Telejazzer
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So are you saying around $500 a day on a $45k capital is achievable?
How much capital is on the line to achieve this?
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Took out a loan to transition to full-time trading. 24 years old.
So are you saying around $500 a day on a $45k capital is achievable?
How much capital is on the line to achieve this?
tar
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Very bad you are clearly over leveraged , you wont survive long with that kind of trading . Certainly few hundreds a day is more than enough and difficult to achieve if i may add .
GL
Yes and you answered the second part yourself.
Telejazzer
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Originally Posted by Telejazzer View Post So are you saying around $500 a day on a $45k capital is achievable? How much capital is on the line to achiever this? NickBk;2743250 said:
Second part answered? Sorry I don't follow. Following your response on this thread I'm sure you didn''t mean the whole $45k.
Maybe I should ask the question a bit more clearer. 10%, 5%, 3-2% per trade? Is capital preservation included in this type of trading? Sorry, just thinking out loud.
Hoggums
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That is just an insane amount of risk you are taking on to make that kind of money in one day. Take out the 25K and pay it back before you lose it big time.
I can hear the cogs grinding.
I doubt it, but we are talking about op here and not me.
You could always ask the trader.
Very.
itspossible
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Yesterday NYSE, Nasdaq and S&P500 were all aligned and trending upwards. In earlier posts you have shown that you are only going long at present. In such a market it is relatively straightforward to ride the wave.Day 15:
Beginning of day: $35000.00
End of day: $45491.95
P/L: $10491.95; +29.98%
Haha...started the day off with DUST. Thought GDX would break early because it rose so much in such a short period of time but nope, it would not. Was still in DUST when I saw the big drops in VRX due to Warren Buffetts comments on VRX over the weekend. Watched the chart until I saw a good reversal sign and exited all my positions in DUST and went all in on VRX. VRX started to bounce but the bounce was very strong and there wasn't a substantial pullback. Went to stocktwits to see what was happening and my man Ackman was saying good things about the company in CNBC. Got lucky on VRX againMade all my money today on VRX.
My trading would be 2+ stars today for the horrible entries/exits in DUST but today was my biggest earning day so far, so going to give myself 2 bumps and rate 3 stars for today's trading. Riding VRX wasn't difficult because there wern't any notable pullbacks along the way and there was strong volume and good stability. Was hoping/thought it might see green today but.. this works. Seeing green would have been amazing though.. WOOT what a nice start to the month. Going to concentrate on maintaining this capital..
Also switching from scottrade to IB. Last Friday did a calculation on my trades for the past 3 weeks and the transaction costs alone cost me over $1500.... fml. Not sure if I will be able to credit my new IB account tomorrow to trade, but will definitely trade on Weds.
So the first lesson is that, if you are running directional trades (in this case long only), you want to ensure that you are following the market i.e don't trade when the market is choppy or ranging. The former is best avoided and the latter requires a different strategy.
According to my quick calculation - to make the profit you did yesterday for VRX - would have required about 2700 shares valued at around $77,000. Talk about having all your eggs in one basket !!!!
As the others have said you appear to be ignoring risk completely. You need to reduce position size and also spread risk by trading a basket of around 4 different shares then if any one instrument fails you can swap it out for another.
In case of doubt stop trading or reduce position size to reduce risk.
The nature of trending markets is that it is easy to get lucky and to be complacent.
From memory I am also not sure that I have seen anything in this thread yet about stops . What do you have in place for stops ?
lol yea not much risk management going on. I short as well, but just not much because I am not seeing the opportunities. If I see it, I'll go in.
It was actually 4750 shares of VRX.
I like to watch each of my active positions carefully and using 1 of my 2 screens at work while trying to get all of my work done, and at the time same trying not to be seen as slacking off (trading and not working), it's hard to watch more than 2 positions at once. Even 2 positions make me a little uncomfortable - i like single positions. I try to act like I'm managing risk by trading smaller capital positions, 25% or 50% or capital, but yesterday's setup looked really good. As you mentioned, indexes were aligned and trending upwards, and VRX had a good chart for a bounce as well.
As for stops, I don't have any. I just exit if I feel it's not moving as I expected. I try to max this loss to 1%, but most times I exit before I reach the 1% loss.
And I think $500/$600 a day is very doable. Only question is do I have the skills and discipline to make it happen.
It was actually 4750 shares of VRX.
I like to watch each of my active positions carefully and using 1 of my 2 screens at work while trying to get all of my work done, and at the time same trying not to be seen as slacking off (trading and not working), it's hard to watch more than 2 positions at once. Even 2 positions make me a little uncomfortable - i like single positions. I try to act like I'm managing risk by trading smaller capital positions, 25% or 50% or capital, but yesterday's setup looked really good. As you mentioned, indexes were aligned and trending upwards, and VRX had a good chart for a bounce as well.
As for stops, I don't have any. I just exit if I feel it's not moving as I expected. I try to max this loss to 1%, but most times I exit before I reach the 1% loss.
And I think $500/$600 a day is very doable. Only question is do I have the skills and discipline to make it happen.
