How much do you make on average by day trading?
- Thread starter GarrettKimmel
- Start date
Trying something new, to increase focus mainly and encourage me to work in a job kinda way.
Basically I log the hours I actually trade, if I spend 1 hour on the screen and place atleast 1 trade, then I pay myself out of the account end of the month £30 per hour GBP just like my company pays me.
Don't treat trading like a business, treat it like a job with an hourly rate
Then let the account do what the account does ( hopefully out perform my wage requirement )
Basically I log the hours I actually trade, if I spend 1 hour on the screen and place atleast 1 trade, then I pay myself out of the account end of the month £30 per hour GBP just like my company pays me.
Don't treat trading like a business, treat it like a job with an hourly rate
Then let the account do what the account does ( hopefully out perform my wage requirement )
Mr. Ding had begun to circle, making his pitch for donations.
“I’m the 19th generation,” he continued. “There will be no beggars in China after I’m dead.”
A man offered a newspaper. A woman gave 50 cents. A young girl extended a French fry.
Mr. Ding returned to his seat, opened the newspaper, and began studying the lottery numbers, searching for patterns.
Today’s Headlines: Asia Edition Ny times
“I’m the 19th generation,” he continued. “There will be no beggars in China after I’m dead.”
A man offered a newspaper. A woman gave 50 cents. A young girl extended a French fry.
Mr. Ding returned to his seat, opened the newspaper, and began studying the lottery numbers, searching for patterns.
Today’s Headlines: Asia Edition Ny timesDon't have a "daily goal", but in my best years have averaged about $15,000 per-trading-day (for the 252 trading days of the year), and I'm strictly a "price TA" player.
(I know this is going to infuriate some TA haters...
When was this, Scat? Was it one or several big winners averaging out or consistent literally 15k per day. And finally, what was your capital size leveraged and unleveraged.
Im not doubting you, i know you have been proven as a highly skilled trader back in the day.
Just think some details are needed to clarify.
If he is smart he will answer you. It is clear what you think about these kind of statements, so answering you would be the stupidest thing to do.
No big gains, just trading grind-out with mutual funds. I was one of the early adopters of "mutual fund timing".
Late 90's.
Mid 7-figures. Not much leverage... maybe 125% max on total capital and not all of the time.
I don't trade as aggressively now, as (1) I'm no longer trying to make a name for myself, and (2) "you only need to get rich once", says Jim Cramer.
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No big gains, just trading grind-out with mutual funds. I was one of the early adopters of "mutual fund timing".
Late 90's.
Mid 7-figures. Not much leverage... maybe 125% max on total capital and not all of the time.
I don't trade as aggressively now, as (1) I'm no longer trying to make a name for myself, and (2) "you only need to get rich once", says Jim Cramer.
No doubt about it! I know guys who made fortunes with mutual fund timing before it as declared illegal.
But this has nothing to do with price action or even TA.
surf
So... what' you're saying is that I and others of my ilk (1) "made our money doing something which was later declared illegal", (2) "our gains had nothing to do with TA." (I don't know about the other guys, but I've been a TA'er since way back when... just like I am today.)
WRONG ON BOTH COUNTS!
Sorry Surf, you apparently don't understand "mutual fund timing" either. Fund timing was never made illegal. And it wasn't significantly different than trading ETFs today, other than funds having the negative of "end of day" fills. (If ETFs had come along before mutual funds, there likely would never have been a mutual fund industry at all.)
Mutual fund timing was mostly about "relative strength rotation" and buying the dips, much like everything else today.
What WAS illegal was some funds "past posting" price executions for certain traders. (That practice wasn't "made" illegal... it was never legal. I never understood how some got away with it. And in the end, they didn't really "get away with it" at all. Fines were paid, reparations to customers and perhaps other penalties.) That wasn't "mutual fund timing", either.... that was just plain cheating.... I wasn't involved in that.
With your "understanding" then, those who "made a fortune" timing mutual funds should be doing even MUCH better today with ETFs. (I suspect you're exaggerating about "knowing guys who made a fortune with fund timing"... perhaps some of the cheaters?)
Then as now, making money had EVERYTHING to do with "proper TA" for guys like me.
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Nope. It wasn't illegal at the time. It was legit so in no way am i saying u did anything illegal.
There is legal and illegal mutual fund timing. Just saying mutual fund timing does not clarify what type you are refering to.
If anyone is interested, just google the term
Peace.
surf
Well, I did....
"...MUTUAL FUND OFFENSES
Market Timing ...
Market timing—or frequent trading in and out of mutual funds—is illegal only if prohibited by the prospectus of the fund, or if favoritism has been shown toward employees or favorite customers. It is a difficult issue because frequent trading has always been a part of the mutual fund industry, and because share liquidity and the shareholder’s right of redemption have been basic tenets of the mutual fund industry at least since passage of the Investment Company Act of 1940. The regulatory environment has always been strongly in favor of the rights of shareholders to redeem and freely exchange shares...."
http://www.market-consulting.com/market_timing.htm
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Neither of those apply to our past trading of funds. Our fund exchanges were done with the full knowledge and consent of the funds and within the parameters of their rules. The fund managers were initially happy to "have our business" and some even encouraged us to do more.... until there got to be too many of us doing it.
That all you got about "illegal"?