Yeah this has to stop.. as funny as it is... We could easily go into asking if he wears the burger king crown with his pedigree ect..but the guy is trying to legitimately talk about money management, not fast food, and not implied dated Chris Rock jokes. So lets take it back on topic for the guy.
Oh, you want to open a Prop account!!! Prop accounts are great for those that need leverage.... very interesting... but.......... Oh, you have more than 100mm in your account, and you say leverage intimidates you? But.... prop accounts exist mainly for leverage.... ummmmmmm WTF?!?!? ======= Ok, here we go: Option 1 - You are lying, you don't have that much money and you are lying your ass off. Which is probably the truth. Option 2 - You ARE rich, and well, you are not very smart *the nice way of putting it* Which is also probably the truth... but extremely NOT very smart that is. Option 3 - I just don't know WTF you are thinking but you are losing it chief..... That's the right answer. I'm taking Option 3 so I can be right. Good luck on your adventure of prop trading for reasons I don't understand. EDIT: Ah I figured it out, this guy is jealous over the numbers on the PnL thread, he now believes he can pull off those amazing numbers. Answer to all this? We have a gambler in the room. This should get interesting!!! Final thoughts: Put your money in CD's. Stay rich. In America, the poor get poorer and the rich get richer. So if you really got your capital, why not save it in CD's or jesus christ at least donate it. I'd rather have that then you just giving it away. I've never seen anyone that has been doing very well at retail want to switch to prop. Makes me wonder........
I`m really flattered that you all took time out of your busy schedules to tool on me and my request. It speak volumes of your day to day business. I did post a screen shot of my account the day I started the thread but felt uncomfortable leaving it up. I dont really care what anybody thinks my reasons are for wanting to experiment with a prop account when i`m all set on the retail end. This place is a den of negativity. You all won. Good luck and good trading to you.
Don't worry about Mowery. He thinks everyone is a gambler. He is actually right....every trader is a gambler since no trader knows for sure what the outcome will be. He who has no propensity for gambling really has no propensity for trading. I firmly believe that. That said, going prop may be right for you if you would rather put a prop firm's money at risk. Out of college I worked for a prop firm trading equities. I went there without having to make a capital contribution and wound up losing $5,000. I was never asked to leave.....I left of my own accord and was there for just under a year. For consistently profitable traders, prop may be the way to go for leverage. For beginning traders, prop may be the way to go to shift risk to prop trading house. of course, shifting risk comes at a price (generally a % of your profits go to prop firm). Anyways, that's my take on it
How do prop firms employ money management. We never let a trader loose 1% of his cap on one day... that´s way too much money. The max loss allowed in one day is = to the average win on a good day, averaging the last 2 weeks, so after a bad day you only lost a good day´s work... not a good month´s... and next day you can lose a little less. And in the given that you´re making say $500 a day on a $50,000 account {1%} we´ll throw another $50,000 in your account. If you make $1000 a day on 100k... we repeat the process... if you just keep making 1% per average good day, we just give you a lot more money and cap the max loss per day at $3000. I think the best reason for trading prop is the feeling of power. Taking 100,000 shares and stoping a stock on it´s tracks is... priceless.