Would you quit after you have made $1Mil?

I will continue to trade after I made $1million. One reason is that $1million is not a lot of money. Another reason and is also the main reason, is that I just have a very deep passion for trading. I would not quit even if I made $1billion.
 
I did not mean quit trading altogether. But when is it a good time to scale back. If you look at 50% drawdown, you potentially face drawdown of 500k for 1M equity at year 1, drawdown of 1M for 2M equity for year 2 and so on. That is a huge amount of drawdown to face. Meanwhile you still have to wonder if your edge is still there, whether or not the current drawdown is going to be worse than before, whether you would lose it all.
Trading is always a game of uncertainty, so I am just pondering on when and how much you should take some off the table, and how much to continue trading at a less stressed condition.
 
Why don't you spreadsheet it and seek efficiency. You will need to forget what you have and make efficiency your priority...if you have a frugal Wifey give it to her...

you might consider getting a 1990 Plymouth Voyager with simulated wood grain siding :)

Hope this helps...

and...NEVER never count your money before you have it...now get back to work!


Quote from xtrader99:

I did not mean quit trading altogether. But when is it a good time to scale back. If you look at 50% drawdown, you potentially face drawdown of 500k for 1M equity at year 1, drawdown of 1M for 2M equity for year 2 and so on. That is a huge amount of drawdown to face. Meanwhile you still have to wonder if your edge is still there, whether or not the current drawdown is going to be worse than before, whether you would lose it all.
Trading is always a game of uncertainty, so I am just pondering on when and how much you should take some off the table, and how much to continue trading at a less stressed condition.
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Quote from Rearden Metal:

I know quite a few traders who have made it to 1 mil.
Sometime for better and sometimes for worse, but not a single one of them stopped there.
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That would have been my guess.
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.
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And that's the reason why.
 
Quote from xtrader99:

So you are happy with a sure 50K interest plus a potential 50K trading income versus a potential 500K trading income? That is a rather conservative approach. Imagine what you can do with half a mil.:)
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But Image what you could lose with that much money!

If I made 1m from trading, I would continue to trade, but I would start new endeavors besides trading.
 
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