all i can say that is all real.if you think that i'm lie then i/m sorry for u.i had oppen this thread to show that it's possible to earn descent money in the market with a normal capital that everyone can afford. last week i didn't trade(was working) i hope to get back in friday after i finish my project. so let's focus on making money rather than accuse each other
Chico, the fact that you don't even understand the 'pattern daytrader rule' just makes us skeptical of your claims. You can't daytrade a $13k account more 4 times in a weeks time or your account is going to be frozen. if you've got $25k or more, you're not subject to this rule. The fact that you have margin means nothing. Also, the fact that other posters were trying to hint to this, w/o going into lots of detail, and yet you do not get it, makes us skeptical of what you are doing. Granted, there are some firms that will let u get around the $25k rule, but it depends on teh broker. So now, the question is, what broker do u use ?
Depends what you consider "low commission". Canada doesn't have the same volume of brokers as the US does. Lowest "average" commission would be with Questrade, which depending on the lots you trade, they offer either $0.01 per share ($4.95 minimum), or $9.95 per trade (unlimited shares). ECN fees are obviously on top. All the fees are on their site. Questrade uses penson. I have no problems with fills at all. I also have an account with TD Waterhouse, which is more or less just tied to my banking arrangements, otherwise I wouldn't use them. Canadian brokers that don't accept US customers don't follow the PDT rule. I made about 58 trades with one of my smaller accounts a week ago (and the balance in that account was around 10K). All US transactions. Questrade doesn't have futures yet though. Apparently sometime in 2008.
I agree 100% with Mvic. I think it should be the other way around; instead of setting your profit target to 100-200 a day, you should set your loss nontarget to 100-200 a day and let your winners run. Both rules are hard to follow, but i find the later to be harder. So, you need to set strict rules to follow your strategies. Of course, these trading rules have to make a good trading sense and you have to stick to them. For example, you will not exit a long unless the price makes a lower low and lower high... etc.. I think what you want to say is " I would like to make at least 100-200 a day, if not more" . Personally, i'm all for trading beyond profit targets, till i either prove mentally and physically incapable of going on, or the market doesn'tt look promising anymore. So, goodluck.
I'm not sure if that's possible now but before i used to day trade with a small account. I think the key is one trade per stock. you can make a thousand trades a day, just not two on one stock.........
I completely agree. If you think about it, his goal is to nab a mere 3 ES points a day. That is hardly lofty, and very attainable. The OP does have some explaining to do about the PDT; that is why I've prefer futures so much. But it seems to me people that people want to cast him out, maybe because they can't believe he can be consistently profitable?