fellas, Just because I'm only putting up six as my buy in capital, doesn't mean that is all i have. Only a @#$ing idiot would put everything he has in market.
Kill what prop house did you come from? I'm deciding if I want to go solo or go back to another prop house.
That's because the daytrading vendors and brokers have no vested interest in telling you about the other stories where the guy with 6K lost it trading his first week and had to go look for a job. (Which is what this guy should be doing now instead of waiting until he loses the little he has.) The vendors won't tell you about the guy with $6K who could never get any traction because he lacked the funds to truly trade and spent the last year and a half churning at breakeven. No, all you'll hear are the miracle success stories. Yes think positively and YOU can do it! The $6K career daytrader might be using daytrading to avoid the hard task of getting a job. Kinda like the unemployed who hang around coffee shops falsely calliing themselves artists and writers (not to besmirch actual artists and writers who produce real works). At least the $6K career trader has more backing than the 'starter trader' a while back who wanted to gamble the last of his funds to pay for school tuition. Seriously, if it were that easy we'd all be trading and no one would work, including the professors at that school he was trying to raise tuition for. Trading sounds alot more exotic than working at a job.
Unbiased advise: Save up until you have 4x that amount of capital, and use 1/4th that amount of leverage. You will increase your odds of success by a factor of more than the intuitive four fold. 120k in buying power may seem as though it supplies enough capital to trade successfully, however 6k does not leave you much margin for error at 20/1 leverage. If you intend to make a career of it, you will likely make hundreds of thousands of trades. It's unlikely that given that large a sample, you will not experience at least 5-10 or more losses in sequence at some point. Your trading strategy should factor this contingency in, given the gravity of the consequences for a failure to do so. Would you pursue any other kind of business plan if you knew there was a statistical mandate that it would go bankrupt at some point? You can mitigate the quantitative head winds you are fighting by reducing the amount of leverage you intend to rely upon, and compensate for that reduction with a proportional increase in capital. Just a suggestion, for what it's worth. Best of luck to you.
you hit it on the head. the problem with 6k capital is if 10 or so successive loses hit it could wipe you out before you get going