Is it really possible to make money in this trading lark?

This is a discussion on Is it really possible to make money in this trading lark? within the First Steps forums, part of the Reception category; So because he said it, you assume its true? Why didnt he post the link then? Too difficult? Again, its ...

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Old Oct 22, 2004, 10:57pm   #162
 
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So because he said it, you assume its true? Why didnt he post the link then? Too difficult?
Again, its all after the fact. He can simply show us his 91% win rate right now over the next few days and prove us all wrong, or maybe he just picked his ONE winning streak and posted it instead???

You do realize most systems will have really good winning streaks dont you? I can flip a coin and get 10 winners in a row sooner or later. It doesnt mean anything if I get to CHOOSE when I want to show my account. I simply wait for a good streak to show up, and BAM, post that streak and claim I have a 90% win rate. But its a scam. System sellers use it all the time.

If he wants anyone to believe he has a system with a 91% win rate, he needs to post realtime trades TODAY. The complete proof would be showing 91% win rate over a long period of time and many many more trades, but ill accept a 91% win rate over the next few days as close enough.

He wont do it, even if its trivial to do. There is a reason he wont do it and his inaction speak volumes.





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Originally Posted by Roberto
Then you haven't been looking very hard. As he said, juanbyte has already published his account in another thread showing 17 consecutive winning trades with details of dates and times.
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Old Oct 22, 2004, 11:10pm   #163
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In my view there has been a great deal of misunderstanding with regard to risk management discussed on this thread. In particular attempts to ridicule those who only risk a small percentage of their account per trade show clearly that those people probably dont actually trade.

I trade US stocks as a day-trader which means that I have no open positions at the end of the day and I only risk a maximum of 0.5 of 1% of my account per trade with the aim of making a 1% increase in my account per day. Of course it doesnt work out exactly like that day in and day out but on average it is achievable and I am one of only a few people on this site who have dared to post real time entries and exits on trades with full explainations as to why they were entered and why closed.

Now before I am accused of being a wimp or any of the other misinformed views just take a look at how it is possible to maintain this low level of risk and to increase a pattern day - trading account by over 65% in around 50 trading days by just making a 1% increase in the account profit per day. The reward to risk ratio is never less than 2 to 1 and in many cases is much higher than this. I also use a specific model to limit my account exposure which means that I will never have an over exposed position in the market.

I am sure that this will attract a host of negative comments from those who think that risking more is the way to do things and is the way to easy riches. Well that is up to you but I have seen many people taken out by that approach and I wish you luck if that is your method.



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Old Oct 22, 2004, 11:21pm   #164
 
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Red face Re: Is it really possible to make money in this trading lark?

Even though the burden of proof is on juanbyte, and not me, since im not making these silly claims, I looked back through his posts.

I really liked this one where he claims: "It is possible to make 50% + per day on the Dow. "
http://www.trade2win.com/boards/show...685#post119685
Well then, since this was posted on July 30th, at 50% a day, if you started out with a small $10,000 acount, you would now have about: $245,123,000,000,000
Come on juanbyte, show us your account size TODAY. Surely you are richer than bill gates by now

Now another hilarious post:
On May 2nd: http://www.trade2win.com/boards/show...7633#post77633
Here provides the link to his 17 winners in a row proof: http://homepage.ntlworld.com/c.kobewka/new_page_1.htm

Notice, none of this was posted realtime.
Whoopie...want me to produce a document after the fact that shows a 400,000% return in 1 hour?? I can do it
Anyone can post their best winning streak. So what, its meaningless.

Hows that accout now juanbyte? Surely, you have had another 17 wins in a row by now. Why not show us your next 100 trades??? Hmmmm?
Of course, you will run and never prove your 91% win rate in REAL TIME now matter how easy it would be for you to do so IF it was the truth. Speaks volumes.

People are way too gullible.

Sorry, I have looked far enough, and didnt have to look far at all to spot someone who doesnt have a clue about real trading.










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Originally Posted by Roberto
Then you haven't been looking very hard. As he said, juanbyte has already published his account in another thread showing 17 consecutive winning trades with details of dates and times.
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Old Oct 23, 2004, 10:36am   #165
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Trader333,

You have a system in place as you have described and as far as you are concerned it works and all you are trying to do is make it more effective. I have not and will not deride anyone who is making money simply because their methods differ from mine, I actually respect those that MAKE money regardless of the percentage. Let us assume for one moment that your capital were £100,000; then your 1% would equate to profits of £1,000 per day. I dare anyone to criticise that.

What I object to is those that take the opposite stance which is simply that because their way of trading is different others are either fools or liars. To compound it, they fail to suggest reasonable alternatives to those they view in this manner.
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Old Oct 23, 2004, 11:00am   #166
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Longshot666,

Keep up the good work. It is a pity that your book was not a bestseller, but for those members that have not read it, it is - HOW TO TURN $5MILLION INTO $250 IN 10 YEARS by Longshot666. I must say it is very compelling reading, this chap will show you how the professionals do it. Whilst on the subject of books, another one that was written by an esteemed member of this Community is - HOW I TRADE TO LOOSE by Anley. Unfortunately, Amazon do not stock these books but they are still available from www.worsttraders.com.

We ask the Professor simple questions which he fails to answer yet he continues to look for holes in other people's work, what a great mind. He wants to see live trades; trading data; trading statements; bank statements etc. What next, birth certificates?

Longshot666 and Anley tell us how everything does not work and how are diverse strategies are silly but their alternatives are - open 100 trades using 1% of your capital for each one. Now, those of you that classify yourselves as day traders would you kindly tell us the optimum number of shares/stocks that you are able to track at a time. We are being led to believe that this is how the successful money managers do it, but I put it to you that they are not successful. We are trading to make money and not to lose less than the next trade.

Spoilt and petulant children seek to destroy what belongs to others simply because they do not have.
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Old Oct 23, 2004, 11:12am   #167
 
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I think the Lion is really a timid Pusseycat.

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Old Oct 23, 2004, 11:21am   #168
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JT

On what basis do you say that?
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