What real job do you recommend? I deliver pizza at night so that I can do stuff like this during the day. I'm not sure what you mean by per share commission. Do you mean the ecn rebate? What do they care as long as they're making money? Besides I think they're making a little money on the software and they have my deposit interest free (not that that is paying much now). Also in the contract it states that any losses are theres to keep, not mine. I lose $1. Another trader makes $1. They get to write off the $1 loss that I paid for and get the other $1 tax free.
I have traded options before. I don't like them for the following reasons. 1) Wide spreads and little ability to ever buy on the bid or sell the ask. You almost always have to wait until the market maker hits you. 2) No day trading rules with the prop firm. 3) Most of all the main reason goes back to the original point. With the options I have to pay commissions. With the prop firm I basically get paid to trade. The odds are in my favor. I do think options are great if you want to buy a stock with a lot of leverage for swing trades. Also if I had 10 million dollars I'd probably just write covered calls every month. Thanks for the suggestions.
Did you not read the part where every trade has a 10 cent hard stop? I got stopped out 12 times today. It's frustrating, but that's part of the game. Please explain more, I'm not sure what you mean by being half correct. Please give me detailed backtested results that says moving averages, MACD, stochastics, rsi, etc work. I know GS can out do me any day. But aren't I trying to do exactly what the MM's do? Buy on the bid, sell on the ask, collect rebates. Do you think they know where prices are going? What happened to $170 oil? Now they changed their target to $50. Sounds like a good time to buy. Thanks Solomon. I'm not trying to do something anything nobody else has done before. Answer my question. Does doing what I'm doing now put the odds more or less in my favor? I'll repeat the simple strategy. XYZ is at $10. I put in a buy at $9.90 with a 3 cent profit target and 10 cent stop. But instead of paying commissions, I'm getting paid to trade via ecn rebates. Instead of making $3 on the winners and then paying commissions, I'm making $3 plus 40 cents in rebates. On losers I lose $10. Instead of adding commissions to that, I actually get back an ecn rebate.
Yes I'm trying to automate it. I am not quick enough to do this manually. Unfortunately I don't know the first thing about automating on Sterling trader. I have started incorporating the DDE into Excel. I have programmed a little with Tradestation, but don't know the first thing about any other kinds. What I want to do is very simple. I imagine it won't take long to program once I figure it out. The great thing about trading with a prop firm is I can start off with auto trading just 100 shares. Let me get good at that and then I'll expand it.
Wasn't the below your quote from your first post...????!!! "Yesterday I took 6 stop outs in a row, today I have 12 wins in a row before taking one loss."
Have you accounted for the fact that a move from $10.00 to $10.03 for you to be in a profit isn't really a move from $10 to $10.03. It's a move from $9.99 (or whatever the bid is) to your price. At the point you pay $10, you're the lone one that is, the person behind you is only willing to pay $9.99. At least that's how I see it.
IF you are doing a strategy and are consistently losing. Do exactly opposite of what you do. and you will come out a winner. what does that tell you. It has nothing to do with your strategy. it has more to do with your risk-to-reward management.