$200-$300 per day

Discussion in 'Trading' started by dpg2020, Jun 18, 2002.

  1. dpg2020


    I've been scalping NYSE low-volatility, low volume stocks for about a year now with an accout of approximately 50K. Although I've been able to make a profit, I'm tired of the methods that the specialists use in consistently manipulating the market. Is there another way to safely and consistently earn $200-$300 per day trading? I'm considering stock index futures. As I don't know enough about them, are there some good books on the subject. Does anyone have any other ideas for me. Thanks. I appreciate your input greatly.
  2. If you're looking for a nice comfortable spot to make a living you better change careers.
  3. DPG: iprefer the indexes to stock trading but you need to be aware that they are just as "manipulated" as anything else in the markets. that makes for a lot of the never ending complexity in trading them.
  4. There is no such thing as "a way to safely and consistently earn $200-$300 per day trading" Certainly not in futures.
  5. I can consistently do that scalping Nasdaq stocks. The problem is that my goal is more like $1000-$1500 net each day and that tends to get me into trouble. I'm just not disciplined enough to stick to a smaller goal and I'm too greedy. I should probably adjust my daily goal downward.

    BTW, I think that you need an account size of more like 75-100K to effectively make $200-300 a day because putting open orders into the system also uses buying power (at least it does at my firm).
  6. vikana

    vikana Moderator

    First, don't use words such as "manipulate". Everyone knows the rule of the game, and whatever happens is what you have to trade with. There are some players with an advantage over you (the specialist e.g.) ... that's just how it is.

    That being said, here are my thoughts:
    1. set a limit on how much you are willing to lose on any given day. No limits on how much you want to make
    2. i've just begun emini's again. Great vehicle. Much wilder than it looks imho. Give it a try with IB or someone else cheap.

    I now mainly short term trade (1 to 30 mins) with ES/NQ and position trade (hours) with stocks.
  7. tntneo

    tntneo Moderator

    DPG, come on !
    very few traders make consistent money. so you are in a select group. going for something else might cost you a lot.
    it's like someone finding a gold mine and then thinking "well, it's hard work to hit these rocks... let's leave it and look for a diamond mine somewhere"..

    there is no safe place. and going in high volatility markets aren't safe !
    Change only when the gold mine is exhausted.

  8. Babak


    Since you are familiar with NYSE why don't you give opening orders a try?

    (if you're retail and your broker doesn't allow LOO then go to IB)
  9. if you expect the market to give you money every day, I really think you have unrealistic expections. There is not a single professional trader that comes out net positive every single day.
  10. dpg2020


    I realize that it's impossible to make money every single day. I guess what I'm looking for is an alternative to scalping NYSE stocks. This may sound like a silly question, but where can I get more info. on trading e-minis. Thanks.
    #10     Jun 18, 2002