Yesterday I was asked the question how am I going to manage the staking for this challenge? What stake will be used for each match?
The answer is this. The starting bank is £100 and at no point will I risk anymore than 10% of what I have. More often than not however the amount staked on a trade will be even less than 10%. I will be using a total of 6 different trading strategies and the amount of money varies depending on which strategy is used.
Trading is very different to betting in that stakes must remain the same for each strategy. Increasing after each win is the fast road to disaster. However the £35,000 target will not be reached without a gradual stake increase. Stakes will be increased only when the overall bank hits certain levels. Every Sunday I will review my staking plans for the following week.
This is going to be a very gradual challenge and you will see on the posted P&Ls that the profit in January will be very small. As the stakes increase over the months as will the profit.
17 Days to Go!!!