Another day of intraday trading testing. GOOG P&L: $326. Sold 300 shares at 656.69. Covered 655.58 and 655.56 CMG P&L: $189 200 shares @ 740.55. Covered at 739.69 and 739.56 BABA: $297 (worst trade). It's not the money, it's the trading habit. I had good spots that I should have covered my entire positions, but I wasn't paying attention and didn't cover all of it. Then it went all the way against me and I short some more(doubling down, averaging loser). Then it went my way. Though I made money it was totally against my habits and principles to trade lie that. Short 500 shares at 72.03. Covered $71.47,$71.63,$72(bad to let it come all the way). But then I saw I stil have 200 shares left(??!). Instead of covering then I held on. And it went all the way past my entry point and $1 above it. I added to my shorts 1000 shares at $72.93. And it shot up to $73.23s. I covered it in the 72.60 and 72.50s. Made money but it's a totally bad trade. Shouldn't have done it. And never would do it in real life. Total P&L: $792. However, the realistic total PL is $515 the sum of GOOG and CMG. Because realistically I wouldn't have re-shorted 1000 shares of BABA. I would let the remaining 200 shares to go back and cover at flat or slight negative. Now this is not too bad. Because today it's high volatility. So in order to make easy money intraday you need volatility. IF after a month or so of testing out intraday then I would feel comfortable enough to do real daytrading again. Good news on my real Robinhood swing trading account, I'm UP again! Ka-ching. So much less stress with swing trading. Gotta head to work. P.S. GOOG: That's 197,007. Intraday 4:1 margin 49,251,75. BABA: $36015, Intraday 4:1 margin: 90003.75 $58K . Just calculating how much I would need to trade in this manner. Then I covered 300 shares. So only 200 shares left. CMG: That's 148,110. Intraday 4:1 margin $37.027.5 I don't think I could do all 3 positions at once. Maybe 2 stocks at a time. Or more at lower price. BUt lowe price ones don't move as much. But the spread on big stocks are ridiculous. haha.
TC2000 is generally good but it does have a fair share of bugs that messes up your scans. Just be cautious of those. http://www.elitetrader.com/et/index.php?threads/my-experiences-with-tc2000.291061/
Duh. Try to be a smart-ass huh?haha. It seem ssucha generic name. Anyhow, I found their website: http://www.globalmarkettrading.ca/#!about And I quote: "We serve in-house and remote traders from Canada and everywhere else in the world(the only exception being the United States)." So much for that idea! LOL
so pretty much you are depositing money, trading your money, and receiving all your profits? You know you can just open up your own account... why did you need a prop shop? A real prop shop trains traders and splits profit.
That's why I said earlier that Maverick has "convinced" me NOT to go prop. The only reason why I might consider if it allows me to play with 7 figure capital. If that's possible then great.
Another good reason is if you want to improve your skills. Many experienced traders do this. Makes sense you give 20% or so of profit if in return they are able to help you increase your profit significantly. That being said most prop shops specialize intraday, some of them will also let their traders do longer term trades. SMB cap is a good example. They also do systems trading and options trading on topp of that (all stocks tho).
You do have a good point. Giving up 20% profits for substantially greater profits is not a bad trade if the new setup allows me significantly more capital and help me improve my trading skills. The big question is if that's possible. As you pointed out, most of my most profitable trades have been swing trades. However, lately, I have been re-experimenting with daytrades with decent success(on a simulated account mine you). Given that most prop firms specialize in intraday, the only way for it to work out for me is to just trade part-time prop. Does SMB cap and other prop firms allow that? For me it would be 6:30am-7:45am PST. I have a FT job that I pays me well and acts as a stabilizing and diversifying effect on my trading. And I plan to keep that for the foreseeable future. I do some options tradings too though not much(again due to lack of capital). But I believe my swing entries and exits would be great points to enter in on options at those points. Please let me know your thoughts on this. Thanks! trader99 P.S. http://proprietarytradingreview.com/SMB.html Interesting. overall not bad reviews. But $250-$400 monthly desk fees(?). Wow. Right now, my commission is $0 at Robinhood. TC2000 costs me $29.95/month. IB data fees maybe another $20/ Albeit I don't get huge leverage now.