Switching from "House money" to my own money

Trading efficiently and consistently is where it is at. When you pencil it out and discover that the fees in exchange for leverage does not seem efficient any longer, then its time to make some adjustments...but what do I know?.... I have never traded Prop.

If I am trading a system it should not matter who's money I trade.

Michael B.
 
Quote from KILLINIT:

Finally some helpful advice.....Actually my buddy and i are going to be trading out of the same place, so i think this will help as far as the difficulty of trading in solitude.

I'm looking foward to trading my own capital, knowing that I will be keeping 100% of my profits and also being responsible for 100% of losses (increases discipline)
More...

I'm under the impression you either had an extended vacation or took a leave of absence from your job to determine if becoming a retail trader was suitable...

???

If not...I strongly recommend you either take an extended vacation or a leave of absence from your job to test the waters of retail trading.

Most traders need a side kick sort'uv speak to help them stay focus and maintain discipline as retail traders...

As they make the transition from institutional trader or some other professional trader to retail trading.

Few can do it on their own (no one else in their home office) right out of the gate.

Unfortunately, most will try the solitude route no matter what their background is.

At least you'll have a side kick to trade side by side with right out of the gate as you make the transition...

That should be an additional edge.

Then after a few years of doing well (profitable) with your sidekick...

You can then try the solitude route after instilling discipline and being able to rely on your own market analysis without having someone next to you giving their input.

It's what I did...no complaints.

Last of all, ensure you have enough money saved up to pay all your bills for a minimum of ONE YEAR including a few thousand for unexpected expenses...

Also, start with trading capital that equal your salary at your firm...

If not...road you about to travel may get very tough to navigate on.

Mark
(a.k.a. NihabaAshi) Japanese Candlestick term
 
KILLINIT

Go for it.
imho, you shouldn't have started this thread.
People 'get it' that you aren't sure and that you are here hoping for a pat on your shoulders.
'They' couldn't make their dreams come true the way they wished so they are spitting wild.
You know AND THEY KNOW that 6K was more than Livermore had to start.
If you let these morons kick you down you will never know what could have happened.

Go ride your tiger and let these morons struggle with their camels (donkeys ?).

'They' can't write your history.

Just give them the 'fingers' in return.
:D
 
Quote from cooldude:

KILLINIT

Go for it.
imho, you shouldn't have started this thread.
People 'get it' that you aren't sure and that you are here hoping for a pat on your shoulders.
'They' couldn't make their dreams come true the way they wished so they are spitting wild.
You know AND THEY KNOW that 6K was more than Livermore had to start.
If you let these morons kick you down you will never know what could have happened.

Go ride your tiger and let these morons struggle with their camels (donkeys ?).

'They' can't write your history.

EXACTLY!!!!!!!!!!!!!!!!
Just give them the 'fingers' in return.
:D
More...
 
Though I have 2 accounts, 1 for position trades and 1 for daytrades, my daytrading account was only 16K early this year (around March) and I've grown it to 40K as of today. Mainly from daytrading futures and stocks.

I know it's not enough to make a living doing it full time yet but the returns are decent and I trade very very conservatively.

With 6K and 20:1, it's hard but if you know you're good, I don't see why you won't succeed. Good luck.
 
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