£20 to £10k challenge...

TheChatterTheChatter Posts: 9
This time last year I attempted to turn £22 into £10k. I got as far as £3600 and then disaster struck. The reasons for the failure were many, wrong time of day to be trading, emotional trading, ego etc etc...

I've learnt a lot since then and thought it would be a good time to attempt the challenge again....

I will start Thursday 30th January 2014

I will post daily blog updates on - binaryoptionschallenge.blogspot.com

I will try to upload videos of the previous trading session as often as I can as well as other strategy videos, mindset, money management etc.

If anyone is interested in following me or asking questions, feel free.

Cheers

Comments

  • ninja_bodotnetninja_bodotnet Posts: 232 admin
    good luck mate!
  • SteveSteve Posts: 1
    I look forward to watching this, hopefully I will learn something! Good luck!
  • bo_brownbo_brown Posts: 551 ✭✭
    I can't wait to follow your journey!!! Good Luck.
  • TheChatterTheChatter Posts: 9
    Thanks for the support. Feel free to post questions on the blog, hope you learn something. Cheers
  • mifunemifune Posts: 160 ✭✭
    Good luck, just be careful not to force things and focus on the account balance. I think regular withdrawals (weekly) is always a good way to reward yourself and ensure that you leave with some sort of profit for your efforts, much like how a trailing stop works in forex trading.
  • TheChatterTheChatter Posts: 9
    Thanks Mifune!
  • TheChatterTheChatter Posts: 9
    Finished the day on £59.94 which is 111.5% increase on first day. Unfortunately I work on tuesday and wednesay so can only really trade for 3 days a week.

    Blog's at binaryoptionschallenge.blogspot.com
    http://www.youtube.com/watch?v=8YCCgGOFQDE
    http://www.youtube.com/watch?v=7P3juPBNnX0
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    I have joined you Chatter. I am looking for 100-200% a week with my money management and another friend is joining me but doing it on the 60sec. I might do some vids to show the progress but really its for myself, as I have already done what you are trying to do. This time I will do the $20 to $100k instead to make it more of a challenge for me. I think with my MM and experience I have an edge over both of you though! + I have done it once already lol. I am less likely to blow my account but also I am less likely to have such big run-ups in the account balances as both of you are showing at the moment *Jealous but not really ;) I hope you achieve it this time, you can do it just takes cold hearted discipline and persistence. I wish you good luck!
  • bo_brownbo_brown Posts: 551 ✭✭
    $100K!! Nice target lotz, this will be exciting to watch.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Is it really? I don't know, not if it's done right. I will spend my time working on these videos that I think you will find far more interesting.
  • TheChatterTheChatter Posts: 9
    Cheers Lotz! I struggled today as I had to go to the doctor in the morning so missed London which I usually trade. Ended up down 23%. Will just have to do better on Thursday. Good luck with your challenge
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    Yeah today was funky price action so I took it easy = either trade small or not at all. This is very important specially for newbies to learn but again comes with experience. Many try to fight bad trading conditions but that does not change them just because you trade more or use more leverage does it? No all that does is help you lose more faster, because the trading conditions remain the same. This is where discipline comes into play and you either learn to take losses and wait it out or you BURN...
  • TheChatterTheChatter Posts: 9
    It was actually down 26% not sure why I put that. Totally agree with you, found myself trading setups I knew wouldn't work.

    Sorted it out today increasing account by 72% (with a little help from Marketsworld bonus that came through after volume was traded).
  • TheChatterTheChatter Posts: 9
    Not updated my blog as i was away for a week. I did plan to trade a couple of hours a day when I was away but I realised how difficult that was I was trading off a dongle. Lost a few trades through delay in the execution which made me lose my discipline out of frustration and lost more. I aborted the challenge from there. I was, at that point, up to £250ish but those losses brought that down quite a bit. I started back again yesterday but was ill which had a negative affect on my trading. I've regained a lot today and ended up on £175.62.
  • TheChatterTheChatter Posts: 9
    How's your challenge going Botz?
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    I am doing very well. I am currently up over 400% from the starting balance. My trading is not as exciting as yours. I work off pure %s no emotions. I will not have the big up and downs you have, which should aid me when we start trading larger sizes ;) You might wish to apply to your trading what I discussed in my last video "BINARY FISSION" So let's say the $20 is now $200 you can divide the capital into 2 separate tracks $100 and $100. With one maybe you trade 10% a trade with a single entry. On the second one maybe you trade 5% and 10% using a 2 step martingale. The idea is you increase you survivability with diversification in time - money management or even the strategies you use. This will also help you focus more on statistics and take you further away from foolish emotional trading habits... "We can make up any number of reasons why we are doing well or not but in the end numbers don't care your P/L will always have the last word..."
  • TheChatterTheChatter Posts: 9
    cool. yeah saw the video. Interesting idea, will look into implementing it. Thanks
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2014
    That is fantastic you took $20 and turned it to over $500 but man you must be risking a large amount per trade % wise?! How many trades do you get on average a day and what is your typical % per trade. For you I would for sure split the capital up for survivability reasons as you seem to run a very high risk of ruin imo... Here is what you look to achieve by going with a SPLIT you slow your results down but also you slow your drawdown %s down as well you split it in time which allows you to divert losses and gives you a more relaxed psych if you are trading too hot this will help you a great deal. It might not seem natural at first but don't let your GREED overcome you...
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2014
    Good Job by the way!
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