Impossible challenge to turn $200 into $100000

S

status1

Well-known member
I got an email from John Locke saying he is challenging himself in the new year to turn $200 into $100000 and he has a link to this challenge proposal

If that wasn't impossible enough he wants to do it without analytical software and without monitoring the positions
Of course some of this may be just to recruit new students but it's an interesting challenge

I think in theory it could be done but it will need some cooperation from the market
I am thinking maybe start with some weekly iron condors in the spy just to make $500 than you could switch to the SPX and keep doing weekly iron condors
Of course you will probably be nearly 100% invested but as long as you stay with reg t margin you should not loose more than the width of the spread
So even if you have max loss it's only $200 which is less than one of the monthly subscriptions that he has

If the market keeps staying in this tight range I think I may give it a try just to see how many trades I can make before I get wiped out
but I don't think I can do it without the risk graph and checking it at the EOD
Who knows I could be wiped out on the first trade but it should be an interesting lesson to learn

As the account grows bigger I think it probably will require some money management in regards to how much to risk on each trade
Maybe some fixed ratio position sizing that way you don't loose everything at once and way you can keep going without starting from scratch
 
I PROPOSE A BETTER ONE : How you can can make 3000 in less than a second!!!Formula save the 249usd X12 of J.L.Basic membership,=2988 !!DONE!
 
Hmmm, interesting...
Sure it is marketing. I also think it is impossible. To be precise it is impossible to get those returns on regular basis. One can get lucky and earn few K % on single trade but not day by day. One year is pretty long period...

But!

This is challenge that not every trader take up. Many wouldn't know where to start, many wont be able to put up relevant plan that will give themeven a sight chance to win. You must know quite a bit about trading to even think about such a thing.

Doing it without any analytical software is not a big problem, actually it is easy. For seasoned trader ONE or OV is unnecessary burden (imo). "Without monitoring the positions" - this must refer to monitoring via software because I cant imagine any trading without monitoring positions, especially when you have to be active (unless he plans to buy puts for $200 and wait for crash).

I do not follow JL for few reasons, aggressive marketing being one of them (although not most important), so I'm not in any JL groups/communities etc. but I want to see him trading $200 to $100K. I looked up and found 'no pay' access to Locke Options Community Membership. I hope this will be enough. I'm not much interested with any of his other activities. To sign in I have to agree that:
I understand and agree that Locke In Your Success, LLC will be the exclusive owner of all rights, including, but not limited to, all copyrights, in and to the images in whole or part, throughout the universe, in perpetuity(...).
Where "images" means "anything". Anything I do over there becomes exclusive property of LIYS LLC. I'm not ok with that and I have question: Is there any other way I can monitor what he is doing re this challenge? If not, I will probably sign in, but will stay silent.
 
It is possible with the right strategy constant vigilance on your risk and being properly funded ( you need to understand is that it takes money to make money!)The wrong and sneaky message ,in my opinion, here to retail public is : with little money and very little work you can be rich!(just simply follow your GURU).
 
He didn't say anything about little work. Actually I wonder how he plans to do it while running all other videos, services, marketing etc. He should be sharp focused on the challenge. Anyway, I don't intend to buy any of his courses. I'm just interested only in how he'll approach the challenge. Is he serious or, as you said, the challenge is just bait for new followers. I expect he is serious, at least to some degree, and want to see his tactics while he is doing it at the open. He has guts or he is pure salesman.
 
I am sure if he makes enough money he will show how he made it so he can advertise it more if not than he may just say that it was impossible or it was just a challenge but not a real way to trade
I would be more interested to see how he scales up That would be a good learning for me
 
Marcas said:
I looked up and found 'no pay' access to Locke Options Community Membership
Click to expand...
I don't think that free membership is going to give you access to that challenge
According to the email I got it's only the PRO or the GO members have access to that both of which are paid memberships
I also have the free membership so that's why I get this kind of emails Sometimes he sends out videos of a strategy that worked out well but I have never signed up for any of his courses
 
Case closed on my side. I won't be signing in.
Thanks status1, if you have any info about how he is doing. please, let us know, or pass info where we can look it up for ourselves - I don't want you to break any rules of that community.
 
