$286 left

[Laissez Faire]

I don't know the exact size of these 5 figure traders but from their P&L and shares trade I can safely assume they are trading capital base bigger than mine. I'm not sure how much bigger.

And there you have it...

My stats are for scalping equities. The funny thing is I've achieved similar stats scalping index micro futures mainly MNQs. I was making $1K+/day just scalping MNQs but that was during the high volatility crazy moves in Feb/March. I doubt I would achieve the same profits when markets cool down on such few MNQs contracts. I was only trading 4-6 MNQs which is not even 1 NQ and I was making $1K+/day! I captured 100pts moves using MNQs. It was wild.

Interesting. Are you scalping multiple equities (at the same time)? If so - how do you find them? Do you track a few and go for specific set-ups?

For intraday trading I always felt it was best to focus on only 1 instrument. I could see an exception if one were scanning a large basket of stocks for specific set-ups. For example break-out trades.

But the main takeaway is that I could probably achieve $1K/day now but would have to trade multiple NQ contracts. But the margins on IB are ridiculous. They required something like 26K+ for just 1 NQ on my IRA account. At least during the high volatility months. I'm not so sure the amount now. But my point is that I used to be able to trade 3 full NQ contracts but now I barely do one NQ lot.

IB is a bad broker for intraday trading because of the margins - so you could easily solve that problem by switching to another broker.

thanks for the congrats and encouragement.

No worries. And keep at it!

Are you using basic TA without any indicators or do you have any secret sauce in your methodology beyond mere trial and error from experience?

 

[SunTrader]

You must further plan to take advantage of compounding. @trader99, for example, has achieved consistency. He has no plan as he's described his current approach to benefit from compounding his gains. Nothing wrong with that, and I by no means am criticizing him. His consistency is necessary for him to benefit from compounding in the future, but it is in and of itself not sufficient to allow compounding to occur. There must be an additional refinement to the plan.

Seems clear to me. Not sure why it isn't clear to you.

Consistent is not making X amount a day - or even compounding. They are a byproduct of being consistent. One day you, and I suppose trader99, will realize that.

I can't help any further.

 

[NQurious]

I can't help any further.

lol you can't help at all, apparently

 

[NQurious]

IB is a bad broker for intraday trading because of the margins

This argument cuts both ways. I find IB to be terrific because of margins. How many $26K accounts have been blown up at the $500 margin shops that would have survived to profitability at IB. Sufficient margin is proof against blow ups more than a limit on profitability, imo.

 

[Laissez Faire]

This argument cuts both ways. I find IB to be terrific because of margins. How many $26K accounts have been blown up at the $500 margin shops that would have survived to profitability at IB. Sufficient margin is proof against blow ups more than a limit on profitability, imo.

Sure. Still I believe there's a middle ground between $500 and $26K.

I used IB back in the day myself, but when I got back into the game their margins were simply a tad too high for my taste.

 

[SunTrader]

lol you can't help at all, apparently

Yes I know.

I tried but that's what happens when you deal with the close-minded - "curious" huh?

 

[SunTrader]

...
their margins were simply a tad too high for my taste.

Not to mention their chit TWS.

 

[trader99]

Consistent is not making X amount a day - or even compounding. They are a byproduct of being consistent. One day you, and I suppose trader99, will realize that.

I can't help any further.

I realize what consistency is. I follow the same process each and every time that's why I'm able to generate consistent profits.

So my consistent profit is the result of my consistent methodology not the other way around!

In fact, many time, I use max leverage 4x for many trades b/c the edge is solid. No reason to use less.I buy every last share I can get until my broker sayI can't anymore because I've used up my margins.

But I know you will argue how come I don't let it compound. The time for compounding will come soon enough. Right now, I like to withdraw money from the account like it's a free money ATM.

 

[old coot]

Remember what Jesse Livermore said. Among other things was when you make a big hit, take half your profits home. which would be, out of the trading account.

Matter offact, so many things he said are pointed to this thread. Here's a link to 7 of his most relevant ideas: https://www.brameshtechanalysis.com/2020/04/the-wisdom-of-jesse-livermore/
Even though his time was a long, long time ago, everybody can benefit from his ideas. Except, of course, the ones who say "that won't help me, I know everything already."

 

[tiddlywinks]

But I know you will argue how come I don't let it compound. The time for compounding will come soon enough. Right now, I like to withdraw money from the account like it's a free money ATM

In my experience, along with the handful of personal acquaintances and/or friends that are consistently profitable traders, ALL of us/them trade with "fixed" account values. Granted, the fixed amount can and does get modified from time to time based on market conditions and/or instruments being traded, but the point is it is fixed towards the lower end of what is needed and necessary to attain the desired result, including losses, with excess removed frequently and regularly.

Compounding the account itself is not necessary beyond what is needed to attain the desired result. Adding to and compounding ones personal external wealth is much preferred for modern day measurement, application, and purpose.