This is good advice. On the retail side 100k=400k in buying power. A good trader should net 20% of that 400k which is 80k. Not worth the stress compared to just working a regular job. To justify my own time investment in this business, I utilize 2M in buying power in a 500k retail account. It takes deep pockets with disposable money, not much different than most business ventures with the exception of the higher skill required to succeed.
Meeting with local prop firm. Good questions to ask?
- Thread starter itradeRisk
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This is good advice. On the retail side 100k=400k in buying power. A good trader should net 20% of that 400k which is 80k. Not worth the stress compared to just working a regular job. To justify my own time investment in this business, I utilize 2M in buying power in a 500k retail account. It takes deep pockets with disposable money, not much different than most business ventures with the exception of the higher skill required to succeed.
Some of what has been said has gone against what I was thinking..
To be honest where I am at right now I'm leaning more towards staying away from a prop firm and trading with my own money saved up. Shooting to start around 10k and trade small lots from there.
I've been told to look into trading futures as they would be more suited for what I'm trying to do. Topsteptrader might be something I would look into just to see what I can or cannot due before I take any jump into things.
Still looking around at other things trying to figure out what I'll do.
What is it you are looking for? Trading skills? Education? Leverage?
Mainly at this point trading skills, education and finding a strategy or three that fits me and can be profitable.
Futures market is appealing and I've been doing some reading, paper trading, and little research.
Prop firm is going to probably be a last resort. I feel with my level of skill and knowledge the fees will eat up my account. I feel the cost of "learning" through them wouldn't match what I would take away from it all. Still have a long time before I even would be doing this. So I can figure it out.
Futures market is appealing and I've been doing some reading, paper trading, and little research.
Prop firm is going to probably be a last resort. I feel with my level of skill and knowledge the fees will eat up my account. I feel the cost of "learning" through them wouldn't match what I would take away from it all. Still have a long time before I even would be doing this. So I can figure it out.
you're very wise and what you're saying is completely true. Thank you for your contributions to this forum, for me personally and i bet for others your advice and opinions are a huge help.
Trust nobody here. Only the numbers. They don't lie
Numbers lie. There are three kinds of lies, lies, damn lies and STATISTICS.
This is correct. Solid numbers is what I meant to emphasize. Statistics can drastically vary from solid to flawed. The key is knowing how to differentiate the two, which takes time in the world of trading. I can't even count how many times I've had to reinvent my own wheel.