"Most people don't fail in life because they aim too high; most people fail in life because they aim too low, and hit!" -Les Brown With that said, the rules: 1. Every trade must be made after painful research and deliberation. 2. If emotions become a factor, then the trade is off. 3. Value over volume. 4. Position size. 5. Volatility for the win. I find that the only things that help keep me motivated are: 1. Doubt/disbelief on the part of others. 2. A group working towards a similar goal. 3. A statement of intent and an audacious claim to help bring 1 and 2 together in unruly matrimony. How this journal will work: 1. I will provide an update at least once per week with my beginning balance, my ending balance, my best trade, my worst trade, lessons learned, and the plan of action (course corrections, if need be) for the forthcoming period. 2. Your support, your disbelief, your advice, your envy, and your put downs will keep me going. Let's do this!
I'm going to do this with stocks. And (probably) without ever shorting. Slow and steady, at a rapid rate.
I assume you trade prop with at least 30/1 leverage, and have a ton of experience. Otherwise, well, good luck.
My beginning balance for trading on Monday: $11,405.47. I've been watching a few stocks, and I think I can make somethings happen in the week that is almost upon us. For the first week, let me publicly test the "gut" instinct I have from the stock watching I've been doing. ODP: - If I get in at $3.00 I think I can get a 20% - 30% gain within a day or two. - If it settles at around $3.30 on Monday, then I can get in for a 10% gain. FNM - If I can get in at about $0.60, then I should be able to get a 25% gain on the ride back to $0.75. NEXC - Goes from 0.08/0.10 to 0.13/0.15 like clockwork. Low volume, means low position size, means low risk, means quick profit. NCT - I missed out on this one when it sprang from the $0.50 to $2.00, and I aim not to do so again. If I can get in at around $0.50 - $0.60, then I can ride the wave upward to profits. NVD - I watched this one go from $0.06 to $0.41 to $0.69 to $1.20 (in pre-market), then back down to $0.36. If I can get in at around $0.22, then $$$. LVS - If it goes back to $6.00, then getting in (for me) is a no brainer. I would love for ODP to hit $3.00. This is the big one for me. I've been waiting for it a while. Let's see what happens come next Saturday.
Dude, just buy a lottery ticket. Seriously. It's a better statistical bet. You're goal is irrational, to put it diplomatically.
Trading is mainly about one thing. A serious outperformance edge. The costs of trading are much larger than newer traders can imagine. Errors, slippage, commission & fees, your time, etc. etc. So the first thing to ask yourself, why do you think your opinions, opinions and other thoughts mean more than people who have serious research capabilities and large budgets? If you struggle to answer this, then your journal will join the other 99.8% that died with the best of intentions.
I will join you on your quest! Please note i'm already long 2 esh9's from friday afternoon. I mostly trade the 6E, ES, and CL. Sometimes I scalp, sometimes I build positions and trade options "inside" the position. Sometimes I use stops sometimes I don't it depends on my expected duration of the trade. I'm not going to post every mundane thought and I don't care about fundamentals. I do what the chart and the price action tells me to do, if it lies to me I take the loss.
What makes you believe you can reach your goal? I am curious to know your background and previous record.
your odds of getting to $1M playing these stocks is close to 0. sorry to say, but going to $0 is the logical call here. stay away from these beat up stocks.