Profit numbers are all NET. AMP has a set volume discount. If I get to 1000 contracts in a month (I could get there), then my Round Trip turn all-in pricing drops from $.78 to $.76, LOL. Next tier is 5000. My current fee average is 21% of profits going to fees at day 9. >>> Final Net gain average is $142. Average trades per day is 50. 50x $.78 RT is $39. $142 + $39 = $181 gross profit per day average. 39/181 = 21%. This 21% should drop to 14% or less once I get on the Mini's.
No question the bots are a formidable foe. But I like to think of myself as trading against Robinhood's band of Merry Men. Yes, I am fighting the other retail traders, for sure. But I know there are still some inefficiencies in the HFT programming. I have much more screen time than most programmers training the bots. I may not be able to spell any more at age 56, but I can pick out excellent entries. Let's talk again in a few weeks. The crack is working great so far with 21% gain on my account in 9 days. ($1,276 net gain on $6,000.)
Thanks @Scataphagos. Aiming for Alpha Centauri here... the closest know star to home... https://en.wikipedia.org/wiki/Alpha_Centauri
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” @Spooz Top 2 I may have replied before, but I have been cleaned out before many times. I know that SOH (sitting on hands) is sometimes the very best trade of all. FLAT is good. FLAT is paramount if I don't see a clear trade. I am not afraid to walk away with zero trades on a day. I don't need 2%. The most important thing is to protect what I have. The public pressure I feel here is to keep my rules and be sane. There is no public pressure to make 2% per day. Of course I want to say "See I did it!" But I won't overreach to get there. To do so would be a recipe for disaster.
@Millionaire I think by now you have seen that I will be adding contracts in a sane fashion of 1 micro per $1000 and 1 mini per $10,000. I will be trading with at least 10 micros or 1 ES at the $10k mark.
Hopefully you have seen my toe or index finger emerge from behind the curtain my now... I just hope I can turn myself into a real wizard before the dog pulls back the curtain and reveals me to be a fraud. Oh, it's just little ol' me after all.... Seriously. I will do my best. If I fail, it was FUN. If I make a few bucks then I will have succeeded.
I am very happy to pay 10,000 in commission per month if I make 100,000 or 50,000 or even 20,000 per month. And you broker will invite you to the best parties
sstheo, dont worry too much about the commissions. If you keep up your work, trading high volume in a consistent way, you will be able too netotiate completly different rates with your broker, especially once you move from the micros to the minis. And when you make the switch to the minis, it will make total sense to lease a CME seat. With commission rates dropping and the discount on the exchange fees, you will cut your cost per trade by something like 50%, which makes a huge difference when you pay something like 10,000 USD per month to your broker. More change for girls and black jack !