Alberta Oil Patch $250,00 not uncommom for what would be considered unskilled anywhere else. Skilled labor makes more. Some small towns had to pay upward of $20 per hour for 7-11 employees and still couldn't stay open 24 hours because they couldn't find enough employees.
OP, Don't be an idiot about risk management. I'm young like you (22) and I have the ability to trade 20 es contracts at a time very comfortably yet I only trade 1 at a time. Be comfortable with your ability before you start throwing 100's of thousands at the market. I'm just to the point where I am about ready to up the ante and this is after two years of 12-14 days of reading , watching markets, practicing methods ect. IMO you should only be adding if your position is winning and then have your stop at break even so it's a free trade and your using the house's money to up the bet, not your own. Good trading to you !
for the next 3-6 months,there is a strong possibility that spx goes to under 700,all stocks will be lower,if you continue this strategy of averaging on the buy side and your a novice at reading the market, the market will take your money,try doing the same thing averaging short call sprds,have a max cash loss for the times you are wrong,taking losses are some of the best trades you will ever make...remember the purpose of trading is to aquire money , not giving it back,limiting the losses ,is the fastest way to grow the pile
As the person who proposed the strategy in this thread... let me make something really clear before someone heads to a casino with the wrong idea: there is *no* mathematical edge there (for the player). Period.
if you look at interviews with card counters n what not if you start making money against the house they'll escort you to a little room and harass you
They will just ask you to move to a different table so you would lose your edge. If you refuse, then they will take you the little room.
The problem is you're asking a whole bunch of people who don't make money trading, whether you're doing right by making money. If you make money, you're always right. If you lose all your money, you're wrong. What you need to do is spend a few months looking back at historical charts. See if what you're doing will work badly sometimes. Even if you're buying fundamentally strong companies, something bad could happen that would cause the company to run into bankruptcy. If you want to get rich, then you'll need to add to winners, not double down on losers.