Everest, I wasn't "pontificating" anything. I was making the point that there are always naysayers and supporters on every issue (I can't readily think of a better example than this thread). Of course the chances are low that you can start with nothing but 5K and trade full-time and still make a decent living for long. There are movie stars and pro athletes who have pissed away millions without trading a thing and there are people that have turned virtually nothing into mega-corporations (or mega-trading accounts). Starting out small puts you at a disadvantage for sure, but to unequivocably state that it is impossible is ridiculous. Your highly mature post calling that guy "stupid" will define which one of us is spouting "junior" philosophies... Ironically your username is Everest, didn't someone say it was impossible to climb that thing?
I started with $2500 gapping OTC stocks in January and got it up to $8000. Then as soon as the summer hit... I didn't make anything. The lack of volume just killed me.
THAT I agree with! Although it is possible to trade with a small account, it should be looked at with a view on building it up to a larger account. Here is a part of an article I wrote on my site: "...But for those who trade the minis for it's own sake, there's a certain difficult psychological give-and-take. On the one hand, they stand to lose less money. On the other hand,they stand to make less money. This second point is much more dangerous for safe, profitable trading than most people realize. Let's be honest: whenever people daytrade, whatever equity it is that they're daytrading,they're doing it for one reason: they want to become rich. At the very least, they want to make a GOOD living. This is something that is extremely difficult, if not impossible, to do when you're daytrading one or two minis. Let me give you an example: Someone who trades the big S&P and manages to take an average of two points out of the market each day, is making $10,000 a month.That s $120,000 a year. Most Americans, most ANYONE in the WORLD,would be more than happy w th such a living.In the minis, however, 2 points equal $100.This eguals $2000 a month, and $24000 a year. The difference is very,very big! The problem, is that the mini trader wants to have the same profits as the big S&P trader is having while just trading his two minis, and that can create a large amount of psychological pressure. The mini trader doesn't have to be as good a trader as the big S&P trader. He has to be FIVE TIMES as good a trader. He has to trade FIVE TIMES as LONG as the big S&P trader. This pressure (which is often subconscious), creates, among others, impatience.This impatience can easily cloud the judgement of the trader. It makes him get into trades before he should. It makes him get out before he should,or after he should. It makes him abandon a trading method if it hasn't shown him immediate promise, and makes him wander from method to method, and from chatroom and forum to chatroom and forum... So what does all this mean? Am I telling all the "small"mini traders to give up trading? Absolutely not. Rather I âm telling you the following: sit down and think.Make precise goals for yourself, and not short-term ones. How much money do you want to be making, and in how long? How much per day on average? Per week,per month? Above all,you must be realistic . Chances are you won ât make a great living trading one or two eminis. You can get there, however, if you set your goal at making enough profit to add another contract. And then another. And then another. Eventually,with time and patience,you can be making that great living..." All the best, Phil
Sadly for me yes, it proved impossible, but at least I got away with my life. As for others, they take the glory. Godd trading to you Oh by the way - calling that guy stupid...... come on, you cannot be serious!!!!!! ( Hi John) I think if someone is stupid enough to suggest that the only way to make money trading is by being in the US, that could be defined, as , well, maybe, just perhaps, a little little bit STUPID????
Maybe I overreacted, yes, it was a moronic thing to say that you can only trade within the US. Kudos to you for even attempting Everest, I am duly impressed. I'll remember that the next time I flame out on you here and try to do it a little more respectfully Good trading to you as well.
Jack, May I remind you as a member of this community, that ET is not a forum or place to "flame out" at. Michael B.