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Trading tips I could have used when I started... Before you enter a trade, always have your exit plan in place, whether it's a win or a loss. The entry is probably the least important part of the trade. Hope is not a viable trading strategy.

net -$4275 on 172,500 shares One system had it's worst day ever by a factor of over 2, cost me $10,000. Oh well, still a record month and my first ever 6 figure month. $107k

Satellite radio is one of the best consumer electronic inventions ever. I've been hooked on it for two years and have it in the car, the house and the office. Most of my family have signed up too and would probably pay double the current cost to keep it.

That's one huge advantage of trading prop. You only have to put up a small portion of your liquid assets and have more capital to trade with than if you were 'all in' with maximum retail leverage. The remainder of your cash can be in diversified assets that are insulated from market and...

All your positions are longs, is this a long only system? You may only allocate 5% of acct equity to each position, but without stops aren't you worried about a market meltdown that takes a large chunk of your account with it? Could your system work equally well with longs and shorts?

$6188 net on 106,500 shrs. Couldn't trade my system at IB today due to technical issues.

$7270 net on 93,100 shares traded

The firm thinks about risk to themselves first and foremost. You may have a system that has proven itself to have drawdowns and down days in line with your account balance. BUT what if you make a mistake? What if your automated macro goes into an infinite loop and runs up 100x the positions...

When I was a fire fighter someone got the great pr idea that the public could call the FD to help with wasp removal (so grandpa wouldn't fall off a ladder doing it himself). Anyway we put on our full turnout gear, covered every square inch, then went up to the nest with a big garbage bag...

great day, and I'm officially past the all time record month level, just have to hold it for 3 days. $8968 on 197,200 shares traded

-$715 on 183,000 shrs to cap off a losing week (-5k). Still been a great month, 4 days left to try to break my all time monthly record. I think I need about $6k.

Making $5,000 in a day on a $20,000 account is certainly possible. Averaging $5,000 per day is a whole other story. Or do you mean you make over $1M per year on your $20k account trading futures? I have yet to see one consistently profitable futures or forex trader on the P/L thread making...

I will vote, but will second the idea here as well. Please IB, we're starvin' here...

It's like Nitro said, it's simply a matter of sizing up and keeping the risk levels in line with your account size. I don't personally know anyone averaging 4-5k per day, every day, but I know a number of guys in the mid six figure annual range. I average about 2k/day myself. A couple...

Today....sucked. Lots of wreckage in the retailers and I was on the wrong side of too much of it. Today's screw-ups amounted to an extra $1200 in losses (spreadsheet error). $-7871 net on 177,000 shares traded.

Very boring day $566 net on 148,000 shares

If you incorporate, make $50,000, and actually put that money in your pocket, you'll pay the same amount in taxes. It's true, corporate tax rates are lower, but when the money flows from the corporation to you, you pay the difference, so it's the same rate as if you weren't incorporated...

$5219 net on 85,000 shares Had another error today, stupid one, cost me $1200. Problems with our order entry platform right at the open cost me about 1200 more... a good day, but close to a great one.

To all the traders I know who make good money, this is exactly what trading is, and nothing more. Find some kind of positive expectancy and execute like a machine.