90 Days Trading Challenge

[smarttraderr]

Hi All,

I am starting a 90 days trading challenge from Boxing Day 2020 and I invite everyone to take part in it. I will share my learning and hope you too, in return we all will have some fun, bit of learning, and healthy balance if all goes according to plan.

Challenge is very simple. You have to grow your balance by X% daily. You can start with £5, £10, £50, £500 or £1000, whatever you are comfortable with. You can choose your daily % target too. Whatever % you choose, you must stick to it. So ideally you want to target small number like 5-10% max else you will have too much pressure everyday. We will be compounding so previous day profit will be part of next day balance so you will have the power of compounding. I am starting with £50 and my aim is 10% daily.

during the challenge you must protect your bank, grow slowly, steadily and consistently instead of big swings. With consistency you will be able to grow your balance way above your imagination. This is not Get Rich quick challenge. This challenge is to make you better, well planned trader . If you can plan well at £5 balance then you can plan at £500 or £50,000 too. If you go without plan you may reach from £5 to £10 but wont be able to reach from £5K to £10K. So planning, executing, monitoring, and analysing is must. You can journal your experience privately or share with us.

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90. If you complete this challenge you will become very experienced Trader and can achieve any objectives.

Best of Luck and hope some of us will be able to reach 90th Day.

Please do share your views and opinions. If you are not taking part then do cheer up for others.

Trading Is A Marathon, Not A Sprint

Thanks,
Smart Trader

[rik]

setting targets is difficult, what do you advise if im down a few percent but need to reach the target percentage for the day?

[Derek27]

Hi All,

I am starting a 90 days trading challenge from Boxing Day 2020 and I invite everyone to take part in it. I will share my learning and hope you too, in return we all will have some fun, bit of learning, and healthy balance if all goes according to plan.

Challenge is very simple. You have to grow your balance by X% daily. You can start with £5, £10, £50, £500 or £1000, whatever you are comfortable with. You can choose your daily % target too. Whatever % you choose, you must stick to it. So ideally you want to target small number like 5-10% max else you will have too much pressure everyday. We will be compounding so previous day profit will be part of next day balance so you will have the power of compounding. I am starting with £50 and my aim is 10% daily.

during the challenge you must protect your bank, grow slowly, steadily and consistently instead of big swings. With consistency you will be able to grow your balance way above your imagination. This is not Get Rich quick challenge. This challenge is to make you better, well planned trader . If you can plan well at £5 balance then you can plan at £500 or £50,000 too. If you go without plan you may reach from £5 to £10 but wont be able to reach from £5K to £10K. So planning, executing, monitoring, and analysing is must. You can journal your experience privately or share with us.

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90. If you complete this challenge you will become very experienced Trader and can achieve any objectives.

Best of Luck and hope some of us will be able to reach 90th Day.

Please do share your views and opinions. If you are not taking part then do cheer up for others.

Trading Is A Marathon, Not A Sprint

Thanks,
Smart Trader

Good luck with your 90-day challenge. I'm just starting a 24-hour not-trading challenge.

I agree with rik, it's not a good idea to set targets, you can only win what's in front of you. Having a target or overly focusing on aims can lead to a tendency to get involved in markets you would have chosen to avoid without pressure. Just do the best you can and monitor your progress. You'll also find problems in scaling up. I agree though that anyone who succeeds in the challenge could achieve almost anything.

By the way, 10% profit a day on £50 compounded over 90 days is:

£50 * (1.1 ^ 90) = £265,651.13

Good luck!!

[smarttraderr]

setting targets is difficult, what do you advise if im down a few percent but need to reach the target percentage for the day?

Targets are not hard if its within your comfortable range. try 0.5% per day then increase to 1% then 2% and see what you can achieve without too much hassle.

If you have £100 can you make 50p in entire day without losing £10? can you make £1 without losing much? if yes then 0.05% or 1% is good target for you. Go with what you are confident with. if you lose 1% you only have to make 1.01% back. if you lose 10%, you only have to make 11% back. But if you lose £50 you have to make 100% back which will be really hard. So Protect your bank. Take minimum risk. Fine tune your strategy. Increase your ROI

If you are down by few percent then focus on slow recovery rather than winning entire losing stake back. Chasing losses will lead you to disaster. You can write off day and move on. Aim to to reach target without breaking bank.

[goat68]

I'll join your challenge but can't set a daily target as I'll just blow my bank on the first day doing that
But I'll join for the fun of seeing where my £200 bank goes in 90days of Goat automation!

[smarttraderr]

Good luck with your 90-day challenge. I'm just starting a 24-hour not-trading challenge.

