DTs $56.24 to $1,000,000 Journal

The mind plays interesting tricks on you sometimes. One thing that does tend to stick around are your failures. Whilst we do hear of famous people who just "tried, tried & tried again" and made it, there is evidence that failures mount up in the mind and impact our behaviour negatively.

Why then is it that anyone would set themselves such a lofty goal of retiring from an account of less than a 100 quid when there zero chance of them NOT failing. Are these people masochists?

You know how it is when you are young and a dreamer. You think up some scheme and get excited about the riches it will bring. You visualize yourself on the yaght, driving a lambo or whatever it is. You visualise these things, think positively and then...

Then you FAIL

Those lofty dreams shattered.

With wisdom later in life, you realize that the plan you had in place was not realistic. It wasn't that you failed where someone else would have succeeded - you just set impossible goals. You set out a plan for failure that God himself would have struggled with.

So why on earth are people starting these ridiculous journals building up silly expectations when the only sure thing is that they will come back down to earth with a bump and suffer when that happens?

Why is it that no-one starts a journal with the following title:

"$200 to $400 spreadbetting with low risk and good money management journal. Goal is to double the amount over 2 years so that I have a track record to get my dad and uncle to fund a proper account"

It's a bit more realistic, isn't it?

Come on kids.

Is it just that the title is too long?

Now - I'm off to the pub to spend that $56.24.

mine was $93 to a 'bit more' so that i would pyramid myself and build up the account

I see the point that to make a million+ from nothing is far fetched but if whilst learning and using good money management you slowly grow your account whilst cementing good habits and improving, so that by the time you have become more successful or have more disposable income you have a good knowledge base I can not see the harm.

After all better to lose a small amount whilst learning than a large amount

My account is slowly creeping up, I am not expecting it to make me a million in the forseeable future but as it slowly creeps it way to the multiple thousand the small gains feel like real amounts and the original amount on the line was a very disposable sum.

I can see that the posts may not be of great interest but for the OP growing a small account it may help discipline and record keeping.
:whistling

Just my view of course

Good idea, I am off to the pub to. Good luck all :clover:

Oh and by OP, I don't mean Toast. I mean on such thread where people discuss making their first million, so no offence to be taken.

Cheers,

DionysusToast said:

So why on earth are people starting these ridiculous journals building up silly expectations when the only sure thing is that they will come back down to earth with a bump and suffer when that happens?

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Because they read posts from the likes of ODT who claim that "making 2% a day is so easy". The people that are actually real traders with a return of 40-50% a year are ignored as those amounts are not so sexy.

Bangkoker - I agree with you totally.

Personally, I think it's much better to trade live than to paper trade. I also think that it's much better to trade 10p a tick on the s&P than $12.50 a tick if you are a beginner.

I think starting at $100 is fine.

It's just building up the expectation with yourself that it will become a million is setting yourself up for failure. Furthermore, setting that expectation in public makes it even worse for yourself.

I once made a billion on IG index. From a penny. My trade was so awesome it didn't even matter that there wasn't enough margin. so HA on you.

srsly though, the absolute amount doesn't matter so much. Just use enough that it means something to you otherwise you'll end up like advfn and spend 6 months planning, put £200 in an account and blow it in 20 minutes.

DionysusToast said:

Why is it that no-one starts a journal with the following title:

"$200 to $400 spreadbetting with low risk and good money management journal. Goal is to double the amount over 2 years so that I have a track record to get my dad and uncle to fund a proper account"

It's a bit more realistic, isn't it?

.

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Not realistic , if you have $100k a year to earn to pay your bills.Why waste your energy on a $400 account posting on forums , now $500k start would interest me but with $500k why start a journal on a forum?

Shanghai said:

Because they read posts from the likes of ODT who claim that "making 2% a day is so easy". The people that are actually real traders with a return of 40-50% a year are ignored as those amounts are not so sexy.

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Even mechanical autopilots make 50 % a year, with precoded set of rules thats no brainer.You are suggesting traders have no brain, which can accomplish better than that.

I am just revamping my autopilots , by recoding and retesting to handle extreme unfavourable volatility of the last 3 years.I have just coded the right criteria to handle it on 50 eas.

rawrschach said:

srsly though, the absolute amount doesn't matter so much. Just use enough that it means something to you otherwise you'll end up like advfn and spend 6 months planning, put £200 in an account and blow it in 20 minutes.

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LOL - that must have hurt... :-0