Don't let me tell you it can't be done, but it can't. Great returns would be 10% per month, godly returns would be 20 or 30% per month. Heck, even just breaking even is no small feat, that in itself is above average.
If someone can make 10% per day for just 10 straight trading days, I'd be bowing at their feet. And that's not even trading every day, just any given day the person decided to trade.
Higher returns necessitate higher risk, it's the way it works. In 10 trading days, a 10% daily compounded return would be 259%, in 20 days, 672%, in 30 days 1744%!
The following user says Thank You to josh for this post:
I clearly said it's impossible to do it everyday, but it's completely doable to get 10% or more per day on average (of course market's money technique is a prerequisite).
To use market's money technique, of course you must use your existing profit just like it's not your money (e.g. you can't withdraw it). In the past, there are a lot of great trader that already use this technique. They generate ridiculous return 2000% return per month (not every month, but they do happen). There was one trader who turn $100k to $3 million in 3 months.
I'm saying it's "technically possible", but that doesn't mean everybody can do it because psychology is the main reason why human is soo fragile when comes to trading.
I think the reason why people say it can't be done is because they can't do it themselves or perhaps they don't even know how to do it. But that doesn't mean it's impossible to do it.
One thing that is sure when comes to traders who use market's money are they usually generate "unusual return rate" AND ALSO they have "unusual drawdown". Just a word of warning, I put emphasise on "unusual drawdown". If you still struggle with normal money management technique, then stay away from this technique.
The following user says Thank You to felixtjung for this post:
Well, you all figured it out, how to sell 10% per day to a prospective trader! Now, build your 200 page scroll down web page and use all the other wonderful phrases and you will be banking in the VENDOR MONEY! wooohooo!!!!
The following 2 users say Thank You to bluemele for this post:
I was wondering what you were referring to as to the technique.. I didnt feeling like searching for it... but it appears you are referring to merely compounding, increasing your contracts as your account increases... if that is the case, I always assume one does that.. personally I set aside 25% of the profits on the account as a buffer... does not mean I draw it, but rather that I keep it with the broker on a separate account in the event I had f*up really bad and I need to start from somewhere... my long term plan does forces me to "draw", meaning I return funds back to my IRA for other investments... but at the same time, while the $$$ is not in use, I leverage it to increase the profits...
I certainly agree... not the same thing trading with $10K on your account and risking 3% and trading $200K and risking the same 3% but it is now $6K.. I can only imagine what happens when one has $1MM... and risks $30K a pop... but the truth is, tha there are those that can do it and do it every day.. and those that do it with more than $1MM...
hehehe, you hit it right on the nail IMO...
those that always say that something is impossible, that it cant be done, are usually those that lack the ability to push themselves to the limit, and that lack discipline... one of my personal heroes, is Herbert Nitsch.. the dood pushes himself to compete with himself, to break his own records, and has achieved some feats that most humans would say are impossible; yet, he has proven the impossible possible by working hard and pushing his limits, and that of the human body...
as I said, I dont let anyone tell me something is impossible.. so 10% per day... very much possible... .. though i have not found the way to make it happen yet..
The nature of competition and trading for living are very much different. In competition, the luck element is much higher. Such leverage level is simply impractical in real trading which might cause a very serious drawdown. I rarely see the winner of trading competition remains a very successful trader in their live. Some champions do, most don't.