no bull

[terminator]

ok i've been trading for near 1yr now and the last 2mths were the first 2mths where ive gone above breakeven through non-flukey trades. Thanks to spydertrader and Jack hershey for their guidance, although i don't trade the equities system strictly, it has helped enormously in helping me develop my own discretionary trading philosophy.

now i want to know, how many people here actually trade for a living privately? No money managers, institutional guys, who here actually does this full-time and gets a good enough living out of it to support themselves? Cause i dont wanna manage money or damn work prop or anything like that, just want to trade privately. Any1 here do that?

 

[NihabaAshi]

Quote from terminator:

ok i've been trading for near 1yr now and the last 2mths were the first 2mths where ive gone above breakeven through non-flukey trades. Thanks to spydertrader and Jack hershey for their guidance, although i don't trade the equities system strictly, it has helped enormously in helping me develop my own discretionary trading philosophy.

now i want to know, how many people here actually trade for a living privately? No money managers, institutional guys, who here actually does this full-time and gets a good enough living out of it to support themselves? Cause i dont wanna manage money or damn work prop or anything like that, just want to trade privately. Any1 here do that?

Are you asking how many traders at ET are trading for a living regardless to the methodology they are using?

Are you asking how many traders at ET are trading for a living via Hershey's methods?

If it doesn't matter to you (I assume it doesn't because you didn't mention any specifics) what the method is nor what the trading instrument is...

You should read the Trader P/L 2006 and 2007 threads because I've seen a few there posting some consistent profitable numbers.

Last of all, many threads like this in the past where someone specifically asked whom are trading for a living and many showed up to say...

I am.

If your just looking for a poll of answers...you could start a thread with a poll in it even though that too has been done in the past a few times.

Yet, to remove the B.S. as you put it...probably best to ask for a few recent daily P/L statements including showing one yourself.

P.S. Some of those traders that said in the past they trade for a living (profitably) also have post images of their trader workstation at the below link.

http://www.elitetrader.com/vb/showthread.php?threadid=43661

Mark

 

[USAtrader]

There are a lot who trade remotely with prop. It's essentially trading privately, which is what I consider myself to be doing.

Going through a prop firm is just the setup for my personal trading business. Simply put, they are another service provider, albeit the most important one. You're not working FOR them. Don't like 'em, choose another provider, on that best services your private trading business.

 

[Steve Tvardek]

Not to mention that fact that, if you have a successful style, it makes sense to put up your $$$ up (5k/10K) at a prop firm and trade remotely b/c you can get much more leverage than you would retail.

Quote from USAtrader:

There are a lot who trade remotely with prop. It's essentially trading privately, which is what I consider myself to be doing.

Going through a prop firm is just the setup for my personal trading business. Simply put, they are another service provider, albeit the most important one. You're not working FOR them. Don't like 'em, choose another provider, on that best services your private trading business.

 

[terminator]

Quote from Steve Tvardek:

Not to mention that fact that, if you have a successful style, it makes sense to put up your $$$ up (5k/10K) at a prop firm and trade remotely b/c you can get much more leverage than you would retail.

point taken. Atm im trading with the absolute minimum leverage possible,
$1 x index value. I'm trading SPI and Nikkei mostly as i live in australia.
PnL shows a modest return of 3% per month for last 2 months and -10.5% from my initial investment of $5000.00 last year.

Just that i've heard about people doing trading for a living, but never actually talked to any1 who has done it. Really like to know whether is as good as its cracked out to be i.e the freedom and the money

cheers

 

[Jayford]

I would say the majority of traders here who do it for a living, just trade their own accts, or manage for family and friends. There are only a few BIG guys that bother with ET. Lots of "prop" guys, but again, most of them are still prolly trading their own money.

Personally, I just trade for myself. That is the only way I would do it. Too much stress otherwise (I've tried trading other's money, can't do it).

Be sure you get really consistent before you quit your other job. Its harder when all your income has to come through trading.

 

[terminator]

my aim is around 5% per month average for my trading. any1 here make that consistently every month? I guess it shouldnt be too hard for an experienced trader

 

[nonlinear5]

Quote from terminator:

my aim is around 5% per month average for my trading. any1 here make that consistently every month? I guess it shouldnt be too hard for an experienced trader

5% per month is 79.6% annually. This rate of return turns $100,000 into more than a billion in just 16 years. And in 27 years, your account balance should reach 733 billion, which happens to be more than the gross domestic product of your entire country (Australia). Think you can do it?

 

[terminator]

Quote from nonlinear5:

5% per month is 79.6% annually. This rate of return turns $100,000 into more than a billion in just 16 years. And in 27 years, your account balance should reach 733 billion, which happens to be more than the gross domestic product of your entire country (Australia). Think you can do it? [/QUOTE

1) my 5% per annum is on a small account sizes, max account size i think ill ever build to is 200k, will not trade any more than that due to the obvious liquidity issues in a small market like the SPI. Eventually liquidity will place a cap on the amount of contracts i will be able to trade

2) You assume continuous reinvestment
which is completely unreasonable. i need to buy food and pay rent.

3) your calculations do not take into account liquidity problems when the account size exceeds 10mil+

4) Your calculations do not include having to pay the top marginal tax rate on ever increasing returns.

 

[nonlinear5]

Quote from terminator:

Quote from nonlinear5:

5% per month is 79.6% annually. This rate of return turns $100,000 into more than a billion in just 16 years. And in 27 years, your account balance should reach 733 billion, which happens to be more than the gross domestic product of your entire country (Australia). Think you can do it? [/QUOTE

1) my 5% per annum is on a small account sizes, max account size i think ill ever build to is 200k, will not trade any more than that due to the obvious liquidity issues in a small market like the SPI. Eventually liquidity will place a cap on the amount of contracts i will be able to trade

2) You assume continuous reinvestment
which is completely unreasonable. i need to buy food and pay rent.

3) your calculations do not take into account liquidity problems when the account size exceeds 10mil+

4) Your calculations do not include having to pay the top marginal tax rate on ever increasing returns.

While your objections are valid, you are still unreasonable with your target of 5% monthly return. Account size aside, this rate of return over a long period of time will get you on top of every single mutual fund, hedge fund, and probably every single trader featured in the "Market Wizards" book.