Full time trading does it really pay

This is a discussion on Full time trading does it really pay within the General Trading Chat forums, part of the Reception category; Originally Posted by Splitlink Straw man---me? You have not read my previous posts to Howard on other threads. What I ...

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Old Jan 18, 2011, 2:11am   #137
 
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Re: Full time trading does it really pay

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Originally Posted by Splitlink View Post
Straw man---me? You have not read my previous posts to Howard on other threads.

What I do say is that when some posters do not understand an investing process of another poster, other tactics emerge which have nothing to do with the subject, at all.

Howard is not understood by me, so I leave him alone. I do not profess to be interested in what he does, ie. options, let alone understand him but I'm sure that he will live through that inconvenience.
Allow me to explain.

Take a $100,000 account.

Trade an emini S&P contract. Stop loss = 1 point, target = 3 points.

Win the trade.

Declare a 300% profit, having made $150 quid on a $100k account.
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Old Jan 18, 2011, 3:08am   #138
 
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Re: Full time trading does it really pay

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Originally Posted by DionysusToast View Post
I agree with this. I am part time & I do not give up a trading day for anything. I have one pot of cash. It took me my whole life to build up and I am NOT blowing it up for anything. I simply do not take the kind of risks that would make this possible and I am also doing OK as i have learnt the gentle arts of focus & repetition.

Let's say someone in my position had for example, $250k. That person would want to protect that and be trading VERY small positions until perfection had been achieved. None of this 1% per trade nonsense. More like .01%.

For the 100 quid a day. It's interesting but I'll need to be averaging about $20k a month to give up the day job. I have a few other irons in the fire which may contribute to that $20k but until I am at that point and am 100% confident I can take care of my family through trading, I'll keep the day job.

Part time is tough - but my job is easy & some weeks there is little for me to do. I simply do not miss trading days. I don't go out with friends from Mon-Fri evenings. I get home, have some family time and then go to work for 3 hours. Last year this brought me a car, which a bus then went and wrote off!

I care little about the opinions of others as to whether part time to full time is possible. I do know other traders - a few that came up through the industry and a few that went part time to full time. I don't bug these people but they have helped immensly with some of the finer details.

You just have to draw your own conclusions.
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Old Jan 18, 2011, 8:11am   #139
Joined Mar 2010
Re: Full time trading does it really pay

Quote:
Originally Posted by DionysusToast View Post
Allow me to explain.

Take a $100,000 account.

Trade an emini S&P contract. Stop loss = 1 point, target = 3 points.

Win the trade.

Declare a 300% profit, having made $150 quid on a $100k account.
Yea and if he has a losing trade, he only lost 0.000001% because he uses the full balance in calculating losses times a million for the hell of it.

Howards trading. Up 300% loses 0.01% up 300% loses 0.01%. Why doesnt my bank account have a milion billion in it???
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Old Jan 18, 2011, 10:41am   #140
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Re: Full time trading does it really pay

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Yea and if he has a losing trade, he only lost 0.000001% because he uses the full balance in calculating losses times a million for the hell of it.

Howards trading. Up 300% loses 0.01% up 300% loses 0.01%. Why doesnt my bank account have a milion billion in it???
Because you are not Howard. Not all of us are gifted. We scrubbers have to buy his book.
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Old Jan 20, 2011, 11:46pm   #141
 
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Re: Full time trading does it really pay

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Originally Posted by DionysusToast View Post
I agree with this. I am part time & I do not give up a trading day for anything. I have one pot of cash. It took me my whole life to build up and I am NOT blowing it up for anything. I simply do not take the kind of risks that would make this possible and I am also doing OK as i have learnt the gentle arts of focus & repetition.
personally i was always prepared to take a bit bigger risk and i lost some money initially but i came back with 3k and an edge.

i now have a mentor and funnily enough he has this same boring textbook approach you do. shame really that he bets a small % on such good setups, its a waste of his incredible chart reading skills. my belief is if you have a big edge you need to go for it and make the most you can asap, since it probably wont last forever.

unless you have a large account you arent going to make a living as a full time trader risking 1%. even 5% is probably not going to cut it unless you trade very frequently. i bet 20% per trade and took my stake from £3k to about £70k in 6 months. now im making decent money trading at about 5-10% risk. last month i made 14k.

so the answer to the question is yes it can be done, but you have to be realistic. if you have a tiny account its going to take a long long time unless you bet very aggressively
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Old Jan 20, 2011, 11:55pm   #142
 
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Re: Full time trading does it really pay

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Originally Posted by BlackBison View Post
personally i was always prepared to take a bit bigger risk and i lost some money initially but i came back with 3k and an edge.

i now have a mentor and funnily enough he has this same boring textbook approach you do. shame really that he bets a small % on such good setups, its a waste of his incredible chart reading skills. my belief is if you have a big edge you need to go for it and make the most you can asap, since it probably wont last forever.

unless you have a large account you arent going to make a living as a full time trader risking 1%. even 5% is probably not going to cut it unless you trade very frequently. i bet 20% per trade and took my stake from £3k to about £70k in 6 months. now im making decent money trading at about 5-10% risk. last month i made 14k.

so the answer to the question is yes it can be done, but you have to be realistic. if you have a tiny account its going to take a long long time unless you bet very aggressively
ARE YOU MAD?, you are risking a lot!, if what you say is true you are a big leaguer, but it would take just one bad trade to erase your account!.
I have a small account, it varies from 2 to 5 k but i make from 30 to 60% each week, and i risk only 0.3% per trade, i make not less than 1000 pips each week so, lets say you have a 10,000 account, you would be making anything from 3,000 to 6,000 each week, i guess anyone can make a living with that, well i mean normal people....., dont risk beyond your recovery possibilities.
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Old Jan 21, 2011, 1:14am   #143
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Re: Full time trading does it really pay

60% a week from risking 0.3% per trade , ha ha , v funny
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Old Jan 21, 2011, 1:31am   #144
 
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Re: Full time trading does it really pay

Its not funny, just do the math.
We have a theoreticall account with 10,000 usd
Each position will be of 10,000 * .003 = 30.00 usd
With a position of 30 usd each pips is worth 3.00 usd
You make 2,000 pips each week, so your profit is 2,000 * 3 = 6,000
So your return is 6,000 / 10,000 = 60%
These depends on your ability to make 2,000 pips each week.
To make that amount of pips you have to follow at least 20 pairs because the opportunities you are looking for are not shown each day at each pair, so your goal will be to make 100 pips / pair / week.
Is that difficult?, i dont think so, i am telling you just making 1,000 pips / pair / week would give you back 30%, so again, is it dificult to make 50 pips from each pair each week?, again, i dont think so.
In my case i start the week setting the way at wich i will be looking for my opportunities, maybe some pairs will not show any chance but others will give you a lot more than a single chance and i am not looking for 30 pip trends.
It should be easier for you than for me because when the real motion at the market starts its 8 am for you it is midnigth for me, so i have to be more carefull because sometimes assian markets can change the whole picture and i can have troubles to realize a specific position.
Anyway, i have made over 1,000 in a single day, so i am not talking nonsense, i am talking about the method i follow with an exellent income for me, and with a sucess rate of over 95 %, whats the funny thing here?
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