sicktrader

Here is my statement that was due this morning, this does not include my euro loss as that was today.

I managed to get back some of my huge euro loss, only down 15 for the day. Missed a winner while I was golfing, seems to always work that way.

My statement for yesterday will be late today as I am going golfing, though like I mentioned already I had lost 18 points on the Aussie. This morning was a bit worse with a 28 point loss on the Euro. My system said long, so I went long into a sinking market.

They are bad news. Stay away.

Hey guys, if I am fortunate to turn a dime into a mil, please be quick to to verify my account. Once verified, I want to draw it back down to zero so I don't have to pay taxes. Thanks in advance.

Thanks. Will do. Have fun watching.

MM, you don't pay it if you don't make it. Nonetheless, you need to open your brain a bit, there is more to accomplish that what you have set forth in your mind. Just follow along on this journey and perhaps you'll see other ways of accomplishing things.

Thales, Don't get too bent out of shape. I really don't get trading the same instrument either, nor do I get the higher balance. If someone can do it with any instrument, that is fine with me. As far as accounting, a third party verification is as good as it gets. Anyway, let's get this done the first go around.

I wouldn't get too worried, yet. I look at today's 200 point move in the curriencies, a day in which I lost money, and shake my head. Truth is that I wanted to pull the trigger on additional trades, which would have won, but I have confined myself to my trading plan. When I go outside of my trading plan, it usually doesn't turn out so good in the long run. There are many more trades up the road, though in my case I may switch systems soon as the situation in Greece is reducing the number of set-ups in my current system.

I went backwards today as well. Got into a trade during the night that was not part of my system. Lost 18 points on the AUS.

In no way am I implying that the systems that I use are better than anyone else's, because I am sure they are not. When I attempt to find a system my first goal is that over time it has proven that it will double every two weeks on average. The two weeks is certainly not like clockwork. Sometimes it is a few days, sometimes a month or more. I am hoping to catch a few breaks here along the way, but it could certainly go the other way and I can blow out. Hoping for the best.

I have 4, not to blow it out of porportion. The one that I am using now is based on the news. I like the fact that I don't have to be tied to the computer at all hours. If I fall off track in this race, then I'll start using a system that generates a lot more trades in a day/night. Not as profitble per trade, but the end of the week result should be similar.

No trades for me today, so I won't be posting a statement on Tuesday. I believe this Greece situation is reducing my trades. Hopefully tonight will be better. Good luck.

On another note, as far as I am concerned at this point all that I have to lose is $941. Anything above that I am playing with money that is not mine. Someone other than me is holding the money, money that I intend to gamble with and expect to turn into 1mil. The only losers that hurt are those that you need to take out of your bank account, which is why I never make bets on credit or make trades on margin. On the same note, I am quick to put trading profits into my bank account and ultimately other investments.

My current plan is to add contracts as I double, hope that I exceed 100K within the first ten weeks. If lucky enough to achieve that, then I will set 100K (or so) as my base, then cash out the 100k (or so) profits in each of the remaining weeks. If I have a drawdown then I'll post back up some of my winnings in order to stay on track. This will limit the amount of contracts I need to trade, and minimize the psychology aspect. If the plan above goes off track, then I have a backup system which I will utilize.

Count me in as interested. Thanks.

I suppose I look at the risk of ruin a bit differently. From my perspective the "risk of ruin" does not remain constant, if you are calling ruin an actual blowout and not falling below margin. There is no way that if I have $5,500 in my account and running 4 contracts that I am as close to blowout as I am now at $1,500 with one contract. I suppose that if you don't know your average stop, or you let your losers run all the down to $0, then yes in those instances it could remain constant. So in that respect maybe it depends on your system. However, I know my average loss is slightly above 10 points. If I have a few losers in a row running 4 contracts, which again is expected at times, I simply move back to running 2 or increase my account balance through my established reserve. Perhaps an inconvenience, but not a ruin.

