doesn't sound like you're giving your account much room for error by swinging 4 contracts with just $660 in equity
or did I get something mixed up?
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what kind of monthly returns are good fx
- Thread starter chipmunk
- Start date
doesn't sound like you're giving your account much room for error by swinging 4 contracts with just $660 in equity
or did I get something mixed up?
depends on how old you are
like that kid over in London
he made enough to run up a 100k bar tab one night
if you put it all on and guess right the returns could be quite staggering
if you are old and conservative and you guess right 4 months in a row, you'd be up about 40% (and if you guessed wrong, you wouldn't be down that much.)
thing is, you can make 10% in just one day, but everyday is a different matter (especially if you lose 10% in a day.)
most of the money is made in just a few minutes or a few hours. But days can go by where even if you were God and knew what was going to happen you couldn't make much.
like that kid over in London
he made enough to run up a 100k bar tab one night
if you put it all on and guess right the returns could be quite staggering
if you are old and conservative and you guess right 4 months in a row, you'd be up about 40% (and if you guessed wrong, you wouldn't be down that much.)
thing is, you can make 10% in just one day, but everyday is a different matter (especially if you lose 10% in a day.)
most of the money is made in just a few minutes or a few hours. But days can go by where even if you were God and knew what was going to happen you couldn't make much.
Quote from Wallace:
well I'm up about 15% on an M6E account I just started trading this week
trading futures has a different profit opportunity than spot fx because the overnight
margin is greatly reduced when day trading
the M6E $12,500 contract o/n margin is $330 and day trading margin $100
the 6E $125,000 contract o/n margin is $3,300 and day trading margin $500
the M6E account was opened with $660 and I felt comfortable day trading 4 contracts
which at $1.25 pips = $5 per pip and the r/t commission is $1.56 per contract
I opened it in theory to trade DDW - Day-to-Days-to-Weeks, and on a purely math
basis, said if a 1 contract trade obtained 10 pips per day, then one could double
contracts traded every 6 weeks, so that would be about a monthly 66% profit based
on the contract margin
initially I'd thought I'd take profit and wait out a correction, or, trade any correction if
I understood what was going on. in theory I would base trading analysis after each
day's close, however, the third technique includes day trading so, I imagine if being
profitable multi contract day trading and maybe holding some trades o/n, then doubling
might be occurring at a faster rate than 6 weeks, possibly once a week or two given
the daily range of the eurusd
Who is your broker?
PaulVl: http://www.ampfutures.com/
"PorkBellies ! " - Louis Winthorpe III aka Dan Aykroyd in 'Trading Places'
you didn't get anything mixed up PorkBellies
from the pov of trading theory, some might think $3,300 is the minimum account
size in order to trade a $330 contract irrespective of the day trading margin, or that
a margin of $1,000 per contract is required when day trading a $100 contract
then there's what fear-financial risk do you want to accept, are you comfortable with ?'
and the trading method, how reliable is it ? how reliable is the trader trading it ?
I'd been trading the 6E and you'll appreciate a 50 pip loss in that would have been
$625 . psychologically, dropping down from the 6E to the M6E has an f-f risk that's
10 times lower
on the f-f risk scale of 0 to 10 , I'm quite comfortable trading the M6E at the 4 level -
4 contracts, but given the low margin in my 6E account, my un-comfort level is 10
increasing the 6E account margin to $3300 wouldn't help at this point as I think I've
become gun-shy of it - too many losing trades
the M6E seems like it's different than the 6E, a new instrument to trade
my discretionary analysis based trading method is very accurate, but I've not traded
it enough, this because of the high 6E f-f level - afraid to take trades
so rather than DDW trade the M6E, I've started day trading it and will see how good
my trading method and me really are
on the loss side, I'm prepared to take 5 to 10 pips plus the commissions
then the last component becomes confidence
if all the other components are meeting their required criteria and profits are being
made, then trading confidence is generated which in turn enhances trading results
and knowing how much 'swing error' to allow for
but point taken PorkBellies, and the added bonus with the M6E is I can always drop
down to trading 1 contract
"PorkBellies ! " - Louis Winthorpe III aka Dan Aykroyd in 'Trading Places'
you didn't get anything mixed up PorkBellies
from the pov of trading theory, some might think $3,300 is the minimum account
size in order to trade a $330 contract irrespective of the day trading margin, or that
a margin of $1,000 per contract is required when day trading a $100 contract
then there's what fear-financial risk do you want to accept, are you comfortable with ?'
and the trading method, how reliable is it ? how reliable is the trader trading it ?
I'd been trading the 6E and you'll appreciate a 50 pip loss in that would have been
$625 . psychologically, dropping down from the 6E to the M6E has an f-f risk that's
10 times lower
on the f-f risk scale of 0 to 10 , I'm quite comfortable trading the M6E at the 4 level -
4 contracts, but given the low margin in my 6E account, my un-comfort level is 10
increasing the 6E account margin to $3300 wouldn't help at this point as I think I've
become gun-shy of it - too many losing trades
the M6E seems like it's different than the 6E, a new instrument to trade
my discretionary analysis based trading method is very accurate, but I've not traded
it enough, this because of the high 6E f-f level - afraid to take trades
so rather than DDW trade the M6E, I've started day trading it and will see how good
my trading method and me really are
on the loss side, I'm prepared to take 5 to 10 pips plus the commissions
then the last component becomes confidence
if all the other components are meeting their required criteria and profits are being
made, then trading confidence is generated which in turn enhances trading results
and knowing how much 'swing error' to allow for
but point taken PorkBellies, and the added bonus with the M6E is I can always drop
down to trading 1 contract
LOL
Just to be CLEAR...I was taking the p888! LOL I didn't actually think anyone would think otherwise..
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Please tell me your joking
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Just to be CLEAR...I was taking the p888! LOL I didn't actually think anyone would think otherwise..
-------------------------------------------------------------------------------------
Please tell me your joking
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