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; Are you saying that your friend traded their way from 500 to 2M ? or that they made it by ...

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Old Oct 18, 2004, 1:18pm   #29
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Are you saying that your friend traded their way from 500 to 2M ? or that they made it by some other means as this was not clear ?


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Old Oct 18, 2004, 1:21pm   #30
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He traded from 500 to 2 million.
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Old Oct 18, 2004, 1:26pm   #31
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Well that is impressive but is a very rare occurence and in my view not possible for the vast majority of people. The reason being that the 2M has to be got from others losses and, as with most things, few are at he top of the tree.


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Old Oct 18, 2004, 1:29pm   #32
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Actually I have another question, in your view was this performance good fortune or skill ? Do you think that this could be repeated again starting today with 500 ?


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Old Oct 18, 2004, 1:33pm   #33
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Absolute skill and a little bit of good fortune. He is very dedicated to his profession and spends about 18 to 20 hours a day trading. His research is second to none and he is one of those that believes that when there is doubt there is none. Once he has done his research and everything stacks up, he pulls the trigger.
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Old Oct 18, 2004, 3:13pm   #34
 
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Lion63, Are you free to tell us what instrument (s) he was trading during this run?

Also, to achieve this rate of growth, he must have been using tremendous leverage. Do you know what steps he took to manage his risk?

Thanks,
JO
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Old Oct 18, 2004, 5:45pm   #35
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Lions 63....... 500 to 2mill is incredible.......reminds me of the tech boom! Did it make of those who rode the likes of BLM from a few quid to 140, great traders? No, they happened to be very lucky and chose a great stock in a great bulll market.
You friend may be a great trader, whether he'll repeat that performance I'd doubt esp. since he started off with just 500 quid, suggests he is a newbie.....it would be interesting to know how he fares over the next few years.Naturally , he was concerned about 's and pence rather than ROCE, don't you think?
As for you making 1500 per week from 50k capital..........that's quite good and personally I find that more impressive esp. if you have consistently achieved that over a long period.I think that's a very normal return for a good trader...I can think of at least 3 traders whom I speak to daily who have achieved that for the past 4 years.The only drawback is that its hard to grow exponentially from there if you need to live from that profit esp. after paying tax.
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