How difficult is it to make $150 a day?

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Old Sep 19, 2010, 3:11am   #1
Joined Jun 2010
How difficult is it to make $150 a day?

Okay, so I have been learning how to trade for about 3 months now. I have done tons of reading on several forums, lot's of article reading, guides and practiced a lot in simulators. I don't plan to trade just yet with real money as I still believe I got a lot of learning to do.

But please tell me, if I was to trade from Monday to Friday 1 contract on the emini s&p 500 from open to close can I make $150 profits after losses and commissions per day every week and how difficult would this be on the scale of:

very easy
easy
medium
hard
very hard

Please choose one of the above?

Many thanks
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Old Sep 19, 2010, 4:25am   #2
 
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Re: How difficult is it to make $150 a day?

Very hard. If you were to trade more than more 1 contract, then less hard.
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Old Sep 19, 2010, 4:35am   #3
 
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Re: How difficult is it to make $150 a day?

I don't trade the E-mini. Simply put, you can answer your question for yourself by answering the following questions:
1. Do I have a methodology in place that I persoanlly know is the best around?
2. Do I have safe and practical margining skills?
3. Do I keep level headed even in the most heated times.

The grade you give yourself in those areas is your answer. I'll also give you something on both sides of the spectrum to look for. You better score better than average on all 3 of those questions, because 90% of all traders fail, and you will be one of them if you have a low score in any one of those departments. The other side will give you something to look forward to. I make a lot more than that. But, it is experience and paying the price for what it took to be an excellent trader. It comes from a better than average understanding of how the markets work. You have to be better than average in order to succeed, because you will also be in the upper 10% of all traders if you make it. There is no need to apologize when you reach the upper echelons. You will have a good time at the bank.
BTW, through what you have written, you seem to have done much of your due diligence already, therefore, you are off to a good start. Don't leave your demo trading until you know you are ready to go.


Quote:
Originally Posted by sopodo View Post
Okay, so I have been learning how to trade for about 3 months now. I have done tons of reading on several forums, lot's of article reading, guides and practiced a lot in simulators. I don't plan to trade just yet with real money as I still believe I got a lot of learning to do.

But please tell me, if I was to trade from Monday to Friday 1 contract on the emini s&p 500 from open to close can I make $150 profits after losses and commissions per day every week and how difficult would this be on the scale of:

very easy
easy
medium
hard
very hard

Please choose one of the above?

Many thanks
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Old Sep 19, 2010, 9:33am   #4
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Re: How difficult is it to make $150 a day?

The problem with making $150 a day is that losing $150 a day is ten times easier.
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Old Sep 19, 2010, 9:55am   #5
Joined Oct 2006
Re: How difficult is it to make $150 a day?

It's no easier than making $1500 a day, it's just a question of how many contracts you trade. As somebody already said it's much easier to lose it regardless of what contract size you trade.
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Old Sep 19, 2010, 10:43am   #6
 
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Re: How difficult is it to make $150 a day?

in theory, fairly easy - in practice, worse than very hard
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Old Sep 19, 2010, 11:11am   #7
Joined Sep 2010
Re: How difficult is it to make $150 a day?

Depends on a variety of factors .

What timeframe will u be trading?
The size of your position.
Your RR ratio.
MM parameters.

If all the above have been correctly defined , assume you would have to use a perhaps a 240m timeframe to achieve this. Using the smaller timeframes will just not provide you with reasonably well defined RR and MM parameters.

Sorry cant go into the numbers right now.
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Old Sep 19, 2010, 11:34am   #8
 
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Re: How difficult is it to make $150 a day?

It's about as difficult as it is to take money out of the markets on a consistent basis?
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Old Sep 19, 2010, 7:06pm   #9
 
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Re: How difficult is it to make $150 a day?

Ross, if that is the case, then you are not ready to trade. This is why there are demo accounts, so you practice until you are to the point that making the money is 10 times easier than losing it.


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Originally Posted by Ross Spur View Post
The problem with making $150 a day is that losing $150 a day is ten times easier.
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Old Sep 19, 2010, 8:23pm   #10
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Re: How difficult is it to make $150 a day?

Quote:
Originally Posted by 4xpipcounter View Post
Ross, if that is the case, then you are not ready to trade. This is why there are demo accounts, so you practice until you are to the point that making the money is 10 times easier than losing it.
That wasn't really what I was talking about. It's a fact that losing is much easier than winning, simply because of spreads and commissions. Even if we could get zero spread and no commissions, more than 50% of traders would still lose.
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Old Sep 20, 2010, 3:57am   #11
 
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Re: How difficult is it to make $150 a day?

90% of all accounts are bankrupted, which means 90% are losers. That is not because of spreads and commissions. It is because those traders are unprepared to face the markets, because of not having a methodology that is ready for the markets.
I still rest my case on my point in addressing your recent comment. If you do not have a methodology that is ready to meet the markets, and overcome the commissions and the spreads, then you are not ready to trade. Losing is the easiest thing in the world to do. That is why they are called "losers". If you want to be a winner, there is a preparedness that has to go into it. Don't cow down to phony excuses like ""commissions" or "spreads", so that is why the odds are I will lose." You will lose if you are a loser. You are a loser if you face the markets unprepared. You will win if you are a winner. You are a winner if you put in the personal time and effort to be a winner.
I have found that the time and effort was worth it, because I win consistently. I would rather be on the winning team, than the team that requires no effort and due diligence.


