Switching from "House money" to my own money

KILLINIT

Just a thought, a wild thought but a possibility

Archimedes: "Give me a lever and I will move the world"

Suppose your account is 6,000
Your lever is 400:1
Your 'trading power' becomes 2,400,000. Whow!
Yesterday, only deep pockets were allowed to trade FX.
Now you have a deep pocket too.
Your trade 'is' 240 per pip.

You then WAIT for a 'sure' trade. Go EURUSD.
Wait until everything sets up and 'gain' is inevitable.
Your 'wait' can take a few minutes, hours or days, but if you have patience and wait, those 'sure set up's can be found to provide plus 50 pips a 'few' times per week at least.

Then you 'make the kill' and harvest 12,000 (doubling your account).
Now you have 18,000 and 7,200,000 of trading power.

Make a few more of those 'sure kills' and then switch over to being a 'conservative' because you don't want to become rich and burned out.

Just have a plan B in case of a BACKFIRE.
Do you have a plan B?
Do you have enough patience to wait?
Do you know what is a 'sure kill set up'?

Practice your 'sure kill set up' with the demo and you will 'see' how it unfolds.

Go for it and prove these naysayers wrong.
:D
 
cooldude,

Thinking like that is how most beginners blow out. You stand about the same chance as winning the lottery attempting doing that. When I first started out trading, my usual thinking was...if I just had more money, I could do this...if I just had more money, I could do that. But frankly, I still would've blown out! To succeed in this game requires a GOOD combination of experience, capital (not scared money), patience and some sort of "edge".
 
I agree. I think I had that same mentality back in 1998 when I bought into Lycos, Theglobe.com....

"How hard could this stock trading thing be?". A question for which I found an answer for in year 2000 :)
 
In my humble opinion, the "sure trade" referred to above doesn't exist. Every scenario presents a multitude of unique trading choices each of which carries with it it's own probability of success, and none of which could be characterized as a nearly a 100% probability. Any experienced trader or investor will tell you that anything can happen at any time (and often does). This is why the primary component of a successful trading formula is a rigorous risk management policy. What is referred to as the the "sure trade" is presumably a trade that has the highest probability for success. I would posit that one should curtail ones trading activity to the point at which only these kinds of trades are triggered.
 
Quote from PuffyGums:

That's because the daytrading vendors and brokers have no vested interest in telling you about the other stories where the guy with 6K lost it trading his first week and had to go look for a job. (Which is what this guy should be doing now instead of waiting until he loses the little he has.)

The vendors won't tell you about the guy with $6K who could never get any traction because he lacked the funds to truly trade and spent the last year and a half churning at breakeven. No, all you'll hear are the miracle success stories. Yes think positively and YOU can do it!

The $6K career daytrader might be using daytrading to avoid the hard task of getting a job. Kinda like the unemployed who hang around coffee shops falsely calliing themselves artists and writers (not to besmirch actual artists and writers who produce real works).

At least the $6K career trader has more backing than the 'starter trader' a while back who wanted to gamble the last of his funds to pay for school tuition. Seriously, if it were that easy we'd all be trading and no one would work, including the professors at that school he was trying to raise tuition for.

Trading sounds alot more exotic than working at a job.
More...

Everyone knows the failed trader stories. ET is littered with stories of failed traders and naysayers. In fact, it's damn hard to spend time on this sight and maintain a positve outlook on trading and in life in general. As I've said, It's his capital, he wants to take the shot, then he should go for it. He knows the risks and their is no better time to take a shot then when you're young.
 
Not to beat a dead horse, or trying to be adversarial here, but I certainly am not trying to break anyone's spirit.
It just seems to me we're dealing with an inexperienced trader with some pretty bad habits who is looking for some sincere guidance. I'm guessing "killininit" is probably a fairly young man. Take under consideration the following quotes:
"I also find that I don't trade within my ability when..."
"Instead of trying to make $500 to $1500 a day, I push too hard and as a result, trade too many tickets and put on too many stupid positions. "

I do not propose that the gentleman give up on the business. I agree that "giving it a shot when you're young" may be the time in life when one is the most personally tolerant of risk. I'm simply suggesting that he arm himself with the best possible tools for success while he rids himself of the bad habits that would otherwise be his undoing, and continues to learn how to manage risk. If there are still conditions under which he doesn't trade within his ability and he overtrades, I'm afraid he's simply not prepared to handle intraday trading at 20/1 leverage with a margin for error of 6k.
I do however leave room for the possibility that I could be completely wrong. The market keeps me cognizant of that lurking contingency.
 
KILLINIT

Just look and read all those replies after my post.

What do you find?
All of them say sort of: Geez that is suicide. The guy is loco.

Now, remember the most famous phrase by Phantom_of_The_Pits?

Let me quote it for you: "THE MAJORITY IS ON THE WRONG SIDE."

and let me humbly add:
Winners are a lonely bunch. Be a loner and leave the MAJORITY behind.
:)
 
Quote from KILLINIT:

yes that is correct i have never been down gross month since i've started trading...... I only said this because I was wanted to know if anyone had the same situation and has made the transition from trading someone else's money to their money.......it's not arrogant if its true

helpful replies only please
More...


Don't consider leaving the office environment.....

Stay there....

you may discover that being remote you'll not achieve the same success that the "artificial" office environment provides for your style and type of trading....

as you described:
"putting on too many positions", etc.....
 
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