Never give up....the road to total bankruptcy or the road to a million

This is a discussion on Never give up....the road to total bankruptcy or the road to a million within the Trading Journals forums, part of the Reception category; First off I'd like to explain my situation. I am 20 years old and have been investing for a little ...

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Old Jun 29, 2008, 4:18pm   #1
Joined Jun 2008
Never give up....the road to total bankruptcy or the road to a million

First off I'd like to explain my situation. I am 20 years old and
have been investing for a little over a year.
I have my own personal Future/CFD/Forex trading platform which started
off at 20 000 Euros.

My account has bounced from under 20 000 up to 107 000 in a week...
shortly following, the account was worth less than 5000! - I have managed to
work the account value up again ( but down also) This has happened several times
in the last 10 months.
5 to 60 000, 60k to 20k and from 20k to 40k and so forth... This has
occurred at least 5-6 times!.

Meanwhile, I hope I have learned enough from my previous mistakes ...to manage to achieve a better performance.

I'm confident that I'm able to regain my previous 107 000 ( account value maximum) by the end of the year,

I try to mix my fundamental views with chart techniques for entry/exit
positions, but will never bet against my fundamental view just because
something has run to high.

The reason behind this is, in case I am wrong with an entry/exit
position I can always hold the position until it is in the plus at
some point. I do not use a large amount of stops... but I do sit in
front of my account all day and manually choose when to exit the
position.
The only rule I follow is that there are no set rules.. Only guidelines.

I advise no one to follow this portfolio as it is extremely risky. - as you can see

Any advice will be appreciated (especially regarding stop/loss and entry/exit of positions)
and I will try to update this journal every 2-3 days with screenshots.
All transactions are made on a live account.

I will not reason my positions as I believe most of you will know the
reasoning behind them already.. Unless specifically requested.
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Old Jul 2, 2008, 7:48am   #2
 
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Old Jul 2, 2008, 9:16am   #3
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looks like u r in quite a hurry to make a million.
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Old Jul 2, 2008, 11:34am   #4
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jibralto1 started this thread aren't we all roguetrader?
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Old Jul 2, 2008, 8:59pm   #5
 
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no
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Old Jul 2, 2008, 9:05pm   #6
 
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Patience is the key.
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Old Jul 2, 2008, 9:32pm   #7
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jibralto1 started this thread I do have patience, but i see the golden opportunity to make a killing right now by betting on the downfall of the dollar and US economy...
Quick post of my status before the ECB rate decision... I'm counting on Trichet hinting that this was only the beginning of a series of rate hikes..if this does not happen i will cut my loses and sell all and wait for the next entry opportunity.
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Old Jul 2, 2008, 9:48pm   #8
 
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Until they ban trading, there will be more opportunities than you can shake a stick at. I don't care which way the dollar moves as long as it moves.
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Old Jul 2, 2008, 10:23pm   #9
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jibralto1 started this thread Are you trying to tell me to resize my positions and only work with a smaller % of my total account value per trade? Are my positions to big.. and because every trader makes a mistake sometime i will lose eventually?

My plan was to try and to keep a position of 20 000 silver and 100 gold as a long term investment... as i don't believe we will see the June-lows again i will resize my positions by entering a trailing stop loss for 10 000 silver/ 700 000eurusd/yen and hope i will be able to re-buy it cheaper.. but i would never get a margin call..

I am presuming gold will be between 1150-1250 by the end of the year and silver at at least 25
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Old Jul 2, 2008, 11:00pm   #10
 
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That's a hell of a presumption with gold! It really had trouble staying above $1000 last time but you never know with what's happening and if people suddenly decide to start dumping oil and moving into gold again.

You're risking pretty much all your account on those current trades you've got on? Good luck with it - i'll be interested about reading about your progress. Why not make it quick? Who wants to sit in front of a computer for years and years so they can finally have a few million but be too old to enjoy it.
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Old Jul 3, 2008, 2:26pm   #11
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jibralto1 started this thread kept most positions... only closed dow jones/dax in order to keep enough margin to hold...

I'm presuming this is only a short term status.
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Old Jul 3, 2008, 2:31pm   #12
 
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What I'm saying is that there is no need to be worried about jumping on any particular movement as the market will always be there for you to make money. The question is whether you will have an account left.

In terms of size, could you handle 5-10 losses in a row?
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Old Jul 4, 2008, 1:14pm   #13
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jibralto1 started this thread Closed a few positions..minimized risk a bit
If i have available margin later on will re buy on Monday in case positions falls
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Old Jul 4, 2008, 4:39pm   #14
 
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Quote:
Originally Posted by jibralto1 View Post

I am presuming gold will be between 1150-1250 by the end of the year and silver at at least 25
have you looked at the COT ?????
Where is the smart money now, the big professional speculators ?
You going to go up against them ? have you checked ?
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Old Jul 4, 2008, 4:42pm   #15
 
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Quote:
Originally Posted by Masquerade View Post
That's a hell of a presumption with gold! It really had trouble staying above $1000 last time
correct Masq.
I'm Long Gold since 661 and regret that I missed the opportunity to Sell at 1,000 +

I'm willing to bet that there are thousands of people like me just waiting for a re-cross before they TP
which way will Gold go then ?
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