How much to start and per day

[sdtrader]

Quote from TruthTeller:


How a fool like you gets off insulting traders who are vastly more experienced, obviously more intelligent, and certainly more helpful, is beyond comprehension, and one of the negative aspects of a site that has no barriers to posting.

????? More intelligent, most likely. More successful very doubtful. Listen, I have no problem with people telling him to be cautious. I have no problem with people telling him to realistic. Two things here.

1. I was responding to this comment from Triple J

NO!!
4get it bro,

unless u change ur strategy your pretty much doomed 4 failure.


take your $$$ invest it @ 4% and take a job.

good luck,

triple

You think this is insightful and helpful? "doomed for failure"...why.

2. Lindq, how do you figure? Ill-informed? Just because you can't do it, certainly does not mean other can not. If you want to come to my office anytime I will SHOW you three traders in their first year that have already or are on pace to crush 40K in their first year. Maybe you should get off your soap box and visit people who are actually successful.

There is a difference between informing someone of the pitfalls of this business and telling people something can't be done. I trust you guys have these statistics somewhere. I have never seen them posted, but like I said....it goes to your own trading environment. Seen it done, seen it done in todays market, and will continue to see it done. He can lay down his 10K and live off the 30K for a year.
Apologies for calling some people on this site negative idiot. But then again I don't know who I am apologizing to since I never mentioned anyone by name. Truth is there are a ton of negative "people" on this site and the body of my message is accurate.

 

[Scottie]

Thanks everyone. I appreciate all of the comments. I certainly didn't intend to start a spat between you. I know I will succeed therefore I will succeed.

Peace,
Scottie

 

[OVERtheLINE]

I have a friend with a god awful job who wants to do this badly,
He has never day traded before and has much less than 40k to work with. Here is the game plan Ive set up for him.

He will trade 1 NYSE big cap with bullets

We have focused on teaching him a short term trend following system based on the emini spoos

We have also focused on short term price patterns having to do with momentum and the ebb and flow of the stock, time and sales and NYSE open book are the 2 tools to assist.

I guess thats the basic pooh, experience will help his development and self discipline will probably be the deciding factor to wether he survives.

To sum it up.....

given the right software
commission
mentoring
studying

Id put my money on the majority to survive

btw, today was my friends very first day

keystroke errors hurt him
net -$50 on 13k (beat the shit out of me -800 159k thx to getting caught in a short squeeze in extr before the bell)

I think he is on his way to a much happier self employed life

 

[abishiai]

Just remember, if it was easy, everyone would do it.

If it was a matter of following rules and logic, computers would do it.

If it was a matter of brains/intelligence then the smart people would succeed.

It it was art, then those types would make it. If intuition was the key, then women would dominate the markets.

The simple fact is the successful trader has to be smart, disciplined, intuitive, committed and lucky! You cannot overemphasize to someone starting out the danger involved. For the successful trader, making money is relatively easy. The onlooker sees that and thinks he can do the same. The simple fact is that it takes time to develop a "sense" for the market and the ability to speculate successfully.

Cheer,

kp

 

[VisionTrader]

Quote from Scottie:

I have begun to trade on a daily basis. 90% of the time I don't hold positions overnight and sometimes I will exit within 8 or 10 minutes if there is profit. I don't have a regular job, anymore and can be close to the computer all day. My question is what is a reasonable expection for daily return? I have about 40k in capital that can be staked. Is this enough to earn me a decent living. I have been reasonably successful to date, and I feel I am getting better.

Scottie,

When you ask a question like this, you are obviously opening up, asking for help. I have found that most people here on ET are really good people. I have benefited from a lot of good advice. Some people just say things in a different way.

Number 1 - I wish you success.
Number 2 - If you were earning $130K a year, I assume you are an intelligent person. Obviously, you would not have made such a life changing move without realizing the importance of a sound business plan. Your statement above just throws out a question. Your delivery needs fine tuning. This opened you up for all the crockodiles to bite at you.

Let's start over. Tell us your plan. Let's analyze where you are headed with some logic. Tell us what you trade, share your strategy, tell us if you backtested it, etc.

There were some positive comments in here, but not many. The world has a lot of self-imposed limitations on us. I'm sure you already realize, most fail at this business, just like all the other business ventures in the world. Lack of adequate capital, lack of training, poor money management, poor self-discipline, etc. doom us to failure.

I don't subcribe to the limitations and frankly, I ignore negative people. I do listen to constructive criticism though. You may not get all the answers here at ET, but its full of a lot of good people. You have to filter out the noise on the 1M chart.

If you ask it, they will come.