90 Days Trading Challenge

[goat68]

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!!

Peter's first year video, he definitely talks about targets, seeing if he could make £100 a day, then £1000....

[gazuty]

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

£50 * (1.1 ^ 90) = £265,651.13

Good luck!!

Very good Derek

For OP, those taking part in the challenge and those who are interested.

I’ve been meaning to post a response for some time about “scaling up”, there have been any number of threads on the topic of “time to scale up” or similar.

There is not an unlimited profit available for any profitable strategy for any event. There is a max profit for each strategy for each event. The challenge for each of us is to find the max profit for the strategy for the event.

I have a profitable strategy that I’ve used for a long time. I’ve tweaked it over time but I realised early on that it didn’t scale against my balance, in fact “scaling up” turned the strategy from profit to loss. It’s all about finding the max profit point.

So my advice is by all means seek to find max profit from your strategy in the relevant event but do not seek to do that against a growing balance.

Further thought on scaling up. Do it slowly.

If you scale up each Sunday at 10% then over a year you will go from a minimum bet of £2 to [1.1 ^ 52] * £2 = £284 per bet. Somewhere in between £2 and £284 you might find max profit. Keep detailed records. And when your weekly profit starts falling and you discover the turning point and you realise the parabola is upside down return to the turning point.

In addition there is a different max profit for every race. A captain obvious statement a maiden at wolves is different from the grand national. The size of positions in the grand national will leave you in a mess weeping in the corner if applied to wolves. So if you were in automation and let it roll on per event against your balance a strategy that might have been profitable at one balance will be a loss at another balance - you might throw away profitable strategies because your balance is too high.

Finally keeping records is the key. Best wishes.

[Derek27]

Peter's first year video, he definitely talks about targets, seeing if he could make £100 a day, then £1000....

Unless you post a link to it I can't comment!

[Derek27]

There is not an unlimited profit available for any profitable strategy for any event. There is a max profit for each strategy for each event. The challenge for each of us is to find the max profit for the strategy for the event.

...

So my advice is by all means seek to find max profit from your strategy in the relevant event but do not seek to do that against a growing balance.

...

In addition there is a different max profit for every race. A captain obvious statement a maiden at wolves is different from the grand national. The size of positions in the grand national will leave you in a mess weeping in the corner if applied to wolves. So if you were in automation and let it roll on per event against your balance a strategy that might have been profitable at one balance will be a loss at another balance - you might throw away profitable strategies because your balance is too high.

That's more or less what I was saying but you put it so much better than I did.

[smarttraderr]

Very good Derek

For OP, those taking part in the challenge and those who are interested.

I’ve been meaning to post a response for some time about “scaling up”, there have been any number of threads on the topic of “time to scale up” or similar.

There is not an unlimited profit available for any profitable strategy for any event. There is a max profit for each strategy for each event. The challenge for each of us is to find the max profit for the strategy for the event.

I have a profitable strategy that I’ve used for a long time. I’ve tweaked it over time but I realised early on that it didn’t scale against my balance, in fact “scaling up” turned the strategy from profit to loss. It’s all about finding the max profit point.

So my advice is by all means seek to find max profit from your strategy in the relevant event but do not seek to do that against a growing balance.

Further thought on scaling up. Do it slowly.

If you scale up each Sunday at 10% then over a year you will go from a minimum bet of £2 to [1.1 ^ 52] * £2 = £284 per bet. Somewhere in between £2 and £284 you might find max profit. Keep detailed records. And when your weekly profit starts falling and you discover the turning point and you realise the parabola is upside down return to the turning point.

In addition there is a different max profit for every race. A captain obvious statement a maiden at wolves is different from the grand national. The size of positions in the grand national will leave you in a mess weeping in the corner if applied to wolves. So if you were in automation and let it roll on per event against your balance a strategy that might have been profitable at one balance will be a loss at another balance - you might throw away profitable strategies because your balance is too high.

Finally keeping records is the key. Best wishes.

agree. every strategy got max profit point so its going to be challenge to sustain. I have noticed that certain strategies works up to certain point and after that when it doesn't scale you get frustrated, force you to try harder and lead to make mistakes.

The goal of the challenge is to stay focused and consistent. its a learning process. all we should think is how to make x% today and not worry about tomorrow, next week, next month or even 90th day. Focus on NOW, if you can do today then you may be able to do tomorrow but if you cannot do today then forget about tomorrow. some people have already started worrying 90th day

think when Warren Buffet started was he worrying about how he will reach 85B or was he thinking about making little more profit (may be 100 more dollars). Do you think he was worried whether his Day 1 strategy will work after few years or not. We are very tiny tiny tiny tiny Warren Buffet and we can have same thinking process as his... think about next move .. that's all

So I fully agree with you regarding scaling. I will keep that as one of my KPI too.

[gazuty]

The goal of the challenge is to stay focused and consistent. its a learning process. all we should think is how to make x% today

Disagree. That is not what I think about. I think about a fixed amount of profit theoretically available to me from the event. I don’t think about percentage of my balance and I don’t think that is helpful.

think when Warren Buffet ....

None of us are Warren Buffett or Peter Webb ... and while it can be helpful to think about their philosophy their journey is not repeatable.

[smarttraderr]

The goal of the challenge is to stay focused and consistent. its a learning process. all we should think is how to make x% today

Disagree. That is not what I think about. I think about a fixed amount of profit theoretically available to me from the event. I don’t think about percentage of my balance and I don’t think that is helpful.

think when Warren Buffet ....

None of us are Warren Buffett or Peter Webb ... and while it can be helpful to think about their philosophy their journey is not repeatable.

You are mixing day and event. I am talking about % per day and you are talking about fixed amount per event. We do not have to agree on that. everyone got their unique style.

