Nwbprop--I'm not trying to discourage you from becoming a daytrader! Personally, I love daytrading and I can't imagine doing anything else (except being a prop firm owner of course). I'm just trying to present the facts to you so you can make an educated decision. Of course, these facts are based on my limited experiences and therefore biased.
You have to understand the difficulties in today's market. As an example, in the year 2000, I netted around $250K and I was only a middle of the pack trader! In 2001, I netted around $50K and in 2002, I'm pretty much flat! I've got 3 years of experience and consider myself a pretty solid Nasdaq trader.
If you've got a good paying job, I'd consider waiting it out a bit until the market starts to show some volatility and follow through. We're currently in a trendless, low volume market and, truthfully, I doubt you'll make a cent in this market. If my experienced colleagues and I are struggling, you can be damn sure that you will too!
Please tread softly and don't believe the hype in some of these posts! If you are still committed to becoming a daytrader, you better understand that you won't be able to pay rent for a while. If you're willing to make the financial sacrifice, and knowing that the odds of making a very good living in daytrading are small, then I welcome you into our brotherhood with open arms!
Good luck!
You have to understand the difficulties in today's market. As an example, in the year 2000, I netted around $250K and I was only a middle of the pack trader! In 2001, I netted around $50K and in 2002, I'm pretty much flat! I've got 3 years of experience and consider myself a pretty solid Nasdaq trader.
If you've got a good paying job, I'd consider waiting it out a bit until the market starts to show some volatility and follow through. We're currently in a trendless, low volume market and, truthfully, I doubt you'll make a cent in this market. If my experienced colleagues and I are struggling, you can be damn sure that you will too!
Please tread softly and don't believe the hype in some of these posts! If you are still committed to becoming a daytrader, you better understand that you won't be able to pay rent for a while. If you're willing to make the financial sacrifice, and knowing that the odds of making a very good living in daytrading are small, then I welcome you into our brotherhood with open arms!
Good luck!
.thanx for posting your track record. facts are always much more concrete than a lot of these hypothetical posts. I was hoping other traders would post their track record. I do have a friend in one of these prop firms who sais the same thing regarding his firm. some of the best traders from the past few years are only making 50k at best for the year. 