Making $5K with $20K each month

Discussion in 'Journals' started by PennyTrader, Apr 14, 2007.

  1. This is a jorunal to keep my records about what I am doing everday - the stocks I trade, entries/exists, the strategies I use, and most importantly, the lessons I learnt.

    I hope this journal will keep me disciplined and motivated to accomplish my goal - making $5K each month to pay bills with my $20K capital.

    Currently my own account has $25800, this week I need to withdraw $5K to pay bills for the month, after the withdraw, my account will have $20K.

    I only daytrade stocks, no futures/options/FX. Due to pattern daytrading rules, I won't be allowed to daytrade stocks with less than $25K balance, I will transfer my account to ProdigyTrading next week, they allow me to daytrade stocks with less than $25K, the margin is on them.

    I also manage two other accounts for friends. One has $50K and another has $20K, I will split 50-50 profits with them. I won't withdraw any money from their accounts.

    I trade various stocks, from penny stocks to NAS stocks, the price is from 0.0001 to $10.

    My plan is to make $5K each month, my daily goal is to make $300-500 a day.

    My max risk is $200 loss per trade, my capital draw is $2K-4K per trade, for higher priced NAS stocks, I might put more than $5K in a trade, I will use hard STOP orders on everytrade possible.

    In most cases, I will try not to hold stocks overnight, I will close all positions before 4:00 PM or in AH, I might hold a stock overnight if it shows strong signs of continuation.

    I have my own charting software and indicators. I use mutiple timeframes in my software, I use daily, hourly, 15 minutes, 5 minutes, 3 minutes, 1 minute and tick charts. In most cases, I trade with the trend on hourly, 15 minutes, and 5 minutes charts. If I do a counter-trend trade (such as on 1 or 3 minute bottom/top), the entry/exit will be very fast.

    I've a stock scanner to look for trading opportunities every minute. I look for stocks trade at daily high/52 weeks high for long positions or trade at daily low/52 weeks low for short positions. During the day, if I hold a stock for more than 30 minutes or I think it has strong momo, I'll post it on this journal.

    Wish me luck and thanks for reading!
  2. good luck with your trading.
  3. I hope things work out for you. I wonder how long it will take before someone makes a rule to stop what is doing by putting up the money so you will have at least 25k in your account at all times? It seems as though once someone comes up with a so called loophole they turn around and make another law to counter that one. Make sure that your money is safe in some sort of way. Good luck!
  4. infooo


    dear sir

    I can tell you the following

    anyone who writes a thread like this won't be making 5 k any time soon

    oh and you manage other people's money too. Big mistake

    you have at least 2 years in front of you to actually learn to trade

    please don't waste time saying that I am wrong

    any man who knows how to make 5 k a month would not be witting stuff you wrote

    when the time comes, don't go for the bridge, remember we all went through that period
  5. I wish you luck in your trading and look forward to seeing how the Journal works out for you.

    I hate trading with a monkey on my back, but maybe you have the type of personality where it actually makes you a better trader.
    Note - I ONLY trade futures, while you're doing your stock trading thing, try to pull-up a chart of the financials, notes or agricultural futures - all very very affordable :) - play with the numbers, and see if they don't offer a skilled trader something better than stocks.

    Good trading,

    Jimmy Jam
  6. And you've been trading for how many years?
  7. Regardless of what is said, the question is whether you have an outperformance edge. I have no idea what your history is.

    Do you think that companies like Morgan Stanly or Goldman wouldn't be making 5K on 25K a month, if it were this easy? They are stocked with traders having 20-35 years experience. They have over $100 million annual research budgets. What is your research budget?

    You are trying to make 20% a month trading stocks. I say this is unattainable. You are living in a dream world. You cannot plan to make money, unless you have already demonstrated this. Contrary to what is printed or said or claimed even here on EliteTrader:

  8. ssss


    20 % per month cumulativ is 700% per year .

    Your task is more simple as to start of each month
    capital value is fixed .

    Possible ,if you one trader from 500-1000 or more

    your respectfully
  9. ssss


    ...Do you think that companies like Morgan Stanly or Goldman wouldn't be making 5K on 25K a month, if it were this easy? They are stocked with traders having 20-35 years experience. They have over $100 million annual research budgets. What is your research budget?

    MS,GS have edge and not loved to risk company capital

    but good VP(some until 30 years ) can have per year 1 mln $
    SP GS have 5 mln $ per year .

    But direct compare MS,GS,MER qualification with retail
    sector performer would not correct.

    MS,GS,MER operated with great value account's
    under multiple risk restriction and with multiple advantage's
    over retail sector

    Retail sector one advantage - small account value and no any
    restriction to risk .

    No any restriction to risk in most of the case's (99-99.9%) is
    way to dissaster ,but for this operator ,which is better
    profit can be more excessiv on capital empl. as for MS,GS

    Your respectfully
  10. 5K/month over 20yrs..
    #10     Apr 14, 2007