Trading Challenge II : 300% in 5 months

[Vitthala]

thats very emotional reply @SwagatN bro
I dont have anything to suggest you

 

[newtrader101]

To be honest.. I believe whatever will happen will happen for good. I do not want to loose my mind on fear of unseen future, rather it is the present that I am minding. ( I am also trying to apply this ideology in my real trading, where my mind is very much wired with past experiences). Need to let go of the past and also no worry about future, The present is all I have..

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There is also another thing. When I started my 1st challenge, one day a thought came to my mind. "What am I going to stake on this challenge?" There is no meaning of a challenge If I am loosing it, then starting it again then again the same thing of stopping and starting over.. So what I am i willing to loose If i loose the bet ? Can I stop trading for life ?? I answered NO. Because I do not want to stop trading and do anything else other than trading.. But still I lost and started the challenge again.. So why did not I make this bet of quitting trading If I lost ?? Because I fear. I fear of loosing (may be somewhere I knew I was not gonna make it). I fear of venturing into something else new leaving trading/ (May be trading has become my comfort zone). And with all this that challenge was not a fair challenge.. Cuase there was nothing at stake from my side.. It was just as good as a game..

Now the 2nd challenge has started, and since that day I am again asking myself the same question, Can I bet to quit trading if I loose the challenge ? And still I have not found the gut to accept it.. Will anyone do his job the same way when his life is at risk ?? They will work their butt off to make things done.. right ?? Because it is their survival now at question.. SO may be I doubt somewhere if i can put of a work with such a level (which I have never done so far) in order to win the challenge and save my trading career.

Now thinking of the worst case of that SEBI rule, may be retail traders will go out of business because of zero margin and drop in liquidity and that will ensure a stopping in my trading activity too.. So whether I want or not, it does not matter, If I dont make money then there will be no trading. So just now while replying to this post I realised that the Universe is playing this challenge with me, and it just made the whole thing more interesting.. Now the ask is - "Make 300% in 5 months, Or Leave trading for good". Am I up to it now ?? Hell Yeah..

The stakes just got higher. I am ready to accept this now. I am ready to work my a## off to do whatever it takes to win the challenge. Cause now my survival is on stake.. So I am ready to leave trading If I fail this time.. Its now or never..

>>> NEVER GIVE UP <<< (Really ??)

I just don't understand why you are making this all or none approach. Trading success is the result of aiming to make good trading habits, not at making profits. I may be wrong, but this could be a preferable order of acquiring skills:

1. Money Management (sticking to predetermined margin value at risk % under all circumstances)
2. Risk : reward (very tricky if taking frequent intraday trades but need to find a way)
3. Stop loss placement
4. Keeping records and analysing
5. Practising a strategy.

Perhaps records could move further up, but strategy should be the last, as per specialists in the field. Are your focusing first on strategy?

 

[SwagatN]

I just don't understand why you are making this all or none approach. Trading success is the result of aiming to make good trading habits, not at making profits. I may be wrong, but this could be a preferable order of acquiring skills:

1. Money Management (sticking to predetermined margin value at risk % under all circumstances)
2. Risk : reward (very tricky if taking frequent intraday trades but need to find a way)
3. Stop loss placement
4. Keeping records and analysing
5. Practising a strategy.

Are your focusing first on strategy?

I agree to you in all of your words.. But may be you still did not get mine.. You are talking about good habits ?? Now you tell where do fear, taking it for granted stand among the good habits.. Knowingly and unknowingly we take many things for granted..Like we have tomorrow, we go to sleep being very sure that we are going to wake up tomorrow, is not it ?? And by increasing this stake now my effort is to once for all I want to live like there is no tomorrow and live like that every day. may be we all talk about living life on edge, I am going to walk that talk from now.. offcourse I am more scared now cause I just accepted the bet. I am not trying to show how I courageous I am cause after 5 months I might turn out the most stupid person on earth.. But none of that matter to me now..

