Since you quit your job, how are you living on trading for $25 a day? Do you have some other source of income... trust fund?
Going for prop money
- Thread starter foible
- Start date
If being -6.49 is a painful and horrible day then you're on the right track. I started off like you. I would get pissed at being down -5 or -20, small amounts. Small losses accumulated and after a while I got impatient. I started trading more and bigger size to recover the small losses fast. Losses grew bigger and bigger as I traded more and bigger. 9 months down I have days where I'm down 1000+ on some days. So watch your losses and make sure you never get desensitized to them or else your dead. Risk more only after you start making more.
How do you gross only $34, do ~13k shares, and net out $25? What rate are you paying?
Quote from foible:
Another good day. Got some more buying power and was able to take advantage of it, though once I hit my target of $25 net at 2:20 I stopped trading
#trades: 47
#shares 12624
adj net: $26.8082
gross: $34.00
Seriously?
I'm not living on $25/day.
Scratch that. I'm not *even* living on $25/day
I only get paid when I've finished all of my milestones, and then I will only make a percentage of my profits. If trading is a road to riches, I'd be the guy shuffling along by foot.
Now ask me again why I thought this was a bright thing to do...
Is that an unusually high or low gross relative to my net? I could go both ways. Another trainee was trading the shaves on LU so was paying a lot of fees but not making much profit, so his gross was double (or more) his net. OTOH, for a few days I was taking BRUT credits on EWJ and so my net was higher than my gross (in a few cases, I had a negative gross and a positive net).
In this case, I was trading a mix of EWJ and CDE, so I had some credits and some expenses. Does that make sense?
And, if it helps, I'm only giving my adjusted net, which doesn't cover the transaction costs my firm charges, as they have waived this until I've progressed farther in my training. So the only costs are gateways, SEC, etc.
all you are effectively accomplishing is learning a way to churn commissions for your firm. Being a "liquidity/rebate trader" is an outdated model with very little upside. Sure some guys make money at it, becuz they haven't learned how to do anything else. Get out now while you can and find a firm that will actually teach you something about market fundamentals or technicals or tape reading or anything else. What would happen if they eliminated those ECN rebates? You'd be out of a job with NO market skills whatsoever. Just my .002...
I still do not get it, you said you quit your job to do this and your profits goal is $25 a day for now. I am curious as to whether they are paying you a salary in the meantime or how are you making money while trading these small lots.
Quote from foible:
Seriously?
I'm not living on $25/day.
Scratch that. I'm not *even* living on $25/day
I only get paid when I've finished all of my milestones, and then I will only make a percentage of my profits. If trading is a road to riches, I'd be the guy shuffling along by foot.
Now ask me again why I thought this was a bright thing to do...
Prop Trading is so over with, unless you got some sweet heart deal with the BD or Hedge Fund that you are trading with.
You cannot even learn under the circumstances that you are put in at that prop shop.
They are opening Prop Trading in 3rd World Countries now, if that tells you anything.
You cannot even learn under the circumstances that you are put in at that prop shop.
They are opening Prop Trading in 3rd World Countries now, if that tells you anything.
Certainly my reaction as well. Can the "coach" show you anyone in the office who is taking home any real money trading this way?