Beginning Prop Trader progress

This journal is simply to help out all the beginning traders out there. I have never traded before and want to keep a day to day log to show the struggles and mistakes of a beginning trader.

I am trading with E-trade Professional using lightspeed software at a prop shop. Commissions are 1.5 cents per share total. I will begin small to preserve my capital so all trades will be only 100 shares for the first week slowly moving up when I feel comfortable.

I am currently a college student so I will be trading Tuesday-Friday, no monday trading. All trades are intraday, no trades will be held overnight.

If anyone has any questions or comments please post them.

Thank-you

 

Why don't you want to trade on Mondays?

Monday is usually the best day to trade. Everyone is coming back from the weekend with dollar signs in their eyes.

 

Good Luck, It will be intresting to see what happens. Do you mind saying what type of deal you have with this firm. I am a recent college grad and am looking into going prop as well.

 

HITT 10:15:44 100 -29.00

SLXP 10:37:55 100 -26.00

FMCN 14:58:36 100 49.00

FMCN 15:00:22 100 35.00

FMCN 15:08:11 100 68.00

PRSC 15:28:32 100 106.00

XNPT 15:33:29 100 123.00

XNPT 15:55:03 100 116.00

Above is all my trades for today 2/2/06.
The numbers to the right are my running PnL, so I ended the day up $116

 

Its not that I dont want to trade on Mondays I just cant due to college. I am graduating this semester and that is priority for me.

My deal with the prop shop is pretty standard I believe. I put down money that went into escrow and they give me a certain amount of buying power. The only fees I pay is the 1.5 cent per share which I am happy with.

Hopefully tommorrow is as good as today!

 

first did you have to put any money down? 1.5 cents is rates back to the 90's thats incredible. if you ever get to 30k vol a day thats $450 a day plus sec fee's which will put you in the $550 range which insures you neveer net a cent. your prop guy is making huge money

 

I know guys paying .006 on low volume at your shop.
You see that Carerra in the lot, you are making the payments!
RENEGOTIATE or leave bro.

 

which sho is that the new jersey shop? yes even with no downpayment i'd say .007 is a good rate. if one even does 10-20k shares a day and 5k down no more than .005. your owner is .002 or less so do the match. if he has 20 robots like you even doing 7k shares a day thats 140k shares at 1.5 cents so he's netting 1.3 cents times 140k shares or $1820 a day or $36k a month. my lord amazing on a lousy 14k shares a day he can overide $36k amonth. i assure you if you're paying 1.5 cent you won't be daytrading long or you'll jsut be position trading

 

Commission is negotiable and at my volume right now the rates are good. I am only trading between 1-2K a day for the first month so he has to make some kind of money with me taking up a trading desk. When my volume increases my rates will decrease...