2nd Million

[Ega]

Have started working on my second million

My first one was a complete failure.

Unlike Make a Directory, I'm only making about R1 per day, but intend doing it for the next million days.

[#2]

The best way to make a million is to start with 2 million and use TA.

[#3]

You won't live that long Ega. More than 2500 years. Even if you are a robot.

[saash]

Starting with R10k, 50 trades which each generate 10% clear profit, re-investing the full capital in each trade.

[Shaun_Siddall]

10k reinvesting the 10% doesnt make it sound so bad and it works lol i just checked. But on average what would say your gain to loss is? Eg: for very 3 trades 1 loss? Any day traders with a norm or is it impossible to say?

[asylum]

the average day trader gets it right 50% of the time there are of course traders with a much higher percentage than that, but you can still be a succesful day trader with only a 30% winning rate.

[#7]

It has been my experience that certain systems give different win/loose ratios, normally more profit less wins and vice versa. Backtesting systems is good for this purpose. Ultimately I believe that a good system is secondary to proper money management and good discipline. A 'poor' system (20 - 30%) win ratio will still make money in the hands of a good money manager with good discipline. The "pro's" also work on a monthly return on capital of 11.7% which is apparantly about a 241% compounded return. The million is there for the taking we should just become the best traders that we can be. Good luck in the chase.

[asylum]

learner i coulnt agree with you more.as the saying goes, were not in the market to make a profit but to preserve capital the market will reward you for doing a good job.

[#9]

Stick to 5 % profit margins. Don't loose more than 30% of your trade, if u r close that trade immediately. Stick to the profit margins you planned. I try to make 3k everday with 60k. Avg months = 45k to 55k. Good months bout 80k.

[asylum]

mkadir what are you trading?

[#11]

MKADIR what time do you do your trades in the morning or afternoon

[Preston]

At night he is to busy pulling EISKOM wires

[Shaun_Siddall]

If a day trader gets it right 50% of the time and MK is taking 5% but gets of a loss a 30% how do you make money? 50% of the time you making 5% and 50% losing 30%. Even at 75/25 you dont make money? Anybody?

[Hedgehog]

Right Shaun If his first three trades are losses of 30% each he is left with R33 180 almost half of his capital - maybe this is a system were you do not need arithmetic.

[asylum]

yes i agree the only way to make money if your percentage is lower than 50% wins is by letting your winners run and cutting your losses straight away, not losing 30%. omo

[AJDK]

There are alot of people sitting with 30% or more losses, but they wait because they think the market owes it to them to recover. That would just be a warning to those people to say cut your losses and move on. He will obviously have a 2-3% stop loss installed for a 5% profit. IMHO

[Shaun_Siddall]

Yeah that makes sense but your stop may get triggered to soon with current volatile market. 10% with a 5% stop sounds good.

[AJDK]

That is for each person to decide according to his own risk profile. This is 1 of the small differences why some people makes money and some lose

[duke_vest]

how the hell do you do that?

[AJDK]

If we knew, that would definately make that R1million look alot closer!