Dear friend wannabetrader,
Instead of losing your money in a most painful and depressing manner, why don't you write me a check. That way you will for ever live happily and trouble free afterwards.
Your loving buddy,
nononsense 
200K yearly
- Thread starter wannabetrader01
- Start date
Instead of losing your money in a most painful and depressing manner, why don't you write me a check. That way you will for ever live happily and trouble free afterwards.
Your loving buddy,
nononsense You are asking entirely the wrong question. What you should be asking is how long will it take to become profitable. Dreaming of dollars before you even figure out how to route a bid is a sure fire way to the poor house.
Might as well give your dough to that guy who offered to spend it on booze and strippers as long as he leaves your marbles alone.
Give it to me.. i'll get you 1 drink and a sandwich and send you on your merry way through central park....
If you act now, within the next 30 minutes, I will even take you to Flashdancers here in NYC!!!
All kidding aside... My friend, you need a sound trading plan. In the institutional world, these guys aren't looking at a PnL meter all day. Yes, they know when they're in pain, but to obsess about a PnL all day long is:
a) the sure quick way to the poor house
b) turns you into a stressed out, crack addict
c) turns you sterile
Been there. Done that. Rinse, and repeat. Learned my lesson, THE HARD WAY. Don't do it. It's NOT WORTH IT.
You should be focusing on devloping a trading plan, figuring out you money management strategy and getting yourself emotionally prepared for the game. Once you master the tenets of trading and MM, the money will eventually come.
But, it's not going to just magically appear. No magic market fairy is going to wave a wand with magic dust and instantly you're a market wizard. Too many people have tried.. and failed.
Best of luck in your journey!
-c
If you act now, within the next 30 minutes, I will even take you to Flashdancers here in NYC!!!
All kidding aside... My friend, you need a sound trading plan. In the institutional world, these guys aren't looking at a PnL meter all day. Yes, they know when they're in pain, but to obsess about a PnL all day long is:
a) the sure quick way to the poor house
b) turns you into a stressed out, crack addict
c) turns you sterile
Been there. Done that. Rinse, and repeat. Learned my lesson, THE HARD WAY. Don't do it. It's NOT WORTH IT.
You should be focusing on devloping a trading plan, figuring out you money management strategy and getting yourself emotionally prepared for the game. Once you master the tenets of trading and MM, the money will eventually come.
But, it's not going to just magically appear. No magic market fairy is going to wave a wand with magic dust and instantly you're a market wizard. Too many people have tried.. and failed.
Best of luck in your journey!
-c
MR wannabetrader01
I can give u one simple advice
Before you think about making 200K
u have to decide how not to loose the money you have
Cause trading seem easy but u can never be right
u might make 1 entry where u make money one entry which reverse,s as soon as you entry a trade
when you start trading the 1 thing u have to worry is not to loose money cut your losses when you are wrong
the longer you are in the battlefield you can try to make $200 K
The first 6 month you should look at breaking even or making a small living $1000 to $3000 a week
then you look to make $5000 to $10000 that is if you are good or getting better and then you will know when you will make $200K
IF it was that easy every one in this world would be trading - ?
LOOk for consistant no the amount
A good trader can make money even if he puts $5K up front with $50K buying power
Is it in you u have to give a try
Good LUCK
I can give u one simple advice
Before you think about making 200K
u have to decide how not to loose the money you have
Cause trading seem easy but u can never be right
u might make 1 entry where u make money one entry which reverse,s as soon as you entry a trade
when you start trading the 1 thing u have to worry is not to loose money cut your losses when you are wrong
the longer you are in the battlefield you can try to make $200 K
The first 6 month you should look at breaking even or making a small living $1000 to $3000 a week
then you look to make $5000 to $10000 that is if you are good or getting better and then you will know when you will make $200K
IF it was that easy every one in this world would be trading - ?
LOOk for consistant no the amount
A good trader can make money even if he puts $5K up front with $50K buying power
Is it in you u have to give a try
Good LUCK
All good points ChiBondKing... Cheers
Most of these people are correct. Trading is not for everyone and I have seen people come and go with large accounts leaving with nothing. I'd say about 10% of traders that use their own capital make it...if that. If you can try and learn on someone elses dollar, like a prop firm. An example would be swift trade in Canada. once you learn after 6 months to a year (I have seen people take longer) then go find a better deal and open an account with your own money.
Here's my advice -
Get all the books you can find - read them, study them, know them.
Get a good trading platform and start paper trading. Try to be real with yourself and what your reaction to drawdowns will be, etc.
Than open a small account 5-10k and go live.
When you find an equity that clearly fits your profitable paper trading strategy - hit the freaking sell button instead of the buy....
Do this for the first 6 months or so until you start losing money, then revert to buy/buy.
:eek:
Get all the books you can find - read them, study them, know them.
Get a good trading platform and start paper trading. Try to be real with yourself and what your reaction to drawdowns will be, etc.
Than open a small account 5-10k and go live.
When you find an equity that clearly fits your profitable paper trading strategy - hit the freaking sell button instead of the buy....
Do this for the first 6 months or so until you start losing money, then revert to buy/buy.
:eek: