' If you want to make sure you will survive anything the market will throw at you and make at least a decent salary for all the time and energy it costs... at least. You will need to diversify trading over all the major categories and use conservative leverage.
LOL !! Ha maybe I should have made it clear in this Thread like I did the previous thread. I already have been trading for 7 years and over 3 years fulltime. I implement a Swing and Position strategy which I have been living off very comfortably for the last 3+ years. Sorry for the confusion here !! I am getting into a whole new ballgame here with futures. But my Risk management and profit/loss target skills are honed to a tee !! Otherwise I would not have been this profitable for so long. Looking back at this Thread i probably seem a little juevenile at what I wrote. This is just a new animal to me and has caused a litle tension. But I know the principles of Trading for the last 7 years that I have patiently developed will unduly be of benefit to me whether its swing trading, options, futures or whatever. I have a very detailed plan I have written out on the setups I will be using and have been using on Simulator. As well, as predefined profit/loss objectives and overall short term and long term objectives with my futures trading. I have spent countless and countless hours even before Simulation of building a strong solid plan in trading futures. as well as being mentored by two professionals who I cannot speak highly enough of their ability to show me a stellar introduction to successful futures trading. I realize it will take years to be even modestly adequate at this game of futures. Luckily, profits from my fulltime trading will allow for this. And fortunately unlike 99% of you who post here, I do NOT have to go back and work for someone else. Peace out !! P.S. probably make that 99.9% who post here !! :eek:
yeah right ... and after seven succesfull years you can allot a full $3500 to futures trading... kudos!
BJL, hehehehe !! Your a funny man. Go back and reread what I have said about starting out with a small stake and adding more in later. Its called a prudent business plan. And its called being smartly conservative when dealing with an endeavour that is extremely difficult. Kudos back to you
Somehow I missed this post by this guy. I think Elite trader ought to ban this character for making such an imbecile statement. :eek: I have NOT traded one live contract of YM, but I know using my commonsense that you DO NOT need 300k to pull off consistent profits in the YM. Thats absurd !!!
Could not DIS-agree more. 1) Much depends on trading style. For example, a scalper flat eod, does not need hedging, where a position trader would be stupid not to. Swing traders may or may not need hedges. 2) Your belief consistency and significant risk go hand in hand is just that, your belief. Your belief does not make it factual, or true for others. 30%-40% per annum may be fantastic for a multi-million/billion position trading account. Frankly, imo, it sucks for a small, intraday-trading account. 3) Leverage is critical only for certain trading styles. Mostly due to extended market exposure risk (hence a need to hedge, creating even more exposure risk). Money management is crucial and paramount regardless of trading style or amount of leverage employed. Osorico
On the simulator did you trade with $3.5k? How many times did you lose it all? Did you average $17.50 per day after commissions/expenses you would have had in the real world? If so, and you were doing with a system you trust was consistent enough to trust, then I'd say why not, and write off the time/effort to learning/experience. In all honesty, I try for about 1/4% per day average, but I trade stocks. I think I'd want to have $100,000 to play with before I'd be thinking I was going to make any money. Even $10,000 at 1/4% per day is only a $25 gain, but if you don't need to watch it all day every day to make it, that's still a huge number annualized compared to the mutual funds.
What's your next thread? "Uh, is it realistic to average $6.75 per day trading YM with 3.25k?" I think you are just bored....
Not really, he's trading futures which have massive liquidity. 1% a month is a good first goal. Hell, break even each month is a good first goal.