Advice to make $3K/month trading

[murray t turtle]

I'll be honest: I hate the book and found it unreadable. (I don't suggest it's a "bad book" in that its content is "wrong" or "misleading" - I just dislike it a lot and think it's neither well written nor well edited.)

I'm glad you posted, because you've given me the opportunity to point out that that wasn't in any sense a "book recommendation": I mentioned it only because you can read the first few pages of it free, at Amazon, and it does - just like many other "swing trading" textbooks, admittedly - clearly make the point that swing trading is unrelated to time-frames. (Call me pedantic, but it pains me to see "swing trading" differentiated from "daytrading", in forums, in terms of the duration of the trades: it's a seriously misguided perspective.)

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I think he got paid by the word , which may explain its word complexity.......??,????? BUT if i find one good thing =i may recommend a book. ''Bulls live above 200 day moving average; bears live below 200 day moving average- Alan Farley, Master Swing Trader''

 

[lovethetrade]

I'll be honest: I hate the book and found it unreadable. (I don't suggest it's a "bad book" in that its content is "wrong" or "misleading" - I just dislike it a lot and think it's neither well written nor well edited.)

I'm glad you posted, because you've given me the opportunity to point out that that wasn't in any sense a "book recommendation": I mentioned it only because you can read the first few pages of it free, at Amazon, and it does - just like many other "swing trading" textbooks, admittedly - clearly make the point, right at the start, that swing trading is unrelated to time-frames. (Call me pedantic, but it pains me to see "swing trading" differentiated from "daytrading", in forums, in terms of the duration of the trades: it's a seriously misguided perspective.)

Well done with the most contradictory post in this forum. Hate the book, unreadable, not well written, not a recommendation but I'll accept it as the authority on the subject of swing trading.

I thought we already discussed this that it can be a reference to either the method or duration. No one is the authority to claim it's one or the other. Why are you claiming authority on the subject through this author? Please advise...

 

[Xela]

Why are you claiming authority on the subject through this author?

Because, as I've explained above (twice, now), I knew that the first few pages of his book - which explain the point so clearly - happen to be available for the "free preview" at Amazon, and that made it a convenient example to cite, without needing to look anything up. I regard Alan Farley - for all that I dislike his book - as the most well established and widely recognised "authority-writer" on the subject. All the other books I've read on the subject do make exactly the same point, too.

I wasn't aware, when I posted, (probably simply through having forgotten) that we've discussed this point here before.

 

[lovethetrade]

I wasn't aware, when I posted, (probably simply through having forgotten) that we've discussed this point here before.

The term can mean either or both with context being the differentiator.

https://www.elitetrader.com/et/threads/short-term-trading.307684/page-4#post-4425217

 

[HeSaidSheSaid]

This is folly. You are assuming that the only future to trade is the ES.

yeah, I'm sure you're an happy pork belly trader

 

[Overnight]

yeah, I'm sure you're an happy pork belly trader

So the only instrument you can think of to retort to me about something-other-than-ES, is pork bellies? You do know the CME dropped them years ago, yes? There are many other future instruments to trade out there.

 

[soulfire]

Based in your experience:

-Minimum capital
-Instrument
-Strategy (daytrading/swingtrading, etc)

You need to know your own skill level parameters in order to get that answer:

TSP = YOUR Trading probability of success/per trade (0% - 100%)
DR = Daily price range in points of trading product
DRP = Expected % YOU can capture of daily range of price movement
CC = Commission costs
DP = Daily expected profit
TU = Trade Unit (1 lot of futures, 1 share of stock)
M = Multiplier (Based on trading product: Ex: 50 for ES, 1000 for CL, 1 for stocks)
Minimum capital = amount needed for trade product + expected draw down (anticipated string of losing days)

DP = (DRP * DR) * [ ((TSP * TU * M) - CC) - (((100 - TSP) * TU * M) + CC) ]

$3000/DP = # days to reach your goal, provided your DP is a positive value. Adjust TU's to fit monthly goal.

 

[Visaria]

I have other sources of income, so $3K extra from the markets will be nice. I started trading stocks 11 months ago with real money and small account, I am testing the waters on this.

The overwhelming odds are that the markets will extract $3k a month from YOU LOL!

 

[Max1]

You must trading oil like Brent

 

[schweiz]

You need $2,400,000.

Invest in 1.5% Municipal Bonds and hold and make $3000/month.

I know people who did this. +10 year later, prices are up so much that he now needs 5K to survive, so your solution is no solution.