Okay I am calling Endex to my initial goal of £4,000 into £40,000 by month end.
Nothing like putting undue pressure on yourself. Still it has been a great exercise in self discovery.
Summarize, I started with a small stake of £400.00 and flip up fantastically. Using the same ratios but cutting them in half I thought it realistic transform £4,000 into £40,000.
What I have found really frustrating is the following:
1. Gaps, whenever there is a GAP my trading becomes prejudice in terms of the direction I believe the market will be going which inevitably means the GAP will be filled.
2. Based on the above, there have been times I have not taken a profit. Last Monday I did not take a profit of £500 and took a loss of -£160. Then on Tuesday I did not take a profit of £1,000 but ended up with £160.00. Wednesday could have been a nightmare but turned out okay. And yet Thursday ( see attached 10th of September) laughably I was so busy trying to post this that I the market had turned against me and I ended up with a loss of -£1100.00 that really pissed me off. Friday just bad news.
3. Yet despite all the negativity my Endex performance is still by any measure pretty good. It's just that things could have been much much better.
4. Why?
The obvious finger to point would be a lack of self discipline. However, while this is a possible factor the real reason I believe is a "Fear of Success" the need to get a break through in thinking that it's perfectly fine to be generating profits of £1,000 - £2,000 a day. Possibly sub consciously I don't believe it which is why time and time again I give back profits when I don't need to. Definitely something to work on.
5. The best thing that I have done is to withdraw profits from the account when the going is good. the 1/3 rule ( 1/3 in a reserve account, 1/3 remain in the trading account and 1/3 to spend as one wishes). on the endex graph I have £2500 remaining ( reserve account) and I withdrawn the remainder.
6. Notes on the Endex Sheet: The Gross Profit and Loss column is simply the actual P&L I had in the account at the time I finished traded for the day. The Number of Trades are round trips = 1 Trade they are part estimation and some are counted from the statement the day after when I receive it. The Commission are not the actual brokers commission which would be a lot more.
I am taking time out on the sim before I trade with my reserve account.
If any of the moderators wish to verify my trading performance over this period that will be a pleasure to prove I have not been bull****ting and also hopefully to allow other traders to see that the mistakes they make are universal but also you can still make money in these markets anyone who is content with 5% returns a year on their capital has lost the plot.
In my opinion it's always better after you have got some experience in place to start with a decent account size £25,000 - 50,000 that way you will not be taking on too much risk. With a £50,000 account size taking £500 - 1000 a day would be **** easy. And it would be at a level where one would stop and say that's a good days pay. Unlike earning £10 -20.00 on £1,000 trading pot.
Happy to answer any questions Traders may have.
And no I don't believe in risking just 3% of my capital per trade.
Good luck - Roger and OUT.