the people voting are exaggerating or they're not the same people who post, because there's no way the percentages in the poll reflect the reality of the posts. there are subtle clues in et posts that give you an idea of how much people have. when you have larger accounts, there are issues in trading and things to think about that didn't exist when you had a small account size. example: the fact so few people discuss portfolio margin or haircuts tells you most people have 5-figure accounts or less.
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The Elite Trader's Account Size
- Thread starter condorll
- Start date
edpolton
Registered: Jul 2006
Posts: 35
03-10-08 05:45 AM
"It would be interesting to know the net worth of Elite members. Account size may not be a very good indicator of financial skills.
For example, since I only trade futures I only keep 20k in my trading account. Whenever it reachs 30k, I withdraw 10k.
The bulk of my wealth is invested in realestate and small business's that I own.
I checked the button for 15-25k but it is not indicative of what I have managed to achieve through all investments.
I would suspect there are others with small accounts but high net worth."
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Spot on Ed, trading represents only a small percentage of my overall business interests. Diversification is the corner stone of my wealth creation strategy and I'm quite certain this would also apply to most other successful businessmen/women.
Also the cost of money is quite expensive so trading futures to the limit of your smaller account, allows for cost effective speculation thru high leverage, just make sure that additional funds [overdraft/ line of credit facility etc] is available and can be accessed quickly if required!
Similar to having a large account only far more cost effective!
Best Regards
Johno
Registered: Jul 2006
Posts: 35
03-10-08 05:45 AM
"It would be interesting to know the net worth of Elite members. Account size may not be a very good indicator of financial skills.
For example, since I only trade futures I only keep 20k in my trading account. Whenever it reachs 30k, I withdraw 10k.
The bulk of my wealth is invested in realestate and small business's that I own.
I checked the button for 15-25k but it is not indicative of what I have managed to achieve through all investments.
I would suspect there are others with small accounts but high net worth."
---------------------------------------------------------------------------------
Spot on Ed, trading represents only a small percentage of my overall business interests. Diversification is the corner stone of my wealth creation strategy and I'm quite certain this would also apply to most other successful businessmen/women.
Also the cost of money is quite expensive so trading futures to the limit of your smaller account, allows for cost effective speculation thru high leverage, just make sure that additional funds [overdraft/ line of credit facility etc] is available and can be accessed quickly if required!
Similar to having a large account only far more cost effective!
Best Regards
Johno
Quote from Johno:
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Spot on Ed, trading represents only a small percentage of my overall business interests. Diversification is the corner stone of my wealth creation strategy and I'm quite certain this would also apply to most other successful businessmen/women.
Also the cost of money is quite expensive so trading futures to the limit of your smaller account, allows for cost effective speculation thru high leverage, just make sure that additional funds [overdraft/ line of credit facility etc] is available and can be accessed quickly if required!
Similar to having a large account only far more cost effective!
Best Regards
Johno
Exactly. Why tie up more money than is needed to achieve your objective. Might as well have the money working for you somewhere else.
They sure can. And even the most skilled daytraders that shoot for 100% gains can also incur a -100% month and then it's game over. Any (day)trader targeting 100% monthly gains must trade in a fashion that brings them close to the brink of blowing up, they just won't admit it.Quote from MandelbrotSet:
Skilled daytraders can make 50-100% in a month.