How dedicated I was in my first challenge ?? My answer would be Yes I was dedicated very much.. Now If some one would have put a gun on my head and would have asked me to make 300% in 5 months, then will I work the same way like I did during my 1st challenge ? The answer is again NO. I would try to do better. So facing death sometimes make oneself more clear about life goal. ANd trust me I have been to that moment last month. And apart from my fear of loosing the challenge or leaving trading, there is another fear (the biggest fear I must say) and that is dying with not being satisfied. I realised that from my core on that day.. So still I have no idea what or how I am going to do it.. But I am willing to try in this way only..i,e. This is my last and I am not going to take it for granted that there would be another chance waiting for me after this one. And I need to respect it. Its not only in TraderJi, In my personal circle too this challenge and its stakes are known..

Not many understand it, but thats okay..

>>> NEVER GIVE UP <<<. cause you never know when life is going to give up on you

 

[newtrader101]

I agree to you in all of your words.. But may be you still did not get mine.. You are talking about good habits ?? Now you tell where do fear, taking it for granted stand among the good habits.. Knowingly and unknowingly we take many things for granted..Like we have tomorrow, we go to sleep being very sure that we are going to wake up tomorrow, is not it ?? And by increasing this stake now my effort is to once for all I want to live like there is no tomorrow and live like that every day. may be we all talk about living life on edge, I am going to walk that talk from now.. offcourse I am more scared now cause I just accepted the bet. I am not trying to show how I courageous I am cause after 5 months I might turn out the most stupid person on earth.. But none of that matter to me now..

How dedicated I was in my first challenge ?? My answer would be Yes I was dedicated very much.. Now If some one would have put a gun on my head and would have asked me to make 300% in 5 months, then will I work the same way like I did during my 1st challenge ? The answer is again NO. I would try to do better. So facing death sometimes make oneself more clear about life goal. ANd trust me I have been to that moment last month. And apart from my fear of loosing the challenge or leaving trading, there is another fear (the biggest fear I must say) and that is dying with not being satisfied. I realised that from my core on that day.. So still I have no idea what or how I am going to do it.. But I am willing to try in this way only..i,e. This is my last and I am not going to take it for granted that there would be another chance waiting for me after this one. And I need to respect it. Its not only in TraderJi, In my personal circle too this challenge and its stakes are known..

Not many understand it, but thats okay..

>>> NEVER GIVE UP <<<. cause you never know when life is going to give up on you

I'll need quite some time to fully understand the import of your reply. But it seems deeper than just trading success.
We all have to face IT...now or later...

 

[MSN1979]

@SwagatN do you plan to document your weekly report in excel sheet with road map this time? No need for back office report, but what I really lliked was your excel sheet and roadmap

 

[SwagatN]

@SwagatN do you plan to document your weekly report in excel sheet with road map this time? No need for back office report, but what I really lliked was your excel sheet and roadmap

Yes , off course.. That is a must..

 

[UberMachine]

I agree to you in all of your words.. But may be you still did not get mine.. You are talking about good habits ?? Now you tell where do fear, taking it for granted stand among the good habits.. Knowingly and unknowingly we take many things for granted..Like we have tomorrow, we go to sleep being very sure that we are going to wake up tomorrow, is not it ?? And by increasing this stake now my effort is to once for all I want to live like there is no tomorrow and live like that every day. may be we all talk about living life on edge, I am going to walk that talk from now.. offcourse I am more scared now cause I just accepted the bet. I am not trying to show how I courageous I am cause after 5 months I might turn out the most stupid person on earth.. But none of that matter to me now..

How dedicated I was in my first challenge ?? My answer would be Yes I was dedicated very much.. Now If some one would have put a gun on my head and would have asked me to make 300% in 5 months, then will I work the same way like I did during my 1st challenge ? The answer is again NO. I would try to do better. So facing death sometimes make oneself more clear about life goal. ANd trust me I have been to that moment last month. And apart from my fear of loosing the challenge or leaving trading, there is another fear (the biggest fear I must say) and that is dying with not being satisfied. I realised that from my core on that day.. So still I have no idea what or how I am going to do it.. But I am willing to try in this way only..i,e. This is my last and I am not going to take it for granted that there would be another chance waiting for me after this one. And I need to respect it. Its not only in TraderJi, In my personal circle too this challenge and its stakes are known..

Not many understand it, but thats okay..

>>> NEVER GIVE UP <<<. cause you never know when life is going to give up on you

3 questions (not connected with trading but with your challenge)

1. What would you do if you get to 300 percent in 15 days. Would you stop trading?
2. What would you do if on the penultimate day you have 296 percent. Would you trade the last day and risk or would you not trade or you would extend your challenge period. Assume no signal for the day?
3. And what if if you are 270 percent at the end of the challenge. Would you think the same way you are thinking now? Would you accept it as a complete failure?

