How to start with $100 and turn it into 1 Million in 100 trading days!

Pajo… i absolutely agree with you. That is part of my motivation. I want to objectively try to understand on a deeper level my own thought process and actions, and try to isolate those that undermine my trading (be it here in this little thread, or in my primary futures account), as well as understand those processes which are most beneficial to me, and expand on them.

A fair amount of what I do is based on “instinct”. Well. ok, thats not even close to true. But, it’s not as quantifiable as I believe it could be, and I also believe making this more quantifiable will allow me to understand and better incorporate the best of my thinking, while circumventing the less advantagous habits/thoughts/beliefs…etc.

Wish me luck eh?

Jay

Jaroon, doing well. thanks for the well wishes.

Heh…no promises here… but i’ll do my best not to disappoint

Jay

Yep, I also agree fury. I won’t be touching this money…as it’s not the least bit necessary for me to meet my needs (my other trading acct. does that just fine)

this is just an envelope pushing, personal challenge. Still it’ll be intersting no matter what…and it’ll make my day if i can get this to a level that one could actually live respectably off of.

Jay

it’ll close if i lose huge amounts too :wink:

for some reason, i’m not worried one way or the other.

Jay

Ok all… I will be updating this thread with all the current totals for the last 2 weeks.

Right now, long eur/usd at 1.3759.

20 pip stop

40 pip target

risking 0.35%

Won’t make 1.3799… counter on the daily? Asian range not that high? But good hunting!

EDIT: My longer short is at 1.3783.

eur/usd long at 1.3759
primary reasons to take the trade:

Gap fill trade from the weekend. Price filled the gap, and although is yet to move up much from the close of the market on friday.

volume and price action on a 1 minute TF and 5 min TF indicate that sellers are running out, and buyers are still interested
at this price.

Was a little nervous entering this trade for the following reasons:
it’s the asian session, and not my typical trading time.
I’m taking a long trading while price is currently in a daily demand zone
I know that price always pushs to size. Size is above current price…but fairly decent size is also below current price.
I’m going long somewhat in the middle of a “liquidity sandwich”. This is not the ideal place to take a long trade.

secondary Reasons I decided on taking the trade.

I have a long bias on eur/usd for this evening.

the size closest to current price is the size above. This will tend to act as a magnent on price.

we have a psychological number: 1.3800 within that liquidity block (starting around 1.3800 and moving up to about 1.3820)

there is a minor liquidity gap between around 3760 up through about 3785.
high probability of making at least 1R

Believe london will likely push up into liquidity before pushing down…before pushing back up. This is a
bit far fetched to call out like this, and I should restrain myself from this type of thinking…as it can lead
to overtrading and overconfidence.

more on this trade as it progresses.

Jay

Live Trade Psych journaling -
Feeling a bit nervous, price pulled back against me a few pips. Nothing to be concrned about. Actually, nothing to be concerned about

regardless of being stopped out, or targeting. Do not enjoy the slow volatility of the asian session the sunday market opens (sunday for me)

interest seems to be flowing to the long side… it seems that slightly more aggressive buying is picking up. it is currently 6:55 pm (18:55 my time)

wasn’t sure about taking some profits at 1:1…now I know I will do that (or close to it). However, still not comfortable making this decision this
late in the trade. Will work out some sort of exit or trailing stop strategy for these types of trades (actively managed, short term trades)
Something more mechanical, before the start of trading tomorrow.

Starting to feel more confident about this trade. almost too confident. I seem to have momentarily forgotten that it could indeed stop out for
a 0.35% loss. Will absolutely take some profit off around 1:1, if it is reached.

Well reasoned as always. Asian is typically rangebound. I see nothing wrong with your trade looking to the 1h. Looking to the daily I see short bias. I trade off 4h and daily and as of yet see nothing of significance on my TF’s at least that point north. But as I say, good hunting.

Feel like I have more riding on this trade than i usually do on most of my trades. I think it’s primarily due to the very public nature of this typically very private activity. Funny thing Is, I have 1 contract on in the 6E futures (did have 2, covered 1 at + 10 ticks), and I nearly forgot I had it on.

an open position with $200 of unrealized profit, and I forget about it, but I cant take my eyes off the screen where a win or loss will increase or decrease my net worth by a whopping $3.50.

It has to be the public nature of this project. I need to take it a bit easier than I am. I tend to run a bit more intense than the average person…but that is not going to work to my benefit if i can’t relax more.

