I don't know why you should quote such a think, but I am not a liar and I don't understand why you think I could be proud of those trades when everyone without basic knoledge of trading and TA could be able to do the same.
Thanks for the tips man!...But they're a few months too late. I went bust when Yahoo missed revenues by a penny. Oh well, may still get my nsx, just won't be doing it by trading for it. I took a 2 month hiatus from trading while I pondered what went wrong, but i'm back baby! (just put in a few trades yesterday). Not a daytrader though! position trades is where im at!
Here are the problems as I see it: 1) You are trading for a material goal. That usually means that all disipline, risk management, trade management, level-headedness goes out the window and what you end up trading on is greed, ego, desire and pure emotions. Recipe for disaster. 2) You are loading up the $5k into 1 trade each time. That almost implies the assumption that you expect to make a profit on every trade. 1 loss can pretty much wipe you out. Looks more like home run trading which always leads to losses. Also home run trades are the product of greed, ego, desire and pure emotions. Why not spread out your money. 3) Looking to flip long options means you will suffer from slippage, theta, and IV changes 4) No one is telling you to not invest, but why choose the method that has the least liklihood of success and highest probability of wiping out. 5) NSX is so overpriced that if you manage to win the lottery and turn that account into enough money to buy an NSX, the 6th time you take it to the shop you will realize what a waste. 6) You are treating trading as a game and Las Vegas table as opposed to the serious business that it is. WHen one lacks respect for risk, one is often quickly reminded what risk is. I wish you luck but honestly if you succeed, others will wrongly assume it is that easy and create their own path to losses. Phil
I regained (and then some) the capital that I lost on the yhoo trade this past week (i had some goog options). so its time to get this experiment kick started again. The goal is no longer to buy an nsx. The goal will be to set me up for retirement. I'm going to scale back my starting capital to $1000 (so that if i blow up it won't hurt much). The goal will be to grow this to $100,000, within a year. If I can turn 1k into 100k, and then leave the 100k in an index fund, at 10% interest, that would grow to about 2.4 mil by age 55 (if inflation is 3%, that would be about 1.0mil in present day terms). If this were to happen, combined with other retirement savings I already have, and I'd be able to retire comfortably by about the age of 50 without having to contribute another dime to my retirement acounts. Of course if this suceeds, then I may have money for the nsx anyways since I wouldn't have to worry about saving as much of my income. New rules of the game: Every profitable trade I make, I'm going to take out 10% of the profits and put it on 'reserve' (left in cash). The reserve will never be touched during this experiment, so if I have a 'reserve' of 500, and the rest of the acct blows up, my experiment is over. This way, as long as I don't blow up right away, I'll leave with something. I'm going to trade in an ameritrade account instead of the fidelity one i used earlier due to ameritrades flat commissions. No OTC/BB stocks (due to uncertainty of fills). It'll be okay to place 100% of capital in a stock trade, but no more than 1/3 of the capital can be used for an options trade. Also I won't hold options for 2 companies in the same industry at the same time. No holding a position for more than a week (if i bought monday, i'll have to sell by next monday at the latest). My initial goal will be to turn this 1000 into 2000 by Nov 15. Would welcome any suggestions (added rules, potential trades, etc etc). Trading starts on monday. Hopefully I can last more than a week this time...
with the way u trade u would be better off just taking 20% of 2 hypothetical winners, stick it in your pocket and burn the rest of the starting capital. couldn't help that . no, seriously, u r on the right track. taking part of the profits and removing it from the account in order to add back into the account later is the key that most traders miss. say u start with 1,000. every time u make 1,000 take 1/2 (500) and put into a reserve account. then when the account gets a drawdown to 500, add back 500 to get it to the original starting capital. hopefully u will have hit the +1,000 more than once so that u can get the account back to original size plus have at least one more add available in reserve in case of an extended drawdown. from almost 20 years of experience i'll say that a lot of good/potentially great traders left the biz because of this lack of a reserve built up when they were on a roll. spend time figuring out how to stay in biz and u can drive whatever car u want. i wish u the best success.
You remind me of myself 5 years ago. I had unrealistic goals of trying to make 1% a day. I was calculating how many days it would take for me to turn my money into 1 million. I'm very happy with making a 30% year now. The chance of you turning 1k to 100k in a year is next to nil. The kind of risk that you need to take to make that kind of risk will eventually blow you out when you run into your next losing streak. The path to success is consistent gains with small drawdowns over time. Good Luck!
Good Luck. You'll probably blow the account again. That's part of the game, don't be discouraged. The key is not quit. I mean this in a positive way. ozzy
i just could not take this thread anymore --- i bought you your darn NSX so where should i have it shipped??? i hope you like the color! http://cgi.ebay.com/1999-HONDA-ACUR...6004750918QQcategoryZ1190QQrdZ1QQcmdZViewItem