Yes we are not Peter or Warren but we can think about them and take something positive from their journey

[Derek27]

If I was to play golf, it doesn't matter how focused or how well I plan what I'm going to do. The fact of the matter is that I have to strike a ball and I don't have a clue how to do it, no reason to think I'll get it anywhere on target and would probably miss the ball altogether!!

This is why I was asking you about your experience in trading. Have you actually traded before? have you actually made a profit? Do you have a strategy that works? Have you actually made 10% a day, even it was for just a few days?

[gazuty]

You are mixing day and event. I am talking about % per day and you are talking about fixed amount per event. We do not have to agree on that. everyone got their unique style.

No. I am not mixing day and event. I am attempting to say to you do not focus on making a % of your balance today. Change your focus from making a % of your balance per day to a fixed amount per event and then add that up to what you will earn today.

An example - my balance is currently £5,000. Today I will make £500 from Australian racing. That is 10% of my starting balance. But before race 1 I could withdraw £4,000 leaving £1,000 and I would still make £500 today. That is 50% of my starting balance. I might look like a super hero at 50% and modest at 10%. But notice I still made exactly the same amount. Balance of my account is not relevant.

And there is no way I could make 50% of my £5,000 balance. I wish I could but I can’t. And if my balance was £10,000 I couldn’t make 10% and get £1,000. I will still only make £500. Of course if I reduce my balance too far then I wont be able to generate the profit. But that is the only profit constraint. Otherwise you will soon find profit is not correlated to balance.

Obviously you are completely free to reject all of my thoughts and find your own path. Many people start with dreams of scaling off their balance ... few will even make 90 days with their head above water.

[smarttraderr]

If I was to play golf, it doesn't matter how focused or how well I plan what I'm going to do. The fact of the matter is that I have to strike a ball and I don't have a clue how to do it, no reason to think I'll get it anywhere on target and would probably miss the ball altogether!!

This is why I was asking you about your experience in trading. Have you actually traded before? have you actually made a profit? Do you have a strategy that works? Have you actually made 10% a day, even it was for just a few days?

I am a learner.. life long learner that's all I can say any numbers I will give won't help anyone (not even myself)

Big Day tomorrow so time to sleep

Good Night everyone

[smarttraderr]

You are mixing day and event. I am talking about % per day and you are talking about fixed amount per event. We do not have to agree on that. everyone got their unique style.

No. I am not mixing day and event. I am attempting to say to you do not focus on making a % of your balance today. Change your focus from making a % of your balance per day to a fixed amount per event and then add that up to what you will earn today.

An example - my balance is currently £5,000. Today I will make £500 from Australian racing. That is 10% of my starting balance. But before race 1 I could withdraw £4,000 leaving £1,000 and I would still make £500 today. That is 50% of my starting balance. I might look like a super hero at 50% and modest at 10%. But notice I still made exactly the same amount. Balance of my account is not relevant.

Obviously you are completely free to reject all of my thoughts and find your own path. Many people start with dreams of scaling off their balance ... few will even make 90 days with their head above water.

We don't have pressure to agree on anything. Everyone got their own process and that's absolutely fine. we really don't have to conclude tonight which one is right or wrong

Good Night

[Derek27]

If I was to play golf, it doesn't matter how focused or how well I plan what I'm going to do. The fact of the matter is that I have to strike a ball and I don't have a clue how to do it, no reason to think I'll get it anywhere on target and would probably miss the ball altogether!!

This is why I was asking you about your experience in trading. Have you actually traded before? have you actually made a profit? Do you have a strategy that works? Have you actually made 10% a day, even it was for just a few days?

I am a learner.. life long learner that's all I can say any numbers I will give won't help anyone (not even myself)

Big Day tomorrow so time to sleep

Good Night everyone

I wasn't asking for numbers...I was asking have you actually traded before (Y/N)?

If the answer is yes, have you made a profit (Y/N)?

Again, if the answer is yes, have you made 10% for a few days (Y/N)?

You're giving a lot of detailed and specific advice for a learner!

[smarttraderr]

I wasn't asking for numbers...I was asking have you actually traded before (Y/N)?

If the answer is yes, have you made a profit (Y/N)?

Again, if the answer is yes, have you made 10% for a few days (Y/N)?

You're giving a lot of detailed and specific advice for a learner!

Yes I have been trading.
Yes I have made tiny profit
% depend on how much I started day with and what strategy I used. On good days I have made more than 200-300% .i.e last week I started day with £10 and finished with £250 (don't count % as its just too many) but that doesn't mean that I can start day with 10K and finish with 250K.

if you compare 10% with 250-300% then looks nothing but those %s are relative to fund, strategy and opportunities available so its obvious that if person made 200% for 5 consecutive days does not mean he can make that life long. My 200% is still less than someone's 5% so that number doesn't matter much. Even with 10% I am worried that I will be able to make consistently for 60 days. that's the reason I said that numbers are irrelevant , its about consistency, Scaling process and Managing fund.

[goat68]

Peter's first year video, he definitely talks about targets, seeing if he could make £100 a day, then £1000....

Unless you post a link to it I can't comment!

https://youtu.be/6a_5VaQKjK0
From 17:30

[NickH]

My experience is that setting daily targets is not the way to go. You don’t want to get forced in open positions that you would not have wanted to be in to ensure you reach your daily target. The biggest lesson I learned starting of is that It is not about the profit that you make on the first day, but that the profits increase significantly themselves if you have a profitable strategy and keep applying it with a growing bankroll over the course of a longer period. 5% a week for instance might get your interest with a 100 starting bank, but if you grind that out long enough you will be at 10.000 at some point at that 5% looks a lot different.