How many traders here have ever made >$1 million starting with relatively small equity? (such as tens of thousands).
I think 1 mil is probably not very hard. but once it gets to 20 mil, then you are going to start hitting the wall.
Funnily enough, around 2 mill is a wall - after that it's all down to your personal limitations. At that point the market has unlimited and unending opportunity.
I started my investing career in '79, with $25/mo bank draft into Templeton Growth Fund. I saved my money and invested in the markets. In '94, I won the $500,000 Mutual Fund division of the US Investing Championships.... as well as Mutual Funds Overall and $500,000 Overall. (Not bragging, just fact. Doubters can look it up in IBD and Barrons.) Now, investment profits of "only" $1 Million in a year would be a disappointment. It's possible.
Thanks for an encouragement . I am trying to develop my first trading method. Would you be willing to do a brief evaluation as of suitability of it for a trading ? hombre
I'll save you some time and tell you what I know right here. It's not much. After all my years of trials, it boils down to "Take a shot. Use a stop." 1. You have to figure out "where" on the charts or "when" on the apparent sentiment that you can "risk a little to possibly make a lot". (One of my pet trades is on the 50 or 200 day averages... when they have positive slope and tested from above, expect them to be support. When negative slope and tested from below, expect resistance.... when the slope is horizontal and prices move across them freely, the MAs have no significance at all.) 2. Scalping is WAY to difficult, so go for swing plays. There is nothing any of us can do to assure success. Also nothing we can do to guarantee we won't blow up. YEARS of success can be wiped out with one major error in judgement. (Trading lore is rife with examples.) The only thing we can do for certain is eliminate the possibility of a huge loss on one trade. It's always been my philosophy... "If they are to get MY money, it's going to be like being nibbled to death by ducks." Good luck.