Quote:
Originally Posted by Ross Spur View Post
That wasn't really what I was talking about. It's a fact that losing is much easier than winning, simply because of spreads and commissions. Even if we could get zero spread and no commissions, more than 50% of traders would still lose.
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Old Sep 20, 2010, 4:43am   #12
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Re: How difficult is it to make $150 a day?

sopodo started this thread
Quote:
Originally Posted by 4xpipcounter View Post
I don't trade the E-mini. Simply put, you can answer your question for yourself by answering the following questions:
1. Do I have a methodology in place that I persoanlly know is the best around?
2. Do I have safe and practical margining skills?
3. Do I keep level headed even in the most heated times.

The grade you give yourself in those areas is your answer. I'll also give you something on both sides of the spectrum to look for. You better score better than average on all 3 of those questions, because 90% of all traders fail, and you will be one of them if you have a low score in any one of those departments. The other side will give you something to look forward to. I make a lot more than that. But, it is experience and paying the price for what it took to be an excellent trader. It comes from a better than average understanding of how the markets work. You have to be better than average in order to succeed, because you will also be in the upper 10% of all traders if you make it. There is no need to apologize when you reach the upper echelons. You will have a good time at the bank.
BTW, through what you have written, you seem to have done much of your due diligence already, therefore, you are off to a good start. Don't leave your demo trading until you know you are ready to go.
Many thanks for your reply

When you say that from what I have written I seem to have done much of the due diligence already. Are you basing that on what I have written just in this thread or from my other threads if you have happened to read them?
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Old Sep 20, 2010, 5:40am   #13
 
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Re: How difficult is it to make $150 a day?

When I say that, it is just a fundamental truth in trading. You got to harness the 3 M's (I guess someone else popularized that saying, but I heard it from me 1st.)--methodology, margin management, and mind discipline.
If you know you possess those 3 elements, then respectfully, it should not be a question, "Can I make $150 per day?" If you lack confidence in what you do, then you would be subject to questioning yourself how much you make. This is all part of the due diligence, so in essence, it is really a blanket statement.
I would do a careful check on your confidence level, the methodology you use to trade by, allocation of proper margining, and the mental discipline. Demo trade some more. When you are done, and you can with confidence, "You have the best overall methodology in the land", then you will tell me how much you are making and will continue to make, not ask me what I think you will make.
Don't mistaken my comments for obstinance, but for just simple honesty. It seems you have done a lot of work in the developmental process. In the near future, I want to hear not "Can I make x amount of dollars?", but "This is how much I made, period." In other words, to be able to honestly tell me that in the same way I told you in the previous post. I left no doubt, because I am experiencing it. Go out and experience it. You have begin the journey.


Quote:
Originally Posted by sopodo View Post
Many thanks for your reply

When you say that from what I have written I seem to have done much of the due diligence already. Are you basing that on what I have written just in this thread or from my other threads if you have happened to read them?
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Old Sep 20, 2010, 8:21am   #14
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Re: How difficult is it to make $150 a day?

Quote:
Originally Posted by 4xpipcounter View Post
90% of all accounts are bankrupted, which means 90% are losers. That is not because of spreads and commissions. It is because those traders are unprepared to face the markets, because of not having a methodology that is ready for the markets.
I still rest my case on my point in addressing your recent comment. If you do not have a methodology that is ready to meet the markets, and overcome the commissions and the spreads, then you are not ready to trade. Losing is the easiest thing in the world to do. That is why they are called "losers". If you want to be a winner, there is a preparedness that has to go into it. Don't cow down to phony excuses like ""commissions" or "spreads", so that is why the odds are I will lose." You will lose if you are a loser. You are a loser if you face the markets unprepared. You will win if you are a winner. You are a winner if you put in the personal time and effort to be a winner.
I have found that the time and effort was worth it, because I win consistently. I would rather be on the winning team, than the team that requires no effort and due diligence.
<< Losing is the easiest thing in the world to do. >>

Isn't that what I was saying?
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Old Sep 20, 2010, 9:09am   #15
 
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Re: How difficult is it to make $150 a day?

My point is losing is easy, because it takes no effort to lose. From a trader's viewpoint, all they have to do is start an account with no sound methodology in place, and bingo! they bankrupt their accounts.
Winning takes effort. You have to go through all the fundamental steps I mentioned before you become a winner. After that, it takes effort to stay on top of things, which includes the emotional part.
Let me make a point at the expense of sounding ego-centric. Winning is almost 2nd nature for me. This is partly due to having 6 years experience under me, and 3 solid years of not even having a losing month, but one losing week. I spot my setups on the fly, and then trade them. I'm saying that to show the complete evolvement of the hard to easy cycle. It was working in developing my method to trade. It took work in noticing my setups. With experience, it took less work to notice my setups. And now, it is where it is today. I spot setups without giving much thought to it.
Mentally, I have to guard against over-confidence, instead of a lack. Sometimes just posting a losing trade is good for me, as it helps to keep me level. It also helps me to know that I am still the boss, but the markets are much bigger than me. There is still that fine line between posting winning trades on a monotonous basis, and total blowing my account. Therefore, it still takes work to be a winner, but winning is easier than it ever has been.
With regards to your posted question, if someone is not willing to work and commit themselves to trading, then they should not be here, because all they will do is blow their account. If they are willing to work real hard and pay the price, then they can build themselves a dream.


Quote:
Originally Posted by Ross Spur View Post
<< Losing is the easiest thing in the world to do. >>

Isn't that what I was saying?
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