From rags to riches, 700$ to 100k in 2013

Discussion in 'Options' started by dfantome, Jan 9, 2013.

  1. dfantome


    Hello everyone. Im D Fantome. Ive been a lurker for a couple years now, the past two especially. Ive decided to finally join the site and make a contribution of my own, and to log my progress and first steps into the financial world.

    Let me give you some background on me. Im 23 years old. Im currently unemployed. Im a single father.

    Seeing my savings dwindle down to 700 has encouraged me to actively start making my money work for me. Ive been into stocks since before I was 18. Started getting into them more seriously in the past two years especially. Have been paper trading options,stocks & forex since thenand doing very well. Options are my preferred investment as I love their complexity and managing them, implementing strategies. So most my trades will be option based. With a forex account added once another 500$ is avaliable.

    Although I do plan to get a job soon as I am a CNA currently and bankroll the operation with some more capital, at the moment I am only working with 700$. I will post all deposits and activity in the I hope to deposit some more money, and I will be taking money out to live on as it accumulates.

    My goal is to have 100k in cash + account value by the end of the year and be able to do this full time. Im here to show my style, although i am not very experienced. I am open to all critcism, comments, and dialog. join me on my journey..welcome to my log & thanks for reading
  2. If you're a CNA surely you can find a job. If you're a father, you MUST find a job.

    Instead of losing your $700 in the market, why not put it toward your LPN/RN education? That certainly makes more sense to me and is many times more likely to lead to financial success.

    But you're a big boy. Sit at home in front of the computer trying to make your fortune if you wish. I look forward to reading how that works out. I doubt it will take long.

    Good luck.
  3. RedDuke


    Hi Dfantome,

    I wish you all the best, but I hope you realize how under capitalized you are.

    Just to put in perspective your capital is equal to a bill for a dinner of 4, in an upscale restaurant in NYC, and that is without expensive wine.

    The best route would be getting a job and once more funds are available than trade.

  4. Shanb


    700 dollars isn't gong to give you much honestly. You could use those funds to learn and start to implement your approach with real money...that would be a good start.

    With this business if you have the persistence and passion you will win out over the long term, but first you need to get the practice(with real money). I look forward to your journal. Best of luck!

    Good trading!
  5. Mitch89


    I wish you'll have more...
    But I doubt that.
    It's like you're going to play Holdem Poker with 700$ against players that have 100,000$ .

    Your chance is so low....
  6. Shanb


    Nothing wrong with getting in their and trading with real funds...even if its only 700. Paper trading and trading with real cash is completely different. Get in their and start building those skills

    We all gotta start somewhere tho right!
  7. Is it your intention to sell options or buy them?
    What is your % return goal for the end of the year?
    Is it your intention to throw darts at high risk, low probability trades, and "hope" for the best?
    Or do you intend to focus on high probability trades with lower % return goals?
  8. Please don't do this.
  9. +1
  10. spd


    Can you even open an account with $700?
    #10     Jan 10, 2013