If You Had To Live on $4000, How Would You Trade It?

Mr. Charts

Legendary member
7,370 1,194
The conversation has perhaps reached something of an impasse.

You're asking for advice, on a subject of which you know little and have very little experience indeed, from a group of people all of whom have considerably more knowledge and hugely more experience than yourself, but you only really want answers that either begin with something like "Yes, you have a realistic chance to do this ..." or (if not saying that expressly) are at least based on an underlying assumption that you have a realistic chance to do this, when none of us really believes that to be so.

Do you consider reality to be "productive"?

The reality is that (a) you're trying, without significant accidents or mistakes, to make 4% per day by trading a tiny account from which none of us would hope to manage anything approaching that at all, and (b) some of the world's top professional traders, who have put in their "10,000 hours" and are earning 7-figure annual bonuses from their hedge-fund/investment-bank employers on the basis of their trading results, hope to achieve only the tiniest fraction of your stated target (they consider an average of 6% per month, doubling their account annually by compounding that average result 12 times during the year, to be "successful").

That's why it's very difficult indeed to help you, and based on my own trading knowledge and experience, I would instinctively be rejecting as unrealistic the opinion of anyone who says (or implies) "Yes, you have a realistic chance to do this".



Badly. I'd lose most of the money through desperate overtrading without knowing what I was doing and without having or acquiring enough experience to succeed at it. Stubbornness and successful trading ability are mutually exclusive attributes.

Sorry it wasn't what you wanted to hear, and I wish you well. :eek:

One of the best posts I've read for a long time !
 

counter_violent

Legendary member
11,284 3,005
There are several wise replies here which you really should pay heed to.
Determination and focus without skills, knowledge and experience = failure.
Guaranteed.

I get the impression that CC doesn't like work.
I also think this will extend into his trading endeavours.
 

Mr. Charts

Legendary member
7,370 1,194
I can never understand why people don't learn from the experience of others, but insist on making their own mistakes, especially in trading.
The advice here isn't constructive or destructive, it's simply realistic.
 
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Jason101

Experienced member
1,372 215
I would get a low paid job that allows you to read and study while at work. Say a night time security guard at a desk. Something that would allow you to read, study or even look at charts on a laptop. Go through the motions of work while eating, living and breathing the markets.
And use your 4k to slowly and safely start trading, taking your time as you build up experience and only risking a very small percent per trade. Only trade at times you feel ready and at times you feel you have a perfect set up. If you are any good at this, it will gather momentum. If you are not then it wont. But if you really want to trade then that 4k should be very important to you.

EDIT: All advice on this thread so far has been pretty good.
 
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Splitlink

Legendary member
10,850 1,234
You are going to have lots of losing trades and frustrations in the early "period", however long that is, so that you have to protect your account and use the smallest stakes possible.

I'm afraid that that means earning income from another source.

Be practical. Once your stake has gone then you will be forced to stop trading, whether you like it or not.
 

smokealarm

Junior member
18 1
you can not just depend on trading you must have a safe hand for u like job or something which will give you fix income ...
 
M

member275544

0 0
So I'm a former IT guy who became enamored with stock trading back around Christmas. IT had become stagnant and unpleasant to me so I saw trading as my chance to take command of my own destiny and devote time to writing my series of fiction novels.

I think I could push the average to $50-$60 based on what I'm learning but my minimum target is $160.

I like reversal trades but even those haven't been working out for me lately. They could still be my best bet though.

Just so that we're clear..you have dabbled for the last 6 months and somehow you're targets are 4% per day? So better than hedge fund managers then?
I'm in IT and I'm certainly not stupid, and even I know thats not possible
Tell me, whilst writing your fictional series, this fiction doesn't include trading and earning 4% per day by any chance
Mate, grow up
 

peakoil

Well-known member
257 38
To the OP - no matter how much you disagree with everyone's opinion here, you have to at least consider this much: You've by now had quite a range of responses from persons on this forum, which means in all likelihood you've had responses from both consistent losers AND some consistent winners, yet even those of us, who are likely doing positively, are telling you that you have less than the very tiniest chance of making 4% per day consistently on your capital, such that you could abandon any needs to get a real paying job.

It's not, strictly speaking, impossible of course, and that's what's probably keeping you stubbornly going - defiantly believing that you're 'different', you're smarter than any one of us who is telling you otherwise; but if you try to do it, I guarantee you that you will feel like coming back here in between six months and a year, and then thanking every single one of us, who advised you against your above proposals.

Making consistent money from the markets actually does take years of experience. And I'm all for persons giving it a go! But you have to give it a go, at the very least do so with money you can afford to lose. And, by what you've said, that money you have right now, is extremely important to you. Too important to lose, and you know it!

So even if you believe that the majority are usually mistaken, you're not just looking at a majority of contrary opinions here, you're, in truth, facing an unclimbable mountain of unanimity. Otherwise you could try to find the retail traders who were consistently successful, week in, week out, within their first six months of trading, and then stayed successful until now, but I've looked before you, and you won't be able to find such people, because they simply don't exist.

Even the cleverest few among us will lose money consistently, over time, while they are gaining valuable experience, and can you really afford to do that? Well, can you!????
 
 
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