Realistic Expectation

Discussion in 'Metal Futures' started by eddie0816, Jul 18, 2009.

  1. Hey all,

    I am trying to get a realistic expectation of profit potential in trading gold futures and minis.

    I am very experienced in the world of daytrading and scalping stocks, and position trading forex. However, I know nothing about futures.

    My question is, what is a realistic expectation of profit, per contract, for a better than average day trader in gold futures?

    I know that I can expect about 100 - 120 pip range in the pound/dollar in forex, and on a good day can catch 50 - 60% of that, and that's the kind of info I am hoping to get about gold.

    I know this is a vague question and I am sure that the answers will vary greatly, but I am hoping to find at least that one trader that truly understands what I am asking.

    Thanks so much for any info you all can share, it may just change my life.

    Eddie
     
  2. gono

    gono

    aaaaaaaaaa OK

    so why don't you look at daily range and contract / tick value

    what the hell man........are you sure you are a trader
     
  3. That's not the hard part, I am curious as to what is a realistic expectation on the % of the range that can be captured.

    But, thanks for taking the time to answer my question.

    Eddie
     
  4. edpolton

    edpolton

    For what it is worth, I have averaged $3 per day, per contract over the past few years. Gold's range can vary greatly but I guess that is about 20%.

    However, I am not a full time trader. I usually trade for a few hours in the morning and take the day off completely of I do not like the charts. Sometimes I scalp, sometimes I daytrade, it depends upon how I feel about the setup.

    So, if a part timer like me can average $3 a day, trading only part of the range, I would assume a fulltime trader with equal skill would do better.

    Keep in mind, Comex volume practically dissapears around 2:00. However, lately, there has been decent volume from the London open through to NY open.
     
  5. Thanks so much for that Ed.

    If I may, what hours do you trade, because that is exactly what I do with forex now and did with stocks years ago.

    I am hoping that there is enough activity from 8am - 10am or even as late as 11am.

    Thanks again for the valuable info.

    Eddie
     
  6. edpolton

    edpolton

    I usually trade from the spot open at 8:20 until around 11:00, sometime 12:00. But I do not stay clued to the screen. I read the newspaper, watch TV, etc and wait for a setup. So to me, I only trade about 1/2 hour a day.

    I typically take 3 or 4 trades a day. Usually one is a day trade and the others scalps while I am waiting for a day trade setup. Some days I don't trade at all, some days I only scalp.

    A good day is +15. A bad day is -$8.
     
  7. Man am I glad I decided to ask this question.

    The info you're giving me is priceless for a guy like me.

    I thank you so much for that.

    If you have a chat program that you use, I'd love to jump on and chat with you at some time.

    We can share "war" stories about trading.

    Thanks again,
    Eddie
     
  8. edpolton

    edpolton

    Actually, I moderate a forum and run a thread on trading gold futures. I try to post all my trades in real time, or in advance. So do a few other members.

    If you PM me I'll send you the address.