Is it possible to make $50 to $70 per day with a 4K account in YM ??

[Cavendish]

Quote from stockjedi:

This is just too entertaining of a thread not to post. first off, I'm a newbie, not an expert trader, not a TA genius or anything like that. One thing that I hate the most on all these sites is the naysayers. It's always "No it can't be done", "Everyone only loses money on the markets", etc, etc, etc, etc...

Here's the thing, to me they're either:

1) Jealous because they don't know how to.

2) They don't want you/us/newbies like me to get in, because they know if I make money, it might be coming out of their account.

If you look at on of my first thread, when I started trading stocks in the late 90's I opened my E*Trade account with $1k, yes one thousand little dollars. I didn't know anything about the market, TA, stops, money management, every trade I made was emotional but guess what: I had some common sense because of the industry I work in (IT) and had a good gut feeling about what companies would go up in price, so what did I do? My $1k turned to $6k within 30 days. Then I bought another stock with the $6k and that turned to $40k after 2 months. Then I took all the $40k (yes it was legalized gambling for me I was a dumbass), bought a penny stock and within 6 month my account was at $200k. ok now for all of you geniuses that say it CAN'T be done, what kind of return in that?? 20,000% in less than a year?? Now did I take the money and run? No I let it ride from greed and didn't put a stop loss (had no clue what it meant), so when the market crashed I went down and lost most of it, but that's another discussion.

This is hilarious, and to be honest goes to prove the point I've been trying to make. As i've said previously, risk managed consistent returns are what keep people in trading, whether this is on a 4k account or an institutional account. I keep imagining my investor letter:
----------------------
Dear Investor,
Over the past two quarters managing money, I hugely leveraged beta into a bubble economy. This worked well for a while* - I was up a long way. I couldn't believe it myself! Sure i took a bit of risk, but who doesn't, i mean its a crap shoot really, and you've gotta be in it to win it right? Please pay my performance fee on the profits I made up to this point.

But I hear you cry, did we take the money and run? No we levered some more! I don't worry about stops or risk management, VaR, capital preservation or anything like these other killjoys write about - they're for losers right? Over the next few months, I lost nearly all of your money. I'm a rollercoaster, but at least I can spell beta huh.

Thanks,
Stockjedi

*Actual performance may have been a fluke.
---------------------

This proves what I was saying earlier, making consistent money through different economic cycles, different conditions, and staying in the game is very difficult, but not impossible if expectations are realistic.

This 20,000% a year performance is like one of those emails i get sometimes, where they extrapolate six months performance out to twenty years, and say look at this.

Maybe it was my own fault for posting on a thread that was called Career Trader, I thought it was for, or at least relevant to people who trade for a career, or want to learn and discuss. No Career Trader I've shown this post to - and its been sent around Bloomberg messenger for most of the morning, thinks in this manner.

 

[GTS]

Quote from stockjedi:

It CAN be done, if you set your mind to it and if you have a strategy that works and you understand money management. If you look at on of my first thread, when I started trading stocks in the late 90's I opened my E*Trade account with $1k, yes one thousand little dollars. I didn't know anything about the market, TA, stops, money management, every trade I made was emotional but guess what: I had some common sense because of the industry I work in (IT) and had a good gut feeling about what companies would go up in price, so what did I do? My $1k turned to $6k within 30 days. Then I bought another stock with the $6k and that turned to $40k after 2 months. Then I took all the $40k (yes it was legalized gambling for me I was a dumbass), bought a penny stock and within 6 month my account was at $200k. ok now for all of you geniuses that say it CAN'T be done, what kind of return in that?? 20,000% in less than a year?? Now did I take the money and run? No I let it ride from greed and didn't put a stop loss (had no clue what it meant), so when the market crashed I went down and lost most of it, but that's another discussion.
So next time someone asks you "I have a $1k account and I wanna get it to $200k in 8 months, can it be done?" be sure to answer YES it CAN be done.

That's a great rags to riches to rags story but what does it have to do with this thread?

See that's the problem with this thread, lots of generalizations and off-topic tangents that make it hard to have a serious discussion.

Did anyone say this its not possible to make $60 per day with $4k? No. Is that what is being discussed in this thread? No.

If you disagree, I suggest you look up at the title of this thread again and read the OP.

Here, let me help you: "Is it possible to make $50 to $70 per day with a 4K account in YM ??"

There are lot of things you could do with $4k but this thread is specifically discussing daytrading YM, emini Dow futures.

Your experience swing trading stocks has nothing to do with this discussion.

The next time someone starts a thread asking "Can I make all my dreams come true?" then all the Tony Robbins positive-thinking types are more then welcome to chime in saying all you have to do is believe in yourself, set your mind to it and it will happen.

But unless you have actually sat down and day traded YM or at least one of the emini's and know it what its like day after day to try to pull money from those markets I really don't think you are in any position to comment on this thread and us "naysayers" about how realistic it is to pull $60/day on a $4k account long-term trading YM.

