Trader salary scale

Quote from cashmoney69:

It sounds like you're having a hard time understanding what's required of you when it comes to trading. -- I've been trading for only 7 months.

The work required is countless hours of looking at charts and the tape, reading about psychology and self-control, reading about what moves the market, until you have a working picture of how and why things move. -- What do you mean..what moves the market?..what moves the WHOLE market..or just my stock?... The price of corn means absolutly nothing if i'm trading wal-mart. What moves the martket you say?..the news. I've noticed that earnings reports for just ONE company can push the market down. The fed, oil prices, war...

I only say this because it sounds like you're getting frustrated/confused and trying to find that magic piece of knowledge that will explain order flow and market movement. -- Darn right I'm frustrated.

this is what really pisses me off..

people say NOT to trade the news..or to fade the news..or to sell the rumor (news) but the facts, and all this fortune cookie BS.. on and ON AND ON!. WHICH is it?.. if news moves the markets, why ignore it.

bottom line.. I'm having a VERY hard time understanding what information I should act on period.

I'm not mad at you Dogballon, but at myself for not knowing and understanding what everyone on this forum seems to already know.

- nathan
More...
Hey bro.
I´ll try to put it simple for you.
The reason it´s not a good idea to trade the news is that by the time you hear the news the market has already moved, and in the case of announcements like earnings or FED statements, no matter how good/bad the news are you can never be 100% sure of how the market is going to take it... some times the news are real good and the market drops for some reason unknown to you...
There are just too many factors to be taken into account without driving you crazy, so keep it simple, apply ceteris paribus to anything other than price.
What does that mean? Consider that all other factors remain equal, and that all other market participants are well informed of those factors, and just try to see what it is they are doing, are they bringing the price up or pushing it down?
By doing this you´ll save your self a few headackes and lots of frustration. Don´t ask yourself what the market is about to do {as technichians tend to do} or what the market just did, as charts tend to tell you, but what is the market doing in this very moment?... That way when you find yourself in the wrong side of a move, it is not frustrating, simply the market is doing something different to what it was doing a moment ago, and that is perfectly normal. If you view the markets this way, it´ll be a lot easier for you to enjoy trading. and in the end that´s what´s really important... cause if you´re in it just for the money, you better go to law school or something...

Regarding your initial thread.
After 7 months you should be able to average about $200 bucks per day... that is in a week getting one day around 400 one day around 350, one day -50 one day around 30 and one day around 100...
 
Quote from cashmoney69:



people say NOT to trade the news..or to fade the news..or to sell the rumor (news) but the facts, and all this fortune cookie BS.. on and ON AND ON!. WHICH is it?.. if news moves the markets, why ignore it.

bottom line.. I'm having a VERY hard time understanding what information I should act on period.

I'm not mad at you Dogballon, but at myself for not knowing and understanding what everyone on this forum seems to already know.

- nathan
More...


It's difficult to explain, really, because everyone's preference is diferent. Some people exclusively read the tape on news stocks, some people hate day trading and prefer breakout patterns at critical points in the market, some people identify leaders within sectors and play the laggards, some play a single set of the same stocks day in and day out, after getting a feel for how reliable the specialist is and how the stocks respond to their sector and the S&P futures. A few guys in my office sit around all day waiting for news events like court settlements or drug trials, and then immediately take huge positions for half a point (then sit around and do nothing for days).

Finding your edge requires looking at several strategies and testing to see which ones you have a knack at understanding. You might find chart patterns give you the best idea of how something will move, so you could spend your time learning about identifying trend reversals, reading the tape for safe entries, measuring the potential move, and managing the trade over an hour or so. You might prefer watching five stocks every day and keeping an eye on the quotes to see when big prints go off or size appears, getting a feeling for where the order flow might be getting thick.

The point is, if you don't yet know which technique gives you the most confidence in your predictive ability, you will have a large amount of anxiety in the back of your mind when you enter your trades, causing you to fear your own decisions. You've gotta be ready to study all of these techniques without hope of payment until slowly what looks like randomness will coalesce into recognizable patterns. Don't worry: it takes years for everyone to get to that point, and so far you haven't lost that much money.
 
1 mill a yr is not unachievable if youre a position trader and have the required capital to take the occasional overnight gaps in decently uncorrelated markets.

As for day trading IMO (and im not a day trader) i believe u need to be pretty skilled to make 100k+ but then there r proabably quite a few day traders out there making more :P

If you want a salary increase, just trade more contracts:P
 
Quote from cashmoney69:

It sounds like you're having a hard time understanding what's required of you when it comes to trading. -- I've been trading for only 7 months.

The work required is countless hours of looking at charts and the tape, reading about psychology and self-control, reading about what moves the market, until you have a working picture of how and why things move. -- What do you mean..what moves the market?..what moves the WHOLE market..or just my stock?... The price of corn means absolutly nothing if i'm trading wal-mart. What moves the martket you say?..the news. I've noticed that earnings reports for just ONE company can push the market down. The fed, oil prices, war...

I only say this because it sounds like you're getting frustrated/confused and trying to find that magic piece of knowledge that will explain order flow and market movement. -- Darn right I'm frustrated.

this is what really pisses me off..

people say NOT to trade the news..or to fade the news..or to sell the rumor (news) but the facts, and all this fortune cookie BS.. on and ON AND ON!. WHICH is it?.. if news moves the markets, why ignore it.

bottom line.. I'm having a VERY hard time understanding what information I should act on period.

I'm not mad at you Dogballon, but at myself for not knowing and understanding what everyone on this forum seems to already know.

- nathan
More...

Buddy,

You've been at this for 7 months. I can't speak for everyone in this forum, but I've been trading for about 3 years and I'm still learning. I would suggest that you do not use other people as a barometer to gauge where you should be, what you should know, or what you should earn. Because someone else earns a lot less (or more) than you want to earn means absolutely nothing for what COULD happen for you.

As far as your frustration is concerned, it seems like you believe that trading the news works. Then do it. Your results will tell you everything. Make sure you use stops.

What I can guarantee is that if you're coming on here looking for people that will validate your trading ideas or anything related to your personal trading techniques, you're in big trouble.

You need to figure out which one of these filters (charts, S/R, earnings, news, tape reading, moving averages, volume, open interest, trendlines, GE earnings, etc..) or which combinations of these filters will make price movements make more sense to YOU. If it makes sense to you and you're making profits, then what difference does anyone else's opinion on this website make? Just do something. Make mistakes or make money. Don't make a fuss. Good luck.
 
Quote from eusdaiki:



Regarding your initial thread.
After 7 months you should be able to average about $200 bucks per day... that is in a week getting one day around 400 one day around 350, one day -50 one day around 30 and one day around 100...
More...

Its been a while sinse my first post on this thread. Eusdaiki, you're asking me to make 1000.00 a week?. My best gain so far was 571.00, and that was three months ago for the whole month. That's an average of 28.55 a day :mad: . Fucking pathetic IMO. So far it seems I lose 10x the amount I gain.
 
Quote from cashmoney69:

kinda like the question "Does money make happiness?".

After 5 years, I'd expect to make at least 100k a year. thats not too bad at all :p.
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why trade when you could get a regular job that pays 100k a year.
 
Quote from mschey:

That one went right over your head....I guess we all have senior moments! :)
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I doubt it went over his head because he is a senior citizen. He most likely is a foreigner and doesn't understand english. Every senior citizen I know is more smarter and more brighter than most people.

Get a life mschey and stop making fun of senior citizens. mschey you are a total mentally sick person to come on a forum and pretend you are a ms. or a woman when you really a man disguising yourself as a woman. Everybody knows you are a fraud.
 
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