And speaking of the trade… PA is starting to look a bit toppy here… like we might roll over to the downside. but, the volatility and volume are both so low, I don’t think it’s worth me trying to read into. Something like reading the cover of a very old, very weatherbeaten book.

Definately not very comfortable with this trade ATM.

But, per my written rules, i will follow them as I set up. Also, this journal should provide me any insights necessary to
improve my trading plan and rules, so to be better prepared every single day for the next day.

Jay

P.S. btw…closed the 2nd contract out on 6E for 5 ticks profit… up almost $200 in my primary account tonight. lets see what happens here…what this thread is all about.

R Carter…my suspicion is the light volume pre-asian and where price traded during that time (primarily between 1.3775 and 1.3815), stacked on the higher volume closing price of friday…plus this current asian session between 1.3775 - 1.3755 gives me reason to believe this will break up before it breaks down.

Liquidity is a bit of a ways to the downside. Easier (cheaper) for a large institution to put a short squeeze on, pop stops and resting buy orders above 1.3810-1.3815, and fill their order at a higher price, without slippage…

IMO…if they want down, they will be better off pushing it up before they push it down.

if the want up…well… cool :slight_smile:

But… again… who knows right. this is trading.

Jay

stop moved to BE on this trade. on the off chance it pushes back down before continuing up. well…i guess i get stopped out and miss a profitable opportunity.

however, if it pushes down and keeps running… glad i didn’t lose.

from right about here…1.3773, it’s either going to break up to my first target of 1.3779, or it’s going to likely retest the lows.

no point in chancing loss when a retest likely means failure, and i’m so close to first target anyway.

risk free…sounds good to me.

Jay

on a psychological note. I feel good about moving stops to BE in this circumstance… but I still will need better rules to govern how i manage my trades, such as taking exits early, moving stops…etc.

More for the plan for tomorrow.

Jay

I’m thinking if we can break 1.3776, we’ll move pretty quickly up another 10 pips.

This would be enough to hit my first target, and close half the position.

But…regardless… I can’t lose on this trade. So, not much to worry about now. Still would like to see it hit both targets of course, but i’m now in a risk free bet. Always a good situation to be in.

Interestingly enough…i don’t feel much less nervous. This level of exposure is more than i originally anticipated…but nevertheless… I think it’s likely good practice for… well…no idea. trading is solitary.

guess it’s just more stressful for no good reason.

lol

Jay

closed 1st half at 1.3777.

no point in losing it all now…when i’m 90% of the way to my first target.

0.1575% profit

half the trade is still open.

Trade broke out, but on light volume.

volume has been dropping as price has been moving up from around 1.3755 to where it just peaked out around 1.3778.

This is indicative of possible further downside action.

from a psych persepctive, i’m very tempted to close my trade given this PA and volume pattern… if it follows through as it typically would in these cases, price should be dropping.

however, I already stated where I was entering and exiting, and so far, it’s served me well. Furthermore, the more mechanical I can make my trading, I think the better it will be to improve upon (easier, anyway).

So, no closing this early, unless we get to 1.3792. I will then trail a stop 1:1 until either target or stop is hit.

again, when your most of the way there, no point in giving it all back.

Jay

turns out i just received over the wires that offers exist from 1.3780 - 1.3800. I will start to track this type of info, and then i will be able to go back and see whether it would have been more profitable to adjust accordingly, or simply ignore it and stick with my plan.

For now…the default setting is…and always will be, just stick to the plan/rules.

Jay

Reading your posts you’ve made some pips tonight… good call! Can’t even come close on 4h or daily… PM me on your longer trades! I’m all ear’s!

Reading your posts you’ve made some pips tonight… good call! Can’t even come close on 4h or daily… PM me on your longer trades! I’m all ear’s! :35:

Thanks Carter… wish we both were as excited about it :wink:

It’s one trade so far… and I have a long week ahead of me. I will likely keep risk low until i can build up a 5%ish cushion…then, i’ll start pushing out trades with 0.50% and 0.75% risk. once i get a 10% - 15% profitability cushion…i’ll push it up to 1% risk per trade.

may take a few weeks. maybe even a few months (hope not!). But, I’d rather be well on my way to making a bonus income of 4K a month in 36 months… than having got to 36 months after blowing out this side account i’m running here.

Jay.

P.S. we might just break up now on eur/usd… i’d smile a bit more if we did.

Jay