yet another young trader with outrageous claims

Discussion in 'Journals' started by yayt, Dec 10, 2007.

  1. yayt


    Hey all,
    Yet another young trader coming onto ET with outrageous claims.

    Some background: I have been watching the stock market and paper trading value plays for about 5 years, dreaming of becoming the next Warren Buffet, etc. etc. Always thought technical analysis was a bunch of garbage (and more or less still do ... look there's a flag!)

    Anyway, my personal outrageous unreasonable goal is to turn $10,000 into $100,000 within 2.5 years (just in time for graduation and principal payments on my student loans).

    The first couple of weeks I traded only equities, making a paltry $50-100 a day and becoming impatient.

    So I started reading about options, then proceeded to lose a couple of thousand (I guess I would count that as my tuition).

    Since then, I've learned what words like "risk management" mean, which have kind of helped my performance, more or less.

    Many of my large losses came from my deviating from my main strategy (which I like to call "pseudo-arbitrage") and as a result I will test new strategies before jumping headfirst into them (hard to resist the allure of the tight spreads on Apple, QQQQ, etc. options)

    All in all, in the past 2 months I have been able to turn that 10,000 approximately $18,000. I'd like to attribute this mostly to pure luck and happenstance, and can only hope that it will continue for a long time to come.

    I'll be posting my first trades tomorrow (if I get a chance to trade!)
  2. jtnet


    lol stop while u are ahead
  3. How many other EliteTrader ID's have you used in the past? You can't fool us, we are Elite Traders.
  4. yayt


    I've been reading for a while but this is my first ID
  5. Tums


  6. yayt


    Haha, coincidence that your example of how NOT to trade accused me of being someone else?
    And yes, I'll have to agree, his trading style seems ridiculously risky to say the least.
  7. Is this going to be about value plays or options spreads? Or both?
  8. maxpi


    It seems like you are developing your skills/comprehension. Good fortune to you.
  9. yayt


    Hey FerdinandAlx,

    Right now I am mostly trading options daily to build up a certain amount of capital so I can "invest" (?) in LEAPs for companies I feel are undervalued or poised to appreciate within a certain time frame.

    I haven't really done any spreads trading, it's something I've been meaning to look into but haven't had a chance to really investigate what I could do/if the strategy appeals to me.
    #10     Dec 11, 2007