The Race

[bathrobe 10]

A note on my participation, I suffer from migraine headaches and am unable to trade when I have one as I do today 4/28. So I will not be trading unless I feel better.

[thalestrader 14]

No problem, bathrobe. Remember, there is no requirement that you trade everyday, every week, or even every month. The only requirements are that you start with 3K or less, and you post a screen capture whenever your positions/equity changes.

 

A note on my participation, I suffer from migraine headaches and am unable to trade when I have one as I do today 4/28. So I will not be trading unless I feel better.

 

As a fellow migraine sufferer, I truly feel you pain. I hope it passes quickly for you.

 

Best Wishes,

 

Thales

[yeaheah 10]

I will try do make my first trades tomorrow.

 

Good luck to all.

[sicktrader 10]

Expecting to catch a trade on the Fed release. I hope, slow week for my setups.

[sicktrader 10]

In long at 9890 on the Cad Dol. Target is set for 9918.

[sicktrader 10]

That was fast. Out +28 pts +280 on the trade. See you tonight.

[fxThunder 10]

Whilst I battle to post real time entries and exits this thread looks like it have the makings of a lot of fun and a worthwhile challenge, at that. I will join "The Race".

 

I have a small FXCM account that I use to play around in. I will use that for "The Race"

 

Starting equity is $453 - the account is a live account.

 

Today's snap included herewith. Unfortunately it is quite big, I can't get another way to display all the data required ito the rules for this thread.

 

Cheers,

Fxt

[bathrobe 10]

A note on my participation, I suffer from migraine headaches and am unable to trade when I have one as I do today 4/28. So I will not be trading unless I feel better.

 

I ended up doing my least favorite thing scalping the fed announcement because I had genuine excitement about the Race, great idea guys. Back to bed for me, I will post my statement later.

[amswak 10]

I, too, suffer regular migraines. I feel your pain and hope you feel well soon!

[bathrobe 10]

I, too, suffer regular migraines. I feel your pain and hope you feel well soon!

 

I have been having them since I was about 16-17 but they have been getting worse over the years my neurologist is pretty certain staring at monitors all day make them worse. But what are we going to do.

 

Sorry for the off-subject post.

[thalestrader 14]

Whilst I battle to post real time entries and exits this thread looks like it have the makings of a lot of fun and a worthwhile challenge, at that. I will join "The Race".

 

That's great, Fxt, we're glad to have you join us, and I wish you good luck. I would like very much to see you pull One Million Dollars from the vaults of FXCM (via trading, of course, no dynamite and tunnels allowed!

 

Best Wishes,

 

Thales

[thalestrader 14]

So far I have the following folks who have posted an opening statement and declared themselves in the race.

 

Let me know if I am missing anyone.

 

 

Here is the updated list of all those who have thus far declared for the race along with the posted starting equity of each Racer.

 

 

yeaheah $137.80

 

fxThunder $453.43

 

sicktrader $941.31

 

thalestrader $1537.75

 

daedalus $1653.85

 

bathrobe $2542.38

 

Best Wishes,

 

Thales

[sicktrader 10]

Thales,

 

One small rule change request. On Tuesdays and Thursdays I take my 3 year old to pre-school, and don't get to the office until say 9:15. After the greetings and such at the office, I am running very close to 9:30 by the time I get to my desk. I would believe that others may have a similar problem. Can you change it to 10:00, or allow for a little slippage. Thanks.

[thalestrader 14]

...One small rule change request. On Tuesdays and Thursdays I take my 3 year old to pre-school, and don't get to the office until say 9:15. After the greetings and such at the office, I am running very close to 9:30 by the time I get to my desk. I would believe that others may have a similar problem. Can you change it to 10:00, or allow for a little slippage. Thanks.

 

Office? You mean you work for a living?

 

Sure, we can allow for some slippage a couple days a week. I think we do want to maintain some degree of uniformity and hence credibility, so we should all try to post our statements by 9:30 AM whenever possible, and if not by then, at the earliest possible chance one gets.

 

Best Wishes,

 

Thales

[sicktrader 10]

Office? You mean you work for a living?

 

Sure, we can allow for some slippage a couple days a week. I think we do want to maintain some degree of uniformity and hence credibility, so we should all try to post our statements by 9:30 AM whenever possible, and if not by then, at the earliest possible chance one gets.

 

Best Wishes,

 

Thales

 

Ha. I used to work for a living, then came the great housing collapse. Placing big bets in California and Nevada didn't pan out well. Now I just go there to get away from the house and take calls from all the banks that I owe. Thanks for the slippage.

Edited April 29, 2010 by sicktrader

[thalestrader 14]

Hi folks,

 

I know that sick will, at some point, explain to us his approach to money management and how he manages to trade a small account. I have no such secrets to tell. Someone mentioned in a PM to me this evening that he is looking forward to learning how to trade a small stake to one million dollars. Well, so am I! I am here to learn by doing.

