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Making a 100 a day

  #17 (permalink)

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Sarasota FL
 
Trading Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
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bobwest's Avatar
 
Posts: 5,151 since Jan 2013
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There are a lot of excellent responses in this thread, which is about a topic that comes up quite a lot. I hope that you can profit from them.

I had a few thoughts to add....


Jayboii478 View Post
I just want to clear a few things up. I HAVE been trading on a live account, its just not funded, so its live data and I just record my entry and SL very strictly for each trade.

@Opstar already responded to this, but I wanted to emphasize that a "live" account means the money is live, not just the data. The delights (and terrors) of risking real money give a person a view of things that simulated money (paper trading) never can.


Jayboii478 View Post
So the data feed is real, I traded 3k in forex before when I first started and learned a ton about emotional investment and how to prevent it.

If this means that you traded 3k in real money, then that's good. Now you really should do the same in a non-sim futures account. If you weren't using real money, now would be a good time.


matthew28 View Post
You've thought about it, have a plan, and accept the risk of losing your capital.
How are the views of anonymous people on the internet, who don't know you either, about whether this is a good idea or not, or what your chances of success are; in anyway relevant?
If you believe in yourself then just try it and see how you do and what you learn. Good luck.

This is the only way you will know how you really can perform, and what you really need to do next, whatever that may be.

I imagine that all of us have done calculations and/or spreadsheets using what we thought were realistic assumptions, and were able to determine when we would reach whatever our goals were. I don't think these plans have generally worked out , but doing it for real is how to find out. If it doesn't, you get very valuable data from the real world, worth more than any theoretical assumptions and calculations.


kevinkdog View Post
I'd say if the $1000 really means nothing to you, then just go and trade with it. The lessons you learn trading live will be well worth it, since you'll either make your daily goal, or you will find out a lot about yourself and your method as you lose the $1000.

I would have followed this same path way back when, but brokers did not offer "day trading rates" back in the day. So, instead of $1K accounts, I had to blow out $5K accounts to learn some lessons!

Good Luck!

So, in my opinion this is exactly what to do next. No amount of paper/sim trading will substitute for it.

Also, in my opinion, you will, of course, either lose the money or lose enough to go below your broker's minimum, or lose enough to go below your own minimum. This will be a good experience and you will not have to pay that much for it.

I am not being discouraging, and I hope you are not discouraged by what I said. There is just no way to know if something will work out if you don't at least get into it in a real way. If it doesn't work, well, now you have something to help you recalibrate and try again. Progress may be slow, but this is how it usually happens.

I could be wrong too, which would be terrific, and also would be something good to know.

You should not be surprised that we get pretty much this question, with a some variations, a lot here. Usually the answers are about the same, and often (but not always) we don't hear from the poster any more. Maybe we scare them off?

Setting up a trade journal here, as @GFIs1 suggested, may also be useful to you, as a way to increase your objectivity. There's something about public accountability that is sometimes helpful. You will have to decide if it might also be too much -- that's your call. But many have benefited from it. You may also want to consider springing for the one-time Elite membership fee (not an advertisement -- I don't care either way). It would give you access to at least twice the posting activity, but it has a cost. Also your choice.

Good luck. I hope you do succeed, whether the slow or the fast way.

Bob.

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