Trading fulltime retail with $50k

ImO you have to pretty much crawl through shite to get to the top of the "layer cake" mate, so get ready for a bumpy ride. A winner in this game is determined by his levels of perseverance. All the best!
 
Quote from Trader7793:

Good luck to you weisman02.

I know what you mean about working as a retail banker, at firms like Chase, $45-50k is the average pay for most personal bankers. Retail banking just is not what it used to be. Firms like Chase have applied the fast food model to consumer banking and really ruined things.

When I resigned they let me give a two week notice, since I was not going to a competing firm, but then they had demoted my branch manager (later he was caught stealing client money and signing mine and other PBs names to the paperwork).

Hopefully you have been able to get your monitors and PC setup for the configurations that you will need once you prop trade. Most prop firms will allow you to demo their software which should be beneficial.
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100% agree. It sickens me how Chase has changed even though I've only been there for 16 months. Fast food model was a perfect analogy. Definitely one of the reasons why I left so quickly.

And yes, I am demoing software. Demoing Sterling starting Tuesday :)
 
Quote from samus:

Some in this thread who've mentioned you can't make a very good living with 50k capital are just plain wrong. I have 200k plus but I only have to use 45-50k to earn 800+ a day.

I've been day trading for over 15 years and experienced a lot of heartache over the years... and I can say none of it was caused by what the market did to me... it was what I did to myself.

I trade full time now and look back on my trading life and wonder why I made it so hard.

It took a lot of maturing and a lot of tough losses but those days are behind me.

Several in this thread have advised you to focus on your psychology of trading... and I can say without a doubt... this is what will make or break your trading career.

People are always looking for the holy grail of TA to give them the certainty of price movement that they will never find.

The real path to success is knowing yourself and developing an intense desire to succeed as a trader and an equally intense desire to know who you are.

Trading success is a small percentage of TA, but it's a very large percentage about how well you know yourself.
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nice post:)
 
2 weeks into trading fulltime. Decided to give it a go while i'm still home w/ the parents.

W/o a doubt the pyschology part is the toughest. My strategy is profitable, and I'm just barely profitable. Definitely working on the pyschology part, and plan on mastering it within the next month or so.

I've got a journal tracking my progress if any are interested
 
Quote from samus:

Some in this thread who've mentioned you can't make a very good living with 50k capital are just plain wrong. I have 200k plus but I only have to use 45-50k to earn 800+ a day.

I've been day trading for over 15 years and experienced a lot of heartache over the years... and I can say none of it was caused by what the market did to me... it was what I did to myself.

I trade full time now and look back on my trading life and wonder why I made it so hard.

It took a lot of maturing and a lot of tough losses but those days are behind me.

Several in this thread have advised you to focus on your psychology of trading... and I can say without a doubt... this is what will make or break your trading career.

People are always looking for the holy grail of TA to give them the certainty of price movement that they will never find.

The real path to success is knowing yourself and developing an intense desire to succeed as a trader and an equally intense desire to know who you are.

Trading success is a small percentage of TA, but it's a very large percentage about how well you know yourself.
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samus,

I fully agree with what you said.

Just curious, what instrument do you trade?
 
Quote from wiesman02:



I've also figured out that my initial "$200" profit goal per trade and automatic $200 stop loss is completely ridiculous. I would wait for price to hit either / or. It worked somewhat in my previous system. Yet, if you think about it, if I can read price action, why should I set a predetermined loss / goal. Granted, I'm probably not going to take a loss of more than $200, b/c I dont plan on entering a trade where I'm going to ride price down further than $200, as I'm still working with $20,000 position sizes unless price is under $20, then my size is 1000 shares.




Thanks for reading guys.
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You've had some good advise on this thread. And some shit advise too from people who you need to avoid like the plague unless you're taking the other side of their trade.

In regards to your ''profit goal per trade'', think more in terms of your risk.
Risking a dollar to make 50 cents will end your trading career quickly.
Read Mark Douglas, Trading in the Zone.

Trade Well.
 
Quote from wiesman02:

Definitely working on the pyschology part, and plan on mastering it within the next month or so.

I've got a journal tracking my progress if any are interested
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If you get it within the next month - write a book and be another Mark Douglas.

Is this your journal or are you elsewhere? Enjoy reading how others are getting along.

Make 'em pretty, Chris
 
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