 

Taking 1k to 1 million is, admittedly, a seemingly insurmountable task. Certainly it is a rare feat. But it has been done. Typically the time span is measured in years if not decades, rather than weeks, but it has been done. It is well known that Richard Dennis parlayed an initial $200 stake into an estimated $200 million fortune. Of course, this was done over many, many years, and not over the course of a 20 week contest.

 

While I intend to give it the "old college try," I know the odds do not favor me parlaying my initial $1500 to $1,000,000 during the initial 20 week period, I am going to try. But in order to try, I must learn how.

 

In another PM I received, a TL member said he'd like to participate, but, perhaps fearing failure, he did not feel comfortable making his attempt in so public a manner.

 

Here is what I said to him:

 

I think a thread tracking our efforts to grow a real trading stake from a small stake is a worthwhile thread on its own, whether any of us turns a million or not, don't you? I started trading stocks with a mere 5K in 1986, added options in 1987 when my balance was but 10K, and I funded my first futures account with a paltry $3K taken from my stock account in 1995. We all have to start somewhere, and most of us start small.

 

While I'd love to make a million out of my sand box, I am starting off with a much humbler goal of doubling the $1500 to $3000 without falling below $750 in the process. We'll see how that goes. After all, if I am to make a million, I have first to make $100, right? Making a $100 profit on a $1500 stake hardly seems ridiculous, now does it? If $100, is reasonable, then, given some time and opportunity, is $500 ridiculous? Hardly. And if $500, why not a double? A $1500 stake run to a $1500 profit? No mean feat, but certainly not insurmountable, wouldn't you say?

 

The secret to this thread, I feel, is this - too many are overwhelmed by the sheer ridiculousness of attempting to run 1K to 1 million. However, if you break the ridiculous up into less and less and less ridiculous goals, eventually you will get to a level that not only is no longer ridiculous, but is downright reasonable.

 

Trade for the reasonable, and at some point, you may astonish yourself to find you have accomplished the ridiculous.

 

Best Wishes,

 

Thales

Edited April 29, 2010 by thalestrader

[sicktrader 10]

Well, I don't want to get into details until I have proven something. At this point, I am fine, as I needed to get by $1,300 to reduce the risk of blow-out to single digits. The next step will be to add another contract at $2,600, then every $1,300 from there. In my 20 week goal I assumed doubling my account every two weeks, but my average is better that. I also have a reserve fund, built from what I take out of my account, to use when I have a bad week, which does happen. I have numerous expected trades before the end of the week, so I'll just wait and see how that plays out. I'll stop for the week if I get up 100 to 120 points, which would mean I have doubled. Up 45 points so far, so one or two trades could get me there. Then again, I can lose 50 in a day.

[thalestrader 14]

... The next step will be to add another contract ...

 

What you have outlined here is very close to what I have worked up on my end. I have several weeks coming up where I will be unable to trade much if at all, however, so my pace will be hampered somewhat. But I am having great fun puzzling this out.

 

Best Wishes,

 

Thales

[sicktrader 10]

On another note, one thing that has always pissed me off are those people saying that "if you double every two weeks you would be a billionaire in blah blah blah". Well, I don't perpetually increase my account. I have a base, I double it, then I cash out, then do it again the next week. I also have a reserve fund ready to post up when I have a big drawdown, which happens a few times a year. I know what I need, or want, to make each month, and I make it. This isn't that difficult.

Edited April 29, 2010 by sicktrader

[macdfx 10]

Just a tip to those of you posting actual account statements...

 

Unless you know how to redact them appropriately, please don't expose your details to the world.

 

Enoch, you might want to take a second look at your recent 4/27 statement above, as I didn't have to do anything special to reveal your data in that .pdf file :doh:

[bathrobe 10]

how late is the latest possible time to post a statement from the 28th?

[snowbird 10]

I might add slow stochastics (5,3,3) after a losing streak - not for entry but to filter out trades.

 

 

Interesting... most advocate a slow stoch for entry. Care to elaborate how you employ it as a filter?

 

snowbird

[thalestrader 14]

Just a tip to those of you posting actual account statements...

 

Unless you know how to redact them appropriately, please don't expose your details to the world.

 

I would suggest taking a screen capture and posting a .jpeg rather than the actual .pdf of your statement.

 

Best Wishes,

 

Thales

[thalestrader 14]

how late is the latest possible time to post a statement from the 28th?

 

We'd like to have them posted by 9:30 AM EDT (US equities RTH open). However, we will allow some slippage.

 

Best Wishes,

 

Thales

[thalestrader 14]

Here is the updated list of all those who have thus far declared for the race along with the posted starting equity of each Racer.

 

 

yeaheah $ 137.80

 

fxThunder $ 453.43

 

sicktrader $ 941.31

 

thalestrader $1537.75

 

daedalus $1653.85

 

enoch benjamin $2036.36

 

bathrobe $2542.38

 

Best Wishes,

 

Thales