I agree with rik, it's not a good idea to set targets, you can only win what's in front of you. Having a target or overly focusing on aims can lead to a tendency to get involved in markets you would have chosen to avoid without pressure. Just do the best you can and monitor your progress. You'll also find problems in scaling up. I agree though that anyone who succeeds in the challenge could achieve almost anything.

By the way, 10% profit a day on £50 compounded over 90 days is:

£50 * (1.1 ^ 90) = £265,651.13

Good luck!!

Targets are bad if you have Gigantic targets which you cannot reach without breaking a bank. As I said earlier if you have £100 and if you can make £1 comfortably then go with 1% target. The purpose of setting target is to realise what is achievable in a day without risking too much. Also if targets are small then it let you go free for rest of the day rather than spending all day long in front of your computer.

if you go with flow then you will continue to invest and now and then u will burn ur hand. imagine you made 30% and at end of day 1 bad trade and 50% gone. rather aim for 5% and if you reached in 1 hour then enjoy rest of the day. Target let you do that. With Flow you will never stop. Remember FOMO effect?

Yes I am aware that £50 * (1.1 ^ 90) = £265,651.13 and its huge money (Power of Compounding). I did say that results are beyond imagination and hopefully some of us will be able to achieve. The reason I didn't mention figure is that I don't want people to focus on outcome but instead focus on NOW which is in their hand. If you can stay within limit now then u can achieve your goals tomorrow.

[smarttraderr]

I'll join your challenge but can't set a daily target as I'll just blow my bank on the first day doing that
But I'll join for the fun of seeing where my £200 bank goes in 90days of Goat automation!

Can you make £2 from your £200 bank without risking a lot in entire day? if yes then go with 1% target. You want to be smart successful trader not just gambler in front of computer all day waiting for miracle to happen. with £200 and just 1% you can reach £489. if that work then you can risk 10K and make 20K. its all about staying in comfortable range and letting compounding miracle work

[Derek27]

Good luck with your 90-day challenge. I'm just starting a 24-hour not-trading challenge.

I agree with rik, it's not a good idea to set targets, you can only win what's in front of you. Having a target or overly focusing on aims can lead to a tendency to get involved in markets you would have chosen to avoid without pressure. Just do the best you can and monitor your progress. You'll also find problems in scaling up. I agree though that anyone who succeeds in the challenge could achieve almost anything.

By the way, 10% profit a day on £50 compounded over 90 days is:

£50 * (1.1 ^ 90) = £265,651.13

Good luck!!

Targets are bad if you have Gigantic targets which you cannot reach without breaking a bank. As I said earlier if you have £100 and if you can make £1 comfortably then go with 1% target. The purpose of setting target is to realise what is achievable in a day without risking too much. Also if targets are small then it let you go free for rest of the day rather than spending all day long in front of your computer.

if you go with flow then you will continue to invest and now and then u will burn ur hand. imagine you made 30% and at end of day 1 bad trade and 50% gone. rather aim for 5% and if you reached in 1 hour then enjoy rest of the day. Target let you do that. With Flow you will never stop. Remember FOMO effect?

Yes I am aware that £50 * (1.1 ^ 90) = £265,651.13 and its huge money (Power of Compounding). I did say that results are beyond imagination and hopefully some of us will be able to achieve. The reason I didn't mention figure is that I don't want people to focus on outcome but instead focus on NOW which is in their hand. If you can stay within limit now then u can achieve your goals tomorrow.

What I was basically saying is that 10% a day is way beyond reach if you're compounding for 90 days. As a matter of interest ST, what is you experience of trading? How long have you been trading and why haven't you done this in the last 90 days prior to advising the rest of the forum on how to do it?

if you lose 1% you only have to make 1.01% back.

I'm afraid you're maths is wrong. If you lose 1% you have to make (1.01 ^ 2) / 0.99 = 1.0304, that's 3% back to get back on target. In your case, if you lose 10% you'll need to make 34.4% the next day to get back to your 21% target for two days.

You might find the thread below amusing. This guy was aiming for 10% a MONTH - far less ambitious than your 10% a day, but we've never heard from him with regards to how is plan went. The bottom line is, if you don't have an edge you won't win anything regardless of your plan.

viewtopic.php?p=196897#p196897

Happy Christmas by the way, and don't spend all of Christmas day thinking about trading - tomorrow's not far away.

[smarttraderr]

What I was basically saying is that 10% a day is way beyond reach if you're compounding for 90 days. As a matter of interest ST, what is you experience of trading? How long have you been trading and why haven't you done this in the last 90 days prior to advising the rest of the forum on how to do it?

I'm afraid you're maths is wrong. If you lose 1% you have to make (1.01 ^ 2) / 0.99 = 1.0304, that's 3% back to get back on target. In your case, if you lose 10% you'll need to make 34.4% the next day to get back to your 21% target for two days.

