Still, I would not give up that easily. If he went back to £500 every time he got to £5000 he would be reducing his risk. I think that I would give it a try. He must have been doing something right and needs to find out what it was.
Greed and impatience was my problem. The greed as I was trying to generate enough profits to buy a small house outright or big deposit by the time the DAX reached 7,000. My wife keep telling
" it will go to 7,000 but it's the journey it takes that will make it difficult" .....Women, often say silly things and it's always a fool that fails to listen!
My target was £260,000 then I was going place a large deposit on a house, place some in reserve and have a £50,000 trading account.
"Had I of" (massive proviso) had a target of say just £50,000 then reduced my trading size to say £200.00 a tick this would have allowed me to trade the long haul without too much risk, looking at taking 10 ticks a day, that would generate £40,000 per month!
I think at £500.00 to £750.00 a tick one's account has to be at least £150,000.
Unfortunately CMC, the brokers I used have increased their margins so it's harder to pyramid as fast as before.