"take the money and run" type market

First of all Steve didn't make $230,000 on $5000. He put up $5000 to trade and got alot of leverage. This is common practice in the prop trading industry. I am in a similar situation. I have 1 million bp because my firm gives me leverage not beacuse I am trading with a million dollars.

As far as trading is concerned imo this is the best market for active traders in a number of years. I believe in times like these a trader must sit down and NOT GET UP and be ready to take advantage of the many oppurtunites the market is handing out. As a trader I don't know when Mr. market is going to fall asleep again so my goal is to clean up now.

Now I know my idea of a good market might not be everyones. Since I have traded for over 8 years I have been through very high volatility environments and extremely low. I prefer high volatility and will trade much more in environments like this. A typical day for me last year would be net 2000 on day with 150,000 shares traded. Now I might have 750,000 shares traded and a much higher profit also (though not allways lol).

Last year for alot of the time I would have an auto stop out on my account at ($2000). Now I have my stops set to ($5000) because I know I can make alot more in this environment. Anyway my point is that money in the trading business is very uneven and a trader should really focus when volatilty is high. Just look at the trader p and l boards. You guys think its a coincidince that many traders are having their best days ever in August.
 
Quote from Cxinvest:

So you are saying you turned $5k into $230k last year? Guess I'd have to see the statements on that one.

~Cx
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5k with leverage, i don't doubt it.

5k with leverage should be at least 25-30k, more than likely a bunch more than 50k. and 230k is definitely doable with discipline, a good strategy and keeping losses small.

the market has FINALLY turned into a nice volatile environment (both up and down) for daytraders. and there's plenty of movement in both directions.

though i suspect i'll be done trading tomorrow by 1 pm...
 
I am not trading with Pro firms. if traded so much volume in a day and made just a couple of thousands per day, or $400 buck per day, I think you really work for the Pro-firms, not for yourself, you are making volume to generate too much commision fees to them.
it must be a low life in those pro-firms. why not quit and work at home? not as many said, actually if you know your edge, you do not need so much cash cushions and you do not need work so intensively.
 
For the record, he did mention this earlier in the thread...

Quote from Steve Tvardek:

5k at a prop firm is all I put up. I got leverage of course but I knew how to use it. I generally only had one position on at a time and never more than 100K in BP used at any given time.
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those guys with pro-firms talked differently, their trading powers are not 5k, their trading powers are: $0.5M* 100~200trades/perday*5 days*52 weeks, they just made $230k, this performance is laugable, I think they are lying, they should be able to make at least 7 digits!
 
trader_david, i trade with a prop but our styles are extremely similar. especially how you describe the open. as for Steve,I bet anyone here that he made 230k last year with only 5k in his account. a good trader can get at least 100k in bp with only 5k and make that kind of money.i have seen it and i believe Steve when he say's that he made that amount last year. i have 3k in my account and have 75k in bp. thats more than enough and i barely use half in any one trade.
 
First off, its a "prop firm". Secondly, what is it with people tonight and not having a clue about what they are talking about. First there is timvodas who thinks I am riding out long term bull mkts as my only source of trading and now there is this guy who thinks that one must max out leverage on every trade regardless of risk.

David, not everyone trades balls to the wall. I am methodical in my approach and prefer consistency over big swings. Thats just me, if you are such a hot shot trader why dont you put up 5k, get 500k BP and put your money where your mouth is?


Quote from trader_david:

those guys with pro-firms talked differently, their trading powers are not 5k, their trading powers are: $0.5M* 100~200trades/perday*5 days*52 weeks, they just made $230k, this performance is laugable, I think they are lying, they should be able to make at least 7 digits!
More...
 
those guys with pro-firms talked differently, their trading powers are not 5k, their trading powers are: $0.5M* 100~200trades/perday*5 days*52 weeks, they just made $230k, this performance is laugable, I think they are lying, they should be able to make at least 7 digits!


I don't even know what this means traderdave.
 
Quote from Steve Tvardek:

5k at a prop firm is all I put up. I got leverage of course but I knew how to use it. I generally only had one position on at a time and never more than 100K in BP used at any given time.
More...


What did you trade??
 
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