100k per week - serious question

This is a discussion on 100k per week - serious question within the Forex forums, part of the Markets category; Lets take a different approach. I dont know anyone who continually compounds their winnings to eternity. Thats just as silly ...

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Old Apr 15, 2010, 10:16pm   #33
Joined Sep 2008
Re: 100k per week - serious question

Lets take a different approach. I dont know anyone who continually compounds their winnings to eternity. Thats just as silly and any seasoned home gamer would remove money as a safeguard. Also most traders who use trading as sole or primary income remove their winnings or good portion thereof each week or month. So 10% per week would never actually reach 14,100% compounded annually.

Now, 10% is achievable on a per week basis. A good scalper can make this. The caveat here is highly successful scalping takes so much time, energy, and emotion to be able to continue week after week that traders burn out well before their time. I've seen it happen to great traders and I very nearly sent myself into a death spiral of sorts many years ago. So while it's possible from a a trading standpoint, it's not really probable from a human standpoint.
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Old Apr 16, 2010, 9:16am   #34
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Re: 100k per week - serious question

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Originally Posted by wackypete2 View Post
Lets take a different approach. I dont know anyone who continually compounds their winnings to eternity. Thats just as silly and any seasoned home gamer would remove money as a safeguard. Also most traders who use trading as sole or primary income remove their winnings or good portion thereof each week or month. So 10% per week would never actually reach 14,100% compounded annually.

Now, 10% is achievable on a per week basis. A good scalper can make this. The caveat here is highly successful scalping takes so much time, energy, and emotion to be able to continue week after week that traders burn out well before their time. I've seen it happen to great traders and I very nearly sent myself into a death spiral of sorts many years ago. So while it's possible from a a trading standpoint, it's not really probable from a human standpoint.
Good post.

Actually, on reflection, this thread has stimulated some lively debate and I understand where the threadstarter is going with his idea on self-imposed limitations.

As Ed Seykota said in that book which we've all read "you always get what you want from the market". I find Seykota's utterings just a little too clever for my liking, but this one has some truth in it.

As we sit behind our keyboards, we might SAY that we dream about running a hedge fund and making 10s or 100s of millions, but we don't REALLY believe it, do we. A bit like those people on Who wants to be a Millionaire who get to £32,000 and take it as it's equal to a nice car and a holiday.. they don't really want to be millionaires.

That's why I find the concept of profit targets a bit strange, i.e. I risk 1 unit to make 3, or a 3R multiple as Van Tharp calls it. Why not utilise trailing stops and once in a while make 10R.. it can happen. To impose a risk/reward ratio on the market seems flawed.. if nothing else, it will lead to scenarios such as "well if the market gets to 2.95R then starts to retrace, I will take off half the position" and so on. Nonetheless, there are many different styles in the market, and everyone needs to do what they think works.

I think the majority of us struggle with eternal self-doubt and perhaps this is what holds us back. My view is that this is a long term thing, don't expect riches overnight, just stick with the plan and hopefully one day the money will come.
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Old Apr 16, 2010, 11:27am   #35
 
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Re: 100k per week - serious question

bedsit started this thread T2W - trade to win
A nice name (better than T2L)

When I mentioned importance of a positive expectancy I didn't mean for a trader to go mad with unrealistic goals.

Personally I have a set of rules: If I make more than 10% a week I take a break for at least 2 days. Similarly if I lose more than 5% a week I take a break.
Risk I take per trade is 1 - 2% max. Also one of my rules is to stop trading for the rest of the day if I have 2 losses that day.
This way I minimise stress and know about the risk involved. I think that's the only thing a trader can control (no control over price movement available as yet)

I asked about big trades (and accounts) to get some idea about trade sizes. It seems that 10 lots (1m trade) would be a reasonable amount. I should think that 100 lots (10m trade) is different (one kind member posted a record of trade sizes and there were not many trades there bigger than 10m).
So in that case it would be easier to make 10% on 100k account (or smaller one) than on 1m account IMO.
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Old Apr 16, 2010, 1:42pm   #36
 
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Re: 100k per week - serious question

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T2W - trade to win
A nice name (better than T2L)
Incidentally I own that domain name(www.trade2lose.com). . Aswell as www.propboards.co.uk
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Old Apr 16, 2010, 1:57pm   #37
 
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Re: 100k per week - serious question

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Originally Posted by bedsit View Post
I asked about big trades (and accounts) to get some idea about trade sizes. It seems that 10 lots (1m trade) would be a reasonable amount. I should think that 100 lots (10m trade) is different (one kind member posted a record of trade sizes and there were not many trades there bigger than 10m).
So in that case it would be easier to make 10% on 100k account (or smaller one) than on 1m account IMO.
Bedsit, doesn't this depend on your trading methodology? Surely if you have a methodology that is scalable, it should be just as easy whatever your bet size, up to the point where you don't have enough liquidity available anymore in the market you trade.
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Old Apr 16, 2010, 2:00pm   #38
 
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Re: 100k per week - serious question

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Incidentally I own that domain name(www.trade2lose.com). . Aswell as www.propboards.co.uk
how about www.trade4kicks.com

trade2win though is not a serious name. it might be accurate that we on this forum are just a bunch of amateurs, but i could do without the reminder every time I log on.
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Old Apr 16, 2010, 2:32pm   #39
 
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Re: 100k per week - serious question

bedsit started this thread
Quote:
Originally Posted by Adamus View Post
Bedsit, doesn't this depend on your trading methodology? Surely if you have a methodology that is scalable, it should be just as easy whatever your bet size, up to the point where you don't have enough liquidity available anymore in the market you trade.
Well, I don't have that sort of worries at the moment (so far as massive trades are concerned) LOL
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Old Apr 16, 2010, 2:54pm   #40
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Re: 100k per week - serious question

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In my opinion, couldn't be further from the truth.

I'm done, didn't mean to stoke the fire, I guess I was in the mood for healthy debate this morning. A few parting comments:

I am far from a newbie. I don't discuss my trading results on trading boards, it really doesn't matter as I'm not talking about what I've done, but rather about my belief that nothing is impossible. Again, our only limits are self-imposed. This is evident in the staunch criticism of my posts, you are defending your limiting beliefs. This comment is not to slight you in any way and I believe you are all probably really good traders.

I especially like the old argument that X% per X time period is simply 'impossible', because if you did that you'd end up with $XXXXXX(big number). SO??!?? The end result does not negate the means.

Take care, good trading all and I hope I did not offend anyone because that was not my intent.
What is the point of belief? Motivation? An antidote for reality? Blind Confidence? At the end of the day, belief is only an emotion that gives comfort before an event and has no purpose once the event has begun. As Mike said, "Everyone has a plan before they get hit"
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