And when Virat Kohli started batting many told that he is suspectible to off stump line and his temperament is no good (if you are a avid cricket fan, you would say he still is) but he adjusted both his technique and temperament.

 

[SwagatN]

2 questions (not connected with trading but with your challenge)

1. What would you do if you get to 300 percent in 15 days. Would you stop trading?
2. What would you do if on the penultimate day you have 296 percent. Would you trade the last day and risk or would you not trade or you would extend your challenge period. Assume no signal for the day?
3. And what if if you are 270 percent at the end of the challenge. Would you think the same way you are thinking now? Would you accept it as a complete failure?

And when Virat Kohli started batting many told that he is suspectible to off stump line and his temperament is no good (if you are a avid cricket fan, you would say he still is) but he adjusted both his technique and temperament.

1. Why would I stop trading if I make 300% in 15 days ?? The challenge is won, and over. I wil move on to my normal trading or the next challenge.
2 and 3. Yes, I will consider that as a failure.

By the way I have made it clear in past that the focus of this challenge is not on monetary aspect of making a certain amount but to be that person who can make it on any 5months. That needs many reprogramming of brain;s thinking process, installation of many habits etc. And one such habit is to be fearless, getting out of one's comfort zone. So now these habits do not simply stay confined to become a good trader, but even beyond that.. May be its hard to explain and even harder to understand. I might end up making more than the said amount in this process or I might loose the challenge and face my worst fear. But certainly I will break many illusionary walls inside to know myself better.

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And I did not understand the analogy between Virat's weakness/temperament to this challenge.

 

[UberMachine]

1. Why would I stop trading if I make 300% in 15 days ?? The challenge is won, and over. I wil move on to my normal trading or the next challenge.
2 and 3. Yes, I will consider that as a failure.

By the way I have made it clear in past that the focus of this challenge is not on monetary aspect of making a certain amount but to be that person who can make it on any 5months. That needs many reprogramming of brain;s thinking process, installation of many habits etc. And one such habit is to be fearless, getting out of one's comfort zone. So now these habits do not simply stay confined to become a good trader, but even beyond that.. May be its hard to explain and even harder to understand. I might end up making more than the said amount in this process or I might loose the challenge and face my worst fear. But certainly I will break many illusionary walls inside to know myself better.

-----
And I did not understand the analogy between Virat's weakness/temperament to this challenge.

So, your goal is to make 300% (and you have given a maximum timeline for it). I quoted the Virat example as an analogy to how to get great by performing one step at a time (Kohli was never a classy player at the start of his career but he is now the best and it took him time; you can constrat this with Rohit Sharma)

Regarding thought process and brain reprogramming, I think you are talking something similar to Cognitive Behavioral Therapy. Setting a much higher goal than the highest goal would lead to better peformance (This is what exactly Usain Bolt did as everybody thought the human limit is 9.6 seconds). I am not sure about your performance or your milestones (since in my first post you replied you haven't set any milestones in the way) or or your prior preparations or experience. You could draw more inspiration from Scott Young in case you haven't already read him

Going by your posts, it seems more than the number you want to achieve something improbable. A disciplined way of thinking and execution and you have chosen trading as the platform to establish it (among other things I suppose). Its good to have tough goals but this looks way too tough.

Would be interested to see your backtesting results and further roadmap.
Since its the thought process you are more concerned about, why can't you think 500% in 1 month within a year since you told that if you get 300% in 15 days you think it as a success even though at the end of 5 months the five months is different.

 

[VJAY]

I avoided posting here but not able to avoid seeing these discussion......
1.Why need to challenge?
2.Whom you challenge?With market......NEVER EVER CHALLENGE MARKET!!!!!!!!!!
3.ALWAYS TARGET TO REALISTIC PROFIT NOT UNREALISTIC PROFIT
4.In trading profits comes not challenging ...its automaticly comes when you confidently trade your method using your risk management....
Just my views I asked 1st question in his first challenge thread itself.....

One more question may ask here whats the realistic profit?I say anything arround 20%/PA is a realistic profit