did u ask him how much he makes? if that's case, you were asking for it. when someone asks me how MUCH i make, my standard reply is about x (not revealing here) points or $x per contract per day on the emini sp500. and then if they ask me how many contracts, i tell them it's personal and it's irrelevant. if anything iv'e learnt from the people i know and have met, it's that the richer you are, the more you care about personal privacy. if i was driving a ferrari or owning a mansion, i would make it very clear to EVERYONE (including family) that it's from the comapny i work for and not mine. i would actually draw out an agreement between me and the (offshore) company stating very clearly that houses, cars, holidays are all from company. in today's litigious society, you want to control everything and own NOTHING. the last thing you want is for people to know that you more than the average person which turns you into a target for suing. in any case, successful trader make more than 2 points per day and if you are trading the max contract of 2000 per trade, you would be making $200k per day. that's for 2 lousy points. it is doable but if i was making that much, i would keep my mouth shut.
So you make a consistent 10% return daily on your $10k? Why don't you sleep in the park and flip burgers for a few months so you don't have to withdraw any money from your account. Compound your gains and you'll $137 million after 100 trading days. Worth eating ramen for a little while, don't you think?
A braggers competition. The magicdust said he makes 10% on 10k, then the Ferrari owner said he makes 100k per day. Aaaahh I love this californian wannabes, they are so funny!
The best response was (aside from Don's) was the guy that said take a 5k account and make a K a day and sweep the account and start over. More realistic would be to have a 50K account and trade with $500 margin per car and have a daily nut of 5 handles a day average. At the end of each month sweep the profits out of the account and start each month with 50K all over again. Consistency is the goal in daytrading. Compounding sounds nice in the little brains but for the average smuck that daytrades and makes a dam good living by being CONSISTENT relative to the condition the mkt gives him/her compounding is written off as a joke. To trade 20 cars a pop at 500 day margins requires minimum 10k in account. (+ a cushion ). That same account to "double up" now and then to get 1/2 way back on a small loser as an "TO GET EVEN" trade requires another 10k. Notice i said "to get even", that means just that, you get even and reevaluate the trade. (works more often than not else it would be a flawed tactic).. Point being, YOU CAN rack up some good numbers without getting stupid about what is required to make some bacon. ( also on a continuation it is ok to double up and risk the profits from the last leg of the run 1/2 way back or less, kind of like playing with the houses money. There is "ART" also in trading as you interpret the mkt price action as your guide. HA Sweep profits and forget about compounding and getting large. be satisfied you are NOT one of the 90% that feed your account. <a href="http://www.sweetim.com/s.asp?im=gen&ref=11" target="_blank"><img src="http://content.sweetim.com/sim/cpie/emoticons/000202BB.gif" border=0 ></a> PS: Do this for yourself, review a bunch of ES 5 minute charts and ask yourself this question. How hard would it be to average 5 handles a day in ES? Answer that question and set that as a goal for yourself. Do the math if trading a single car or even 40 cars. Do the math. Do not be afraid to improve.
Actually, if you were trading forex with interbank access you could trade 365, although the bid/ask spread would be cost prohibitive.
I agree that if this guy needs to advertise what he makes then there's a good chance he's full of shit. If you asked him what he makes then shame on you anyway. I've found out in my short time on this earth that bragging about your income (no matter how big) is a huge sign of insecurity. So one way or another this guy's either a liar or a douche.
for more realistic profit/loss, I would advice pple to see trading records of those guys at tradingarcade .com 100k consistently is almost impossible
Now he just wishes this thread should have been named: How many of you Not making over 100k/day regularly day trading?