Any of you making $5k-10k per day??

Quote from syswizard:

Yep, couldn't agree more. When I was trading Prop, I had this great short position that was getting wildly profitable, very quickly. I held for 30 minutes...and said "I'm going to let these profits run....I'm not going to be shaken out". Well, 5 minutes later, there was a giant short covering rally, and I lost 50% of my profits almost instantly. I got out for a meager profit. My manager came over and said "what the hell are you doing ?". He thought I should have taken that big profit early...and he was right. I, of course, was a newbie to daytrading.
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Sounds like your manager was exercising his lookback option on you and was being a jerk.
 
Experienced traders know that you simply cannot have monetary goals, and then tailor your strategy and sizing / risk accordingly. Sounds reasonable to many in theory, but in practice it leads to forcing trades which is never a good thing.

The correct "mindset" is to look for consistency with small size, and then to quantify / define that consistency into a long term reproducible business plan. At that point, you lever the piss out of it and any thoughts about "achieving certain income levels" becomes a non-issue.

My 2 cents born of experience.
 
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