I think what is important is to not just look at the Race aspect of this money management style, but to realize that an abbreviated version could be applied to your everyday trading. When I started trading I knew what I wanted to accomplish, and that was finding a system that would give me the potential to double every two weeks on average. Keep in mind that it is just and average. I have doubled in two days, and two months. Well, over time I have found a few appropriate systems. The benefit of my cuurent system is that I know exactly when to turn the platform on, watch for 5 to 20 minutes, then either I am in a trade or not. This happens about 20 times a week, and saves me from watching the price movement all day. This current system fits me because I will place bets outside of my system if I am bored and have the chance, and now I don't have the chance to be bored. In any event, I found a number of systems the would give me the chance to double within a two week period. Choose what is best for your personality. Once you have the system, you need to realize why you are trading. I am trading to put money in my bank account. As such, in the real world I cash out each time I double. I do this because my base account is set at a point where I will be delighted if I only have one cash out a month, two is obviously great. If you try an approach like this, you would need to establish a reserve that could be applied to your account when you have big drawdowns, which you will. I have about three to four a year, but again, this is part of the plan. If you have to post up $50K thoughout the course of the year that may seem bad, but realize on the other end that you have made say $300K. You can insert any numbers that you choose, but it is the point that posting up more cash can be part of the overall plan. I don't see what is wrong with that, and no one will ever convince me otherwise. Hopefully a few here will reach the goal, and maybe in different ways. That is the outcome that I am hoping for, because then we can all see different systems and money management styles that achieve the same outcome. Off to family functions. Good luck next week.

Thales, I ended the week at $1555.63. I will post a statement when I stop in at the office later. Thanks for your effort in all of this.

Thales, You should go into teaching once you have made your cash. Second, I explained before the $1,300 does provide room for a few trades before I fall under my $900 margin. But, more importantly, I know what my system averages a week in terms of points. I need 100-120 points to double, and I know my average to reach that is less than two weeks. Your potential problem, no harm intended, as I see it is that you are mixing this with that and really don't know how long it takes you to double. Maybe it will go your way, but maybe it won't. I hope that you make it, and I mean that, but if you are unsure of the system that you are using that may lead to trouble. I know that you have systems that you have used a long time, but you had mentioned that in the Race you were also trying some new systems as well.

Thales, It was a good story indeed. However, There are many great gamblers out there, and in the end, money mangement leads to their destruction. I am a gambler, have been pretty much all my life. I remember in high school myself and a friend bought a tout for a week, and I managed to lose 7K on top of the 2k I had to pay him. Well, this isn't my point, but I paid the bookie, and I paid for this mistake for the next five years. Just two weeks ago, one of the most recognized gamblers in the world left a note on his forum that "he would be away for awhile". Well, two days later they found him and his wife in a double suicide (though not proven yet to be the case). You see, he was down and was chasing. He owed agents all over the world, but nobody outside of his circle knew. Turns out he put 500k down on Duke in the NCAA finals, and we all know the result. The man had been a millionaire many times over, and I believe he could have paid everything off if he unloaded his home and everything else. The bottom line is that for good or for bad you need to stick to your plan. If it goes bad, then if your plan is sound, just hold your sack and wait for it to go right.

Brownie, I think I remember reading in a thread where you mentioned a screen capture program. If I am right, can you please mention it again because I really need one. Thanks in advance.

Don't think that there is anything small or cautious in trying to turn a few dimes into a mil in 20 weeks. A gamble for sure. The stakes will get higher each week, probably will see many gains or losers in excess of 50k. Right now I would assume that most everyone has a plan and is trying to stick with it. For me, I spent about $24 in commissions this week, and it isn't even a thought with my trading style. Plus, I like their service.

Same here. Out with a 6 point loss on the CAD. Looking forward to next week. Good luck all.

In short on the CAD @ 9889. Target is at 9860. Edit target is at 9854.