Any advice for a soon to be full-time trader?

[Howard]

I just really can not understand why anyone would go fulltime without having a proven track record.

It is like opening a high end restaurant without knowing how to cook some pasta.

And that's why it's unlikely that you will ever become successful as a trader yourself.

It's all about the willingness to take risk.

Most people ain't willing to take that risk or do what others don't. They want security, they want guarantees and they want to be told what to do and when to do it. That's why most people are most people.

 

[DevBru]

And that's why it's unlikely that you will ever become successful as a trader yourself.

It's all about the willingness to take risk.

Most people ain't willing to take that risk or do what others don't. They want security, they want guarantees and they want to be told what to do and when to do it. That's why most people are most people.

I have taken the risk myself, but not without knowing if i had any chance to be successful. If you just want to take the risk go to the casino and bet everything on black or red, if you want to have a chance make sure you are well prepared and know what you are doing.

 

[zghorner]

I just really can not understand why anyone would go fulltime without having a proven track record.

It is like opening a high end restaurant without knowing how to cook some pasta.

Sometimes you have to start walking even if you don’t see the whole journey. Putting myself in a sink or swim situation with so much on the line sure makes me motivated to succeed.

 

[DevBru]

Sometimes you have to start walking even if you don’t see the whole journey. Putting myself in a sink or swim situation with so much on the line sure makes me motivated to succeed.

You also need to make sure you know how to walk before you start running.

 

[zghorner]

You also need to make sure you know how to walk before you start running.

Screw that, all in October 9th OTM SPY puts. Let’s get this over with.

 

[Overnight]

Screw that, all in October 9th OTM SPY puts. Let’s get this over with.

Did you buy them or sell them?

 

[Wheezooo]

Wow, I am morbidly fascinated by this thread.

Howard, good luck.

 

[imjohn]

It's clear from OP's several posts that he does have prior experience day trading ES. He has 15K and plans to leverage 2-3 ES contracts (5000-7500 margin per contract). He has 6 months of living expenses covered. So his real starting point will be whatever amount he's accumulated at the 6 month mark. If he's able to Net 2 pts/day (average) for the next 6 months, then he'll be sitting on 30K and in a position to leverage 4-6 contracts. For a truly experienced ES day trader, averaging 2 points/day over 6 months is not mission impossible. Especially if the prior few weeks volatility remains around for a while. Basically, OP has bought himself 6 months of time to run his ES day trading plan on a full-time basis and see the outcome. If it's good, he'll continue trading. If it's bad, he'll return to his prior 9-5. No biggie. Seems like most of the discouraging or disbelieving comments are from traders who don't actually day trade ES.

 

[bbpp]

"Seems like most of the discouraging or disbelieving comments are from traders who don't actually day trade ES."

The opposite is true.

 

[imjohn]

Don't know and can't comment on what is true or false on a trading forum. Just stating what it seems like (to me).

OP plans to use $5k-7.5k margin per contract. Assume 7.5K which is a bit less aggressive. So with 15K, he'd trade 2 contracts. Keeping his plan the same, If he started with 90k, he'd trade 8 contracts. Either scenario (15 or 90k starting point), there's a base of 600 ticks before he's blown out (assuming no scale downs).

If he really knows what he's doing and his plan has a positive expectancy, then the biggest matter of concern is whether or not he can meet/exceed his desired living costs from trading whatever # of contracts he's able to leverage in 6 months time.

Just one ES day traders opinion.