is it a joke that I want to trade full time to make a living with only $30,000?

[jb3398]

You have gotten a lot of good replies from experienced traders.

If your going retail (Etrade) which would give you $120K purchase any symbol that will get you above 1000k shares per trade. That way when the stock goes up .10cents you will earn $100 a day.

If you trade with a Prop Firm which gives better leverage. Possibly $3 million in buying power. You can earn $700 dollars a day.

For example AAPL $532 a share divided by 3million will give you >5600 shares. .10 cent on that symbol will earn you $560 dollars, in minutes. APPL jumps up and down quite a bit, with a 10min chart, you can predict it next move. AAPL on average will move >$2. All you want is .50 cents $2500 in a day and get out. Unless you trail the stock and it continues to climb. The preceding only applies to Prop trading with a Series 56 license.

Whether it is retail or Prop hedge your trades with Paper Money and mimic with real money. Therefore reducing your losses significantly. One computer with 4 monitors will work just fine, for under $800 bucks.

Im saving up $30K also and going retail. I will trade and save up $50K. Deposit $10K in my prop account, so I can have at least $1.5 million in buying power. Retail accounts are preferred because you get paid daily at the conclusion of each profitable trade.

 

[Redneck]

Quote from stockcik:

I have a day trade idea I think it should works,but I am not sure if it really works before I trade it real. I just have $30,000 capital to trade and set a target of making $2,000 monthly. any suggestion or experience? thx

is it a joke that I want to trade full time to make a living with only $30,000?

It'll be a joke if you treat it as such

It'll be a failure if you unsure of your trading skill / method (or lack either)

=============

Given that you're asking - I would respectfully suggest you proceed with caution

All ideas remain ideas.., and unproven - till proven

Trading scared money is never prudent imo


RN

 

[Bob111]

+1 Rn

 

[austinp]

Quote from Trader.Fighter:

A defined edge is an extremely powerful money making machine.

Which is why you don't teach it, share it or discuss it.

yet another endless, perpetuated misconception. You can offer the same "edge" to 1,000 different traders and it won't affect any single market or person's results, not one iota.

 

[Bob111]

Quote from austinp:

yet another endless, perpetuated misconception. You can offer the same "edge" to 1,000 different traders and it won't affect any single market or person's results, not one iota.

Disappointed to see such fullish statement from a member since 2006. It's depends on the market, liquidity, strategy and so on.

 

[austinp]

Quote from Bob111:

Disappointed to see such fullish statement from a member since 2006. It's depends on the market, liquidity, strategy and so on.

no... it depends on basic human nature

give 1,000 traders the same general strat, they will greatly differ in use of...

chart time frames (minutes, tick, volume, range, etc)

trade signals taken, i.e. which are taken or passed for endless individual reasons

days traded using strat

periods of each day using strat

exact entry locations

exact stops and trade exit choices

**

the only "foolish statements" I see are those who assume that because they use an x-setting chart with some strat guidelines which creates an "edge" that therefore it's the only use of said strat.

Typical inexperienced trader logic... take any strat, vary the chart's timeframe = setting and you create semi-correlated "systems" with same long-term outcome of results from varied distribution of individual trades.

 

[kut2k2]

Quote from austinp:

yet another endless, perpetuated misconception. You can offer the same "edge" to 1,000 different traders and it won't affect any single market or person's results, not one iota.

This is silly. Out of a thousand new users, if the edge is real then the number will soon grow to a million (What are the chances of not at least one mook among the thousand shooting his mouth off to anybody in earshot? Zero). Pretty soon the edge creator finds himself competing with many other traders in his instrument, his time frame, etc. for exactly his entry point(s). Real "smart".

TA has a history of indicators that started out strong until some idiot published them then they died the death of a thousand cuts.

 

[Maverick74]

Quote from kut2k2:

This is silly. Out of a thousand new users, if the edge is real then the number will soon grow to a million (What are the chances of not at least one mook among the thousand shooting his mouth off to anybody in earshot? Zero). Pretty soon the edge creator finds himself competing with many other traders in his instrument, his time frame, etc. for exactly his entry point(s). Real "smart".

TA has a history of indicators that started out strong until some idiot published them then they died the death of a thousand cuts.

There is a difference here between real edges (arbitrage, order flow, speed) and things people call edges like technical indicators. Technical indicators are not edges and therefore they are not going to go away because people start using them. At most what will happen is the variability will increase. But most these indicators only work because of variability to begin with.

I agree with Austin for the most part in that if you gave 1000 traders specific instructions to trade a certain way, you would be hard pressed to find even one of them do it. There are a million reasons for this that are too long to go into here but there is academic research on the phenomenon.

Traders are a paranoid bunch and prone to conspiracy theories. They also are a little heavy on the ego and believe their sauce is the "right one".

 

[bankroll]

Quote from stockcik:

I have a day trade idea I think it should works,but I am not sure if it really works before I trade it real. I just have $30,000 capital to trade and set a target of making $2,000 monthly. any suggestion or experience? thx

The main question is if you made this $30k in trading or other ventures? That makes the difference.

Otherwise, Nicolas Darvas turned 25k to 2 million in 18 months, so do the maths. The main point here is, however, he learned a lot by losing before and the 25k was already his trading profit (if I am not mistaken).

 

[Bob111]

There is a difference here between real edges (arbitrage, order flow, speed) and things people call edges like technical indicators. Technical indicators are not edges and therefore they are not going to go away because people start using them. At most what will happen is the variability will increase. But most these indicators only work because of variability to begin with.

i agree with your definition of edge and that technical indicators are not. so-saying that you can give same set of rules to a 1000 traders and result will vary wildly is true,but doesn't make sense to me. cause is it's not really an edge. the real edge does not work in any time frame or any instrument. and name for it would be a holy grail,not an 'edge'.at least from my point of view.
my own definition of edge is that it's either technical(set of tools that other participants doesn't have),regulatory(subpenny for example) or very sophisticated algorithm that give you an advantage over rest of participants something that allow you produce profits every single day. it could be small profits(as in my own experience)with limited liquidity\scalability,but they are very consistent and stable. that's an edge. again-in my case-it was a very specific,coded set of rules that anyone can trade and execute.so the results can't vary. everything was hard coded.
it looks to me that OP was nowhere near of any 'edge'. all he got is an 'idea'. no proof or expirience that it will work,no numbers,no back testing, no paper trading,nothing. at least we don't know that. btw. to OP-you can have those numbers just by buy and hold IWM for last few years.