Scaleability is obviously an advantage with the ES and you can compound your profits and add contracts. However, trading 10 contracts on a $5K account is a losing approach, unless you`re God And if you were, I guess you would not need to trade
Been day trading for 12 years, full time last 6. Beginning of this year took out all trading funds and bought rental property. If I can keep rentals full, I'll make more money than I did trading all day . I was easily spending 10 hrs a day with trading reviewing my trades and market analysis, really happy I made the change now rather than waiting to go broke and wasting many more years trying to be a baller. Plus with real estate I get equity with income.
Wiesman02, Yes, on ET you are told you canât trade, trading is too hard and to trade other instruments. But some of these traders are being honest with you because they understand the price you are going have to pay to get to your goal of being a successful full time ES trader. Trading for wanabies is not about obtaining the potential earnings of 100K it is answering the question âCan you be made into a trader that has the trading ability to someday get to the potential of 100K earnings?â For most it is still an unfulfilled promise from a lifetimes work in trading. First off if you are not an accomplished full time trader why do all wanabies start by trading leverage against professionals on their first go around? Many accomplished ES traders put in from 2 to 5 years (not months) in screen time to master this kind of trading against other pros before they are profitable. In this process these traders often burn though multiple futures or forex accounts. The message they are trying to suggest to wanabies is âPay the price to learn trading with a financial instrument where the leverage and speed of trading will not destroy your account.â This means to do your trading at a slow enough speed and small enough leverage that you may recover from the lessons that all traders must learn about trading. So to most wanabies, I say, start trading 100 shares of stock in swing trades and not ES. But why trade 100 shares of stock and not the grand ES to start? The answer is the cost per lesson learned in molding you in to a trader who can take 6 consecutive losses in a row (a take trade 7), handle black swans, manage the drawdown that is twice the size planned, deal with stopping trading when your plan says you just took the max hit you can take on your account (that is 6% hit on the account in a month), continue to take trades when the market changes direction with your average losses now running 30% higher than usual and also learn to deal with your impulse to modify active trades (defined specifically in your plan) in a market that does not look right to you, is too high to pay. The principle of using low cost trading lessons with a 100 shares of stock rather than using leverage should be a no brainer. A trader can discover basic trading principles, fine tune your psychology, learn risk and money management, learn how markets function, learn how to write a traders log, discover the common mistakes you continuously make that cost you money in trades, learn how to manage ongoing trades and define and redefine your goals and objectives trading 100 shares of stock with swing trades on a daily chart with loses of $5K rather than blowing $50K in learning these same lessons trading ES. But greed convinces wanabies that they are a smarter trader than the average trader and they will beat the pros in ES with losses nowhere as big as $50K in learning the âsimpleâ game of trading that has a failure rate of 95%. It has taken me a lifetime of trading passion to get where I wanted to be. That is retired sitting in doors at my cottage on my lake typing while my sunburn cools from fishing for five days straight that this cold beer soothes all of which trading has finally paid for (no I donât do $100K in ES a year) until Septemberâ¦
you have to common sense to be a cop. their all jerkoffs anyway. Just when we thought you had a big career. blah blah blah .. dufus .. The only thing your going to pull 100k times is your prick .. Your only a janitor with pipe dreams of becoming a millionaire trader. get back to mopping the floors
EF, You wrote: "Look at the selloff from June1st to now, look at the ramp up from 9/1/10 to end of year. Enough said,," Not sure I understand your hint. Appreciate if you could elaborate on that. Thanks!
Finally! someone who realizes the truth about this board! I read it for entertainment only. If you want to make money dont listen to any of the jokers on this Yahoo Jr. board.