New march to Millions

do you daytrade? swingtrade?
how many positions do you have on at the same time ?
How much do you risk per trade ?

 

Mostly swingtrade, but daytrade as well, all depends on the market conditions. Take ES as an example, now the market is in bottom searching, so the big volatility is in. Could we hold? I dont think so for either long or short. We are in clear downtrend (but possibly very close to the turning point), however with -20% so far and the extreme bearish sentiment, any good news could push ES +30 in a day. Already got another lesson on Friday, I was in ES after 1pm then it shot up with >25 pts profit, but held it too long. So in such market environment, daytrade is the best

But u know eur , aud, gold are in uptrend with solid base, i should have held one more day till friday.

I hold the positions as small as possible. When the market is in your favor and already got some profits.. add more

Any stop loss is preset, if hit , then leave this instrument alone for at least 2 days , even do not take a look at it. Move on and switch to other instruments

Good luck

 

MatureDiamond,

I wish you luck on your quest to get rich and I'd like to share my experience with you that may help you on your journey.

I began doing what you are doing except I began with just 5k and had a goal of turning it into 100k by the end of the year. In my first month I turned 5k into 10k, then in month 2 I turned 10k into 20k, and finally in month 3 I turned 20k into 42k. In the middle of this streak I encurred a 13k down day but made it back in 3 weeks. What I noticed most about my profit curve is that it was pointing straight up and looked <b>Exactly</b> like the chart of the Nasdaq in 2000. The day after Labor Day rolls around and I cough up 3k. Three days later I made the 3k back and all was well but now I had my double top like the Nasdaq did. From there I went on a 33% correction and feared I would blow up. I stopped trading for a few days and took a long hard look at what I was doing and I came away with the conclusion that I was taking on WAY too much risk. I was pretty new to futures and I didn't appreciate the risk of the futures market until I got beat badly by it.

What I did from here was measure exactly how much risk I was assuming to generate a given amount of profit. After I did this the 2k, 3k, 1.5k, etc....days were a thing of the past. Instead, I focused on making 300, 500, 450, etc....per day. What happened is my equity curve went from looking like a roller coaster to a slow steady growing slope -- it was an absolute thing of beauty. After I acheived this I knew I had "arrived." It's not until you can full appreciate the relationship between risk and reward that you can "arrive." At the end of the year I had profits of just over 55k, for a return of just over 1000%. I didn't make my goal but I was tickled pink with the results.

So, based on my experience, and the rapid rise in your account, I'd suggest you take a look at the shape of your equity curve. Is it pointing straight up? If it is you're heading down the same road I did and you're gonna take a big hit. Your trading results are really nothing more than data and there is a predictable pattern to data that has the shape of a bubble. They all pop. If you want to generate HUGE profits you have to assume a HUGE amount of risk.

I wish you success on your journey but remember that making too much money too fast is a very bad thing.

 

Hi ProfitTakgFool

Really appreciate it. I got your every word. I got exact same experience as yours 3 years ago. I made 660k from around 100k in 3 months. But all the sudden, in 2 weeks, it went down back to 400k. That's my biggest lesson ever in trading futures. Since then however I learned

That's why i pointed these:
1. Money management (size + risk control) is most important
2. Keep winning curve with small tolerant drawdowns

I need a steady not rapid pace to achieve solid performance.

Now i am definitely not aggressively trading. Risk consideration is the first priority. When in favor, make much bigger.

Thanks for your reminder again. Good luck on your trading

 

Closed at 60.8k today. 1 trading week left for July. Not too bad

 

First of all, my best wishes to your march to millions!

I am wondering about your "lots of ups and downs at the early trading career which was so painful...." I certainly don't want your repeat in the public forum, but could you just tell me how many years of pain did you go through? thanks.

 

Good luck to you op,

If anybody cares to comment heres what I think is going to happen;

In the futures department I think palladium looks reasonable at these levels. High probability it will close the year higher than 400. Long term palladium looks very bullish. Also look for crude to break 120 support and stage a large rally. Remember what happened last time recently it was at the 120 levels: single biggest daily spike in history. Consider this: 125 /156 = 80 euros is all the Europeans are paying for a barrel. There really isn't much downside in the crude price without a large dollar rally.

 

Good luck too you. Glad your posting blotters to go with your journal. Keep it up you'll make that mark in 5 years!

 

over 60K in just over 1 month? and you began with just 10K right? wow, this is over 500% in just 1 month!!!! how is this possible? I know this can;'t be done in stock mkt. are you a FX trader or futures?

 

Thanks all

To 4DTrader, 1.5 years. I thought i was a genius in the beginning of my trading. . Then traded as i wanted. Lost big on options. That almost ruined my trading hope and career. I knew i was very good at TA. So turned to fx trading, the first account was almost wiped out. Felt very bad. Almost gave up on trading.

Took months' break. Thought hard about the trading. Read some books. Read some legendary traders stories. Then came back strong in fx trading.

Months later I started to trade index emini, making from 100k to 660k in 3 months. However something happened to me again.. In one day the account from 660k to 400+k.. then in 2 weeks, it went back to 350k or so.

I learned so much from these experience. Trading is tough. But do not give up when u have some edge. Keep learning. We will reap

To kxvid, i dont trade something that i am not familiar with.

My trading instruments are very limited.

And i dont trade them very often. Trade them when they are good to trade... like breakdown.. breakout.. .. clear trend... etc.

Most of time is waiting.. for the opportunities. Overtrade is never good.

To tradewiz50, i hope that i could keep this journal in the next 5 years or close it for some good reasons

To forsalenyc, not that much %. The initial capital was 10k. Then I made it to 20.1k in 3 weeks. Then in early July added 19k into this account. Today it closed at 62K cash. (I closed all although I wanted to hold my ES short. ES is in 2nd leg down in coming days/weeks)

I trade fx, index(specificaly ES+ER2), GOLD, OIL and ZN (few times in a year).

Money management is the key.

Thanks. Have a nice weekend. Good luck