So what do you make a day on average ?

teeleh · Nov 1, 2004

Hi crew,

I was curious if you guys want to shed some light on what you are actually clearing each day to pay the bills.

To start things off, I have set myself a target of a nett daily profit of $500, however I have been averaging about $800 per day in nett profits, daytrading tech stocks on the NASDAQ.

Curious to hear how you guys are doing.

Big T

Racer · Nov 1, 2004

I do not have targets to clear for a day. I let my profits run.
Why close a trade to meet your daily target if after assessment if should go further?

Roberto · Nov 1, 2004

Racer said:
I do not have targets to clear for a day. I let my profits run.
Why close a trade to meet your daily target if after assessment if should go further?

I also let most of my profits run, and never close a trade to meet a daily target. I also _have_ a daily target which is £400 per trading day.

maxpain · Nov 1, 2004

I´m trading either direction, taking profits on the 2nd wave up or down. Never open a new position in the opening hour. Don´t get fooled by volumes in the order book on different levels. Set up possible trading ranges for individual stocks/indices. There´s a lot more but I normally take profits (big or small) as soon as we get closer to a TL and a 15m chart tell me we are in over-bought/sold areas. Managing losses is important too. All trades are not profitable.

vetten · Nov 2, 2004

I don`t have a target per day........I`m trading company options on the Ozzie market and I spend about 1 hour/day on it. Thats why I`m now looking to "diversify". I might make nothing for days and suddenly.......
Last week I made $ 9,200 on Monday but alas 1 option expired and I had $ 4,500 riding on it.
But on average I make about $ 2,000 per week, but with a little fine tuning?????????

teeleh · Nov 2, 2004

I agree to let profits run wild and cut your losses.
The question/poll I had in mind was "what do you clear on average in nett profits" regardless on how you reach that (although that is also interesting information

Naz · Nov 2, 2004

Like teelah i daytrade the Nasdaq for a living.

However i also run positions in large US stocks for days, weeks and months in my SIPP.
I reckon that while you're day trading you get a feel for the stock, its news,the sentiment and the mood.This has enabled me to get the start of moves that run on for a longer time and a SIPP that allows stops is a great place to put them.

One example recently has been Apple.My target for these types of runs is 20%.However i trade them in a way that that lets profits run.

teeleh · Nov 2, 2004

Daily nett profit

Naz said:
Like teelah i daytrade the Nasdaq for a living.

But what's your average daily gain on your daytrading activities ?

harryc · Nov 2, 2004

If you're doing an average of $800 a day then all's well . I started off years ago on a lot less than that but have hit a nice rhythm in the last couple of years which means I can work as much or as little as I want .

I work around a target that will cover my bills and leave an excess . Some days I'll swing wildly above others I'll be below or maybe call it a day when I've 'hit' it .

Continued good luck with your trading , sounds like you got a great base to build from and aim for the stars

Salty Gibbon · Nov 2, 2004

To start things off, I have set myself a target of a nett daily profit of $500, however I have been averaging about $800 per day in nett profits, daytrading tech stocks on the NASDAQ.

Teeleh

Hope you don't mind me asking but what is your average position size and how may trades do you tend to do in the course of a day ?

teeleh · Nov 2, 2004

Salty Gibbon said:
Teeleh

Hope you don't mind me asking but what is your average position size and how may trades do you tend to do in the course of a day ?

Hi Salty,

I am trading with around US$50,000 in available equity, the rest is stored safely. I tend to trade between 1000 and 2000 shares which run between $18 and $25 a piece. I try to get $0.25 net profit in my trades, 2000 x 0.25 = $500 which is my day target. I tend to sell 50% of my holdings when $0.25 profit hits and let the other 50% ride the profit train with a trailing stop loss.

Big T.

sidinuk · Nov 2, 2004

Having a monetary target can be quite detrimental to trading from a psychological point of view. It's great through the winning periods but can be quite devastating during losing streaks or even periods when the profits don't meet the target.

Alphabet · Nov 2, 2004

teeleh said:
Hi Salty,

I tend to trade between 1000 and 2000 shares

Big T.

I also trade the NASDAQ but find it hard to trade that kind of size. Do you scale into a position or is there the liquidity in the stocks to you trade to buy and sell that many shares in one hit?

TWI · Nov 2, 2004

My first target is always daily running costs. Until those are covered you are down. After that it is just as much as I can until I decide to go home or have other things to do here.

teeleh · Nov 2, 2004

Alphabet said:
I also trade the NASDAQ but find it hard to trade that kind of size. Do you scale into a position or is there the liquidity in the stocks to you trade to buy and sell that many shares in one hit?

Most of the times the BUY's are going in one hit, sometimes it takes a couple of partials. 2000 shares is not that many. Same on the SELL side.

Salty Gibbon · Nov 2, 2004

2000 shares is not that many.

It is if you pop out to the toilet and the price heads off rapidly in the wrong direction.

Seriously though, 2,000 shares is a big size imho and I think you really need to know what you are doing to be trading that kind of size.

roguetrader · Nov 5, 2004

teeleh said:
Hi Salty,

I am trading with around US$50,000 in available equity, the rest is stored safely. I tend to trade between 1000 and 2000 shares which run between $18 and $25 a piece. I try to get $0.25 net profit in my trades, 2000 x 0.25 = $500 which is my day target. I tend to sell 50% of my holdings when $0.25 profit hits and let the other 50% ride the profit train with a trailing stop loss.

Big T.

I'm assuming you scalp momentum as a $0.25 target wouldn't give a great risk reward ratio to hang about in. Still looks like you have it off pat so congrats
I avoid targets, one of the first books I read said "Trade to trade well, not to make money" If you trade well the money will take care of itself. I found when I tried to trade to make a daily minimum that's where it all went wrong. Caused me to take on trades "to make the money" that now I would pass on and wait for a better opportunity.

wisestguy · Nov 5, 2004

£400 / 500 per trading DAY ? net ? over say 18 months ? come on , pull the other one .

after you account for all your losers and costs , you'll be lucky to be making £50 average a day .

if that is just a target , well , it is unrealistic and if you can prove to me in black and white that you can actually acheive this not theorectical BS, then I will ask you to give me lessons .

JonnyT · Nov 5, 2004

£500 per day is achievable.

If you think it isn't then you shouldn't be trading as other jobs are easier for the reward offered.

If you have an edge you have to trade that edge with size. Thats how you make money in the markets.

JonnyT

vetten · Nov 5, 2004

Dont be arrogant JonnyT.........some people are quite happy with less and are not so greedy,; they like the trading game and are happy as long as they pay the bills.

But I agree that making lots of money is possible when you have the right strategy......I`m on the way myself.

So what do you make a day on average ?

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