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@fesx that is not unreasonable. This is subjective. Folks definitely can make it with a 2000 or 5000 start. However, to say that is probable is delusional. I dont say that to discourage or be mean...I say it to keep people grounded in reality. Market speculation is among the most difficult paths, period.
My number is $1000 per contract traded to scalp the ES. $300 day margin with AMP.
I lost way more than that first to learn how to do it. Trade Demo until you know your number.
Absolutely. The biggest mistakes I see newbies making is not having proper stops set up. You would be surprised at the number of traders that wreck their accounts simply by misusing or even not using stops at all!
I am not taking what you said as mean at all!!! Yes its subjective, but my point was if you are successful trading a $5k account you will be successful trading a $50k account. Go sim until your strategy is proven is my point. If you trade smartly you can start with a $5k account and quickly build it to a $50k account in a short period of time. In my opinion I think its crazy to open an account with $50k and watch it quickly lose your account thinking that time is on your side if starting with that much money. If I was a new trader I would start with $5k, and add funds as necessary. It's to easy to lose $50k in a heartbeat.
Trading: ES+MES+TechStocks as of 2022 Previous: ES GC CL [4MES2ES as of 2019MAY] and [4MGC2GC as of 2021JAN]
Posts: 454 since Jul 2014
Thanks Given: 281
Thanks Received: 389
Sam,
Right on... Learn to lose first!
Until you are consistently profit in term of days, weeks, and months...
Better do it in SIM for how ever long you need in order to blow-up few accounts during the learning process.
IMHO
When you are ready to trade with real money... Start with the product's overnight margin requirement and multiply by 2 or 3 times.
Do not forget to wire your gains out of account at the end of week or month.
Find the missing piece of the puzzle... Let's be amazing, be awesome in trading today!
iTS
been lurking while I get the lay of the land. Slowly starting to piece together my plan for trading futures. Ive been trading sim for a little while and things are starting to come together, albeit slowly.
I want to get my hands dirty soon, probably in the new year; I'm thinking of starting trading the e-mini Dow to start with, probably 1 lots until I hit a profit target of some kind, with a principle sum of $3500-$4000 to start with. Has anyone in the journals section attempted this, or what is the path of choice for beginners to dabble contract wise? timeframe wise, I like the 200 and 500tick charts, and my average time in a trade is around 5mins.
note: I'm in Ireland timezone wise, which means I can only trade the last 2 hours of the US trading day.
here's a typical output after 100 trials, and i'm being slightly pessimistic.
I don't know if your figures you entered come from an extended period of sim trading results (though even that is likely to be better than live performance), but I think that any Risk of Ruin simulator that gives a result of "0% Risk of Ruin" is giving a false sense of optimism.
I see you risk per trade is $44, on the YM with a average $4 comms and fees that's an 8 tick stop which seems very tight unless momentum scalping the current volatility. But as you are in the UK maybe you are spread betting or something similar with a much smaller cost per tick.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
Seems to not be a realistic risk. 44$ for the dow, this is nothing...And this days volatility is not helping to do that. For example this days I am puting SL in 3-4 point for the ES, when normally I am just puting as mucha as 2 points of risk.
This is a polarizing view that many will want to bid back, BUT. Please do yourself a favor and avoid simulated trading. SIM is the work of the devil and I don't mean @Devil Man SIM builds a false sense of confidence, often to the point of bravado in guys that have never risked, made or lost a penny. Combine SIM with "backtesting" and you are building a grand nest for failure.
You will suffer far far less and have a better chance to preserve your initial balance if you fund your account and learn immediately from small but real mistakes.
I linked @Devil Man because he can speak to this notion.
I've read numerous books on flying. Everything from weather, to engineering, to maintenance.
Also link @tturner86. So Devil is an expert pilot. Terry loves to fly simulators. I think they would agree that Terry's simulator experience does not qualify him to fly. Only serious hours in the right seat or the back seat, depending, will start to teach actual flying or more appropriately landing...the hard part.
The simulator is fun and glorious but absent real flying there is a lack of experience, to include consequence that confirms SIM as pure fantasy.
Trade, lose a little, make a little. Avoid repeating mistakes, duplicate success. Terribly over simplified, but just trade.
