... so, based upon 'let it run's' comments, is it better to develop a trading style/system on an instrument that one could foresee taking large size and not getting in one's own way. The guys I trade with basically do that, but at times, I see it can be difficult to get rid of/acquire shares to relinquish a position. thx
Thank you, working from home has its advantages too: you are more likely to finish up with something that is unique. However once the system starts to generate money then the need to work from an office / prop firm etc is no longer there and more than likely will only be distracting from the concentration and may be impacting on the bottomline. wD
Is $5K a month okay too???? Laugh if you want, but it takes me (now) all of 15 minutes per day to set up the systems. Hmmm...let's see... 15mins X 200trding days/yr = 3000mins/yr, 3000/60 = 50hrs, $60,000/50 = ...$1200/hr! AND I have a $100K "real" job with great bennies too! Good trading to all
I can make 5,000 on a 20,000 account!!!! Trade futures better bang for your buck! I have not read all of the comments on this thread, but the ones I have read show me that most of you will never be able to make 5,000 in a day. It has nothing to do with your trading style or market you trade. The reason you will not make 5,000 a day is you believe there is something outside of yourself that dictates you p/l. The only chart that is important is the map of your own brain. Any trader who masters his mind will succeed. A book that helped me mentally was Think and Grow Rich by Napoleon Hill. By the way intraday scalpers do make good money. I have made 20 trades and it is only 9:12. I am probably done for the day. Master self and there is no upward resistance on how much money can be made trading. I will provide a good example. I trade using TT(Trading Technologies). The fill window which shows my P/L is in the bottom middle of my workstation. After almost every trade I make I change the filter so I never see past profit or loss. For example lets say I made a trade at 9:15 and made $400. After I exited the trade I would change the filter to 9:16-15:15. By doing this I only can see the p/l for the trade which i am currently in. I never observe my daily p/l until after the day is over On Tuesday I broke my rule!!!! At 9:20 on Tuesday I looked at my daily p/l. I was up $2800. Guess what I did in the next half hour. I lost the all of my profit and ended the day down $1000! The only reason I lost the money is looking at the whole days p/l changed my mental focus. After seeing my daily p/l my mind believed that money was a final audit of the days work. Now I was afraid to lose the money. Subconsciously I became afraid of losing my "paycheck". 2 rules that will change your trading dramatically. 1)Never view your daily p/l until the end of the trading day! 2)The trading day ends when you look at your daily p/l You will be amazed at how much stress and fear will be lifted if you follow these 2 rules. For example I just looked at my Friday p/l at 9:30. I am done for the day.
You want to make big money? Then develop a scalping game. It's that simple. I'm not saying this is all you should do but this defenitely should be one the strategies you employ. In my opinion it is dýrt easy. The algorithms don't change the only thing that changes is the volatilty/range. The same patterns keep repeating over and over and over again. Happy Hunting. P.S - for example go long on the ER2 rýght around here (700)
I've done you one better. My TT is set (by my firm) so i can never see my P/L! I have to manually figure out my money. I'm totally with you. Detachment from $ is the only way to go. After all it's not really cash but rather ticks.
I agree, I have a problem w/ certain stocks I trade. It doesnt matter if I know its going to go up right now, I physically cannot buy as much as I'd like. I am working on finding thicker stocks though and working from there.
700.00 looked good to me. Didn't hit wait a couple more mýnutes maybe it will otherwise hýt that shýt!!!
Daytrader. Account SIZE, does matter. I scalp the opening bell and play or fade the pre-market Gaps. I'm not here to write a book. But, my indicators are as follows: News Feed via my trading platform www.DASTrader.com Inet Top List http://www.nasdaqtrader.com/trader/data/toplist.stm AM Market Call http://money.cnn.com/data/premarket/