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You are limited to one trade a day - so make it a sweet one. And remember there is always tomorrow. By the way, I have a client account in the same situation no shorts and one trade per day - he has done quite well since I am really patient to take the trade.

Thanks for all the input, You know I was reading somewhere about "phantom of the pits" and how one of his rules was to increase size only on a winner. I am going to try initiate the trade a little smaller and get bigger as it moves profitable. That way i'll be out for a penny or two on...

I just dropped $3,000 on a bad trade - should have cut my loss sooner. Just gave back two weeks of profits and am back to the same equity as last monday - talk about frustrating (or dissapointment at not taking the loss right away). The urge to make the money back was incredible so I just...

Washington, I also trade with 4:1 margin around 50k and I am happy to make 1% a day ($500). My daily goal is $1000 - last year it was $500. Today I did $449 and thats all I could get out of it. Last week I did $3099 (trading 4 days). Key is consistency - for example yesterday I dropped...

Well I read with much interest all the fuss about SE. I went through all the posts that he made and found out the following (amidst all the chatter and dribble from everyone else). use daily and 15 min chart for daily and intraday trend - trade on the same side as that trend do the above...

Quick questions: 1. where is the cheapest place to trade these 2. what are the commissions for a roundtrip 3. what are the margin requirements (cash req) to open an active account Any answers appreciated

I have read a bunch of comments regarding the risk of an LLC and capitalization of firms with Sipc not applying. Are pro (licensed) traders not afforded sipc protection? what are the risks of being in an LLC and who would be considered the top 3 pro firms as far as being well capitilized (low...

cartm, I think that if you want to try and raise institutional money then you need a big five accounting firm - or even better a firm that specializes in hedge fund accounting. These guys are not cheap. I agree with ACDC about building equity, when you have a fund, but in my opinion, you can...

Uptik, I am not sure if serge milman is still in the game, however I do know there are a good 30+ guys out there that have been written about pulling in more than 7 figures. At my firm, the prop traders that I know make 20k per month net (at 50% payout) and start out with 25k equity and 2...

Well, I thought I would put in my 2 cents. I am a broker, with 10 mil under management (used to be 80 2 years ago), and I have run 3 different funds since 1993. My first experience, I never raised enough capital to make the endeavour worthwile. My second experience, I raised a couple of mil...

ktm, the best way to trade multiple accounts is through a "dvp" relationship and a prime broker account. You need minimum 500k usually at firms like bear stearns to establish a prime broker account. However, after having run a fund for 3 years, I can tell you that it sounds better than it...

I was just reading the trading markets book and one of the traders referred to "financial backing". Is their a customary industry standard? Is this done often? Everyone says 6 months of living expenses is needed - which I don't have. What I do have is access to clients capital. I could...

Don, I tend to agree with your answer even though you are right - I don't like it. Right now I don't feel confident enough to know that I can bang it out month in and month out. Also, when the time is right I will know - although I am moving in the right direction by thinking about it...

How easy is it to be a succesful prop trader? I am a broker at a firm and I have seen "order takers" from the trading desk becoming succesful prop traders. These guys start out by trading small (500 shares), and then once they prove themselves to the firm the firm gives them capital to trade...