For those that make 4 or 5 grand a day net

Quote from Pabst:

I've done you one better. My TT is set (by my firm) so i can never see my P/L! I have to manually figure out my money. I'm totally with you. Detachment from $ is the only way to go. After all it's not really cash but rather ticks.
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Yep, me too.

I never look at P/L. It completely messes with decisions if I do. I would catch myself bailing at round numbers on the day instead of trading the STRUCTURE. Not good for monthly results.
 
Scalper21,

Although I agree with you on your general philosophy (ie Napoleon Hill mind set), my question is how do you prevent multiple losing trades from blowing up your account? Surely you must have a cut off point? You have to keep track of PnL in a general way, otherwise you are at risk of making one losing trade after another and depleting your account. Thanks for your input.

-Neo


Quote from scalper21:

I can make 5,000 on a 20,000 account!!!!
Trade futures better bang for your buck!


I have not read all of the comments on this thread, but the ones I have read show me that most of you will never be able to make 5,000 in a day.

It has nothing to do with your trading style or market you trade. The reason you will not make 5,000 a day is you believe there is something outside of yourself that dictates you p/l. The only chart that is important is the map of your own brain. Any trader who masters his mind will succeed.

A book that helped me mentally was Think and Grow Rich by Napoleon Hill.

By the way intraday scalpers do make good money. I have made 20 trades and it is only 9:12. I am probably done for the day.

Master self and there is no upward resistance on how much money can be made trading.


I will provide a good example. I trade using TT(Trading Technologies). The fill window which shows my P/L is in the bottom middle of my workstation. After almost every trade I make I change the filter so I never see past profit or loss. For example lets say I made a trade at 9:15 and made $400. After I exited the trade I would change the filter to 9:16-15:15. By doing this I only can see the p/l for the trade which i am currently in. I never observe my daily p/l until after the day is over
On Tuesday I broke my rule!!!! At 9:20 on Tuesday I looked at my daily p/l. I was up $2800. Guess what I did in the next half hour. I lost the all of my profit and ended the day down $1000! The only reason I lost the money is looking at the whole days p/l changed my mental focus. After seeing my daily p/l my mind believed that money was a final audit of the days work. Now I was afraid to lose the money. Subconsciously I became afraid of losing my "paycheck".


2 rules that will change your trading dramatically.

1)Never view your daily p/l until the end of the trading day!
2)The trading day ends when you look at your daily p/l

You will be amazed at how much stress and fear will be lifted if you follow these 2 rules.


For example I just looked at my Friday p/l at 9:30. I am done for the day.
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Quote from MTE:

Exactly! Averaging $5K a day means nothing without knowing the capital base.

$5K on a $10mil account is only about 14% p.a. compounded.
$5K on a $100K account is 323,010% p.a. compounded.

Spot the difference!?
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Of course there's a difference, but I wouldn't say averaging $5K a day means nothing, that's for sure. For most prop traders, percentages mean a lot less than absolute dollar amounts because they don't need to have a lot of capital of their own. So, percentages can be just as misleading as dollar amounts. You can't spend percentages, you spend actual money.

Either way, $5K per day is nothing to sneeze at. Just because you may have earned it on a smaller base doesn't necessarily mean you're a better trader...
 
Quote from scalper21:

I can make 5,000 on a 20,000 account!!!!
Trade futures better bang for your buck!
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Making $5,000 in a day on a $20,000 account is certainly possible. Averaging $5,000 per day is a whole other story. Or do you mean you make over $1M per year on your $20k account trading futures?

I have yet to see one consistently profitable futures or forex trader on the P/L thread making decent money.

I've said it before on this site- Newbies and struggling traders who are focused on futures and forex- quit while you're ahead. Those markets in much more efficient and harder to trade than equities, why do you want to stack the odds against yourself? Again, I'm not saying it can't be done, but unless you are very experienced you are fighting an uphill battle.
 
Quote from Neodude:

Scalper21,

Although I agree with you on your general philosophy (ie Napoleon Hill mind set), my question is how do you prevent multiple losing trades from blowing up your account? Surely you must have a cut off point? You have to keep track of PnL in a general way, otherwise you are at risk of making one losing trade after another and depleting your account. Thanks for your input.

-Neo
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I look at each trade separately. I do not hold losers for very long. If a trade goes against me I look to get out quickly. As I stated in my previous post I trade actively. I am looking to come out ahead by the end of the day by having a higher % of winners to losers. Also my average loser usually is smaller than my average winner.

Yes, I do have a daily loss limit if that is what you are asking.
 
Quote from lescor:

Making $5,000 in a day on a $20,000 account is certainly possible. Averaging $5,000 per day is a whole other story. Or do you mean you make over $1M per year on your $20k account trading futures?

I have yet to see one consistently profitable futures or forex trader on the P/L thread making decent money.

I've said it before on this site- Newbies and struggling traders who are focused on futures and forex- quit while you're ahead. Those markets in much more efficient and harder to trade than equities, why do you want to stack the odds against yourself? Again, I'm not saying it can't be done, but unless you are very experienced you are fighting an uphill battle.
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I have been at this game for around 8 years. I have to agree with Lescor that my statement for a new trader is unrealistic.
 
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