Making a living with a $30K account
- Thread starter l2tradr
- Start date
I'm sure you're not meaning me with that reference.
Again, 60m-100m/year income starting with 30m to trade is a pipe dream.
With a proven simple and precise method someone could start to make some good money trading from a 30K account for sure. Just trading 3 to 5 lots in the sp emini or the russell with a good system can have very good returns for a 30K account.
Having a good strategy is only part of the battle imo. You need to develop your psychology first and set a foundation of goals and mindsets to become successful. For instance, I read "Law of Attraction" by Michael Losier { http://www.amazon.com/Law-Attractio...9322816?ie=UTF8&s=books&qid=1188663457&sr=1-1 } which was a very simple and instantaneously useful read. Wow..what a major difference changing the way you think can have to create dramatic positive impact on your trading results! This change of thinking combined with the simple system I was taught has been very effective and proved to me small account traders can have a chance.
Having a good strategy is only part of the battle imo. You need to develop your psychology first and set a foundation of goals and mindsets to become successful. For instance, I read "Law of Attraction" by Michael Losier { http://www.amazon.com/Law-Attractio...9322816?ie=UTF8&s=books&qid=1188663457&sr=1-1 } which was a very simple and instantaneously useful read. Wow..what a major difference changing the way you think can have to create dramatic positive impact on your trading results! This change of thinking combined with the simple system I was taught has been very effective and proved to me small account traders can have a chance.
Quote from thesecrettrader:
Just trading 3 to 5 lots in the sp emini or the russell with a good system
Quote from rcanfiel:
That is not just a small thing I think therein, lies the major problem. Few do. Many think they do. The supposed 95% of leveraged traders who lose their trading capital is testimony that this whole thread is a lovely idea, but is rarely done on a longterm, reliable basis.
***
Using that same arguement, one should never engage in personal relationships with the idea of getting married, either.
Enough with the loser mentality, I'm out of here.
JG
Just trading 3 to 5 lots in the sp emini or the russell with a good system
Quote from rcanfiel:
That is not just a small thing I think therein, lies the major problem. Few do. Many think they do. The supposed 95% of leveraged traders who lose their trading capital is testimony that this whole thread is a lovely idea, but is rarely done on a longterm, reliable basis.
***
Using that same arguement, one should never engage in personal relationships with the idea of getting married, either.
Enough with the loser mentality, I'm out of here.
JG
It can be done with hard work, belief, and a plan, of course which seems to be too hard of a task for most who want it easy.
Trading is a great rewarding career choice imo.....the lazy and negative are almost never rewarded.
Trading is a great rewarding career choice imo.....the lazy and negative are almost never rewarded.
Thanks for making the effort you did. I didn't catch some of the ranfiel, only the parts you quoted.
One thing is for sure, working at an IB is not the place to meet any traders of note.
I also think that anyone approached by ranfiel would run the other way immediately.
The whole spectrum of support services for really top traders are carefully chosen to say the least. ranfiel doesn't use any of these services, so he is very unfamiliar with their security and coventional boiler plate regarding information. I thought he was into doing IT for a while but apparently he has never gotten to "prove ins" for top trading styles in any way.
I've seen tech people at trading operations and they cannot "jump" to put in fixes that can easily be discovered by anyone inspecting a shop.
here is a for instance. A guy want to trade so he places a limit order that he knows will be immediatley turned into a market order. But he doesn't get a fill. What is the screw up and where is it in the chain. Don't ask an IT guy to fix the scre up. don't expect the trader to know what is wrong. As for me, and Spyder, we are on it in a New York minute.
Telling a shop that they have a problem like this and they do not know it can take as long as 15 minutes to make the point.
Here at ET, I get the feeling that these kinds of people are inveterate bluffers. I am putting a whole bunch of these types on ignore from this point on. My hope is that they will put me on ignore as well.
People whom you meet in the industry will engage with you; people in the industry will run as fast as they can in the opposite direction from ranfiel. He is a recognizable nuisance in no time flat.
Do put him on ignore.
When a person becomes a traders he gives consideration to a lot of things. One of those is the "prying eyes set of considerations. It is also called "security".
By having your IB take care of regulations and meeting their requirements, you set in place a buffer and you also can eliminate a lot of "reporting" requirements.
Where are reporting requirements information kept. A lot of it is kept out of view. It simply is no one else's business. This is a way the regulators protect people who want to stay below the radar.
What about people who want their business known and made available to others? They fit into another category. They file and their information is found in a common standard format and it available to those who seek it.
Over time, a category of people in the financial industry has come into being and it is the vendor category. ranfiel is a vendor and he uses two outlets: collective2 and the web by having some sort of vending operation that involves paying for a consideration. He does not, however, fit into the category of filing trading results as a professional.
He is now at a Phishing stage to try to find something that he can sell to others for some purpose. that is why he has never met anyone who is accomplished; they immediately run the other way.
People who are sceptics get treated in a manner that is the result of the trust that they engender. In New York I spent three hours (6 to 9pm) with a combo of broker reps. We looked at three ring binders of power point like illustrations of a four day seminar we conducted for 22 people in late January. these people were less sceptics than just exhibitors who wished to serve their client population better. In a matter of a couple of months they spent four days with us by us going to their offices. They saw live trading with real money during the business week. we saw their trading, too. There was a difference in money velocity of profit taking. for a period of 30 years they had not encountered such a trading kind of situation.
You have seen great trading and so have I in many different places. My experience includes about 50 years yours includes 10 years and renfiel's 20 years includes nothing in good or great trading. Nor Does surfer's apparently except for Sypder's performance for him. So I put surfer on ignore because people are running the other direction when they see him coming too, apparently. He said he trades traders so there are two levels of not seeing anything in his experience.
Thunderdog goes on ignore for me today. He has nothing to contribute because he has a standard that makes what traders like many people I meet at conferences and in shops look unbelievable and astonishing. Why do people run from him wherever he is? It is the same as why they run from rnafiel and surfer and many others who have never seen any trading of any note. They all have identifiable characteristics that make them unattractive. If I an some others like me are in a room where a presentation is going on by a great trader, then generally the presenter recognizes us. Certainly I look funny so I am easy to recognize. But there is one other reason each of us is recognizable. You have that quality too. We all approach one another with pertinent questions. Good forwarding questions turn out to be the hallmark by which one good or great trader can recognize another.
At this point I am, on a daily basis, narrowing what I see on ET.
There are many great trading methods or approaches. There are many great contemporary traders.
Happily there are many newer and dynamic traders coming onto the scene. They have, as this thread's OP shows, a common characteristic. They are asking questions of different ET good and great trader's pertinent questions in streams that forward their individual and independent pursuits.
I'm sure the owners of ET wanted the forums to be productive for everyone. The limits of productivity are continually enhanced by multiple interactions that are forwarding. The hits tolerance level is self adjusting for anyone. Mine was a tolerance level that handled anything at all up until recently. Now, I don't want to relate to anyone but good and great traders and people who have the character to become good and great traders by their intent to grow and develop a sound methodology no matter what it may be. I do not use the P and L to assess that. What I use is the pleasant participation of the person with others and also the substantive content of that participation.
My style of terminating others will be to tell them they are on ignore and to request that they put me on ignore.
You really put good questions to ranfiel and he didn't cut it as a trader or as an adult. He is Phishing and he is going to do others harm if he gets the chance. Thank you for forwarding the basic purposes of ET.