$2,000 to $200,000 in 2020 at 2.00% per day.

Fmann151 said:
How big of an account do I need to do this, $500- $2,000, $3,000 or please give me a number?
Where is the best place to open the account in your opinion? TD? I have one there set up for all kinds of equities, options, futures, I just haven't pulled a trigget in a while.
Thank you, Fmann
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It is a great question. I think $500 per micro is the minimum. The margin requirement for the MES/MNQ/MYM/M2K is about $50 with most brokers. It may be as high as $100. But I think you should have at least $1000 to start. And as I posted above, if you are just starting out, I really recommend SIM trading for at least a month first. Then once you are a Consistently Profitable Trader on SIM, then try just ONE micro contract at a time for at least 4 weeks before adding any additional contracts.

I have been happy with AMP Futures, but your multi-purpose account with TD might work great if the micros are tradable and the fees are under $1.00 per round trip total. As a bad example, Gain Capital still charges about $2.00 for a micro. ("Hiss, Boo, Arghh") So be careful.
 
SimpleMeLike said:
Hello sstheo, great work buddy and great work.

10-20 ticks per day is my goal as well.
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Some people say have a dollar goal. Others have a tick goal. Some say just have a process goal. I don't think it really matters, as long as you have your brain engaged and are willing to walk away with nothing or even a loss on bad days and come back ready to succeed the next day, putting the past behind. This being said, 20 ticks a day is an awesome target!
 
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sstheo said:
Some people say have a dollar goal. Others say have a tick goal. Some say just have a process goal. I don't think it really matters, as long as you have your brain engaged and are willing to walk away with nothing or even a loss on bad days and come back ready to succeed the next day, putting the past behind. This being said, 20 ticks a day is an awesome target!
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Thank you sir.

Yes, I had to limit myself and set some goals.

What type of chart do you use? Time, range bars, tick, etc?
 
Laissez Faire said:
No problem. :)

If you trade technically - then trade technically. It's THAT simple, really. And really the only way to go about day trading.

News, economics and opinions should have absolutely zero bearing on what you do as a technical trader. Ultimately, it's the movement of price which matters.
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This is a great reminder. Technical trading is purely chart based.
 

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Damanuelman said:
I'm glad you're keeping the leverage at reasonable level, similar to that of what the CME has a initial and maintenance margin requirements. I feel like brokers enticing new traders with low margin requirements is the downfall of new traders due to overleverage. $500 per micro contract is aggressive but I'm sure you're a master of risk management as it looks solid from what you stated above. I hope to see you trading those 8 Large contracts really soon and I have a feeling you're pretty much there just need the capital. This is how you do it guys. Of course this is high risk so risk management is important and well I hope to see you at 1% a day when your at $200,000 as that's a different beast as far as your trading psychology goes.
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I went through the overleveraging process on many accounts, specifically when I was trading FX. I had a broker that allowed 1000:1 leverage. Really!!! In contrast, USA brokers only allow 50:1 leverage. Why did the CFTC or NFA institute this cap? Because self-decapitation is the norm for most traders, and the higher the leverage the faster the blood comes out.

Everyone wants to make money in trading but they all want it NOW. And that is the problem. Taking it slow is the only way to go.

My plan is to get to those 8 contracts by December.

And my secret is that I a not in a rush.
 
sstheo said:
I went through the overleveraging process on many accounts, specifically when I was trading FX. I had a broker that allowed 1000:1 leverage. Really!!! In contrast, USA brokers only allow 50:1 leverage. Why did the CFTC or NFA institute this cap? Because self-decapitation is the norm for most traders, and the higher the leverage the faster the blood comes out.

Everyone wants to make money in trading but they all want it NOW. And that is the problem. Taking it slow is the only way to go.

My plan is to get to those 8 contracts by December.

And my secret is that I a not in a rush.
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Yes, correct. I am still on 1 contract and that's fine by me.
 
My new layout on the Micros. All stops in place at $20 each, which is 16 ticks on MES and 40 on the MNQ, MYM, and M2k. You can see the first loss of the day on MNQ. -$20. I am still short on the other 3. The market took a big hit overnight, and I think it will continue. (You can also see the first win for $9 on an M2K short)

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Results: MES also got stopped out -$20. MYM +$10. M2k +$7.
So I started the day out poorly. (-$23) But I will try to safely recover and end in profit.
 
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Phil-n-Texas said:
i started trading the sell-off during Asia session and finally closed the bounce at a bout 6:30 cst this morning for $1,031 gain for the day. it was brutal but profitable. immediately went to bed and just woke up a little bit a ago.
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Great job!!! Are you recording some of the action in a journal here on ET?
 
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