Hmm. Please confirm that I wasn't born with 666 on the back of my neck.
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ffsear
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I print it off, black marker out the private bits and re-scan it.
Good work on your account!¬
I don't understand why its so hard to understand!? My returns are relatively modest and far from "too good to be true." Nor do I understand why you feel the need to dissect and analyse my previous posts in such a way. Perhaps you are a man lacking in self confidence who feels the need to berate others in an attempt to reassure yourself?
anyway...
See my answers below
It's your statement that prompted I look at previous posts. It would appear you are a trading god. Your profit factor is so insanely high.
Ps. I'd expect you to be buying that house in cash pretty soon.
ffsear
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Are you serious?
I have to pay myself a salary from my profits (this comes under costs). Once thats done my account is up 6% for the QTR. - So we are looking at about a 12k profit on account after I pay myself for the year (based on these results!). Yep in 20 years I'll be paying cash !
Im not having a go. Just trying to display that I don't think my results are impossible or unthinkable, once you breakdown the data. If you look at my equity curve you will note that i was flat for 5 weeks.
If i were winning 9 out of 10 trades then maybe. But i'm losing almost as many. Why am i up? a) because the amount i win is more then the amount i lose on average. b) because I have a fixed amount (2%) that i risk per trade. Note that I have never lose more then £1k on any 1 trade (give or take slippage)
I have to pay myself a salary from my profits (this comes under costs). Once thats done my account is up 6% for the QTR. - So we are looking at about a 12k profit on account after I pay myself for the year (based on these results!). Yep in 20 years I'll be paying cash !
Im not having a go. Just trying to display that I don't think my results are impossible or unthinkable, once you breakdown the data. If you look at my equity curve you will note that i was flat for 5 weeks.
If i were winning 9 out of 10 trades then maybe. But i'm losing almost as many. Why am i up? a) because the amount i win is more then the amount i lose on average. b) because I have a fixed amount (2%) that i risk per trade. Note that I have never lose more then £1k on any 1 trade (give or take slippage)
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scholfield
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I print it off, black marker out the private bits and re-scan it.
Good work on your account!¬
cheers. I don't have a scanner. Thought there might be another way?
Well done on your account. Nice to see positive results like that.
I want to start a journal to see if I can keep up my results or whether it's just luck, but working full time makes that impossible.
I just set some orders and stops before work each morning at the moment, as well as enter any swing positions that my method throws up on teh instruments that I watch.
advfntrader
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I think he could be genuine. risk is indeed no more than 1k per trade so 2%. but its not exactly a great living is it ?? I think you'd be better off with a job and trade on the side for extra cash ? I assume you trade 4hr and above judging by the low number of trades...
scholfield
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The thing with me is that I hate working for a living with a passion, and trading doesn't feel like 'working' becasue I enjoy it and find it interesting.
If I could guarantee just a little over minimum wage i'd probably quit my job! I'd rather have less money, but look forward to going to 'work' every morning, as pposed to literally wishing my life away waiting for the weekend which is what i do now, lol.
Alas, as we know, to be consistently profitable as a retail trader from home is rather rare
Still, so far I'm up 3k or so this year.
Onwards and upwards. Reassess in 6 months.....
If I could guarantee just a little over minimum wage i'd probably quit my job! I'd rather have less money, but look forward to going to 'work' every morning, as pposed to literally wishing my life away waiting for the weekend which is what i do now, lol.
Alas, as we know, to be consistently profitable as a retail trader from home is rather rare
Still, so far I'm up 3k or so this year.
Onwards and upwards. Reassess in 6 months.....
ffsear
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Yep, off the Daily and 4hr charts. I spent 4 years making nothing/breakeven on lower time fames. Only on the dailys have i ever made money.
ffsear
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Can you not trade at work? I was quite lucky in that I used to work as insurance broker in London. A desk job that allowed me to look at charts throughout the day.
ffsear
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The thing with me is that I hate working for a living with a passion, and trading doesn't feel like 'working' becasue I enjoy it and find it interesting.
If I could guarantee just a little over minimum wage i'd probably quit my job! I'd rather have less money, but look forward to going to 'work' every morning, as pposed to literally wishing my life away waiting for the weekend which is what i do now, lol.
Alas, as we know, to be consistently profitable as a retail trader from home is rather rare
Still, so far I'm up 3k or so this year.
Onwards and upwards. Reassess in 6 months.....
Exactly the reason I got into it. I loved trading and its not about the money. But the fact that it can lead to working for yourself, on your own terms it what treally made me study it.
Out of interest, how much have you used to generate 3k?
That's fine, providing that you are a commission only salesman and bring sales into the company. Otherwise, I think that I would give your desk space to someone else.
I think you're missing the point. It is 'year 1' when he made 30k. Most businesses lose money up until year 3-5 if they make any money at all. So on that front he's well ahead. Plus, 30k in "real" earning power is more like 55k for you if you're paying tax / NI, pension, medical etc etc.
So I'd say he is making a great living!!!
Plus, he's clearly lining up this year to be bigger than last and so on...... trading is massively scale-able.
Hats off to the guy for having a pair.
ffsear
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I'd say your focusing far to much on the monetary aspect of my trading. Which to me is irreverent! (yes i bought it up at first, but to make a different point) I focus on return on risk and nothing else.
Is 30k a great living from trading? Answer: It depends what size account your trading and how much your risking per trade. If you've got a £1,000,000 account, risking £50k per trade and your up £30k at the end of the year, then your not doing very well!
Yes, I made £30k last year. However that was over 260 trades, each one risking £1k. So actually i've risked £260,000 to make that £30,000. Which is a return of 11.53% over the year. That does not make me a trading GOD.
I don't see £30,000. I don't see £50,000. I don't see £1,000,000... I see 11.53% That is my return. That is my business
This is why people fail! They focus on money and they focus on trading strategies and pay too little attention to risk management
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advfntrader
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scholfield
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scholfield
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20pips or so, which at my stakes, is about £10.
However, I should mention that i've only been using this method for the last few months and previous to that I was trading with less concern over risk, which, witha little luck meant bigger rewards.
From now on out, i'm looking to stick with my current methodology
/risk profile, or at least a variation of it, depending on future results.
Great result ffsear. You've obviously found a method that works for you and overcome the emotional aspects of trading.
What about HMRC? I assume they haven't taxed you because you are spreadbetting? Or did you register as self-employed with them?
Thanks.
ffsear
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So far I've ignored the HMRC (not that they have tried to contact me) .. They either need to set out the law in pain English, or win a case against a spread bettor before i start paying tax. At the moment, my understanding is that its still very debatable, so i'm on the fence for now.
