Serious question, if you can make $50k in 6 days, which amounts to over $2 million/year, and you have a tendency to gamble in the market occasionally, wouldn't the prudent thing to do be to take 1/2 your profit *out* totally every week. That seems to be the only real discipline you need.
I'm not new to trading. I've been trading since 2001. I've always had an edge. My problem is that after a typical week or two of consistent profits (like the one I've posted above), I sabotage myself and gamble it all away in a single day. All I need to do is stick to my edge and game plan without sabotaging myself. This is proving to be extremely difficult though. I'm hoping you guys can help keep me motivated and disciplined.
You've offered the exact same advice as my father. I do try to sweep out any profits I make once my equity reaches $100K. The problem is I'll often blow the account up before it has a chance to reach $100K. The flip side is if I withdraw funds prior to reaching $100K, I know that when I do stick to my edge my daily profits will be substantially lower. So I just can't bring myself to withdrawing any money right now. All I need to do is stay well disciplined and not sabotage myself like I've done so many times before. It sounds so simple, but I've been fighting it for years now.
Marc to Market: Let me ask you for a clarification: Your spreadsheet showed that starting on Day 1, you "End of day balance" was $27031.12. Did you really mean this was your "balance", not your accumulated profit for the year? If this was your balance, that means you started with only $27000+ capital to trade on 3/27/09, and you rolled that into $71222 in 6 days? That's 163% in just 6 days. Almost unheard of. What instrument do you trade? Futures? Options? Equity?
I agree, lets just plug in some numbers. Letâs go to PowerCharting.com and ask to see his 1099. This guy started out with some youtube videos, and now he sells video courses and has a mentoring service for $300.00 per months. These guys are a crooked as they come. Try posting a negative comment on the youtube site about his videos. Everything if pre screened before it gets posted. Thatâs why all the comments are all supportive, never ever anything even slightly negative. Why because itâs a SACM.
I'm sure it can be done, depending on the instrument and most importantly, your skills. Discipline IS the hardest thing in trading. You'll stop taking unnecessary, outside the edge risks when the anguish of seeing your brilliance vanish hurts enough. Only you know when that will be. I wish you luck. Even if you don't make it to a million, if you're even in the ballpark you'll have a nice consolation prize. Go for it, why not. Wilt