How I turned £3000 into £20,000 in 6 Weeks

This is a discussion on How I turned £3000 into £20,000 in 6 Weeks within the Discretionary Trading forums, part of the Methods category; Originally Posted by Masquerade He's right, you have to get incredibly lucky to build an account that fast and he ...

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Old May 21, 2011, 1:28pm   #9
Joined Nov 2001
Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by Masquerade View Post
He's right, you have to get incredibly lucky to build an account that fast and he knows it. He's just cheating variance and was smart enough to realise that. You could try trading that way but chances are you'll bust an account numerous times trying.
Still, I would not give up that easily. If he went back to £500 every time he got to £5000 he would be reducing his risk. I think that I would give it a try. He must have been doing something right and needs to find out what it was.
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Old May 24, 2011, 6:29pm   #10
Joined May 2011
Re: How I turned £3000 into £20,000 in 6 Weeks

This is really awesome to see. Losing can be pretty discouraging but its great that you kept at it. Thanks for the advice.
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Old May 27, 2011, 9:12pm   #11
Joined May 2011
Re: How I turned £3000 into £20,000 in 6 Weeks

Good to see that you never gave up after losing that much. Good story.
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Old May 31, 2011, 10:21pm   #12
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Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by Aston1st View Post
Last October 2010, I put around £3,000.00 in a spread betting account and traded the DAX. It was day trading.
Hi Aston - if I'm not being too nosy, which broker did you use? Did you get put on 'dealer confirm' or start getting slower fills and more requotes at any time?
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Old Jun 3, 2011, 2:02am   #13
 
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Re: How I turned £3000 into £20,000 in 6 Weeks

Awesome story mate, the 60k in a day loss must of been heart breaking...

Glad to see you are going to carry on with it, good luck & you should keep us posted
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Old Jun 4, 2011, 10:22pm   #14
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Re: How I turned £3000 into £20,000 in 6 Weeks

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Hi Aston - if I'm not being too nosy, which broker did you use? Did you get put on 'dealer confirm' or start getting slower fills and more requotes at any time?
This was a major problem. I was using CMC !!!! As I was increasing my size I could feel the hesitation on their side, at times as mentioned I was getting fills 3-4 ticks off side. I should have taken most of the money and placed it with a better broker. But the fact was the losses were due to my trading and risk adverse profile than bad fills.
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Old Jun 4, 2011, 10:30pm   #15
Joined Jun 2005
Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by Doomberg View Post
Awesome story mate, the 60k in a day loss must of been heart breaking...

Glad to see you are going to carry on with it, good luck & you should keep us posted
I have gone over that £62,500 lost ( in an afternoon!) often, this came not long after I had made £35,000 in one day, the former being more memorable than the latter! That was a day I broke my own rules. Had I of obeyed my own rule:

"Accept the Risk" even if I had of still lost the money mentally I would have been in a better position to recover from the loss."
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Old Jun 4, 2011, 10:45pm   #16
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Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by Splitlink View Post
Still, I would not give up that easily. If he went back to £500 every time he got to £5000 he would be reducing his risk. I think that I would give it a try. He must have been doing something right and needs to find out what it was.
The total number of trades I carried out between 1st October and 30 November was 472 so it was not a wild punt on Non Farm Pay rolls.

Greed and impatience was my problem. The greed as I was trying to generate enough profits to buy a small house outright or big deposit by the time the DAX reached 7,000. My wife keep telling
" it will go to 7,000 but it's the journey it takes that will make it difficult" .....Women, often say silly things and it's always a fool that fails to listen!

My target was £260,000 then I was going place a large deposit on a house, place some in reserve and have a £50,000 trading account.

"Had I of" (massive proviso) had a target of say just £50,000 then reduced my trading size to say £200.00 a tick this would have allowed me to trade the long haul without too much risk, looking at taking 10 ticks a day, that would generate £40,000 per month!

I think at £500.00 to £750.00 a tick one's account has to be at least £150,000.

Unfortunately CMC, the brokers I used have increased their margins so it's harder to pyramid as fast as before.
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