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

start a journal.. i'll follow..

 

congrats on the loss if not paper trading. Couldn't have been a better gamble in my opinion.

 

Loss?

 

I was short at 117.70, the stop was moved to 117.33 or +37 ticks on the trade. As it turned out, price dropped to fib & round number support soon after I moved that stop, and price action showed that a rally was likely developing that would easily take out a 117.30 stop, so I closed the position at the market in two parts, at 117.12 and 117.16. Total profit was 27940 Yen, or a bit over $300 USD. Opening balance was $2045.07, current balance is $2347.40.

If I continue with this here, there is an IB rep on ET, and I'd be happy to give him my user name and he could verify that this is a real money account. I have little time for this as it is. I certainly wouldn't make this a complete waste of my time by paper trading a 2K demo account.

It is all a gamble, my friend. If you trade, you too are gambling. Trading is not some elevated human activity. The financial markets are no more nor less speculative in nature than the Vegas sports book.

Here is the realize p&l in Yen:

 

And here is the trade log:

 

Hope you know that if you take the $700 to Vegas you'd have a better chance to double your money. Even if you lose it all you and your family will get a nice room, food and entertainment and about $200 left to gamble. It will be fun and you'll have some good memories. This way you just gamble without getting anything back :-(

 

So gambling is defined by how much capital you have, not the venue or the decision making process?

 

Im following here. So whats the goal with this account?? Any targets?

 

I think I will. This thread is not the place for my effort. I'll leave it to the original thread author and his "following."

I hadn't thought about it too much. Archie Karas ran $50 to $40 Million in two years. I'll not be doing anything like that.

I would say that the time limit would be when I lose interest in the pursuit. As for an equity target, how about 1K(2 to the 10th)?

 

The op wants to go from $700 to 100k in one year. Rest assured that there is no trading decision making process that will give you that result. Just because he trades options instead of picking horses at the track does not make him any smarter, any more sophisticated or any different than the typical gambler.

Regardess of the money one has 9 out of 10 traders lose money, good traders have an edge. If you don't have an edge you are a gambler.