That's a psychological issue that would need to be over-come. And my 10-lot is just a hypothetical example. All I'm trying to say is, it can be done! Some of the members here make it sound down right impossible though.
-FastTrader
Would you give up a steady job to Trade?
- Thread starter NJ1000
- Start date
-FastTrader
You are missing how it works. If you can make on average $400/day (let's say 1 ES point on 8 contracts), all you have to do to make $800/day is hit "1-6" on your keyboard instead of "8" when you go to make a trade. See how that works?
In other words, there isn't a heck of a lot of difference between making $400 and $800 on the mini's ONCE YOU KNOW HOW TO DO IT. Get it?
of course I get it. I'm trying to make sure everyone else gets it too
-FastTrader
Quote from Fast_Trader:
of course I get it. I'm trying to make sure everyone else gets it too
-FastTrader
... UNLESS ... you dont have the capital to LOSE... Then its a bit more problematic. Undercapitalization in this business is a big problem ... too many people get in with insufficient trading capital and end up attempting trading strategies that eventually blow out their accounts ......
I agree with you there. Technically, my acct is enough to trade 40 ES contracts, but that doesn't mean I use full leverage. And the reason is, I don't have the capital to LOSE. So, even when I make 5-6 ES pts, it doesn't add up to much in actual dollars. But at least I know, it can be done....all I have to do is increase size which I will do once I am completely comfortable with my trading.
-FastTrader
Until you've proven you can make money consistently, you trade ONE contract and only ONE contract. A good rule of thumb recommended by an awesome trader I know is 120 ES points (roughly 3x intraday margin).
That is, if you can make 120 ES points trading ONE contract, you have earned the right to trade more contracts.
120 ES pts total with ONE contract? That's a good rule.
-FastTrader
icarus618, one more question regarding this 120 ES pt rule. So, lets say a person starts with 1 contract and makes 120 ES pts. Now, does he move to 2 contracts and must do the same to move to 3? Just curious.
-FastTrader
-FastTrader
I should also add that I'm talking strictly intraday trading. If you make 120 ES points trading ONE contract, I think you can trust yourself to make that judgment. You will find yourself in a new place once you TRIPLE YOUR ACCOUNT and REMOVE YOUR ORIGINAL CAPITAL from your account to once and for all eliminate any pictures of "loosing" money.
Good trading to you.