Okwon, have you read through all the posts, or just a sample few? Even though a CONSISTENT $15g a week scalping stocks in 2003 IS very unusual even at the prop firms, this guy is saying that he does it with ONE MONITOR, on 3 HRS SLEEP, from HOME with cable modem, with $100,000 (ie limited leverage), while partying all the time and doing real estate (and not watching the market much of the time), SCALPING with under 2 yrs experience WITHOUT "using market data software." If you think this is routine, then either you were lied to at these prop firms or you are clueless!
I originally just sampled a few. But after reading them all, I see what all the fuss is about. As far as the 15g's per week, I never said that this was routine. Yes, it is exceptional, but it isn't impossible or as uncommon as people like yourself make it out to be. There were guys doing it in 2003. I checked p&ls so I doubt they were lying. There were 3 people out of around 9 p&ls I was shown at different firms that made about 10-15k per week or more for 2003/2002 consistently. I also sat next to most of them for a day and watched them trade. I checked out about 10 different firms, asked to see p&ls for their trainers, although all of them didn't show them to me, and asked if I could sit next to and watch them trade for a day. I would say that I thouroghly researched. Geez, people get so sensitive when they hear about people that are having success when they aren't.
I would kinda agree with you Silk... but I think it can be done on less (say $50k-$75k) with one of the following: a) a very sound psychological make-up b) very easy market conditions I started during the bull - (b) above - with $20k... obviously trying to play with $20k these days is near enough an impossibility... that's why I kinda agree with you... these days, to do with $20k what you could do back in the bull probably requires $100k on margin (just a guess)...
Silk it is worth thinking about how the capital traded changes. If a person is not doing too well he thinks in terms of his capital. If a person is making money, he is in a constant transition. Those who pull capital periodically are marginal people as well. They, were they making money, would be relating to where it went in the next application of capital they are feeding to make money. Do you hear too much about how people have to cap their money pool in the algorithm they trade with? Not too often. You can bet that every algorithm has a top side on the amount of money it can effectively process. Consider an exit. How long does it take to leave? Same for entries.
I thought I would never say this, but GG, give me your 5K and I will return 10K at the end of the year - any thing I make above that with your money is mine. End of report. nitro
Yes, But I need to set up some sort of entity to do this. I am so sick of hearing this crap I may just do it one year for one or two people. nitro
If you are a great trader, than you will do fine just starting with 25-50k. Assuming you have access to daytrading leverage of 5 or 10 to 1. If you are a great trader within a year your 25k will easily be 300k. A great trader can make 100% on buying power a year. So say you start with 25k, margined 10-1 for day trading, that is 250k in buying power. You can hope to make around 250k in a great year daytrading. However, if you are not "great" you will almost certainly be wasting your time starting with just 25k. Just throwing out some numbers, but i would guess that only the top 2% of traders could parlay 25k into a living. Prop trading gives the undercapitalized "good" trader a shot at making it. The "good" trader would need many years to build up enough capital on his own to make a decent living if he was to start with just 25k. Prop firm buying power would cut this time down significanltly. So in my opinion, a prop firm gives the mediocre to good trader a fighting chance that he might not have had on his own. The bottom 75% of traders probably have no chance at all. The sad truth.