Trading fulltime retail with $50k

[damon_achey]

Quote from Port1385:

WTF is your issue posting this cr*p everywhere? Any idea how old that is... to the ignore list for you.

 

[Capablanca]

Remember in case you forget wiesman that whatever the setup there is always a price movement pattern that will inflict maximum damage. The current environment may be very good to your particular way of trading but when the environment changes it may not be. Don't think you know enough until you've gone through all kinds of market environment.

 

[loza]

I think it is a mistake (to quit), but if you do it - trade small lots for 6 months, to see if you can cut it before you go all out leverage and real time. Trade smaller, less leverage for at least 'til you know you have a flying chance. All other advise is useless...
...now you think you can do it, but first prove it and manage NOT LOSE a lot money in the process...that's the key...try it , and keept the job. The job market is also bad and going to get worst.

BTW this is a crazy mother fucking market and you are very young still...so WATCH IT buddy....

Quote from wiesman02:

I'll be 24 in a month. Currently have about $30k in my brokerage, and around the summer of next year I'll put $50k in my acct. I have NO DEBT, and live with a buddy so if I cant pay rent at worst i'd move back w/ mommy til i'm back on my feet.

My strategy will entail buying/ shorting the gap ups and gap downs, as well as scanning for the largest % gainers and losers at 10:00 am.


why I've chosen gappers and high % winners: support/resistance and price action is more predictable w/ high VOL.


starting equity: $50k with $200k buying power.


max per position size: $25,000. $10-$20 stocks will most likely have 1000 share sizes. lower volitility = more shares, but most gappers won't exceed 1000 unless its an under $10 stock. Max stop loss per position will NOT exceed $300. Not sure what exactly it'll be yet. I do not plan on blowing out my account, b/c I will not continue if I get a 40-60% drawdown right away. I've been studying gappers and I feel I am beginning to strongly understand price action.


Here's the kicker. I have a steady job at a bank making $42-$47k depending on bonus. I hate the 9-6 grind and I love trading. I feel I am young enough to try my stakes at what I love but I refuse to go prop. I'm going to trade retail with $50k. $45k just isn't enough for me. I'll never make $100k in banking, and I don't like my current lifestyle.

When I end up quitting, I'll have 2 yrs experience in banking with my series 6 just renewed if anything goes wrong


Thoughts ? Words of wisdom? Wish to talk me out of it ? I'm all ears. i appreciate your comments. $50k enough ?

 

[wiesman02]

Quote from loza:

I think it is a mistake (to quit), but if you do it - trade small lots for 6 months, to see if you can cut it before you go all out leverage and real time. Trade smaller, less leverage for at least 'til you know you have a flying chance. All other advise is useless...
...now you think you can do it, but first prove it and manage NOT LOSE a lot money in the process...that's the key...try it , and keept the job. The job market is also bad and going to get worst.

BTW this is a crazy mother fucking market and you are very young still...so WATCH IT buddy....

dude, you realize that this was written almost a year ago, and I've already quit an am 9 months in, right ?

 

[Buy1Sell2]

Gap analyses are to be ignored in trading. They fall under the heading of too much information. Thank you for your time.

 

[andrasnm]

so, now you know loza was right?

Quote from wiesman02:

dude, you realize that this was written almost a year ago, and I've already quit an am 9 months in, right ?

 

[GermanTrader]

Funny when people don't read before writing.

 

[andrasnm]

Some people do not want nor care to read miles of a thread that is over before it begun. Clearly, the poster asked a question and loza responded, who cares what others have said in between? The thread should have been deleted long ago as irrelevant.

Quote from GermanTrader:

Funny when people don't read before writing.

 

[limit]

Wiesman, don't keep us in limbo, give us an update on the remarkable streak. Did Nyx or snp500trader fix you up with the method?

 

[TraderZones]

Quote from wiesman02:

Then proceeded to say fuck indicators,

the 1 min chart has too much noise to accurately predict where the market goes.

Good for you on recognizing both. Indicators are fool's gold, and 1 minute chart trading have a heavy burden of commissions, slippage, taxes, and drain on the trader's psyche. Trading longer is the way to go.