2011-08-28

"DaytradeMillionaire reloaded" Back from blogcation

It's been quite a while since the last post, but as I said "I'll be back". Lot of things happened during the period I kept my project paused. I was not able to trade all the time because I was pretty busy and had to get a few private things done before I could move on, because as you  know the psychological factor must not be underastimated when you aim for successfull trading results. I however did experiment with some new strategies the trial & error way and made some conclusions for my further trading path. I want to thank all of you guys wich sticked to the project even it was on hold for so long. I tried to answer all mails, and plan to inplement the answers to your questions as the requests and suggestions into the articles in order to improve the blog for you readers. For the first part I would like to write obout some points I find crutial for successfull trading, since many readers are obviously interested in this topic. For the second change, I would like to involve you more in the project by providing better statistics and the option to kind of mirrortrade my trades,  in order to make this possible I have choosen a particular broker wich offers the fitting services. I will explain the details on this very soon,  so keep updated by subsribing to the blog if you haven't already.
I will continue my trading with the amount of 379,72 $ wich is obviously 11 cents less then 379,83 $ (the balance at the moment i paused the projet) the reason is that I started the account with less money and traded it up to 379,72 $. I tried hard to get the exact ammount but as you know the volatility of these days is not a help in  this matter. So after a few invane attempts to reach the axact ammount of 379,83 (the problem is that if the position goes to much positive I have failed too). I was tired of trying and decided that even as a perfectionist I can live with that number and I will simply add to my first daily profit target 11 cents in order to reach the ammount. I assume that some of you find this quite irrelvant but Im a details guy, so I found it hard to accept irregularities such as these. Actually ist ok because the amount does not exceed the former balance, so I did not made the project softer buy adding some cents extra. Btw with a daily gain rate of 2,5 % the 0,11 cents are after 322 days eventually worth 312,23 $ thanks to the effect of compound interest, so 11 cents are as a matter of fact not insignificant as they may seem.
Daily updates on the trading results will continue in a few days, so stay tuned.

2 Kommentare:

Roslan on September 26, 2011 5:52 AM said...

Hey, i am glad that you are back. I am from Bulgaria and I was trying to do the same thing for over a year, but since the begining i was able to cover only 4 months of my list and then got greedy and crushed the account. I am starting this again and hoppefully this time i will be more patien. I think this can work as long as you are patien and not greedy.

Arslan on September 28, 2011 11:10 AM said...

Dear Roslan,
sounds great mate :) the important thing is that you know what you have done wrong and that you are willing to fight your inner enemy. I think this part is the key when it comes to successfull trading. Greed is definitely not good (even when Mr. Gekko said it otherwise), a certain level of risk is of course necessery if you are aiming for gains, but as we all know high risk brings big wins as well as big losses wich can blow your account big time. Anyway glad to hear that you developed as a trader, keep it going mate !

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My Name is Arslan im an architecture student living in Germany. Since the young age of 15 I've been interested in trading stocks and recently I started trading the FOREX market aswell. Since I like challenges I thought it might be interesting to try trading 100 $ into one Million $ in the short period of one year. Neither do I consider myself a "Inverstment-Guru" nor do I follow some fancy secret methods of such a person, rather I stick to the basics of trading. If you have Questions or just need someone to write to contact me here.

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This site is basicly a diary of my attempt to become a Daytrade Millionaire in one year. I will daily update the blog with new informations about the placed positions and the resulting profits and as the case may be losses ;) The project starts on November 2nd, 2009 and ends on Oktober 31th, 2010.

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To turn 100 $ into 1.000.000 $ in one year the capital has to grow daily by 3,55 % (first day the profit should be minimum 3,55 $ the last day about 36 k $). I will never trade more then 5% of my account value, so I can keep the risk on a decent level. I will trade only the Forex market because the comissions are more attractive and the trading plattforms more suitable for my experiment since it requires a small amount of money to start trading with. This is my plan.

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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The purchase, sale or advice regarding a currency can only be performed by a licensed Broker/Dealer. Neither Mr. Muminovic, nor any of his affiliates or associates involved in the in the production and maintenance of these products or this site, is a registered Broker/Dealer or Investment Advisor in any State or Federally-sanctioned jurisdiction. All purchasers of products referenced at this site are encouraged to consult with a licensed representative of their choice regarding any particular trade or trading strategy. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
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