kastro

The answer is simple: I trade.

Trading is something I enjoy doing and if I never make $1mil, I will be glad that I have spent my time doing something I enjoy.

 

[Kastro_316]

Quote from Pension_Admin:

The answer is simple: I trade.

Trading is something I enjoy doing and if I never make $1mil, I will be glad that I have spent my time doing something I enjoy.

Very good answer. Good luck with everything.