Only an account statement could back up neke's claim. And the account would pave his way to a top trading position in a world class organization.
OK, look at it this way. To hit 500K at year end, assuming no withdrawals, I need to make just less than 5% a week. (we are talking compounded). Now on a balance of 78K, that is 3.9K. Sure as the balance increases so will the dollar amount. But this is just to put it in perspective when you think it is not doable. If you go back to my previous posts, I have done that (on a percentage basis) in 2005. What I am aiming for this year is just doing it on a larger balance.
it can be done but i don't think you can do it, you trade like a gun slinger. huge honking swings will wreck you. you have bent fenders now if you haven't noticed. keep it up and it will be totaled.
When I first started to trade, I have a good start and set a goal of turning 50k into 250k. The result?? I ended up lost 30k. Why I ended up in red? I will keep telling myself I have to make X amt every week, and tried to make it by over traded and margin too much. Worst of it, when I was in red, instead of asking myself why, I went and try to find the holy grail. The moral of the story, never set any goal, just trade well and money will follow. I am stopped trading for some months now. I want to unlearn some of the stuffs I learned and create something simple.
Half of your statement is correct, in that you have to trade well....and continue to trade well to build the momentum it takes to make those kinds of returns. Momentum is what will take you forward, but it takes a series of winners to build that momentum, so focus on trading well, and the $ will come. I am also a strong advocate of goal setting, and visualization. These are equally important, IME! Good luck Neke....keep it up....ignore the naysayers...most of em' are just crabs in a bucket. No reason why you can't repeat last years numbers or improve them.
Weekly Update Correction for last week's report: Total profitable trades is 18 and not 16 as previously reported. Very good week, though not spectacular. Lots of trades, profitable and losing. Glad to finish the week on the upside. Below is the result for this week, and the cumulative result since the thread started. For the fellow who thinks I am making up figures, I have attached screen shots of my account balance and net gains for the period, being careful to eliminate my personal information. The account value (88,520 on the screen differs from the 88,962 reported here because of unrealised loss on existing positions). The GainsKeeper realised gain (19,451) differs from (19,326) on my report because of margin interests. Code: Week Ended 3/23/2007 Balance B/F: 78,412 Profit or the week 10,550 ------------------------------------- Balance C/F: 88,962 Number of Trades 29 Number of Profitable Trades 20 Since Inception of Thread 2/25/2007 - 3/23/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 19,326 Cash Withdrawal -7,000 ------------------------------------- Balance C/F: 88,962 Number of Trades 100 Number of Profitable Trades 61
Dont criticize this man. If this is how he trades, this is how he trades. He seems like an educated grown man who has traded before. Its his dime. So if he makes money, then good for him. If he doesnt, then shame on him. He knows what he is doing and he will be the one held accountable. Just sit back and watch the show.
Weekly Update for week ended 3/30/2007 Glad to report a very good week, bordering on spectacular, even without a remarkable trade. One trade almost ruined my gains though: Bought 1000 DNDN 18.73 premarket, 1000 @ 15.65, 1000 @ 14.87. Went for a meeting, came back and saw the stock at 12.7, so bought 4000 @ 12.67. Luckily able to unload all at 14.32, for a gain of about $260. Well, I do not recommend averaging down on losses: at some point it will hand you the most disastrous trade in your life. I just couldn't help it this time. Made gains on 20 out of 21 trades for the week, one losing trade of -$41, a percentage hit of 95%: this is far above my two-year average of 60%. You take it when it comes along. Nice! I shall be withdrawing 6K next week for the month ended. Code: Week Ended 3/31/2007 Balance B/F: 88,962 Profit for the week 24,235 ------------------------------------- Balance C/F: 113,197 Number of Trades 21 Number of Profitable Trades 20 Since Inception of Thread 2/25/2007 - 3/31/2007 Balance B/F: 76,636 Net Gain (Less Margin Interest) 43,561 Cash Withdrawal -7,000 ------------------------------------- Balance C/F: 113,197 Number of Trades 121 Number of Profitable Trades 81
You're very lucky! You had roughly $100,000 worth of DNDN and closed it for a $260 profit. That trade could have easily wiped you for tens of thousands...but I'm assuming your other trades of the week were done under tighter risk control (I hope).:eek:
This is great. You went from a considerable loss to a nice gain in a week. This is reason why you should keep trading even when you have lost a lot. Although, that DNDN trade was *crazy*. When something bubbles up that high in the premarket, it usually will be found for a better price after 10:30 when cooler heads prevail. I like this idea of a monthly cash withdrawl. It appears you withdrawl about 5% each month. Im not sure if its for yourself or for another account. Your strategy I suspect is quite risky so if this account goes up in flames, I think that outside money will give you a buffer. I am going to employ this strategy of a 5% cash withdrawl each month as well. I'll place that cash into a balanced mutual fund or a cash account to invest in long term trades when the market is down.