How Realistic? $50k account, $500 / day

Alright guys, my turn.

I've been trading forex for a few a few years now, and I've managed to build myself up to a reasonably consistent return. Trouble is that I've never had enough money to really focus my attention on it. So, that's all changed now. I have trading capital equal to 4 years worth of living expenses, and unsecured credit equal to 2 years of living expenses. Should I take the plunge and focus 100% of my effort on this now? Its awfully tempting to quit the day job!!
 
lylec305 said:
wow you're a headcase. I am writing down my proven strategy while you go around criticizing others, you should put your energy into something creative and helpful. My strategy is my legacy to my family when i pass on. And you're peanut gallery with profitable paper trade account. move along little man LOL
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If I am not mistaking you posted first:” for a dreamer yes, reality no.” So you started to criticize others. Not me, I just reacted on your nonsense.

Because of all the bashers on ET I put my energy in my trading, I don’t spent it useless on ET.

Your statement that I am peanut gallery with profitable paper trade account, is probably based on the same lack of logic that you used before. You know nothing about me, make stupid statements about my trading, and then we should take your postings serious?

I don’t post my returns as you do. I am not like you, I don’t need it. I don’t need admiration from others. And we have no proof that your posted returns are real. Maybe paper trading?
 
lylec305 said:
Didn't Madoff run NASDAQ? Didn't promote his business as an investment firm? I didn't say Madoff was a trader. Are you promoting yourself as a trader who can return $500/day? You like to shoot your mouth off. Selling the dream huh ...
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MADF and WACI were my favorite to hit the Auto-Ex with because those clowns did not adjust their Nasdaq Level 3 very quickly. We had the bid and ask $50 1/8 x $49 7/8s buying at the Offer and selling on the bid quickly. The good old days of the auto-ex and MADF's sloppy inability to lift their Market when stocks like JDSU would blow past them. If you had asked me this question before brokerages got rid of the Auto-Ex system I would tell you "You can make $1500 to $5,000 a day with a $50,000 account due to the inefficiency of MMs screwing up their orders". I had a friend call me back when ECNs on certain brokerages were free, "hey we have free money, free money"! The brokerage lost money on that trade because they routed to Island to buy at $.15 while selling at $.155. The bid was $.155 and offer was $.15 after buying 10,000,000 shares of stock me and my friend made almost $10,000 until the Market Maker finally figured out they got stuck with ECN Fees.



Its very possible to make $500 if your experienced and don't need the help of arbitrages like the auto-ex and fund ECN messes. The hardest part is knowing when the Market is not willing to give you $500 for the day and you overstay your welcome or lose your entire week or month's earnings because you had that $500 number ingrained too deep.
 
Mtrader said:
If I am not mistaking you posted first:” for a dreamer yes, reality no.” So you started to criticize others. Not me, I just reacted on your nonsense.

Because of all the bashers on ET I put my energy in my trading, I don’t spent it useless on ET.

Your statement that I am peanut gallery with profitable paper trade account, is probably based on the same lack of logic that you used before. You know nothing about me, make stupid statements about my trading, and then we should take your postings serious?

I don’t post my returns as you do. I am not like you, I don’t need it. I don’t need admiration from others. And we have no proof that your posted returns are real. Maybe paper trading?
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If you read the heading for the thread, you'll realize the author asked if it's realistic to make $500 trading a 50k account. You know my answer and you critisize me for replying. I did not ask for your uneducated opinion. Based on your comment, you're a typical ET troll. Go back to your paper account.
 
lylec305 said:
If you read the heading for the thread, you'll realize the author asked if it's realistic to make $500 trading a 50k account. You know my answer and you critisize me for replying. I did not ask for your uneducated opinion. Based on your comment, you're a typical ET troll. Go back to your paper account.
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If one day you will become a successful trader you will understand that not mine but your opinion is uneducated. But I clearly say IF...
I can give my opinion without your permission, or is this a privilege for you only?
We had a "famous" poster from Palm Beach , Marketsurfer, are you his latest new alias?
 
Mtrader said:
If one day you will become a successful trader you will understand that not mine but your opinion is uneducated. But I clearly say IF...
I can give my opinion without your permission, or is this a privilege for you only?
We had a "famous" poster from Palm Beach , Marketsurfer, are you his latest new alias?
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M-Trader let's just tell the poster its possible to make $500 off a $50,000 after years or decades of experience. Why should we elaborate on all the pain, sleepless nights and even accounts blowing up after we so arrogantly thought "Trading is so easy, its like printing money"! Forget that some of us do not get more than four hours of sleep if their getting sleep at all. Our brains can't stop thinking about "what could we have done better" even with great trades we feel no bliss or happiness, its more like "you did what your suppose to do, why reward for not screwing up?"
 
JesseJamesFinn1 said:
M-Trader let's just tell the poster its possible to make $500 off a $50,000 after years or decades of experience.
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I agree. It is hard and takes years, but I know it can be done and if you are really good you can make millions every year again. But most fail because they cannot continue for years or they ran out of inspiration in their journey to profitable trading. You need specific qualifications and a ceratin pesonality, if not you will never succeed. But that's true for many jobs.

But when lylec305 wrote:"for a dreamer yes, reality no. " to me it was a "black" statement whereas it should have been at least a "grey" one.
And taking Madoff as a reference was completely nonsense. He could have taken any famous sportsmen as they have the same link to trading as Madoff: NONE. Madoff did a lot of things but never traded, the trading we are here speaking about.
 
JesseJamesFinn1 said:
Its very possible to make
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Would you care to quantify for us "very possible"? It is also very possible to win the Powerball, just not very probable...

Let me give you a quantifying example. If only 1 out of 10K traders can make $500 on a 50K account, would you still call it very possible? How about one in 100K???
 
Lawrence Chan said:
Is using the same $50K to run a small business generating $500 "profit" a day reasonable?

It is to some people, but not everyone.

You cannot just walk into a casino (i.e. stock market) and expect to net positive when you walk out the door.

Have a plan first. Then research and work hard to refine your plan.

Be very patient. When your planning comes together, you will stand a better chance.
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5814 posts and I just gave you your first like :D - good post.

It is very realistic if daytrading US blue chip stocks, and, now you can even add some high volume ETF's.

But like you rightly said, without a plan it is just a complete waste of time and effort - most think they can read a few tape recorder books and then start clicking to add up the $$!

Only a fool, or a monkey, would do that:rolleyes:

The first thing in your plan, to help you win that is, is knowing the averages, for, as it is a game of odds, without using averages you will get caught out - of course you will win, but you will also lose - know what to "expect" before you enter any trade - then just play the odds - the better you get at reading charts ( contrary to what anyone else says) the better you will get at calling short term direction - which, is what will make you more money than you will lose!

Don't take my word for it, of course, go and find it out for yourself - in fact, to make $500 a day on average, will not require $50K if you select the right stocks - larger capital is required if you trade highly priced stocks - as mentioned, some ETF's now trade in the high millions of shares and offer good averages - $35k should suffice if you do up a " good plan".

J_S
 
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