i have been trading with a prop firm for about 8 months. now i want to go it alone. in the past i traded stocks but i had the buying power with the prop firm. now i guess with 5k the stock choices are harder to find so i was asking for peoples opinion. but thanks increasenow...i think i'll trade the emini s&p
Try looking at the NQ' . Less emotional with a small account. ES is probably too big for a 5k account. Just my thoughts. TG
Yes indeedy. 2% a day (approx 50% monthly based on 20 trading days) is entirely doable. But you don't know what to trade. it's characteristics, or what techniques and methods are successful to trade it profitably!! Open an account, fund it, and you're golden! It's a video game. I think Detroit should get a government sponsored job training program, only a few million needed, and you can be the instructor... a few folks there would like to earn 50% monthly on their savings! And revitalize the financial sector in the process. ET is following the markets into the gutter. Osorico
please do your own research on this...leverage is a double edged sword...many ETers will say no to trading the eminisp with $5k while others will say yes...there are some other threads on this...
best thing you can do is as follows- 1. since you are starting with 5k, trade any of the eminis. 2. enter a trade with only 1 contract. 3. now the best part- you can use max day trade leverage which will provide you with the ability to trade upto 10 contracts on any emini(pick ES). 4. here is the trick- add 1 contract everytime your first contract is in the money. your stop on the first contract should be set to break even when you add second one. this is called avergaing up. Note: you will end up with many break even and small losers, but those big ones will take care of everything. easier said than done because this is a tough strategy. or you know what, pick the NQ, ES might be too much. remember, avergaing into trades will allow you to use leverage responsibly rather than adding all at once. with this method, you could potentially double your 5k in one day if u averaged in all 10 contracts.
thanks for the advice, but i would probably only risk trading 1 contract for the time being. nq sounds like a very good possible option.,
you are not listening. you only add to the position after your first one is in the money. if the second contract doesnt workout, you will lose a similar amount as you would have on the first one. try to understand what im sayin.
Depends on your time frame of trading. Futures give you more leverage, but that leverage can also wipe you out. So if starting, trade small and with little or no leverage, IMHO.