Johns post re the life of a trader ??

[saash]

I'm at that space where I'm making consistant profits and am about to get over-confident and have another humpty dumpty ---- so, seasoned traders --- what pearls of wisdom can you provide me with, to avoid the inevitable collapse - as I cannot afford to make this nasty mistake :-) I've taken the Chartist Challenge of turning 100k into 1mil .... and want to achieve the target.

[HateGauteng]

Seesh and I want to take R10K and turn it into a million!

[Blik]

Have you read Dumb Money - its a good look into the life of a day trader.

[#4]

100k into 1mil is very possible..BUT, 1mil into 100k is much much easier!!!

[KVW]

Shanil your so correct...... Back to the question, out of intrest how would you build a portfolio to change 100K into 1 Mil? (Suggestions) % Equities to Bonds etc.

[john_1]

Saash...take a break..just close your computer for a couple of days...miss it...in that time go over the basics, re inforce what you are doing right...and most NB NEVER EVER TAKE A BIG LOSS..and you will bw fine.

[saash]

But how can I convince myself to take a break when the market is moving no nicely :-) I hear you John - can I take a break from Friday to Monday :-) Does that count??

[saash]

100k at 10% per week, compounded, keeping a little "buffer" and pulling out of the trade if the buffer gets swallowed up.

[jack12]

took 500 and made 1,5. When the flaws in the system creep in, it is good to paper trade with basic tools only (As Simon says ignore the noise) and then find the trend. I tend to find a stock I have never traded, then make money...lots of it

[#10]

time and patience. If you can generate 50% return after tax per annum, you are on a par with the top 25% of traders. At that rate, you should hit 10 times your portfolio in about 6 years

[SimonPB]

john is right, take a break .. go somewhere far from your PC .. if you can't take a break you're going to crash cozY you're too emotional about the whole thing .. then look back at what you're doing right and write these down huge as RULES .. look at mistakes you've made and right them down as don.ts .. an important, right is not about profit an wrong is not abut losses .. DO NOT try an tweak your system, tweak yourself to be even more disciplined ..

an 50% a year probably puts you in the elite .. an I am not counting wanna failing traders .. most traders do not make 50% a year ..

[saash]

But isn't that for professional traders who have rigid rules? Simon - is your system waiting for a red close to confirm a short entry?

[saash]

6 years !!! 1 mil won't be worth much by then :-(

[SimonPB]

it is successful traders who have rigid rules .. where pro or amateur ..
my system, nope .. firstly I am still long as not yet stopped out .. an anyways primary trend is still up (I suspect, haven't checked as in a trade so makes no difference) ..

[saash]

Ok - seriously - I don't want another clap to my pattern here - although it seems that with every clap, the bounce back is stronger. I've behaved for today, did the rational thing (stopped out on this nasty fall we just got dealt) AND RESISTED THE TEMPTATION TO RE-ENTER on this bounce, cos we so close to closing time. I'm still green for the days trade, and can go home smiling. But I can feel I'm on the brink of loosing it. So - how long do I have to sit and bite my nails :-)If the Dow breaks its day high - there's going to be a huge rally to re-trace on the recent fall!! Must I just sit it OUT? Maybe its time to go back to keeping a trading journal.

[saash]

Lol- I'm clearly a chick, and have a chick head, and CANNOT for the life of me figure out all these rules to your "Simple" system - it's NOT simple SIMON :-) 3 red closes, 2 are below the 15 dma, the 15dma not yet crossed the 30dma though .... So yes, primary trend is still up (I think).

[Werner_1]

Simon, i was researching a product from TD Ameritrade the other day, its called StategyDesk, they say one can do program trading on it using ones system one develops on its desktop application. I just thought, would your strategy not work very well if fully automated and have absolutely no human direction?

[SimonPB]

werner, that is the plan for the lazy system .. but it is a decade ahead of the local brokers as they don't offer API interface ..

saash .. primary trend, if 30 above 60 then it is up .. an my initial stop is a trailing 20% stop .. then when the stop equals entry point I use lower lows on index ..

[jack12]

Was reading Amibroker has an Api. But dont know if Sharenet can handle it yet!

[Werner_1]

i dont think they can handle it.Si Simon, on the bright side, when they do support it, you will be ready and have a very proven system which can be programmed in, that will be awesome!