First of all, what happened today was completely bang out of order, there was no excuse for the vigilantly crowed to start spamming this thread post after post after post.
If someone has something to say, then that it completely fine, everyone has their opinion and is entitled to it, but there are ways to do it, and continuously bombing this thread with unfounded and unproven accusations is not one of them. Please in future act more responsible and act as adults, the he says, she says saga is just childish and uncalled for.
I came to this forum as a trader looking for company, sad as that may seem, I thought I would start a journal and explain my methods of trading the DAX, share my stuff, in return learn other stuff, which has actually happened. During that process and as it was called a diary, it was only natural that I posted my trade tickets as well as my explanations for my trades, I certainly did not try to rub anyone's nose in it, or try to come across as big headed or arrogant.
My background story is completely true, I blew many accounts, and I did have to sell my car at one stage to fuel my bad trading habits, that is all true!
Only when I actually learned how to trade correctly via another trader, did I have the confidence to re-enter the market at bigger stakes, now there are some accusations flying around that this is a rags to riches story, or I turned water into wine. All of that is ********, I did not tun a small account into a large amount, and I never once said that I did.
Once I saw that I was able to make money with my small account, I decided to go for it once again. I had already gone for it many times before,
A: I maxed my credit cards to the tune of £15,000, blew the lot with high stakes trading.
B: Maxed my overdraft on my 2 bank accounts to the tune of £3,000, blew the lot trading above my weight.
C: Took out a £6,000 loan (all i could get at the time due to the credit cards and overdraft.), smacked the lot on the DJIA, pretty much on 3 trades...gone in days.
D: Sold my car for £4,500, blew it again high balling above my weight.
E: Blew many wage days on the markets as well as other accounts that I managed to gather together.
I had ZERO left that I could get apart from the equity on my flat, and YES, I did try to get the mortgage company to release that equity as a loan, but becasue of my debts they didn't agree to it. So I had no choice to sell my flat to get the money for trading, at this point I was a profitable trader due to learning from the LIFFE trader, but the account was small and I simply could not compound it and live of it, just not viable!
I sold my flat, and as sated before on another post, I put 20k in the bank to cover my overdraft and live on, as well as service my debits. £40k went into 2 spread betting accounts, I believe if my memory serves me correctly, I put 25k into City and 15k into IG, and I went for it again. But this time I was going into this with more knowledge and a better understanding, also it was the biggest trading account/s I had due to the equity. So I was no longer trading above my weight, the £10, £20, £30 per point bets were a small percentage of my account size.
What am trying to say here folks is that I didn't come from rags to riches, I did NOT turn small accounts into large accounts, that is not true and I did not ever claim that.
I first of all blew most of the money or assets I did have..credit cards, overdrafts, the car, loans, wages, and then finally on to the flat which obviously held the most value!
So what I'm saying is that when I re-stared trading and trading profitably, I did so with a much larger account than I had before, thats not starting from/with rags!
If you place 10 trades a week with a £1k account at £1pp and make 20pt per trade, you will make £200 profit.
If you place 10 trades a week with a 40k account at £20pp and make 20pts per trade, you will make £4,000 profit.
Again, thats not rags to riches, that is based on trading the appropriate size of the account on each trade. Bigger accounts = bigger monetary profits.
Of course, not every trade is a winning trade, but I learnt through my own personal trial and error and with the help of the trader how to cut my trades when needed. Thats what really helped me out and still does to this day.
So I can't stress enough, this complete and utter BS about me giving a rags to riches story is untrue, I did not come from rags to riches, I started off big and I continue trading big in spread betting terms with an account built PURELY from the equity from my flat!
Also, all these accusations flying around about me selling something - no way, don't go there, I sell nothing and have no plans or agenda to sell anything!
The moron who came to this thread with those accusations was complely bang out of order, I did not mentioned anything about selling anything at any stage becasue I do not plan on doing so. This guy just came here, and started spamming the thread was these posts with NOT ONE PIECE OF PROOF! other than his imagination.
You can search my entire thread from top to bottom, I HAVE NEVER CLAIMED OR SAID I WILL SHOW YOU HOW TO MAKE £100,000 PER YEAR.
Once again, this was the work of a certain member who started that, by posting "he will show you how to make £100k a year" but those words never, ever, ever crossed my lips and I never wrote such things. I was simply outlining my current position and trading, it was others who took those words out of context and twisted them around.
Another thing, I'm not a teacher, mentor, coach, vendor or whatever you want to call it. I post my **** on here, and if you find it useful and want to ask a question, cool beans, will do my best to answer and help ya. But I won't be selling to ya, and I won't be scamming ya, so get off yir high horse and lets just get on with enjoying the markets please without the hostility and the multiple false accusations.
Nick