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Double your trading account

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Double your trading account

Introduction

This article was posted on Wednesday, 15:30, UTC.

A recurrent theme in the queries put before me is how best to become wealthy by trading.  We all want that of course.  But if it was easy, every trader here would be wealthy already.  The question I am asked is: “Can it be done if one starts small?”  IMHO it can be done and the best way is to just focus on doubling.  Doubling a trading account is not all that difficult, particularly in a bull market, if one is not too greedy and thereby making stupid mistakes that cause him/her to give their wins back to the market repeatedly.

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Think about it – start with a $1,000 account and just double it 10 times.  You are at a million dollars.

           1,000
1            2,000
2            4,000
3            8,000
4          16,000
5          32,000
6          64,000
7       128,000
8       256,000
9       512,000
10    1,024,000

If one is thinking the numbers involved, it sounds too difficult.  Make $1,000,000 trading starting from $1,000???   No way, it seems…  But is it inconceivable to turn $1,000 into $2,000?  Not at all.  Many people reading this column doubled their trading account last week.  It’s just a matter of scale.  Turning $64,000 into $128,000 is the same as turning $1,000 into $2,000.

Several weeks ago my 12 year old son started a small trading account.  Trying to get him excited about trading, I have been trying to teach him how trading is done.  We have been focused upon this doubling process, without leverage.  After some 5 weeks his account has doubled 4 times.  4 out of the 10 doubles are done.  Only 6 more doubles to go and he will be “rich” by most people’s standards.  Can he do that before the end of this year?  My guess is yes.  He just has to make sure he doesn’t get greedy and give his winnings back in some stupid leveraged trade that gets him margin called.  Doubling a trading account in a bull market is not that hard, if you do not make a series of stupid (i.e., greedy) trades – right?

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Jim Fredrickson

Jim Fredrickson

Jim has an MBA from the University of Southern California. He has had a long career in both Corporate Finance and IT. Along the way he discovered that trading was a vehicle with great promise, but struggled for a long time without a mentor. After having been knocked down many times and having struggled to get back up, he had an epiphany and realized that geometry was a solution. He shares his experience here. If you do well as a result of suggestions made here, feel free to say thank you :) BTC: 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.

Comments
  • user

    AUTHOR Joshnj82

    Posted on 3:48 pm May 24, 2017.

    Looking to adopt another son for a year or 2?

  • user

    AUTHOR maleshkov

    Posted on 3:52 pm May 24, 2017.

    I swear I have started with 2 btc in January 4th (my last savings and I had no job), the next day BTC dropped 30%. I had 1 btc for food and bills in cash. I was shocked and ruined both emotionally and physically for 2-3 days, then I girlfriend of mine call me with a job offer and I forgot about the investment. I didn’t have an account, just btc wallet. My salary was 0.5 btc per month at that time. It turned out to be disgusting experience with extreemly haughty young people and after a month and a half I was fired and continued trading on 9th of March with my 2 BTC. I found Jim’s hacked.com site and registered to receive the weekly paid bulletin for 28$, because there was a discount at that time. I made around 40% profit with lots of stress for a month and then I decided to stop trading, but investing by following Jim’s analysis. I decided to be patient for 2 months. The result was more than 1300% profit. It could have been much more, but I haven’t been patient from the very beginning and ade stupid mistake at the end. Thank you very much Jim. You are great analyst and investor. God bless you.

  • user

    AUTHOR Dhananjay

    Posted on 3:52 pm May 24, 2017.

    Thanks Jim for this post…I was following ur recommendations on cryptocurrency app and earned $350 from investment of $750 and then leveraged….sadly after one month I m on same amount again..

    Will follow this recommendation in coming weeks..let’s C..

    Thanks once again!!

    • user

      AUTHOR Jim Fredrickson

      Posted on 6:52 am May 25, 2017.

      Leverage is seductive. But has ruined more people than it made millionaires out of. This recent XRP correction would have stressed me out if I had been leveraged. But because I’m not, I just played darts, knowing that it will recover soon enough. No worries.

  • user

    AUTHOR gullyfoyle

    Posted on 8:34 pm May 24, 2017.

    Inspiring stuff. Let’s all the ride the bull and try not to fall off and get mauled by the bear.

  • user

    AUTHOR thoth

    Posted on 9:39 pm May 24, 2017.

    Sheez Dhananjay, I have been trading in Cryptos since 2013 and have never used leverage. especially when sites can crash or get DDOS and you get toasted through no fault of your own. Put $50 on a sports match if you wanna gamble I reakon

  • user

    AUTHOR chorez

    Posted on 9:30 am May 25, 2017.

    it seems hard for me two double up, when not using my full Bankroll. What percentage ofe your Bankroll do you invest in each trade? I tend to use 10% of my Trading bankroll. Is this too conservative?

    • user

      AUTHOR Jim Fredrickson

      Posted on 9:34 am May 25, 2017.

      Opinions will differ on this question. It will certainly take a lot longer to double your account if you are only trading 10% of the account. But it’s certainly safer. But if you are not leveraged, and you agree that this is the early stages of a bull market, then 10% seems overly conservative to me.

  • user

    AUTHOR chorez

    Posted on 9:41 am May 25, 2017.

    so what are the areas in which I should move. between 30-50%, depending on the variance that I suspect in a specific trade?

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:56 am May 25, 2017.

      Thats your decision. But for me, I trade a much larger portion of my trading account in each trade (50-100%). But I don’t enter a trade unless I have what I believe to be a good reason to enter, and I exit as soon as I either see I was wrong, or as soon as I have gotten close to my target. I often put a stop loss and profit target in at the same time I enter the trade. I also only have 1 or 2 trades open at once, so I can focus.
      Like I say, opinions differ on this subject. Some would say I am too aggressive. I would agree with them, if I was new at this.

  • user

    AUTHOR rtacconi

    Posted on 10:42 am May 25, 2017.

    Jim, I read in your bio: “realized that geometry was a solution”. Where could I learn/study more about it? In your daily analysis, arcs, fib and other jargon obfuscate the meaning of your articles, where I could learn more? Thanks.

  • user

    AUTHOR RF1508

    Posted on 10:18 pm May 25, 2017.

    Hi Jim,
    Thanks for the article. I guess I must be doing something wrong as I am struggling to double my account. (No problems with crypto but Issues with Forex)
    Now I feel stupid because your son (who is quite a bit younger as I am) can double his account. Can you enlighten our members here what the secret ingredients are?

    Also I am quite curious, you say you trade with quite a large portion of your trading account. Maybe input for a new article?

  • user

    AUTHOR jhmurph3

    Posted on 12:39 am May 26, 2017.

    Funny, a couple of weeks ago I spoke with my daughter about trading. She is 10. Wasn’t sure how to approach this so I started with saying it is a series of pictures that tells a story. I have two accounts, one on Poloniex and one on Bittrex (and just opened a Kraken account). I gave her my Bittrex account. I mine a bit, Ethereum, Monero and Zcash, but learning how to trade. I guess I will see how we do… Thanks for the advice…

  • user

    AUTHOR Ritesh Sheth

    Posted on 4:03 am May 26, 2017.

    where can we find the weekly recommendation of crypto currency, sorry, I am new to hacked.com

  • user

    AUTHOR rtacconi

    Posted on 9:05 am May 26, 2017.

    @ritesh this is for crypto https://hacked.com/author/jim-fredrickson/ otherwise click top menu “Recommendations” link. Recommendations’ articles will be visible on the home page too.

  • user

    AUTHOR johnathankelly

    Posted on 8:46 pm June 4, 2017.

    Jim thanks for the article. I am new here and look forward to reading more.

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