I have some statistics for you. Here is the bottom line. On average, in order to make $500 a day reliably you need to spend 2 years of hard work and around $50,000 worth of losses, education, bad books and systems, your own trading capital etc. You decide!
or just cut through the chase and follow the Reco's on The Vulcan Report or just follow marketsurfer for that matter.
Any recommendations on the education part that would avoid the 50,000 in losses. I agree with the 2 years of hard work, as a matter of fact I think it is more like 5
Threei in his book and LBR in her website both say it really takes 2 years. They mention a third year which is the point where you really start to clean up. Their timeline is really 2 - 3 years.
Can you please show me those methods? I have a 500,000 dollar account and so far i've lost $5000 in six months, not a single winning day except for luck. "Kastro What is your idea of "Great Living" The average person in america makes 12 to 13 bucks an hour, works 40 hours a week, spends probably 5 hours a week in rush hour traffic and kisses tons of ass. To that average person it doesnt take much to improve their quality of living. If you have 25 thousands plus to play with it doesn't take alot of brains to make a living as a trader. What it comes down to is that average Joe in America makes 100 dollars a day. With a 25 thousand dollar account u can make that in an hour with a few ez techniques. Once u know the secrets, u can easily make a low 6 figure salary. The best way to get into this busines is finding a mentor. I did it the long way and probably the wrong way. I spent hour upon hour reading trading books, took seminars and spent even more hours paper trading. Probably took me a good 2 years to put everything together.. As for as making a great living, I spend about 2 to 3 hours trading in the morning and an hour trading before close. I play golf after lunch just about every day or do laps in my pool. I got the nicest tan in town!!! Take Care Sterling"
that's a very good point that many people fail to see. Let's walk through it now to becoming a doctor. So, you go to college for 4 years. You go to med school for 4years. You go to residency for 3-4yrs. During residency, you get paid like $35K/yr after EIGHT YEARS OF HARD WORK AND EDUCATION. Then you finally get out of residency, and you'll get rewarded with a low six figures salary. And after 5-10yrs of practice then you'll be really raking it in maybe 100K-350K as a surgeon or something or some difficult specialty. But you'll probably spend the next 5-10yrs paying back education loans from undergrad and med school which total amounts could easily be $250K, depending if you went to an expensive private school for undergrad or worst both - ivy undergrad, ivy med school. ouch! Now, look at trading. People think they can drop out of hs or no college. Not that education is pivotal to trading but some basic understanding of stats would help. Open an Etrade account or join a prop shop with $5K-$10K down and in 6months they expect to make "at least" 6 figures else it's not worth it! geez! $10K down barely covers a semester at an ivy league school. Don't you think something screwy is at work in terms of expectations?!! So, in the doctor case, it will take a person of 8 years of formal education and probably another 5-10yrs before reaching mid 6 figures. And the average daytrader with no preparation, no strategy, no edge, no capital, no nothing expects to rake in 6 figures right out of the door! hmm.. But the flip side is this. Time is money. The longer you trade prop or your own account and go negative and flat for years without earnings then what are you going to do? Go bankrupct?! Live on the edge?! Scrap by while your other friends and colleagues move ahead in life with steady jobs with every increasing raise pays. Sure, they might get laid off etc. But so can your trading going into the pothole. I think you gotta LOVE to trade. And work really really hard. Just like EVERYONE else in life in order to get ahead. There's just no way around it. Nope. Life doesn't work that way. Unless you win the Lotto! hehe.