sheesh...I take what I can get then try to stop before giving it all back... 150 bucks a day? Why would I draw lines in the sand like that...? If I display any consistency at all, I get stopped in my tracks...I guess it is just bad karma or something. I have definitely learned to keep my big mouth shut when something is working...Do you know how hard that was for me? Look at my past...I shared everything I knew which was not much at the time. ElectricIsAParanoidConspiraceyTheoristSavant P.S. By the way...don't let Lucrum fool you...
I made friends with a coder. We seem to get along and speak the same language. I suggest that you guys learn how to code or work together with a coder with YOUR OWN IDEAS. This is absolutely the best advice I can give out in the public domain...Take it or Leave it... ElectricWalksLikeaLoserAllTheWayToTheBankSavant
Actually, I am a coder. I have several years of work experience as a computer programmer. I just have to get my wife's website finished, then I want to explore FXCMs Stragegy Trader which allows you to code in your strategies with C#, I think, if I am remembering correctly. I looked at that several months ago, and was then overwhelmed with my other job and therefore made no progress with it. You know, my $150 goal is intended as an average. Yesterday, I went down $102. Clearly, I am going to have to do better than $150 to maintain the average after that loss.
bhardy307, You have the keys to the universe...do not limit yourself to 150 bucks a day...take what the market gives you. Consider Lucrums advice (and others)... think on a different dimension. Remember, you are not going to get anything straight on the Internet with these type of threads...But I am posting an honest reply to you...its not much but its honest. you must code up something that can ride a wave and float in the shallows...you need to know how to trade to recognize when not to trade. Indicators are only sunglasses that allow you to see the aliens. ES
100% per month returns realistic? Probably not. I did 150% net peak return in a couple months trading at NADEX on margin. Historically, I've looked at opportunity of the market. However, I've more recently been experimenting with average 1k per day on days that I trade (on my 85k hypothetical audited account -- although some people are following my signals with real trades). First you should restate your goal as "per day that I trade". It just means I'll try to pull out 1k if I feel there is an opportunity in the market. Although, I also look at a "day as sequence" which means I can see trading multiple sequences per day. I.e if the idea/sequence is over then that's a "day". But now to get that 1k I'm willing to risk up to 3% to 7% of my account per day/trade. The thing is to average 1k then I have to make a more then 1k and 1 hit means I'm down 3k to 5k. So, I'll have days where I make +2k or +3k. My return goal is high risk/high reward (very high risk) but I did it last month. Even so I'm only trying to shoot for around 1% to 1.3% on the account when i trade!! That's like you trying to make $30 per day, lol. This is still experimental for me and requires extreme skill. This is a test to demonstrate the full potential of my powers. I figure my returns will be in the 60% to 400% range if I'm successful. But let's get back to $150 per day... we already decided that making $150 every single day is not realistic but lets talk about $150 per day when you "feel like" trading. To average $150 per day then you'll need to risk more then $150, i.e because you'll have losses... So, let's say to average $150 your average daily swing is 2x that amount or $300 per day +-. This is 10% of your account per day. I felt up to an 8% risk on the account is "do able". So you're within range at that level. I'm willing to risk about 3x my goal though so that would put you at $450 or 15% swings which is too much. At 8% swings and a 3x risk to reward, you're looking at making $80 per day. In summary: It may be possible if you are willing to increase your risk per day to around $300 and willing to take huge swings and a great trader. And you'll need a strong edge. So.. yes its possible but you'll need to take a lot of risk and be willing to risk about 50% to 90% of the account per month. One thing you have to contend with is that the frictions will be really up against you. The max leverage I'm using to return 1% per day is around -- I believe 4x leverage and even I can see the frictions on that kinda leverage. You're going to be really up against those leverage frictions off the get go and that could prove a problem if you trade too actively. You're going to need a strong stomach and you'll need ability to keep up your skill even if you're down 50% or 60%.
The size of your risk is dependant upon how many trades you are willing to make to achieve your goal. If you make only one trade you must expose yourself to substantially more risk than you do if you average out your losses with your wins on several trades. Thanks for your thoughts everyone. I'll explain my ideas more thoroughly tomorrow. My dear wife is calling for me ...
" you must code up something that can ride a wave and float in the shallows......" ......................................... ES, i did not know you had a Shakespearian bent..... s
$150 a day You cannot treat the market like an ATM. The 'goal' of trying to make x a day means most traders are defeated before they start. Better to take the $3000 and watch price, then watch some more, and then a touch more for the sake of it. Then you might spot and be in the position to make $500 or even $1000. Then go back and watch, wait, watch, wait etc, then perhaps another $500-$1000, but in the preceeding x days you've made nothing........
the market can be an ATM. but only once you have " your edge " which takes many years to develop and fully dial in...... while you continue work in a vacuum and do some major navel gazing as to why you even went down this fork in the road. 36 years now and still pulling the lever. damn fine........ cheers, s