You might find the thread below amusing. This guy was aiming for 10% a MONTH - far less ambitious than your 10% a day, but we've never heard from him with regards to how is plan went. The bottom line is, if you don't have an edge you won't win anything regardless of your plan.

viewtopic.php?p=196897#p196897

Happy Christmas by the way, and don't spend all of Christmas day thinking about trading - tomorrow's not far away.

Derek yes it could be too much but that's part of the learning. If you fail to achieve 10% you can start your challenge again with lower target. Its all about finding out what you can consistently achieve. Regarding experience, I am sure you are way more experience then me so I don't want to ashamed myself by telling my experience to you.

Regarding Maths, we both are right. you are calculating for the target amount where as I calculated for the amount we have to recover (sorry If I didn't word it right). The aim was to show that if you minimise your exposure then its easy to recover. If you playing with 50% bank on each trade then you are bound to fail.

yes I am sure like me many have planed such things and found out that they were wrong but the reason I am putting is so that we all can fail together but at same time learn together as well. Failure is part of process. Show me 1 guy who has not failed here. its about what you can learn from the failure. So lets learn to fail together

Merry Christmas to you too. I am about to finish my coffee so soon will disappear from here

btw I am really counting on you and some other experts here to guide us to through this enormous challenge.

[Derek27]

Derek yes it could be too much but that's part of the learning. If you fail to achieve 10% you can start your challenge again with lower target.

Surely you've got that the wrong way around? You don't take up running by attempting to run a 4-minute mile and then reduce your target to something more achievable.

yes I am sure like me many have planed such things and found out that they were wrong but the reason I am putting is so that we all can fail together but at same time learn together as well. Failure is part of process. Show me 1 guy who has not failed here. its about what you can learn from the failure. So lets learn to fail together

I'm not sure if it's a good idea having a thread where we can all fail together. Nobody needs to learn to fail - we're all experts at failing and do it naturally.

As many successful botters have said, for every successful idea they've had, they've had 100 unsuccessful ones.

[goat68]

I'll join your challenge but can't set a daily target as I'll just blow my bank on the first day doing that
But I'll join for the fun of seeing where my £200 bank goes in 90days of Goat automation!

Can you make £2 from your £200 bank without risking a lot in entire day? if yes then go with 1% target. You want to be smart successful trader not just gambler in front of computer all day waiting for miracle to happen. with £200 and just 1% you can reach £489. if that work then you can risk 10K and make 20K. its all about staying in comfortable range and letting compounding miracle work

I doubt I'll make £1, more like -£1 ! I haven't got a consistent profitable strategy yet, so I'm just joining to try and join in and keep myself honest... stop myself from increasing stakes and all that..

[The Silk Run]

I'll join your challenge but can't set a daily target as I'll just blow my bank on the first day doing that
But I'll join for the fun of seeing where my £200 bank goes in 90days of Goat automation!

Can you make £2 from your £200 bank without risking a lot in entire day? if yes then go with 1% target. You want to be smart successful trader not just gambler in front of computer all day waiting for miracle to happen. with £200 and just 1% you can reach £489. if that work then you can risk 10K and make 20K. its all about staying in comfortable range and letting compounding miracle work

I doubt I'll make £1, more like -£1 ! I haven't got a consistent profitable strategy yet, so I'm just joining to try and join in and keep myself honest... stop myself from increasing stakes and all that..

My offer is still their !!! Give me a bank and I will give you ROI 10%, you could ring-fence 1% towards the challenge
Happy Christmas
Minnie LAI

[smarttraderr]

I doubt I'll make £1, more like -£1 ! I haven't got a consistent profitable strategy yet, so I'm just joining to try and join in and keep myself honest... stop myself from increasing stakes and all that..

You got a great strategy already that you do not wish to increase your stake and decrease your losses. Not doing anything is profitable as well.

Just find 1 good strategy, based on your knowledge, experience and sport of your choice, where your return is just above your risk. lets say you are taking risk of £5 to make £1 then even if you lose 1 in 6 games then you are still profitable.

If you still don't have confidence in your strategy then I suggest you play in BetAngel's Practice mode,. note down every action and see if you are profitable after 5,10, 50 or 100 games. If you are then go with real money.

[Derek27]

Regarding experience, I am sure you are way more experience then me so I don't want to ashamed myself by telling my experience to you.

If you're going to give comprehensive advice about trading or staking, surely you should disclose your level of experience?

You're giving advice about how to trade over a period of 90 days. How have you faired over the last 90 days?

[Derek27]

If you still don't have confidence in your strategy then I suggest you play in BetAngel's Practice mode,. note down every action and see if you are profitable after 5,10, 50 or 100 games.

viewtopic.php?f=17&t=15692