How much money do your backtests make for the systems you have developed using a 40k account??? How much slippage are you using?
Well, then its a bit early to start asking questions like "Whats an average amount that could be earned each day?" DO NOT TRADE until you have a proven system that works. You should know exactly how much to expect to earn a day based on your systems' stats. Seat of pants trading = join all the other losers here on ET. Kiss that 40K goodbye. Regret you ever tried trading.
Tyler, I'm going to say what everyone else here is too polite to say - you're a fool if you trade this way. 1) no system 2) No capital 3) 20:1 leverage 4) already in debt - i.e. trading with loaned $ Someone gave you 1000:1 odds - that's generous. You'll get raped. Get a job and get out of debt, then get a bankroll, then get practice without margin, then think about this.
I started out trading with 25k, I had enough savings to cover 1 year of expenses living with a roommate, a real passion for the business, a goal of making 40k a year, and determination to make it work. I came in and started trading the typical garbage everyone talks about. Look for set ups with 2:1 risk reward, buy stock at the 50ma, risk a buck, looking to make $2. I could make some money, but couldn't make a living, so I looked for alternatives. Then I started trading M&A, was involved in GEHON when it blew up, and lost half of my acct. I was getting desperate, and need to find a way to make my living trading, so I looked for a teacher, somone I could learn the nuances of professional trading. I needed to find an edge, and with a little education, and alot of hardwork, I was able to make some money. Within two months, I made my money back. Another four, I accomplished my first double. Two months after that, I did my second double, then I doubled again in a month. I have had a few set backs along the way, every now and then you need to reinvent yourself as a trader, figure out how to make money in an ever changing market. But it can be done, anyone can do it, you just have to be commited, work hard, and enjoy the process. The constant R&D it takes to remain on top. I think anyone who has the drive and willingness to do the work, who can be totally honest about what is happening, and learn from their mistakes, can make it in the markets. You just have to keep changing your approach until you find a model that works.
This is a complete vanity thread and the OP is here to waste people's time. He never had $40K, to work with. More like $2K with no assets, or even more importantly, exeprience, asking how much money he can make with $40K per day. ... looking at entering the game in a Prop Shop, and all of 20 years old. You can probably do as well as this guy: http://www.elitetrader.com/vb/showthread.php?s=&threadid=43631&perpage=6&pagenumber=1 You do know that you'll be held responsible for your losses, right? No regards, JJ