A 70k bet that I can't make a 50% gain in 2009

Discussion in 'Journals' started by geez, Dec 21, 2008.

  1. geez


    My buddy and I have a long history of some strange bets. One , that I can't hit a 300 yd drive after 3 months of practice, I'm 5 11" 165 lbs. (won that bet). Two, that I couldn't bench press 300 lbs after 3 months of practice (lost that bet). Three, that I wouldn't swim in a frozen lake(won that bet). Four, that I couldn't travel cross country on $50 dollars (lost that bet). So.............

    THE BET: That I can't take a 70k account and make at least a 50% return on it in 2009. If I fall short I pay the 50% return. If I win, I keep the return and any additional gains, taxes paid by the bettor.

    THE RULES: He gets to pick the trading platform (scottrade, wow) and I can only use 1 monitor. IF I reach the 50% gain before the end of the year, I must continue trading(at least 4 trades a week w/ a min $100 risk) until years end.

    MY TRADING STYLE: Since I have to trade on scottrade I will strictly trade stocks and ETF's. I risk $200 per trade with a risk/reward of at least 1 to 1.8. Meaning winning trade should return $346 ($360-$14 for comm.), each loss =$214 w/ comm. If the daily chart suggests a swing trade I will leave a Back Half for a 3 to1 min r/r.

    MY BACKGROUND: I've been trading as a 2nd income for the past 8 years and said that I could make money on any trading platform as long as it was stable, hence the bet was born!

    The Bet starts the 1st opening bell of 2009 and ends the last closing bell of 2009......enjoy the ride!

    P.S. As a long time reader of ET but 1st time poster, I of course welcome(and expect) all haters to join me on this thread. I will post each and every one of my trades so you can follow along and we can agree to disagree about entries, exits, and so forth.
    SO...as they say in the ring: LET'S GET READY TO RUMMMBLE!!!
  2. kxvid


    Your friend made a good bet, you didn't. I doubt you can make 50% if you make bets like that. Looks like youll be out 35k, or even if you do make 50% all you friend has to pay is about 10k taxes.
  3. geez


    ahhh, but if i get to the 50% i keep the profits, taxes paid by the forementioned friend. So I get 35k (or more)
  4. talknet


    I would say 50% profit is easy from forex because of "major world events" which lead to major price fluctuations in international currencies.

    My Forex broker/manager based in Switzerland has already paid profit of +155% for year 2008 from conservative risk structure of maximum risk of 5% per new trade.

    I have researched some other forex brokers/traders and they have also paid profit of 100% - 200%+ for year 2008. But I think these traders have high-risk trading.
  5. your better off taking one option position (say LONG SRS) and letting it rip
  6. I'm a big fan of stupid bets. That's what friendship's all about.

    On one right now. :)
  7. geez


    Care to share? I could use a good one to use on him for the up coming year,
  8. Do you play poker too? You sound like a bunch of degens lol.

    Get him to cycle a mile on a unicycle, or you could do something endurance. Alternatively you could just hustle him but as he's your friend maybe you don't want to.
  9. geez


    One of our first bets was that we wouldn't do the Ironman competition in Hermosa Beach CA http://www.pubclub.com/fourthjuly/hermosa.htm

    The unicycle is a good thought, maybe down the hills of San Fran.
  10. Just on something flat will be hard enough. If he's got gravity on his side then he stands a chance if he can stay on. :p Going uphill could be a challenge though..
    #10     Dec 22, 2008