Making $5K with $20K each month

Quote from rcanfiel:

Regardless of what is said, the question is whether you have an outperformance edge. I have no idea what your history is.

Do you think that companies like Morgan Stanly or Goldman wouldn't be making 5K on 25K a month, if it were this easy? They are stocked with traders having 20-35 years experience. They have over $100 million annual research budgets. What is your research budget?

You are trying to make 20% a month trading stocks. I say this is unattainable. You are living in a dream world. You cannot plan to make money, unless you have already demonstrated this. Contrary to what is printed or said or claimed even here on EliteTrader:

VERY FEW PEOPLE WILL MAKE A LIVING FROM TRADING.
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While ssss gave a very truncated reply, basically he hit the nail on the head.

The larger operate under much tighter restrictions and have a much more difficult time moving their money in-and-out of the market than the retail trader.

It would be more appropriate to compare the OP's account to theirs like comparing a whale to the smaller invertebrate that live on it and keep it clean. Completely different animals.

Making 5K on a 25K account is quite doable in the futs markets, considering the limitations of stocks, I don't believe it is as doable ... but lets give the OP a chance to prove or disprove himself before we start passing judgment on him.

IOW, just because you can't do something, does not mean it is not doable.

Jimmy Jam
 
lovemygoat


5K/month over 20yrs..


Better buy Harward MBA for 100000$ ,after
you have good chance for position with start payement 100k$
per year .

That is more reasonable as trading .
 
The larger operate under much tighter restrictions and have a much more difficult time moving their money in-and-out of the market than the retail trader.


Depend -how great operator is W.Buffet,Ican - or market-maker for specific stock /options ?What of strategy he have ,what of tactic ?

Which of ? SPY ,XOM ,GE,IWM,MSFT ?

or rfmd ,swks,imcl ,osip ,cvtx, medx ,brcd


Market maker influenced stock and options price
In some of case MM going flat to end of the day ,in some not


Your respectfully
 
Quote from PennyTrader:

This is a jorunal to keep my records about what I am doing everyday - the stocks I trade, entries/exists, the strategies I use, and most importantly, the lessons I learnt.

I hope this journal will keep me disciplined and motivated to accomplish my goal - making $5K each month to pay bills with my $20K capital.

Currently my own account has $25800, this week I need to withdraw $5K to pay bills for the month, after the withdraw, my account will have $20K.

I only daytrade stocks, no futures/options/FX. Due to pattern daytrading rules, I won't be allowed to daytrade stocks with less than $25K balance, I will transfer my account to ProdigyTrading next week, they allow me to daytrade stocks with less than $25K, the margin is on them.

I also manage two other accounts for friends. One has $50K and another has $20K, I will split 50-50 profits with them. I won't withdraw any money from their accounts.

I trade various stocks, from penny stocks to NAS stocks, the price is from 0.0001 to $10.

My plan is to make $5K each month, my daily goal is to make $300-500 a day.

My max risk is $200 loss per trade, my capital draw is $2K-4K per trade, for higher priced NAS stocks, I might put more than $5K in a trade, I will use hard STOP orders on everytrade possible.

In most cases, I will try not to hold stocks overnight, I will close all positions before 4:00 PM or in AH, I might hold a stock overnight if it shows strong signs of continuation.

I have my own charting software and indicators. I use mutiple timeframes in my software, I use daily, hourly, 15 minutes, 5 minutes, 3 minutes, 1 minute and tick charts. In most cases, I trade with the trend on hourly, 15 minutes, and 5 minutes charts. If I do a counter-trend trade (such as on 1 or 3 minute bottom/top), the entry/exit will be very fast.

I've a stock scanner to look for trading opportunities every minute. I look for stocks trade at daily high/52 weeks high for long positions or trade at daily low/52 weeks low for short positions. During the day, if I hold a stock for more than 30 minutes or I think it has strong momo, I'll post it on this journal.

Wish me luck and thanks for reading!
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YOU CAN IF YOU THINK YOU CAN!!!!!


Always remember that, and never give up. All you need to do is make $250.00 a day. Thats your goal no find out how to reach that goal.

Dont listen to the negative nay sayers here. Trading is a business run it like one.

The market has been very forgiving here lately, buying dips in a rising market is one of the safest trades. Be on guard though this rally over the last 9 months is very shaky and may crumble under your feet at any moment so use risk management always.

Stay focused on your goal, take losses and smile no matter what. Keep a proper attitude and always think positive thoughts.

Good Luck!
 
Quote from phil1424:

another dreamer good luck with it , your need it son . jake
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LOL, stop being such a naysayer jake. Jeez man, myminitrading just gave the guy some really excellent advice.

Keep it positive, and you will be amazed at what you can accomplish.

JJ
 
Quote from myminitrading:

YOU CAN IF YOU THINK YOU CAN!!!!!


Always remember that, and never give up. All you need to do is make $250.00 a day. Thats your goal no find out how to reach that goal.

Dont listen to the negative nay sayers here. Trading is a business run it like one.

The market has been very forgiving here lately, buying dips in a rising market is one of the safest trades. Be on guard though this rally over the last 9 months is very shaky and may crumble under your feet at any moment so use risk management always.

Stay focused on your goal, take losses and smile no matter what. Keep a proper attitude and always think positive thoughts.

Good Luck!
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Good advice, man.

Making $5k with $20k each month is definitely doable.

If he's trying to make $200k each month from a $1,000k account, then I would say it's A LOT more challenging and risky, but 20% of $20k account is DEFINITELY possible.
 
MS and GS won't be scalping and daytrading retail accounts. There is no comparison.

5k on 20k is doable. That's how most successful traders start out. I doubt that most newbies start out making 20% on 20k a year = 4k annually or 333/month. Or I doubt that most newbies start out trading 500k accounts.

It's extremely difficult and most will fail but to all the naysayers, it IS doable.
 
Quote from phil1424:

another dreamer good luck with it , your need it son . jake
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For the first time recently I agree with Jimmy. Without dreamers where would traders be?
 
The Description of Taleb's new book "Black Swan" seems appropriate here:




"Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don’t know. We are, therefore, unable to truly estimate opportunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the “impossible.”

For years, Taleb has studied how we fool ourselves into thinking we know more than we actually do. We restrict our thinking to the irrelevant and inconsequential, while large events continue to surprise us and shape our world. Now, in this revelatory book, Taleb explains everything we know about what we don’t know. He offers surprisingly simple tricks for dealing with black swans and benefiting from them."
 
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