College Fund Challenge

This is a discussion on College Fund Challenge within the Trading Journals forums, part of the Reception category; Originally Posted by Hotch Currenty price: 1.639 Currently down $170.8, 122 pips Stop is at 1.6518, another 128 pips Sounds ...

View Poll Results: How close to my goal of $2,000,000 do you think I will get?
You think I will blow the account and my $100 will be lost. 79 58.52%
You think I will somewhat earn a profit $200-$1,500. 17 12.59%
You think I will get a pretty good return but not close to $2,000,000. 27 20.00%
You think I will get way more then $2,000,000. 12 8.89%
Voters: 135. You may not vote on this poll

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Old Aug 23, 2011, 7:41am   #161
Joined Feb 2011
Re: College Fund Challenge

Quote:
Originally Posted by Hotch View Post
Currenty price: 1.639
Currently down $170.8, 122 pips
Stop is at 1.6518, another 128 pips
Sounds to me like $350 at risk.
P/L so far: $302

?

Is this thread just about another trader trading without a Stop Loss?
Therefore he has no Losses (until he gets the one that wipes him out). And some massive DrawDowns (which are the warning signs for the Big Loss that wipes him out)

Eventually, those types of traders ALWAYS get wiped out. Just a matter of time
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Old Aug 23, 2011, 7:55am   #162
Joined Feb 2011
Re: College Fund Challenge

Quote:
Originally Posted by Hotch View Post
So that was a 42% drawdown on that one trade?
A 42% drawdown? That looks like a warning sign to me.
Sooner or later you will see a 100% drawdown. Its called a busted account.
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Old Aug 23, 2011, 8:38am   #163
mjj
Joined Mar 2005
Re: College Fund Challenge

Would you trust ******** with your $2m? I mean they operate out of some dodgy address in Mauritus.

Quote:
Originally Posted by tkbieber View Post
Yeah, most "big" investors like to start with $2M so they would only risk maybe 3-5% per trade. I started with $100 so I am risking 60% per trade, not much to lose. Once it get's to $2M, I'll reduce the risk as well and even if I risk 5% per trade, on $2M, that would be around $100,000 a month (5% gain average a month). I can handle that.
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Old Aug 23, 2011, 2:10pm   #164
Joined Sep 2010
Re: College Fund Challenge

tkbieber started this thread
Quote:
Originally Posted by marbig View Post
Is this thread just about another trader trading without a Stop Loss?
Therefore he has no Losses (until he gets the one that wipes him out). And some massive DrawDowns (which are the warning signs for the Big Loss that wipes him out)

Eventually, those types of traders ALWAYS get wiped out. Just a matter of time
The answer is NO, I DO have a stop loss so that if it ever gets hit, I will only lose what I plan on losing. If I leverage 60% a trade, that means just that, I will lose only 60% of my account if the SL gets hit. So no, it won't wipe me out but it would take 2-3 months to get it back. I don't complain though since it's had zero loses in at least 13 months and counting.
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Old Aug 23, 2011, 2:23pm   #165
Joined Sep 2010
Re: College Fund Challenge

tkbieber started this thread
Quote:
Originally Posted by marbig View Post
A 42% drawdown? That looks like a warning sign to me.
Sooner or later you will see a 100% drawdown. Its called a busted account.
It really is a matter of perspective. If one goes gambling with $100 in a slot-machine, they have no problem losing the 100 bucks in a matter of minutes and walk away saying, "better luck next time." Now if that person takes that same $100, puts it in the FX and with a winning system of 100% wins in at least 13 months and has some DD from time to time, why do they have so much worry over that $100? Point is, don't invest more then you can afford to lose and you will be worry-free.

By the way, if that person put his $100 in my system back in May instead of that slot-machine, well, you can see what his account would be now.

Another way to look it is if you stat with $100, it builds to $1,000 and then get a loss, you now have $400. That's $300 more then what you started with.

I think I'll play the FX game instead of the slot-machine.
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Old Aug 23, 2011, 2:26pm   #166
Joined Sep 2010
Re: College Fund Challenge

tkbieber started this thread
Quote:
Originally Posted by mjj View Post
Would you trust ******** with your $2m? I mean they operate out of some dodgy address in Mauritus.
Actually, yes but that doesn't mean I don't have multiple accounts with multiple brokers.
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Old Aug 23, 2011, 2:33pm   #167
Joined Sep 2010
Re: College Fund Challenge

tkbieber started this thread No trade this morning.

By the way, it's fascinating to the the results of the pole I have running. I have 64 votes, so if you haven't voted yet, please vote and you will see what people think. The race to see who is correct continues. Only 628 days remaining.
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Old Aug 24, 2011, 2:35am   #168
Joined Feb 2011
Re: College Fund Challenge

Quote:
Originally Posted by tkbieber View Post
The answer is NO, I DO have a stop loss so that if it ever gets hit, I will only lose what I plan on losing. If I leverage 60% a trade, that means just that, I will lose only 60% of my account if the SL gets hit.
So are you saying that your Stop Loss is set at 60% of the total account?
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Old Aug 24, 2011, 2:37am   #169
Joined Feb 2011
Re: College Fund Challenge

Quote:
Originally Posted by marbig View Post
So are you saying that your Stop Loss is set at 60% of the total account?
So if you have 2 losses in a row, your account is effectively wiped out?
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Old Aug 24, 2011, 5:21am   #170
Joined Sep 2010
Re: College Fund Challenge

tkbieber started this thread
Quote:
Originally Posted by marbig View Post
So if you have 2 losses in a row, your account is effectively wiped out?
You have good math skills.
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