Taking $5K to $250K by year end

Discussion in 'Journals' started by allenhobbs, Mar 2, 2008.

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  1. I don't have any plans. Suppose I'll continue to trade since that is my full-time job.
     
    #321     Apr 2, 2008
  2. Given your outstanding performance with such a small starting account are you not tempted to throw a whole heap more cash at this?
     
    #322     Apr 2, 2008
  3. bakrob99

    bakrob99

    Why use his own money when he can use the markets? What don't you understand about growing an account???
     
    #323     Apr 2, 2008
  4. I understand the concept perfectly well. I'm not really sure why you ask?
     
    #324     Apr 2, 2008
  5. backrub99 doesn\'t understand why he asked either. I am still quite skeptical of allenhobbs\' ability to come even remotely close to $250k.

    I am betting the OP won\'t reach 20% of that goal. At least not without photoshop.

    No offense OP just a statement.
     
    #325     Apr 3, 2008
  6. Results: 4/02/08
     
    #326     Apr 3, 2008
  7. bakrob99

    bakrob99

    My point is that the key to making (and keeping) fortunes in the market is discipline and consistency. The actual real amount of money is irrelevant while trying to develop the technique and confidence that comes from growing an account.

    Allen has already stated that he has quite a bit of money in other investments... so he is not actually trying to accumulate a fortune rather than trying to develop the method of doing so. Sure - he could dump say, $100K into the account and trade larger size - but what would that prove?

    Your post implied that his only goal was to create wealth. I believe he is trying to develop a solid trading methodology and psychology to do so in the future.
     
    #327     Apr 3, 2008
  8. bakrob99

    bakrob99

    What is it that Allen has done - or not done - that leads you to draw that conclusion?
     
    #328     Apr 3, 2008
  9. Are you the acting AKA by any chance...?!

     
    #329     Apr 3, 2008

  10. In response to my initial question to Allen - about what his plans were after the completion of this experiment he stated he wanted to trade full-time. To get to full-time as a day trader requires two things.
    1. Consistent and profitable trading strategy (Allen seems to have nailed this).
    2. Sufficient daily returns to fund lifestyle. (This was reason for question) - I guess if Allen doesn't need this trading income for 'survival' purposes then there is no need for him to up his account size.

    Of the 1000's of traders that follow posts like this in ET, there can't be many in Allen's position.
    eg. Very consistent and proven day trading strategy with low drawdowns, enough capital in other investments to support lifestyle and therefore not relying on trading returns and possibly most importantly, the discipline to not 'chuck' money at a winning strategy.
     
    #330     Apr 3, 2008
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