how long does it take the average rookie to realize he is being ground up ?

C

CarolinaCpaGrad

would love to see some data on the average life cycle of the newbie.

ones that absolutely cannot trade last two months before they are shown the door ?

those that can churn commish and generate flat to slightly negative returns last about a year ?

at what point do you figure out that all else equal (platform. stability etc) that the lowest commish matters the most ?


UNC
 
not sure about prop firms, but I have a few friends that work at retail futures and forex brokers...

From what they told me, I think the average newbie funds their about 3-4 times... On average, it takes less than a month to blow out their first account. After that, they usually blow it out in less than a week!

It's like, as time goes on, they get more and more aggressive, trying to make up for their losses... thus, losing their ass.

:cool:
 
how long does it take the average rookie to realize he is being ground up ?

how long does it take the avg PRO


goddamn that's funny

i'll grind your bones to make my soup


LMAO :D :D :D
 
Quote from chrisdunn:

not sure about prop firms, but I have a few friends that work at retail futures and forex brokers...

From what they told me, I think the average newbie funds their about 3-4 times... On average, it takes less than a month to blow out their first account. After that, they usually blow it out in less than a week!

It's like, as time goes on, they get more and more aggressive, trying to make up for their losses... thus, losing their ass.

:cool:
More...

These are actually interesting stats.

Did your friend say they stop funding after the 3-4 times and don't come back?

What about the 3 and 4th funding, how long does it take to blow that out?
 
Quote from CarolinaCpaGrad:

at what point do you figure out that all else equal (platform. stability etc) that the lowest commish matters the most ?
More...

That's the catch-

At some point cutthroat rates turns into cutthroat service.

Can't keep upgrading software/servers/lines etc. if you're not making enough to cover it.

On the flip side, some firms rob you and give you shitty service.
 
Quote from CarolinaCpaGrad:

would love to see some data on the average life cycle of the newbie.

ones that absolutely cannot trade last two months before they are shown the door ?

those that can churn commish and generate flat to slightly negative returns last about a year ?

at what point do you figure out that all else equal (platform. stability etc) that the lowest commish matters the most ?


UNC
More...

Probably right after Puredick charges you for the month.
 
Quote from ChkitOut:

These are actually interesting stats.

Did your friend say they stop funding after the 3-4 times and don't come back?

What about the 3 and 4th funding, how long does it take to blow that out?
More...

Yeah, he said they usually stop funding after 3-4 times... kinda like running home with the tail tucked between the legs saying, "You can't make money in trading... it's a scam!"

He also said they blow the account out quicker each time... shows you that skill is just a small part of profitable trading.
:cool:
 
06-16-09 08:03 PM

would love to see some data on the average life cycle of the newbie.

ones that absolutely cannot trade last two months before they are shown the door ?

those that can churn commish and generate flat to slightly negative returns last about a year ?

at what point do you figure out that all else equal (platform. stability etc) that the lowest commish matters the most ?



____________________________________________________

I'm a 63 year old newbie, no formal trading training, only what I picked up online and listening to Boomburg Radio while driving my truck and working 14 hours a day. I am only a highschool grad, have been only trading since the end of Feb.. Certainly don't have the advantage of being a CPA grad from UNC.

Let's see I started with TD Ameritrade with only a $30,000 IRA account, can't buy on margins, can't trade options, can't short the market other except using short etf's, they told me that I would lose my ass if I tried to day trade. Even got to pay $9.99 a trade to the tune of over $5000 in the last three months. I did get the first hundred trades free.

Up until the last 3 weeks. I didnt have real time trading information only what streamed onto my XM radio with a delay and when I could take a look on my blackberry. Traded on my blackberry and in the late afternoon on a laptop with an air card.

3 weeks ago I quit work, when I was $8000 ahead + plus a $1200 dollar distribution. I now stay at home, just switched to LIghtspeed trading a week ago. Have been taking a $1200 distribution every week since I quit working. Have not filed to start drawing my Social Security yet and may not for a while. Have added money every week since I quit working, have added even more since going to lightspeed, very fast, very cheap to trade. Made another $700 today on a down market just trading three issues FAZ, FAS, NTES done by lunchtime. Never put another dime in my account. Balance now stands at $42,800.

I'm so new I just realized what commish means and had to do an edit. Yeah! I agree I would have been another $4000 or more ahead if I had been trading on lightspeed the whole time, more than likely even more ahead because I would have quit work sooner.
 
Congrats... you're the exception, my friend!

Quote from billybigrigger:

06-16-09 08:03 PM

would love to see some data on the average life cycle of the newbie.

ones that absolutely cannot trade last two months before they are shown the door ?

those that can churn commish and generate flat to slightly negative returns last about a year ?

at what point do you figure out that all else equal (platform. stability etc) that the lowest commish matters the most ?



____________________________________________________

I'm a 63 year old newbie, no formal trading training, only what I picked up online and listening to Boomburg Radio while driving my truck and working 14 hours a day. I am only a highschool grad, have been only trading since the end of Feb.. Certainly don't have the advantage of being a CPA grad from UNC.

Let's see I started with TD Ameritrade with only a $30,000 IRA account, can't buy on margins, can't trade options, can't short the market other except using short etf's, they told me that I would lose my ass if I tried to day trade. Even got to pay $9.99 a trade to the tune of over $5000 in the last three months. I did get the first hundred trades free.

Up until the last 3 weeks. I didnt have real time trading information only what streamed onto my XM radio with a delay and when I could take a look on my blackberry. Traded on my blackberry and in the late afternoon on a laptop with an air card.

3 weeks ago I quit work, when I was $8000 ahead + plus a $1200 dollar distribution. I now stay at home, just switched to LIghtspeed trading a week ago. Have been taking a $1200 distribution every week since I quit working. Have not filed to start drawing my Social Security yet and may not for a while. Have added money every week since I quit working, have added even more since going to lightspeed, very fast, very cheap to trade. Made another $700 today on a down market just trading three issues FAZ, FAS, NTES done by lunchtime. Never put another dime in my account. Balance now stands at $42,800.

I'm so new I just realized what commish means and had to do an edit. Yeah! I agree I would have been another $4000 or more ahead if I had been trading on lightspeed the whole time, more than likely even more ahead because I would have quit work sooner.
More...
 
keep up the good work. i wouldn't consider you a prop trader though.

begs the question - why don't you try and become one ? u could trade remote if nothing local was available. have access to more capital and should be able to find a decent split.

my masters in accounting from UNC is probably a negative for day trading.
 
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