That seems nuts. What would you estimate % risk of ruin? How often will you have a drawdown large enough to cripple your earning power?
there are pros who trade with small accounts, usually more than $5k, more like $15k. They are already experienced and are not turning $5k daily profits. Bigger players, hold larger positions overnight, and thus require more in their account--but can put $50k in the bank at the end of the month. I've heard of old pros keeping a few grand in their account. They don't trade often, but the brokerage will cover for them because they are probably friends and also they wait for best possible trades. I know $1k/day and $5k/day traders. And one who is happy averaging $500, who keeps maybe $10k in his account. I've blown out one account and since traded down a couple accounts and closed them because because I broke one of my four rules; averaging down (I love it when it works). Yea, it can but you have to have money and at least once you will take a hit. #2 is sticking with what I know...at least don't throw something new into the mix until you are sure it will add something to your edge. #3 is patience. I can make my quota in an hour and watch it slip away until I have to take a breath and retrench. #4 Take your pick: bored, tired, trading when the market is flat, etc.
Damn!!! We've got a NEWBIE FEST in here!!! So long do you all think the 10% return a day performance will last? Hopefully, you (they)'ve got some contingency plans going... Scary... scary scary scary... But yet... funny
I agree! But the 4 mistakes are your first 4 trades. If you start with low equity you need to get an early string of winners, 3 or 4.
Very few of the posts on this board even make sense anymore. But they are intersting to read, just to see what people think.
i love the critics who tell people they cant make the profits they are talking about. Maybe you think its not possible because you cant make it . It could be you are not as good a trader as them .
I don't think the premise of the thread has been addressed fairly. How many have traded since at least 2000? Spent time in the pit? Remember the S & P when it was $500 a full handle? Day traded by calling the pit directly? Traded with FM antenna for live quotes? Seen the old timer sitting on the observation deck charting grains by hand? (he was actually an analyst) Is it likely that someone can make a living trading with $5000? Probably not a good chance especially for a novice, but you can't prove that it isn't possible. It seems to me that some people spend more time commenting than contributing. A bunch of floor traders got their college education tending bar, working in factories, sniffing around the cbot. If you are scrappy you might do it. There are no magic 4 things for everybody for f's sake.
i love the idiotic concepts that are promulgated on the website ... all i have to say is, please be trading the ES!