Polishing my trading plan. What are your rewards?

[BSD]

Anybody can start a hedge fund.

Warren Buffett started out with a hedge fund originally, funded with money he'd borrowed together from friends and family, which amounted to no more than US$ 250 K at that.

George Soros and Jim Rogers didn't have more when they started out.

Paul Tudor Jones started out with US$ 1.5 mill.

 

[shadowninja]

OIC.

What made the people who gave them the money trust them? Proof of performance, I guess?

 

[BSD]

Well Buffett had more promise than performance when starting out as he'd basically just graduated from Uni, but then he got his funds from those predisposed to trust him anyway, friends and family.

Soros had a bit of a track record having done well for a relatively short time at an investment bank in New York after having sold shoes in London as his first job out of Uni, but nothing earth shattering either performance wise initially while still a bank employee, hence his small start-out fund size, which rapidly exploded though once he'd been unleashed as an entrepreneur with his own fund(s).

Tudor Jones started out as broker (yup), went on to become an independent floor trader trading his own money, did spectacularly well, and, (quoting Market Wizards here), out of fear of losing his voice left the floor and started his first fund, "Tudor Futures Fund" with said US$ 1,5 mill in 1984. By 1988 every 1000 dollars invested with him had blossomed into 17,482, while his assets under management, attracted by this ongoing great performance, had grown to over 3oo mill.

And we all know where they are today

 

[shadowninja]

Excellent. I do intend to read their biographies. Got soooooo many trading books and websites in my "to read" list. (Started adding them on my Amazon wishlist but gave up.)

 

[henry766]

no reason

 

[nkruger]

So what are your rewards to yourself for sticking to your trading plan?

Hit my daily target by 6pm > Bottle of Leffe Blond
Not hit daily target by 6pm > 3 Bottles of Leffe Blonde