$30 000 in my account

£

£80

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I have not thought this through but what I want is $30 000 in my account by the end of this year. This is very possible if you have $10000 and to some of the greater traders this is very possible with a lot less. I am only a beginner which not to long ago had my fist ever profitable month.

I have been trying to continue with my £80 journal and it just didn't work because I was not trading towards something I just didn't have a reason any more.

I do not have a lot to start with...well... I actually have nothing compared to the goal I am setting for myself. I am starting with $678.35 exactly and this is a long way from $30 000. I know the chances of me getting there with $678.35 are very...very...very slim. As time passes I am going to deposit money into the account (whatever I can afford to lose) to get me closer to my goal.
 
if risk is managed at 1% per trade then why would you blow up. Assumming you have a stratagy that gives you a positive expectancy that is.
 
TraderCat said:
Try for 15% a month compounded with a tiny account and you'll blow up long before you make it to 30k.

You might as well buy something nice for the family. Better than pissing it away on a fools gambit.
Click to expand...
Yes, I rather agree with this. I don't wish to be negative £80, but unless you have a clear plan that is actionable and your testing indicates that your goal is at least possible, you're really just fantasising. You say you've had a profitable month - that's encouraging. I suggest you work out your stat's based on the evidence of actual trades. Try multiplying your monthly profit by 12 and having that as your annual goal. Assuming it's not greater than £30k, it will have some basis in reality and your sub-conscious will at least think that it's achievable.
Tim.
 
£80 said:
I have not thought this through but what I want is $30 000 in my account by the end of this year. This is very possible if you have $10000 and to some of the greater traders this is very possible with a lot less. I am only a beginner which not to long ago had my fist ever profitable month.

I have been trying to continue with my £80 journal and it just didn't work because I was not trading towards something I just didn't have a reason any more.

I do not have a lot to start with...well... I actually have nothing compared to the goal I am setting for myself. I am starting with $678.35 exactly and this is a long way from $30 000. I know the chances of me getting there with $678.35 are very...very...very slim. As time passes I am going to deposit money into the account (whatever I can afford to lose) to get me closer to my goal.
Click to expand...

Can you explain the red bit?

And I like goals, sure, but realistic ones are far more astute.
Can I propose one?

I want to have at least $678.35 in my account at the end of the year. :smart:

And ps. I am sure we have had this conversation before about your over leverage / over optimism??
 
I have to agree with what's been posted.

If this amount of money is important to you and you have better things to do with it - like pay off a credit card, you would be much better off to do that as well as a little bit of paper trading.
 
DionysusToast said:
I have to agree with what's been posted.

If this amount of money is important to you and you have better things to do with it - like pay off a credit card, you would be much better off to do that as well as a little bit of paper trading.
Click to expand...

:devilish:
 
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£80 said:
I have not thought this through but what I want is $30 000 in my account by the end of this year.
Click to expand...

I agree with Vaco that it's possible IF you have a strat/edge that works and you can stick to, however, given the opening remark of your post I doubt you can. Good luck anyhow bud :)
 
barryb said:
And this will take some doing conisdering your level of experience....
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was not debating whether or not the op can do it, was merely pointing out that such a target does not mean that you are going to blow your account or are over levereged.
 
Vaco (formerly Elefteros) said:
was not debating whether or not the op can do it, was merely pointing out that such a target does not mean that you are going to blow your account or are over levereged.
Click to expand...

I didn't say that either, but your stat says it'll be 2 years for the OP to hit his target, not 1 year as the OP is aiming for. So that says it all really.

Also, 15% a month compounded is a very impressive return, and I am debating that the OP is not of a level yet to achieve this.

I've got nothing against £80, but i think he should be realistic with his targets given how long he has been trading.
 
barryb said:
I didn't say that either, but your stat says it'll be 2 years for the OP to hit his target, not 1 year as the OP is aiming for. So that says it all really.

Also, 15% a month compounded is a very impressive return, and I am debating that the OP is not of a level yet to achieve this.

I've got nothing against £80, but i think he should be realistic with his targets given how long he has been trading.
Click to expand...

my mistake i did not notice the time factor in the opening post and yes I agree 15% a month is impressive. 30% is a very tall order indeed.

I was merely responding to posts that the endevour will only lead to him blowing his account. My point was more around the idea that this is not nessaisarily the case.
 
You guys are all right! There is no chance of me reaching 30 000 with the starting capital that I have. I would need 2727 per month to get to my goal and this is very much a dream (I should wake up now).

I have been making a bit of money trading about 6% a month. With a percentage so low (compared to 30 000 goal) my goal should be different. I think I should first start on improving my percentage gained per month because that will automatically grow my account.

I do have a plan/edge, it does need improving but so far my plan has given me 6% (give or take) a month. I need something to trade towards because trading just because I love the market is not going to get me anywhere. Setting realistic goals is what gets people to success.

A few posts mentioned 15% a month. This is what I am going to achieve and once this is achieved I will moved gradually to the next level of 20% and then 30% this is where I am comfortable.

If I may ask how much do all of you gain per month?
 
£80 said:
I have been making a bit of money trading about 6% a month.
Click to expand...

Why not just trade more capital ?

At 6% a month you need to be re-mortaging the house, maxing out the credit cards, and conning the bank you need a loan for whatever reason the banks are happy to loan money for these days.

Why waste your time messing about trying to double to return (and risk) when you already have an edge ? There's no shortage of punters who'd be delighted with returns of 3% per month
 
Yes, I completely agree with zupcon - and you don't often hear me say that!
:cheesy:
If you had an account with £10k in it, that's £600 p/m, £7,200 p/a uncompounded, or 72% p/a. Try going in to your local and offering your mates 72% p/a return on their cash and they'll bite your arm off at the ankles.
Tim.
 
i'm a little more then confused now. you said your making a return of 6% a month but in your opening post you said last month was your first profitable month?
 
£80 said:
I am only a beginner which not to long ago had my fist ever profitable month.
Click to expand...

My first profitable month was April 2009.

I did not know that 6% a month was that good. I know that it is always good to end a month in profit but 6% I thought was very much below average for professional traders.
 
FWIW, don't worry about measuring up to anyone elses standards. I'm assuming you're either trading full time for a living or aiming to trade full time for a living in the future, and if thats the case then who cares about what % anyone else is making. If 6% a month is enough to keep you in a lifestyle which you are happy with then stick with it!
 
And I'd say, forget the 30,000 and forget the 15%.

Aim for 1,000 in easy stages.
Then 1,500 and so on.
Don't put a time limit on it but try to keep moving forward, and of course, add capital to it as and when you can afford it. The more of your own capital you have at stake, the less likely you will be to blow it (hard-earned capital that is, not a present from Daddy..not saying yours is, by the way).



Take it slowly. Don't overtrade.
You win by losing less quickly than you win, if you see what I mean.
In other words, look after your trading capital.


And don't go mad when you get to your first 10,000.
 
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