You Only Need $5000 to Make a Living

I've got a secret. I've got a secret. I've got a secret. Nyaah nyaah nyaah. So damn childish. He has no secret. He's just trying to learn something from the replies.
 
Quote from heypa:

I've got a secret. I've got a secret. I've got a secret. Nyaah nyaah nyaah. So damn childish. He has no secret. He's just trying to learn something from the replies.
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That's OK.

Lots of people do it.

Very rarely does someone start a thread because they've mastered something and want to share it with anonymous posters on a public bulletin board.
 
Is this the place?...

Someone left me an anonymous message that there was a top secret, "for your eyes only", 4 rules of trading, here.

please sir, may I have some.
 
Quote from AdvancedTrade:

I consistently make $500-$1000 per day. But I use a significantly larger margin than $5,000 i.e. at least $2500 per lot to do it. I could trade with $5,000 but making $200 per day doesn't cut it.

I don't understand how you can make a "living" on $5,000. What kind of stoploss are you using?

Seems like you're cutting it awfully close.
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Let's do the maths.

$5000, 1-3 contracts of NQ, 5-20 points=$100-$1200.

Yes, "cutting it awfully close" are the right words. To me, they mean avoiding the 4 mistakes. There is not much room for mistakes. But people make mistakes all the time. I have a legal pad in front me, everytime I made a mistake, I would write it down. During a trading day, I would write down at least 5 mistakes. Every mistake costs money, including loss of opportunities=money that should have been made.

My exit is not based on fixed stoploss, but price action. This is also where a common mistake happens due to the deliberate lack of a fixed stoploss.
 
Quote from Anekdoten:

I got an AHGer that took 5K to 125k in under 6 months, in cash,. no bullshit I know him well and saw his returns.

Got a few guys doing over 75 points per week per car, that is net, on a pretty constant basis on the NQ, although they are still in the simulator because they are following a strict plan and I won't allow them to go cash yet. I'm sure these numbers will reduce a bit when the cash demon hits. Still, a very good display of trading.

A lot is possible in futures if you have studied the market well. Agree with the four rules posted by Mandel, pretty important stuff, no doubt.

Anek
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Anek,

I believe what you said, because I did it on paper myself, only in one direction, because I longed QID only. As you have a lot of experience in QQQQ, you must know that QID moves the identical length as NQ does in a down trend. I cent of QID (500 shares) equals 1 tick of NQ (1 contract). I still carry the old habit with me to NQ and predominantly trade NQ down trend. I have a deep suspicion of any up trend (which is of course wrong. I know an up trend is an up trend is an up trend).

By the way, how did you deal with discipline problem years ago? I seem to have a tremendous amount of trouble controlling myself.
 
Quote from 4DTrader:
But you have to have the correct method and discipline in avoiding 4 mistakes.
If you are a very very experienced trader, you should know what the 4 mistakes are. If you are very very experienced and don't know what the 4 mistakes are, the number 4 will help you organize and categorize those mistakes into the 4 groups. You don't have to agree or disagree with me on the number 4. If you find it helpful, use it. If you find it senseless, ignore it.

My point here is that you don't need a large capital to make a living. [/i]
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Umm, 12 days ago your i-quit-trading thread said this:

So I have decided that trading is not for me. I quit! I will not trade anymore! I don't want to spend several more years doing this (I heard it needs 5 years, too long for me).

How did you suddenly become an expert?
 
Quote from MandelbrotSet:

1. Lack of a Trading Plan
2. Using Too Much Leverage
3. Failure to Control Risk
4. Lack of Discipline
***
The Four Biggest Mistakes in Trading
Jay Kaeppel
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These are all the same mistake aren't they?
 
Quote from 4DTrader:

Anek,

I believe what you said, because I did it on paper myself, only in one direction, because I longed QID only. As you have a lot of experience in QQQQ, you must know that QID moves the identical length as NQ does in a down trend. I cent of QID (500 shares) equals 1 tick of NQ (1 contract). I still carry the old habit with me to NQ and predominantly trade NQ down trend. I have a deep suspicion of any up trend (which is of course wrong. I know an up trend is an up trend is an up trend).

By the way, how did you deal with discipline problem years ago? I seem to have a tremendous amount of trouble controlling myself.
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4,

I have not traded the Qs or QID in years so I'm afraid I'm not apt to comment on them anymore.

As far as discipline we have a pretty prosaic rule that only works for males.

It's very simple, break a cardinal trading rule and your punishment is to squeeze your balls until you cry. No joke, that's the rule. It works.

Anek
 
Quote from TraderZones:

Umm, 12 days ago your i-quit-trading thread said this:

So I have decided that trading is not for me. I quit! I will not trade anymore! I don't want to spend several more years doing this (I heard it needs 5 years, too long for me).

How did you suddenly become an expert?
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I have always been an expert, it's the discipline that I lack. I firmly believe that my trading method is far superior to yours. During the past year, I modified my method every day, sometimes several times each day. As a result, I have a method that every new trader would kill to know. But given your attitude toward me, I doubt I will tell you. You may spend another few years searching for a method.
 
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