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Oh, and I don't use physical stops, they are all mental stops. I refuse to let the market dictate how I lose money. If you place a stop below the previous low, or at an arbitrary number like 2 points away, you are leaving your trade to the mercy of the market and the market will only punish...

Let me make sure I understand you correctly....you are going to go long the ES at 1500 and place your stop at 1499.75, correct? It sounds as though you are trying to avoid suffering large losses, which, of course, is a great idea but what will happen instead is death by 1000 cuts. It sounds as...

I didn't use a broker for anything other than opening an account and placing trades. Some will help you with the reg's and marketing but I didn't need either.

YES!!!!! You will always come across 1 or 2 investors who will nag you to death or try and tell you how to manage the fund. I had one guy tell me he wanted to become the co-manager. Make sure you have a clause in your fund that states you can toss an investor for absolutely no reason. It...

There's no reason you can't create this entities yourself. Let them do the taxes for the first year and then copy their returns in future years.

ROTF. I hear MF Global offers extremely high leverage as well. You can risk up $142M of their capital and you don't have to worry about prices going limit up or down :D

Couldn't agree more. "You wont know why or what exactly put you over the hump but you'll be there."----->>> This is so true. You will wake up one day and it will feel like someone flipped the switch, like someone waved a magic wand over your and bam, you became a trader. It sounds as though...

$12.50 per tick, $50 per point

Why would "elitetrader" attract anything less than Elite Traders? :D

It tends to start moving in the 1am to 3am range. When it gets going it seems to trend for a long time. Trend following strategies seem to work better during these light volume hours.

Some use highly complex mathematical models to try and find their edge while others just buy on support and sell at resistance. My choice is the latter.

I want to brand myself as the greatest money manager ever... --------->>> This is where you are making your biggest mistake. Someone <i>else</i> is supposed to do that for you. If you want to do it yourself then you are on an ego trip. Strong egos tend to form strong opinions, which lead to...

Market orders work well on the ES and NQ but you're probably gonna get stung using them on the YM or ER2. The last time I used a market order on the ER2 I got bit for a full point of slippage. You can easily cough up .50 on the ER2 with a market order but using limits on that contract is...

Day traders in general, whether they are scalpers or not, are loathed by the public and even other traders. For some reason society has tagged day traders with a nasty label. Since when does it matter what anyone else thinks? Trade on you evil day traders :mad:

Sounds like you are young, have a dream, and can fall back on your current career. I agree with other posters that you are not ready but you have to start somewhere. Assuming you are young, can afford to lose your 60k, and can easily find employment if you fail, go for it. If trading...

Top shelf customer service, very reliable. Platform doesn't crash/lock-up during chaotic market conditions. Can't say that for tradestation. The more you trade the lower your commission will be. They are willing to negotiate unlike IB. Strongly recommend.

That's exactly what you need to do. Walk away and come back a year from now and tell your friends the story. I suffered a devastating loss like this a few years ago and I get a good laugh about it now. You'll come back a much stronger trader having been through this experience. My...

If you're losing that kind of dough take a step back and reevaluate what you're doing. You wanna know how I learned how to trade........ I knew I sucked ass so I fired up a simulator and bought. It would move against me and I bought again. It would move more against me and I would buy...

Good post. Join Carter to pick his brain but realize that you gotta bring your own rub to the game. Don't ever follow anyone blindly. Winning in this game is about being a leader, not a follower but nothing wrong with paying the guy a grand to learn what he knows. I wouldn't do a mentorship...