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; There you go. All last week I was saying the Price was going to hit 10050 which was my target ...

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Old Sep 18, 2015, 5:39pm   #91
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Aston1st started this thread There you go.

All last week I was saying the Price was going to hit 10050 which was my target due to the gap. The moment that I give up on the idea Whoosh it happens.

Still after a number of losing day's I am very glad that gaps have been filled. I can now trade without prejudice.
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Old Sep 19, 2015, 1:30am   #92
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Hi Aston,

I love this thread and thanks for sharing your journey, despite it being an old event and you now being 5 years the wiser can you honestly answer this on reflection.

- Did you win £17,000 or lose £80,000 ? Think about your answer carefully for a moment.

BTW I don't chase everyday - it's hard work and mentally draining. I cashed in my big winnings more than a week back and ALSO removed my deposit to ensure that I don't get tempted to trade again.

I'm looking to re-enter though the current 9900 - 10020 (even 10100) seems like good interim play but bounce at the
Dow criticals 16100, S&P 1942 which leads me to the conclusion of
Dax 10320-800 = '9520'

'9520' sounds like a juicy prospect right ?

Anyway remain sassy fella, try not to be too aggressive

My very bests to you
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Old Sep 20, 2015, 10:31pm   #93
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Interesting thread, I honestly don't know how you can trade like you do. With the amount you risk I would feel sick. You have bigger balls than I :P

Hope it works out for you. Seems to be so far, just doesn't sound that sustainable, sure it may work at times, but if you have a drawdown, you are going to clear out your account fairly quickly?
Either way will be watching this thread for sure
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Old Sep 21, 2015, 7:01pm   #94
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Aston, you sir have cajones of steel
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Old Sep 22, 2015, 10:29pm   #95
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Aston1st started this thread Hi Chaps,

Thanks for the comments and encouragement.
@DaxSlut, walking away with around £17,000+ was good as I spent the money.

But at one stage I had £118,000 of equity in my account. I think that having grown the account to that level I have understood it's just paper profits until it's crystallized hence my 1/3,1/3,1/3 rule. However, while one may be disappointed that those profits had not been cashed in, it gives one encouragement to know that IT CAN BE DONE.

What you done was brilliant and as Livermore once said: " There's a time to go long and a time to go Short and a Time to go fishing!".

I am also looking at the DAX hitting the 9500 mark, it ticks the Elliott Wave Box and the Point and Figure Box.

@Revorocks, as we used to say in Airborne forces; "How Far?" .............."All the Way".

You are right when it comes to withdraw downs, but in all honesty if I had a £5,000 account and kept to a maximum daily draw down of £500.00 my performance would lift significantly. That's when you need either self-discipline or a Trading Buddy. I think a Trading buddy would speed things up very quickly.

Imagine if you had an Angelo Dundee ( or Bomber ) sitting beside you telling you it's time cut your positions and close the P.C down when your UP on the Day or Down. At the same time you could do the same to them. It's a lot easier telling somebody to do something than doing it yourself.
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Last edited by Aston1st; Sep 22, 2015 at 11:16pm.
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Old Sep 22, 2015, 11:25pm   #96
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Thanks Aston for your response.

It's interesting how easy it is to consider profits as paper money aka leveraging weight. I think we all do it and to some extent even if disciplined can still fall into the trap where one thinks the price is 'not great' but I don't want to miss the rally so hey I've got xxxx profits today that I can use just in case to cover me. I've grown out of this, all profits form part of your pot - protect it. You can certainly feel loses so why can't one also feel, care and protect their wins ?

Let's say you've opened up a new account .... your first trade is always taken with care and you'll spend a lot of time finding the 'perfect' entry. I believe every trade should be like that.

Unfortunately in practise it's a different story and hands up even the preacher made this mistake today LOL !

BTW The only reason why I asked is that I once took £200 to £8.5k which in itself is no easy feat. It took approx 2 months with the first month spent trying to get to 1k which was very hard and yes I lost the lot in one afternoon

To me I lost 8.5k not £200 because I worked ever so hard to get there and to me the paper money was real. I had to step back from the loss (stopped trading for a couple of months) as it made me think how easy it is to lose 8.5k of 'real' money.