 

[jimmygold]

Quote from GTS:



But unless you have actually sat down and day traded YM or at least one of the emini's and know it what its like day after day to try to pull money from those markets I really don't think you are in any position to comment on this thread and us "naysayers" about how realistic it is to pull $60/day on a $4k account long-term trading YM.

UHMMM.....Sounds like a disgruntled Trader who has had his head handed to him many times. :eek:
It seems pretty obvious that naysayers are born out of personal frustration and lack of success.

 

[GTS]

Quote from jimmygold:

UHMMM.....Sounds like a disgruntled Trader who has had his head handed to him many times. :eek:
It seems pretty obvious that naysayers are born out of personal frustration and lack of success.

I have a day job and it isnt trading. If I could quit my job, daytrade and earn $600/day avg I would do it, even though it is less then I earn now as a 1099 contractor. I'm not interested in throwing away years of savings on a remote "possibility" so for now I'm staying put until I feel comfortable making the switch. I know, not as glamorous as going "all in".

Its easy to make up whatever crap you want on the internet, too bad that the OP will be given advice by people who are more interested in protecting their ET alias's ego then being honest.

I know that there are several (perhaps many) very successful traders here on ET, they are pretty easy to spot. There are also the regular postings of different random people who have blown on their accounts who tend to post brutually honest fairwell threads. And then there are all the people in between with the usual bluster and not much real meat to what they say. Its hard to take any of them very seriously.

Anyway, I digress, apparently you've improved quite a bit since your simulated YM trading last month or maybe you are just talking out your ass right now by implying trading YM for real money every day is so easy - which is it?

Quote from jimmygold 03-02-07:
I am Simulating Trading the YM the last month.......I am basing it on a $2,000 start up equity account. Based on this, trading YM is just too volatile. My stop Loss are getting hit almost everytime.
( 2% of 2k on each trade is risked on 1 contract only) So I can give only 7 pts. on stop loss which I have found to be insane and NOT working.

 

[sunggong]

Quote from GTS:

But unless you have actually sat down and day traded YM or at least one of the emini's and know it what its like day after day to try to pull money from those markets I really don't think you are in any position to comment on this thread and us "naysayers" about how realistic it is to pull $60/day on a $4k account long-term trading YM.

I have a day job and it isnt trading.

GTS, you are freaking hilarious.

So basically, you are telling other poster to "shut up" because he hasn't daytraded "YM or at least one of the emini's and know what it's like day after day to try to pull money from those markets."

And yet, you yourself haven't done JACK! Instead, you have a non-trading day job, which (of course! ) pays more than $600 per day average.

This is comedy!

Please keep posting

 

[ChrisL]

I've read most of this thread and the answer is so much simpler than anyone has said.

The answer:

Are you a GOOD trader?
If yes, then it IS possible.

If not, NO... you will not make it.

 

[jimmygold]

Yep !! Those first couple of weeks were beyond tough. Did not have much of a foundation for YM trading at that point.

But I have worked steadily since then to develop a methodolgy and feel very comfortable where I am at right now.

 

[GTS]

Quote from sunggong:

So basically, you are telling other poster to "shut up" because he hasn't daytraded "YM or at least one of the emini's and know what it's like day after day to try to pull money from those markets."

And yet, you yourself haven't done JACK!

The nature of my job allows me significant periods of time to trade the market (or do anything else I want, like read/post on ET) uninterrupted.

Therefore your assumptions about me having done "JACK" are incorrect.

I have daytraded the emini's and I have the MBT account statements to prove it. If you want to bet on it make it worth my while and I will produce the statements.

 

[sunggong]

Quote from GTS:

The nature of my job allows me significant periods of time to trade the market (or do anything else I want, like read/post on ET) uninterrupted.

Therefore your assumptions about me having done "JACK" are incorrect.

I have daytraded the emini's and I have the MBT account statements to prove it. If you want to bet on it make it worth my while and I will produce the statements.

Ah! "It" is finally out in the open.

So basically you've been daytrading for a while, but for whatever reason, your performance is not on par with what the original poster is asking whether is possible or not....

In other words, you have NOT been able to do what the original poster is asking. So of course, it's NOT possible. Because I'm sure you are a very proud person, so if you CANNOT do it, then no one else can.

It's very clear now. Thanks.

 

[GTS]

Quote from sunggong:

So basically you've been daytrading for a while, but for whatever reason, your performance is not on par with what the original poster is asking whether is possible or not....

In other words, you have NOT been able to do what the original poster is asking. So of course, it's NOT possible. Because I'm sure you are a very proud person, so if you CANNOT do it, then no one else can.

LOL, so let me get this straight, as someone who disagrees with you there are only two possibilities:

(1) I have never tried trading YM and therefore do not have any basis to comment on the feasibility of what's being discussed

(2) I have traded YM but could not pull $60/day on a $4k account so that makes me a bitter failure

So basically this is a "have you stopped beating your wife" question?

So what is your story - are you able to pull $60/day in YM or have you never tried?