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; Hi Aston1st, So how are things looking for you now, is this strategy still working for you? -S...

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Old Jul 31, 2011, 11:39pm   #41
 
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Re: How I turned £3000 into £20,000 in 6 Weeks

Hi Aston1st,

So how are things looking for you now, is this strategy still working for you?

-S
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Old Aug 3, 2011, 7:55pm   #42
Joined Sep 2006
Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by theroguetrader View Post
" A man can have all the money in the world - but if hes stuck in the desert, hell swap all those riches without hesitation for a glass of water " ... !!
hi
As someone who once made £10,000 in a day followed by a loss Of £30,000 a week later know how you feel
I tend to trade small amounts now.
What is your precise entry points on trades
i tend to go for 30 pips a day max on indices and Fx.
Always willing to learn, my email is michaelcartz@hotmail.com
Michael
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Old Aug 5, 2011, 12:11am   #43
Joined Jun 2005
Re: How I turned £3000 into £20,000 in 6 Weeks

Aston1st started this thread
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Originally Posted by fwloop View Post
Hi Aston1st,

So how are things looking for you now, is this strategy still working for you?

-S
I have recently built up a small grub stake which means I can trade once more. I have also changed brokers so shall wait a month or two then keep you guys posted.
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Old Aug 5, 2011, 12:24am   #44
Joined Jun 2005
Re: How I turned £3000 into £20,000 in 6 Weeks

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Originally Posted by triger88990 View Post
I stumble across your thread by mistake, I usually don't read or make any contribution on this board and as you can see that's my first post here. But I always like to read story like yours, it just put a smaile on my face bc I have achieve the same performance like yours but different numbers and different market,currency.

I quoted especialy this post of yours bc it scared me like the hell.....it was like reading myself into your story

the problem and the solution I've adopted are the same you described

hope I did get you right on this, otherwise we me talk different things

But I've gone one step further and added on more adjustment:

As my account grows up I've been added a "Catastrophic level"(based on my risk appetite) and when my account balance drops below that level I bailout no matter what price does and close all my open position. that "catastrophic level" grows up directly proportional with my account grow.

Maybe you personality won't be in compatibility with this minor adjustment and you will encounter resistance to follow it, you must get it in balance with your inner self so to speak in other to work for yourself, hope I'm making any point here.

But I thought to share it with you due to so many similarity between us

all the best!
Thanks for your post.

Adding to even more of how you protect yourself, or Good old Money Management.

I have added an element now whereby on profitable days I split my Winnings into three:

1/3 Remains in the active trading account

1/3 Is placed into a reserve account - Up to a set level

1/3 I pay myself

Taking the money out of the active trading account insures that when you hit that flock of "black swans" no matter how bad it is it will not affect your Reserve Account.

Also I highly reccommend: Tweles and Jone's " The Futures Game" - Who Wins Who Loses and Why? with particular reference to the Chapters "Risk, Reward and YOU" and the "Money Management" .
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Old Aug 5, 2011, 12:40am   #45
Joined Jun 2005
Re: How I turned £3000 into £20,000 in 6 Weeks

Aston1st started this thread
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Originally Posted by victor_db View Post
Aston1st, I am just wondering, would you consider to share your strategy?
I am curious how complicated a nice profitable strategy can be as I haven't created/found a good one which suits my personality yet. So I just want to see what to expect.
Thanks
Strategies are like Suits.

A Bespoked Suit always looks feels and wear's better than one off the peg!

Therefore in order find a good one which suits your personality.

You have to work out your own Strategy for it to feel right for you.
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Old Aug 5, 2011, 7:21pm   #46
Joined Sep 2006
Re: How I turned £3000 into £20,000 in 6 Weeks

Your quite correct, the main problem in trading is fear v greed.
I aim for 30 pips a day and either stop once achieved or cut my stake after achieving it.
if its a bad day once 30 pips lost thats it for the day.
I also believe that once you achieve a comfortable per pip amount mine is £20 to £50 max i'm happy to stop once target made.
In the Uk there are many spreadbetting companies and spreads are small. I seldom keep more than £10,000 in the account.
good luck
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Old Aug 6, 2011, 12:18pm   #47
 
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Joined May 2011
Re: How I turned £3000 into £20,000 in 6 Weeks

Thanks for sharing the info! I'm a noob to this whole thing, and this provides good reading material, and maybe in a few years I'll finally be ready to trade live.

I'm very keen to find out how you are doing in the coming weeks/months! Please keep us updated!

Cheers
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Old Aug 6, 2011, 2:32pm   #48
Joined Sep 2006
Re: How I turned £3000 into £20,000 in 6 Weeks

skanza,
your best bet is to read up a lot of the different methods and by all means demo trade.
Eventually you have to take the plunge and trade real money and its totally different as ALL traders
will let you know.
good luck
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