Since that day - all profits are 'earned' and should be protected as you've invested your time, sweat and tears in it.

Thanks for reading sir, and bottoms up 9500 is just round the corner
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Old Sep 23, 2015, 9:26am   #97
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Aston1st started this thread DAXSlut,

I have to say I did raise my eyebrows when you mentioned whether I "Won" my profits as like you profits for me are earned.

It's true that profits generated on the account "Should be protected" however I find that while trading, the P&L is in a fluid motion based on the Market activity and one's interpretation of that activity. When things are going well they can go very well but if bad very bad and that's the side that really needs protecting. It seems you have managed to achieve that side of things.

On the question of whether a paper profit is a real profit, I don't really look at it in those terms. If one managed to bring £200 up to £8500 in 8 weeks that is a brilliant achievement. Many people who do not come from a trading background would scoff in disbelief of such returns in a world where the bank's hand out 5% p.a. for obedient savers. But fellow traders know what is possible and salute you.

More importantly by pushing the boundaries of our own perceptions on what is achievable we can refine and improve our performance in our own way. If one almost runs a 4 minute mile but sprains ones ankle with 50 yards to go, one should not don't get despondent but confident that "all things being equal" the next time will be successful.

But for me the only profit is the one that has been crystallized -

When you mention:

"I cashed in my big winnings more than a week back and ALSO removed my deposit to ensure that I don't get tempted to trade again."

In some way we are in agreement on that.

When I grew that account so rapid the first time, I was in a dilemma,do I transfer the paper profits into an account with 1.% p.a return or keep them in the trading account which is growing astronomically? I made the mistake of keeping it in the trading account. When the proper thing to do in my opinion was putting it in one's bank account with the 1% p.a return as a way of simply protecting one's winnings from RISK, systemic,systematic,market or in reality my trigger happy mouse clicking fingers That's why the 1/3 rule works for me.

Anyhow the DAX has hit the 9500 level now, time for Bullish sentiment to kick in?
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Last edited by Aston1st; Sep 23, 2015 at 9:40am.
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Thanks! The following members like this post: DaxSlut
Old Oct 3, 2015, 2:59pm   #98
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When you account was small, did you bet the maximum you could on each trade?
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Old Oct 4, 2015, 8:06am   #99
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I,love,this,thread...

..in my own trading of forex I can easily see in hindsight using some volatility indicators where the max volatility was for,trading the g8 during the day........not individual pairs but the full g8..

...(.ie if you attack the pairs at that point you will. Make money unless,you are,unlucky)

The trick naturally is picking that sweetspot.........and maximising leverage going in

If Aston can find a sweetspot and get his ducks in a row then he only needs a few winners to pay the bills......it's a little,to risky for me as a day inday out strategy ....but who are we to say something won't work

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Old Oct 4, 2015, 8:08am   #100
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Ps,Aston

Were,you playing dax on the vw news ?

I've been on holiday for 3 weeks so not been trading

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Old Jan 23, 2016, 11:37am   #101
 
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Originally Posted by Aston1st View Post
DAXSlut,

I have to say I did raise my eyebrows when you mentioned whether I "Won" my profits as like you profits for me are earned.

Anyhow the DAX has hit the 9500 level now, time for Bullish sentiment to kick in?
Aston, I like your sharing very much. I think every leveraged trader has gone through the same path as you did. Some became successful some lost all, but not many would be sharing those experiences.

One important aspect I realised during my trading is that one CRITICAL part of trading skills is the FAMILIARITY of position sizes which linked directly to risks and rewards to the account. This skill is grown subconsciously when every trader can tolerate/manage a certain profit/loss range in the account but one's emotion would become unstable if loss become excessive thus his technical skills become less effective. And all sort of ultra-risky things could happen during that period (everyone knows what they are).

