Sweeping My Account

Since my account hit a nice round easy to remember number today, I have decided to sweep 50% of the amount each month over that value.

I don't really need the money to live on anymore, but I do need to keep straight with Uncle Sam.

That way my account will slowly build, and I will get a check each month, even after a loosing month (as long as it stays above that nice round easy to remember value.)

 

Ok.... Congratulations?

 

Pretty cool, you can trade but you cant spell ....loosing is spelled losing.

 

sorry about the spelling, I never said I could trade, I was just talking about how I wanted to sweep from here on. I swept 100% of the profits at the end of July because I have only been trading this way since NOV 2011 and I'm not sure if I am good or just lucky.

 

no congratulations are in order, but thank you, I was just talking about my plan going forward to sweep on a regular basis to both slowly build up the account and take a little off the table for the IRS and whatever else.

 

so pick a number, any number. Let's say you open at ib with the minimum 10k. every month therafter you sweep 50% of the closing balance above 10k.

so if the closing balance is 10,500 you sweep $250.

if next month the close is 13k you sweep $1500

if the next month the close is 11000 you sweep $500

if the next month is 9k no sweep

 

If your have been making profits for almost a year you must be good....luck would have run out by now.

 

not so sure about that, there has been a lot of luck involved, just happened to be short CHF when SNB intervened (actually I was neutral and got stopped out of my longs only to see my shorts go to undreamed of profits)

Just happened to be short JPY when BOJ intervened

Just happened to be long AUD/EUR when it was making easy money everyday

none of that had anything to do with my trading plan

I've never been on the wrong side of a mega trend, so I would not say that I am a good trader, just talking about some money management in the sweeping of my account

 

if you find yourself on the wrong side of a mega trend and somehow survive, then on a quiet lonely night you can congratulate yourself for being a good trader.

 

Cant understand the point of gradually sweeping an account .

Either you believe on your strategy and do nothing or you believe in your strategy and just need the money so you get out as much as you need or you dont believein your so you close your position .

I believe in profit taking but gradual profit taking makes little sense