How long will it take to turn a $5,000 account into $100,000?

Discussion in 'Trading' started by guy2, Nov 25, 2004.

  1. guy2

    guy2

    I agree lurefo,

    During my first year of colleage I created a system for betting on the ponies and tested it during that year. I collected the race cards from all the races for the year in my province (2 a week) and did all the calculations on Lotus 123.

    My worst drawdown was losing 9 races in a row. The money management system was the Martingale System. On the 10th race it was all recouped and plenty won but I knew then that if I'd been faced with that bet I wouldn't have made it - even if I had the money.

    That's when I learnt that the martingale system will eventually not work. At some point during your career you'll hit a long enough bad streak to wipe you out using that system.
     
    #181     Jul 31, 2005
  2. what about, only start putting real money on the bets, after 9 losing races ? ;) i sound like a newbie
     
    #182     Jul 31, 2005
  3. guy2

    guy2

    I know that you understand why trade4succes but just in case there is a newbie reading this:

    If you flip a coing ten times and each time it comes up heads, then what is the probability that it will come up tails on the next flip?

    Assuming a fair coin, the probability is 50%. The coin does not have a memory and the previous results have no influence on the future results.
     
    #183     Aug 15, 2005
  4. umm. yep.
     
    #184     Aug 15, 2005
  5. 1 year Dow emini trading 2-4 contracts at a time, 50 dollar loss set gains 200-400 a trade depending on knowledge I knocked off 750 for the day and shut down no need to over trade. When you feel enough is enough time to go. Start to try and blow up or make it in a week you will go broke. 3,000 dollar futures account only trading dow e mini's 3 months 52,375 dollars
     
    #185     Aug 15, 2005
  6. In fact martingale ALWAYS 'works'. You got to realize that it always works both ways!
    :)
     
    #186     Aug 15, 2005
    murray t turtle likes this.
  7. guy2

    guy2

    Johnnyfive, you lost me a bit there. Did you take a $3k account to $52k in 3 months? Or was that a hypothetical example?
     
    #187     Aug 15, 2005
  8. I'm in the same boat as you. We both have that hump to get over on. I've read that small accounts like ours is limited to 3 trades a week(stocks), until we grow it to 25K. It also probably depends on your broker. I don't know what you're studying to possibly grow your account? But I've been checking out videos on Poor Man's covered puts, married puts, and spread puts on Youtube. Well good-luck on your road to riches.
     
    #188     Jun 12, 2017
  9. Mtrader

    Mtrader

    The posting you react on is about 12 years old. By now he will be very rich or very poor. He was last seen in january 2006.
     
    #189     Jun 12, 2017
  10. You need to undertake big risk, and need big talent.
    Try it for yourself and see. That's the only way you'll know,

    In trading, you can't really compare yourself to anyone else. Trading is very much an individual sport. Alot of interpersonal introspection, o_O

    The best traders, in my opinion, are kind of loners (and maybe weirdos and losers, in some people's eyes)

    But to semi-answer your question, how many people do you expect to nail a basketball shot from across the court...
    Or get laid by a SuperModel,

    I can turn $5K into 100K...given enough attempts with paper trading accounts.
    Could take anywhere from, who knows...two weeks, or two years...given certain market conditions and luck.
     
    Last edited: Jun 12, 2017
    #190     Jun 12, 2017