Bogan7 Registered: Aug 2006 Posts: 493 07-09-07 01:00 PM Most people blow out in 6 months so you are doing better than them. What more do you want a pat on the head and gold star well you got em too. This is not necessary for me. I can live without it. But sometimes I read here about account growth or the will to growth from 70k to 500k in a year(see neke). Near this success my statement is nothing. I just wanted to ask you, because in my environment I don't find anybody with the same problems. So I think I'm lonely. Trading is a lonely business, mainly in my country. Can I find here real statements about other people account? BreakDown
What country are you in out of curiosity? Growing from $70k to $500k is feasible...but that's not easy. In my opinion you can only do that a few ways; invest in micro caps; trade with amazing precision and decent size; and buy far out of the money options in a stock that gets bought out at some ridiculous premium. Although there are a few more ways to make such returns, everything depends on your ability to take on risk. How much are you willing to risk, what's your tolerance, and how sure are you that a riskier strategy is likely to return good results over the long term? There are certainly "out of the norm" ways to invest and make a good return. I make a return that I think is excellent solely investing in small caps. I'm a bad trader and have proven so to myself a few times and in the end, for me, it's a lot easier to find a good company and invest in it with a 1-3 year outlook aiming for 300-500% gains. Cheers bro, good luck.
At least you are up and not down.. I have taken a 6k account and turned it into 8200 since late March so im feeling pretty good. I am hopefully going to be putting more cash in soon.
The only definition of successful trader is one who retires on their gains. Good start, but keep your ego in check and keep plugging away. Keep going for the base hits. Going for home runs makes for great stories. But usually end in an empty wallet. The game ain't over until your broke or rich.
"The game ain't over until your broke or rich" trading is a business. i don't open a business in order to go broke, and i don't expect to (although it would be nice) grow rich trying to make outsize gains/greed/going for huge returns is one of the most dangerous psychological traps for new traders. especially those who have decent positive returns at the beginning (which could be luck given a reasonably small "n" who knows?). the desire to make it big, get rich, leads traders to throw risk management, money management, and sound business practices to the wind, which usually results in blowup EVEN given a positive expectancy methodology. could you get rich? absolutely. but you are doing JUST FINE in the business, if you can make a decent return consistently WITH minimal risk. protect your capital
You misunderstood. Trading is a business and protect your cap..agreed. But I dont know anybody who starts a biz to just get by. Whats the point in that? Why not go work for Fedex or be a teacher then. You start a biz with the end goal of retiring a self made person via sale of the biz or large growth.
i think we basically agree, just concentrating on different points my point is that (and this is something i have learned from studying psychology, as well as training traders) is that concentrating on, expecting, etc. big gains (getting rich) is one of the surest paths to trader failure. i tell traders to concentrate on the setups, the risk management, etc. and NEVER the money. the money will take care of itself given proper methodology and risk management trying to make it rich almost ALWAYS leads to ruin. that';s my point. it's a psychological issue.
Absolutely right. The setups and money management are the paths that pave to way to riches. As I said earlier. Home runs make for great stories but usually end with an empty wallet.