Quote from Rumblefish:
what is the success rate of traders who put 20K.
Quote from LEAPup:
How is a person supposed to answer that? Too many variables imo. A person with 20k may come in with a system, one may have some experience, one may have 30 years experience, and one could be someone off the streets wanting to learn to trade for a living. Doing a simple average of the success/fail wouldn't work imo due to the variables.
And a casion, I don't think so. You're barking up the wrong tree.
Quote from LEAPup:
How is a person supposed to answer that? Too many variables imo. A person with 20k may come in with a system, one may have some experience, one may have 30 years experience, and one could be someone off the streets wanting to learn to trade for a living. Doing a simple average of the success/fail wouldn't work imo due to the variables.
And a casion, I don't think so. You're barking up the wrong tree.
Quote from Rumblefish:
I'm asking a very simple question.
What is the success rate of you traders who depost $20,000 to trade at your casino skimming operation?
Listen, it's not secret information.
$3,000 is not undercapitalzed if leverge is 10:1 for stocks
$30,000 buying power.
most prop firms only give traders $10,000 intra-day buying power.
Either you don't want to disclose the failure rate, it's fine with me.
Quote from Maverick74:
A 3,000 account is very under capitalized. I've given Don shit for accepting 20k accounts. But to answer your question, it's my belief that the failure rates are pretty consistent across all firms which is usually about 80% to 90%. The word failure can be a very subjective term so I'll use Bret Steenbarger's definition. His definition of a "successful trader" is one who consistently makes enough money that after taxes can pay all his or her monthly expenses. Meaning, they are least breakeven at the end of year in terms of net worth.
The housewife who trades a little on the side who makes a marginal profit is not successful.
Quote from marketsurfer:
expenses are relative--- if i live in my parents basement and make enough coin to party and have a nice car, am I succesful?
Or am I only succesful if I own a house like VN on 13 acres in CT?
surf
Quote from Maverick74:
But here's the thing, for every guy these firms hire, they toss 100 resumes into the trash. It's that competitive. A lot of guys think...oh yeah, I'll just go work at one of those places. That's not how it works. You are going to be one of 400 guys getting looked at and maybe they choose 2.
Quote from Maverick74:
A 3,000 account is very under capitalized. I've given Don shit for accepting 20k accounts. But to answer your question, it's my belief that the failure rates are pretty consistent across all firms which is usually about 80% to 90%. The word failure can be a very subjective term so I'll use Bret Steenbarger's definition. His definition of a "successful trader" is one who consistently makes enough money that after taxes can pay all his or her monthly expenses. Meaning, they are least breakeven at the end of year in terms of net worth.
The housewife who trades a little on the side who makes a marginal profit is not successful.
Quote from marketsurfer:
expenses are relative--- if i live in my parents basement and make enough coin to party and have a nice car, am I succesful?
Or am I only succesful if I own a house like VN on 13 acres in CT?
surf
Quote from Rumblefish:
$30,000 intra-day buying power is what prop firms who don't require any deposit or any fees give to traders.
some traders only get $10,000 intra-day buying power.
the guys who get $40,000 intra-day buying power are top traders which is only $5,000 capital if you get 10:1 intra-day leverage.
that is the difference between a pro and amatuer. HFT machines are masters at managing leverage and daytrading.
Goldman Sachs daytrading prop desk is 100% fully automated.