You don't have to sign in to get email notices they will send it to you for free Whether that information is useful in any way it's up to the subscriber to decide I am sure I am not braking any rules if they are sending me free emails
I will post here if there is any info or videos on this subject

BTW Just for laughs I placed a trade today for this just to see how it works out
It's an iron condor on SPY for Jan 3 expiration It's just a 1 lot and 2 points wide so max risk is at $200 so it can match the start of the challenge
Although I did use the analyze tab to see how it looks but I have not watched it from mid day to the close and I was somewhat surprised at the big up move we had today
I have the short call at 325 and SPY closed at 325.05 so the p/l shows I am down -$10.94 but when I checked it around noon time I could have bought it back for $11 having sold it for $38 so a $27 gain on $200 about 13.5% gain on margin not bad for half day's work

So if we have a quick pull back tomorrow I should be able to get out with a gain otherwise I will roll it out the call a few days and let the short spread expire
This just a quick trade on TOS just to see how the commissions are for SPY and also to dip my toe in the market for the first time in the new year I wanted to give the big traders a little more time to come back in the market before I get a sense of where the market is headed
It seems like it always happens for me to be blown out on the call side when I do iron condors that's why I don't do them normally but with 1 lot 2 points wide the damage will be small and I could use some losses to offset my gains

Actually this is not a bad trade and I may use it on my spx trades in this low vol environment by placing a weekly iron condor trade and take it off as soon as I get my 2% for the week I mean if I can make 13% in a half day I should be able to get 2% in less than a week so that should boost my weekly returns
I have to study this a little more with some SPY trades to see how it works out but it seems to have a good potential
 
Don't know details of your IC. Good if you have some fun. I do the same once a while (putting some trade for small fun).
Question is would you do the same trade with10K at risk? If 'no', this is pure entertainment :)

--
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from today's post in other web place:
Here’s Taleb:
“Avoid taking advice from someone who gives advice for a living, unless there is a penalty for their advice.” ;)
 
Marcas said:
Question is would you do the same trade with10K at risk? If 'no', this is pure entertainment :)
Click to expand...

Absolutely not unless I can grow this 200 into 10k than sure since even if I lose everything it's still only $200 in the end

The more interesting question for me is assuming this works how to grow and scale this small amount into a larger one
without loosing too much
I doubt would be doing 50 lot SPY for a 10k account
Any mistake will be magnified that much more
Right now I am just having fun with it
Looks like there will be a pull back today with this morning middle east tensions so I may even let the trade expire
 
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So my first trade worked out well with the help of that pull back
I could have left it to expire but I wanted to place another trade while there was still a little volatility left so I was trying to close the IC around noon time for 0.05 but it would not fill so I split it into spreads for 0.03 and 0.02 at the ask and still would not fill so I ended up closing just the shorts for 0.03 and 0.02 at the ask and left the longs to expire at the end of the day
So I got $28.98 total including commissions or about 14.9% gain on margin for a 2 day trade which sounds good but it was somewhat risky if SPY had kept moving up

The next trade I only got 0.20 cents credit because I moved the calls up by one for some reason there are no 0.50 cent increment strikes on the Jan 6 expiration for SPY so I will probably end up with around 5% after commissions but still not bad for a 2 day trade and 2 trades in less than one week

Not sure if I will keep doing this as I may start trading my normal trading so I am not sure I will have time to keep track of it and also trying not to distract myself from my main trade but if the volatility is still low or I am waiting to get into the next trade I may be able to squeeze in one or 2 trades here and there just to keep me occupied and keep track of the market
 
status1 said:
Absolutely not unless I can grow this 200 into 10k than sure since even if I lose everything it's still only $200 in the end
Click to expand...

That reminds me of a story of a man who goes to the race track and bets $2 on the first race and wins. He keeps winning and before the last race, has tens of thousands of dollars in winnings. He loses it all on the last race. When he got home, his wife asked him how he did at the track and he told her he lost $2.
 
At least he should have set aside $2 so he can keep betting
Easy come easy go although I am sure he had fun while doing the betting and so am I
It's the thrill of victory and the agony of defeat or the fear of loosing
While this may seem similar it's not quite the same because you have the option to roll out the trade or it may not be a total loss it would be a setback from which you can continue

Speaking of that what a wild ride was yesterday and today
Yesterday after hours my SPY short went in the money with the expiration today than today it went all the way across to the call side to the point that I thought it may go in the money so I closed the short call for 4 cents around 3PM so I kept most of the premium
 
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