Sunday, September 21, 2014

Challenge update: Phase 2 complete


Phase 2, the second target on the challenge at US$ 15,000 was to be achieved in 4 months/16 weeks, this week has been the 7th week since we started the challenge and we are already there, way ahead of my time expectations.

When I started the challenge in our trading room, traders were really excited about having a doable plan to achieve targets and were ready to face the challenge no matter what, day after day, week after week we'd fight to meet those targets.

We had a tough start as we lost right on the first week, so psychological capital got low at the very beginning but we quickly recovered and now have achieved targets on Phase 1 & 2. The rules are very clear on position sizing and risk management and we are ready to move on to our next target at US$ 20,000.00 or double size of the initial investment.

Deadline to reach this target is 2 to 3 months and the number of contracts is set to 4 on ES (S&P500 e-minis) from now on, but in case we lose and go back to US$ 12,000 then we would decrease size back to 3 contracts.

We know discipline is key and although we are not disciplined 100% of the time, as we do take profits too early sometimes or give up on a trade before our STOP gets hit, we have been doing really well, way above expectations.

Have a great week everyone!


"I think to be in the upper echelon of successful traders requires an innate skill, a gift. It's just like being a great violinist. But to be a competent trader and make money is a skill you can learn." - Michael Marcus, Trader.

Michael Marcus is a commodity trader who, in less than 20 years, is reputed to have turned his initial US$ 30,000 into $80 million.

Saturday, September 6, 2014

First target met - Phase 1 Complete



Folks,

I finally met my first target on Phase 1, three weeks ahead of time as my plan was to make it in maximum 8 weeks.

If I was able to meet the initial 20% target I know it is possible to meet any target as long as I move without rushing, slowly but steadily, having patience to go through the bad days with confidence on the system and the discipline to follow its rules, any trader can definitely make his way to success.

On Monday we continue our challenge and start Phase 2, the next target is US$ 15,000, I will increase the size by 1 contract and will now trade ES (S&P500 e-minis) with 3 lots, expecting to meet next target by maximum November, the 8th.

The rules are clear when I reach the next target at 20 ES points (US$ 150.00 per point trading 3 lots) I will increase size again by 1 more lot, but if I lose and go back to US$ 10,000 then I would have to decrease back to 2 lots and start all over again.

"We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort." - Jesse Owens