Day trading as a living should be impossible

[spd]

Most people fail as traders because most people suck and fail at everything.

Where do you find yourself in life in general?

If you have a good attitude where you dont accept failure and always find a way to make things work...

 

[Bob111]

Quote from abdul_mcgee:

In the investment account. Not as much as on paper

don't know what investment account is...i count my money when PnL is realized..EOD to be precise..when it's not-no difference between paper and "investment"

There was a guy waiting in line at the Pearly Gates for his chance to enter heaven. The line was long and there was an offer to go for a tour of hell. Down in hell it was like one big party – beautiful people laughing, drinking, gambling. After returning from his tour he passed through the Pearly Gates but the quiet chanting and constant playing of the harps in heaven seemed incredibly dull compared to life in hell. The white clouds, wings and robes were beginning to get on his nerves. After a while he could stand it no longer and asked God for permission to transfer into hell permanently. Upon arrival into hell, he was immediately chained and thrown into a vat of boiling oil. He couldn’t understand what was happening. This was nothing like the hell he visited earlier. He called out to the Devil for an explanation. “Don’t confuse tourism with immigration!” replied the Devil.

 

[abdul_mcgee]

Quote from spd:

Most people fail as traders because most people suck and fail at everything.

Where do you find yourself in life in general?

If you have a good attitude where you dont accept failure and always find a way to make things work...

Well said. I hope

 

[abdul_mcgee]

Quote from lescor:

You're referring to me. Please tell me how I can pocket much higher profits by attracting investors.

But you're doing it with a prop-trading firm, correct? So it's not /really/ 60K...

 

[abdul_mcgee]

Quote from Bob111:

don't know what investment account is...i count my money when PnL is realized..EOD to be precise..when it's not-no difference between paper and "investment"

Just the account with real money in it.

If you are saying did I make money on the paper trade, yes. As I mentioned before last week was $8K on $100K capital going both long and short.

 

[GG1972]

Quote from spd:

Most people fail as traders because most people suck and fail at everything.

Where do you find yourself in life in general?

If you have a good attitude where you dont accept failure and always find a way to make things work...

+1
there is more wisdom in that statement than "most" of the replies so far-think it over

 

[stock777]

Quote from Hylifejoker:

You are not getting it. Put up 25 to 50k at bright. Get access to millions in buying power. That's what it takes to make it. The real strategies that make real money demand big capital. Otherwise you are just guessing with overoptimistic and unrealistic expectations.

That easy huh. And when those strats blow up, and your 25 or 50 k evaporates in a nanosecond , do they give you a goodbye party?

 

[luisHK]

Quote from lescor:

You're referring to me. Please tell me how I can pocket much higher profits by attracting investors.

Indeed , I had your journal in mind, which introduction I read a couple of days ago .

The ROI you are achieving is so much above what most mutual and hedge funds advertise, if properly documented it should be possible to manage your own fund with profits well above the 6 digits. How many investors would jump in if you can prove them you can more than double your investment every year ?

But I'm not familiar with prop firms nor know how much leverage you use and how it translates to your ROI, and I understand that you would need to share a bigger portion of your profits with outside investors than with a prop firm, but if you are succesful and your system also works when larger sums are involved, there is probably some sense in looking for further investment.

 

[abdul_mcgee]

Got the good news: corporate income taxes are now $3k/month, up from $2k. I should feel richer...

 

[wrbtrader]

Quote from rosy2:

your assumption is not reality. who has 8-10k per month living expense with only a 100K trading account. Either increase the account size or lower the expenses

Yeah...I was thinking the same thing...8 - 10k living expenses. That's a very expensive lifestyle for a retail trader. Time to take the kids out of private school and send them to the local public school. Also, stop leasing that porche because Ford and Chrysler have some decent cars at reasonable prices now.

Mark