Thus the 1/3 rule is very good and a must-have really. In my own experience, I have been stick to a fixed amount account for 3 years by withdrawing every single extra penny out of this account. The amount I withdrawed in last 12 months is about 20 times the account size and never had to top-up the account for once. I tried to double/triple the account size a few times by trading 2x/3x/5x my normal positions, but I realised later that my profit % or success rate has gone down significantly. Although the nominal profits are larger due to the account size but I don't really like to take that many more loser trades than before, which again, is a risk by themselves to your account.


Also I would recommend a leverage trader to even put those reserve profit part into a few ISA/IRA accounts which would add another layer of protection as you won't really withdraw your limited tax-free allowances and those money would still have the benefit of investing in regular shares and make a decent profit given their large base sum, with much much less risks. If you exhaust all ISAs you can operate, try some distant overseas stock/options brokers.

I'm now developing an algo-driven program to trade a larger account utilising my experiences but as a human, I probably would continue sticking to my familiar position size for a while and keep having the easy mood. Everyone could become greedy but I hate to be nervous.

Thank you again for sharing and I sincerely feel every word of your posting.

Last edited by hewwii; Jan 23, 2016 at 12:22pm.
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Old Mar 2, 2016, 10:53pm   #102
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Aston1st started this thread Hewwii,

I have been very occupied for a while so over looked your post. Unfortunately, because as you so eloquently described is what happened to me today. Those silly little mental barriers, that play with your P&L.

Today was a classic as even when I was floundering about knowing that I should stop I could not help myself ( other than having taken monies out the account previously) In short what I lost to day was what was in my account the previous P&L had been withdrawn, so I still have enough to start over again.

I won't bore the forum of my journey only that I seek to start again with £1,000 to grow into a grubstake of £10,000 no time restrictions, but other than some personal expenses I am sticking with the 1/3 rule possibly 1/2 after my Personal Expenses until a reserve has been built up.

Anyhow Hewwii and others thank you for adding your experiences on this thread as they have been very helpful.
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Old Mar 4, 2016, 8:59pm   #103
 
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Originally Posted by Aston1st View Post
Hewwii,

I have been very occupied for a while so over looked your post. Unfortunately, because as you so eloquently described is what happened to me today. Those silly little mental barriers, that play with your P&L.

Today was a classic as even when I was floundering about knowing that I should stop I could not help myself ( other than having taken monies out the account previously) In short what I lost to day was what was in my account the previous P&L had been withdrawn, so I still have enough to start over again.

I won't bore the forum of my journey only that I seek to start again with £1,000 to grow into a grubstake of £10,000 no time restrictions, but other than some personal expenses I am sticking with the 1/3 rule possibly 1/2 after my Personal Expenses until a reserve has been built up.

Anyhow Hewwii and others thank you for adding your experiences on this thread as they have been very helpful.
The fact that you posted an Excel spreadsheet is not evidence. It is even has "DIV/0!" in some cells. A real brokerage statement would not have such things.

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Old Mar 5, 2016, 1:33am   #104
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The fact that you posted an Excel spreadsheet is not evidence. It is even has "DIV/0!" in some cells. A real brokerage statement would not have such things.

I posted my profit and loss.
At the end of the day I record the number of trades I make and more importantly the gross profit and loss. The spread sheet is not calibrated for spread betting so the net P&L is a bit off. Nevertheless I this is what I use to keep score on a daily basis.

I don't post my brokerage statements as I am taking money out regular, I take my P&L at the time I have finished trading whether it's 13:00 or 21:00 hours.

If you don't like the format or don't believe it that's your problem not mine.
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Old Mar 5, 2016, 1:35am   #105
 
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Originally Posted by Aston1st View Post
I posted my profit and loss , if you don't like the format or don't believe it that's your problem not mine.

At the end of the day I record the number of trades I make and more importantly the gross profit and loss. The spread sheet is not calibrated spread betting so the net P&L is a bit off. Nevertheless I this is what I use to keep score on a daily basis.
So, basically, you never post any proof from your "blotter" as the Brits say here. That sounds exactly like Fomo.
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