With a 40k account.

The 40k is what my leverage is. So that would be my total buying power.

 

depends on what kind of leverage you can get on that 40k, which if you go prop can be a lot. 400 a day is about 100k, there are a lot of people on elite making more than that a year. so my answer to your question is, yes and more.

 

I am being harsh purposely in order to help. If you say to yourself, can I expect to make 400 today, you will lose. Monday you make 0, Tuesday you try for 800 and make 300. Wednesday you need 900 and lose 200, Thursday you need 1500 and make 600. Now you're excited because you have finally broken through. Friday, the payroll report is coming out and you decide you should up the trade so that you can come out with 2000 for the week. You only need 1300 for that. You up the trade and decide to use a larger stop to let the trade work with the noise that you expect. You guess wrong and the market hits your wider stop anyway and you lose 4000.

Down for the week--3300. You come to ET and begin to comb threads for help over the weekend. You believe you find something and decide on Monday you will go all in from what you have discovered--


And so it goes

Meanwhile, I (not just me of course) am long on one trade from 3 weeks earlier and am ready to nail down profits.

 

How much is the account then?

 

If your a daytrader take 5k and open a prop account put the 35k in the bank.

$400 per day with 5k at a prop shop is reasonable.

I wish i did it this way in the beginning rather then retail.

 

2000, and they give 20:1

 

I understand, thanks.

 

Ok, that is different. You can afford to lose $40 per trade. You should forget margin altogether. I rarely, if ever use margin and make a minimum 50 percent yearly. In 2004 , it was 145 percent. Margin is the road to quick ruin. Money management and a good signal are the way to keep yourself afloat, which is what first needs to be done before you can move forward.

I suspect and correct me if I am wrong, that you have already traded and lost a bit?

 

Ouch, that is tough. I thought you had 40k account with 4x BP at least (160k or more).

Since it sounds like you're talking about prop not retail, why not negotiate with them and try to get a better BP.

Do you have a consistent trading system in place? Are you a complete newbie?