Before you read this post , you should first take a look at my first imfamous post here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=78466. Now here's my update. Man!!! How naive I was when I made my first post!!! I recently graduated and joined a prop firm. Came into this firm all gung ho, feeling like the MAN, thinking I knew everything and shit and BAM!!!! I lose around 1000 right off the bat in a couple days. It's been approximately two months since I joined this firm and I'm on the verge of finishing off my first deposit of 5000. Below is a picture of my equity curve... <a href="http://img150.imageshack.us/my.php?image=equitycurveem9.jpg" target="_blank"><img src="http://img150.imageshack.us/img150/6/equitycurveem9.th.jpg" border="0" alt="Free Image Hosting at www.ImageShack.us" /></a> As those of you who trade know, trading can be a very humbling experience. You can throw all your hopes and dreams straight down to the toilet. I've been been getting ripped a new asshole trying to trade on a daily basis, LOL!!! It looks my goal of obtaining $200,000 in 2008 is all but improbable. It's possible, but highly improbable. My first goal should simply be this: survival!!! I have to stay in this game long enough to know how to play this game until i start to "GET" it. The advice I received in this thread was gold. I was an immature, naive dumbass blind kid, having a false sense of hope, ignoring all advice, thinking everyone was trying to get to me and put me to the floor. I guess I had to get my ass handed to me before I started opening my eyes. I had to get my ass pummeled to the floor, experience hungry non-forgiving traders taking my money away from me(like taking candy from a baby) to understand what some of you had to go through and what some of you were trying to get through to me. I apologize for my naivety and ignorance to all who I ridiculed and ignored. With that said, I have to ask you guys a question(preferably those who went the prop route and/or trade on an intraday basis). What did you guys do to start making money(6 figures or more) on a consistent basis? Share me and everyone else your story of the trials and tribulations you faced when you started trading and the key determining factors that contributed to your success, what you learned through this journey, etc. etc. It'll be a good weekend read with all this snow up in NYC!!!
Yes currently training under a mentor. Well my current strategy is to focus on a sector. Find relative strength on those specific stocks in that sector. Calculate the ATR for each of those stocks within that sector to obtain price targets.
thinking BIG made all the difference to my trading. Instead of $200,000 a year, THINK about $200,000,000 Hard to believe, but that is the only difference between people who demystify the markets and those who lose their ass.
It's hard to think making even 10,000 an year with the rate I'm going. Besides thinking big, what process did you go through to obtain your success? Feel free to share your story.
After you know where the FISHES are, all it takes is just one throw of the net to catch 10 times more fishes than had you did with the same effort not knowing where the fishes were. Thus, the same it holds in trading. It is 10 times easier to make $1,000,000 per year trading than to make $100,000 (I know 100% of other reasonable people would disagree with me, but FUCK'em since I am the BEST trader ever.)
I trade 4 Well i will give u my experience When i 1st started trading i started with 100 to 500 shars lot and i was playing mostly Nas like qqqq spy dell intc csco I made $500 in my 1st week and then i went crazy and statred playing 1000 shares and was holding on to a looser too long to bleed me. well i lost $1700 in a day and my mind was fucked up and then i planned to quit cause i had limited fund for my expenses If i would have continued i am sure i would have been able to make a decent living . U seem to to be bleeding from the start which does not look good Are u trading remote. what sector are u following how man shares are u trading at a time.what firm r u with u canpm me ( i followe chip,s and computer,s I my self will probably start trading in a month so let see how it goes
Good luck with your struggles. If it was easy all the yahoos from the internet boom would still be around. Survival mode for 1 year than you can think about making big money. Work on your psychology of trading over the technical analysis. Study price action and volume. That is what you need to identify the understand the area of least resistance.