Excellent response Jack. I actually mentioned that I thought you'd not be able to trade the account yourself due to health issues and I hope you keep on top of that problem - I don't envy you I won't be trading this account at any stage and in fact will have minimal input as I am more than busy enough with my own trading. This is a complete newbie with zero TA background that I mentored and then let loose and I want it to be a true record of his trading, warts and all. I specifically chose him because of all the conditions he satisfied that made it unlikely on paper that he would succeed. If he applied for a job as a trader no one would look at him but he'll out trade most pros now. Going to the $1mil and stopping the record there for audit purposes sounds good. Oh and I'll be interested in reading your book so let me know when it is available. .
Another surprisde is the slippage you have.When is the overlap begins,where the skills and knowlege overcome the losses from comms and slipps?Please,don`t tell me about the 10 000 hours rule!
make a demo account and make so much experience and get the knowledge by using the Demo Account then start trade in Forex Market because with the great experience and knowledge you can make so much profit and you can earn so much money from every trade you can.
This can be incredible hard to answer depending on years of trading, early on and limited experience it was make losses small and let profits run = WRONG. Unless you understand WHY price moves the way it does and that reactions are your friend, one is always getting out at worst places. Now learning by sight is so very important, have to learn price action first and memorize patterns, memorize successful patterns and memorize the failures to price. I found the concentrating on only the winning trades made more sense to me than trying to avoid the losing trades. I learned how long it takes for a winning trade to complete for day trading and broke that into longs and shorts, each being different, and if I am in the hole at end of this timeframe, my target is changed to one tick better than entry. Buy incredible amount of data and test test test your ideas using computer, after awhile you should be able to put into code of what you saw in price action Knowing what I know now, no way would I want to become a trader, 35 years, the game is so much tougher starting out, but so much easier with many years of experience. You learn after awhile where the newbies and their uncontrolled emotions/brains will enter and where their protective stops are. If is quite funny actually especially in the afternoons, newbies lost in the morning and get eaten away in afternoon. You need to be able to look at a chart and instantly know what direction it should go towards more than 70% of the time. Anything less, extremely tough to be profitable day trader. Much longer term trading, percentage can be so much less cause profits should outweigh risks considerable and much less trading is much less comm.
Mark Douglas has some good insights about this in his read, Trading in the Zone. Be in the Now and at Peace. Be not afraid to make mistakes.
http://www.tintoyarcade.com/products/Paddle-Ball-Game-Deluxe-Classic-Wood.html You can remit a million dollar donation minus the $3.98 for the paddle to: The Nature Conservancy http://www.nature.org/about-us/index.htm
Wilmott can help, but I never heard of him except to philosophic financial theories based solely on the expectation of return. It is unlike anybody, that when I start a company, am I purposely starting it so I can short it? Who the hell does this?
Get knowledge of forex market Do trading practice on demo for several moths. Try to manage specific amount in a limited time period. Control on your emotions and do trading in planned way.
Step: 1. Make 500 2. Lose 50,000 3. Make 5K 5. Lose 500,00 6. Stay out for a few years 7. Lose 100 8. Make 100 9. Delete all 10. Become an investor