Wow - 4750 shares makes it around $142,500 !! IMHO it would be more comfortable i.e. less risky (both in terms of trading and risk to your day job) to have 4 positions with lower position size and with stops and profit limits set.
I agree that the VRX setup looked good yesterday, so if your analysis is able to determine good entries it would be a shame to ruin it all with bad risk management.
I am not sure that you are achieving your 1% loss though, based on your own figures :
Day 01: -0.72
Day 02: +3.42
Day 03: +10.82%
Day 04: +1.8%
Day 05: -0.27%
Day 06: -9.27%
Day 07: +8.91%
Day 08: -9.21%
Day 09: +0.9%
Day 10: +0.42%
Day 11: +7.28%
Day 12: +1.20%
Day 13: -6.32%
Day 14: -7.44%
Day 15: +29.98%
4 of the loss making days exceed 6% loss and just 2 (near the start) are way below 1%.
I think it would be very beneficial for you to spend some time doing some analysis to try to make the equity curve more consistent by reducing the loss making days through stops, lower position sizes or avoiding trading in less than favourable setups.
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Day 16:
Beginning of day: $43400.00
End of day: $42851
P/L: ($549); -1.26%
Took out $2,092.74 to keep for loan interest payments and bill payments that will come up later in May. Switched over to IB.
Woke up late, went to work, and checked the markets late. Saw the nice bounce and rise of DUST and VRX. If only I had money... I think it would've been easy to get into these stocks. If I traded in the morning, probably would have gotten into DUST, but wow VRX is just killing it. The real winner for me today was the single share of VRX I have in Scottrade. It's up like 15% since yesterday lol... Mid day I was able to fund my IB account and explored the platform. Looks pretty cool, just need to navigate a little more and get used to it. There was a lot of work to be done at work for me today so I was planning to skip trading for the day. However couldn't get myself to resist not trying out IB... so I put on a small position on FCX just to try buying/selling, and like the moment after I bought it started dropping. Was watching for a bounce and when it was down 1% I just exited. Sigh... $549... the cost of trying out IB for the first time.
Giving myself 2- for today's trading. Probably should not have put 25% of my capital on a weak volume play, but it was not going anywhere for a good amount of time that I thought it wouldn't go anywhere for the next 5 minutes. This carelessness cost me a 1% loss..
Beginning of day: $43400.00
End of day: $42851
P/L: ($549); -1.26%
Took out $2,092.74 to keep for loan interest payments and bill payments that will come up later in May. Switched over to IB.
Woke up late, went to work, and checked the markets late. Saw the nice bounce and rise of DUST and VRX. If only I had money... I think it would've been easy to get into these stocks. If I traded in the morning, probably would have gotten into DUST, but wow VRX is just killing it. The real winner for me today was the single share of VRX I have in Scottrade. It's up like 15% since yesterday lol... Mid day I was able to fund my IB account and explored the platform. Looks pretty cool, just need to navigate a little more and get used to it. There was a lot of work to be done at work for me today so I was planning to skip trading for the day. However couldn't get myself to resist not trying out IB... so I put on a small position on FCX just to try buying/selling, and like the moment after I bought it started dropping. Was watching for a bounce and when it was down 1% I just exited. Sigh... $549... the cost of trying out IB for the first time.
Giving myself 2- for today's trading. Probably should not have put 25% of my capital on a weak volume play, but it was not going anywhere for a good amount of time that I thought it wouldn't go anywhere for the next 5 minutes. This carelessness cost me a 1% loss..
@Charlton Day 9 was +0.9%. Yea I had 4 big losses.. thanks for the reminder. It's 1% loss per position, so if I go in at 100% than its 4% loss. If i go in at 50% of my capital, itll be 2% loss since my account is 4x leveraged. Probably not what most people expected when I said max limit of 1% loss LOL
Date $ +/- Daily YTD Weekly
4/12/2016 37815.94 -274.95 -0.72%
4/13/2016 39109.89 1293.95 3.42% 2.68%
4/14/2016 43342.15 4232.26 10.82% 13.79%
4/15/2016 42085.77 743.62 1.80% 15.74% 15.74%
4/18/2016 41472.74 -113.03 -0.27% 15.44%
4/19/2016 37628.28 -3844.46 -9.27% 5.35%
4/20/2016 40979.67 3351.39 8.91% 14.15%
4/21/2016 37205.25 -3774.42 -9.21% 4.24%
4/22/2016 37541.04 335.79 0.90% 5.12% -9.73%
4/25/2016 37698.41 157.37 0.42% 5.53%
4/26/2016 40441.29 2742.88 7.28% 12.73%
4/27/2016 40926.56 485.27 1.20% 14.01%
4/28/2016 38341.64 -2584.92 -6.32% 7.22%
4/29/2016 35489.82 -2851.82 -7.44% -0.27% -5.46%
5/2/2016 45492.74 10492.74 29.98% 27.28%
5/3/2016 42851 -549 -1.26% 25.84%
4/12/2016 37815.94 -274.95 -0.72%
4/13/2016 39109.89 1293.95 3.42% 2.68%
4/14/2016 43342.15 4232.26 10.82% 13.79%
4/15/2016 42085.77 743.62 1.80% 15.74% 15.74%
4/18/2016 41472.74 -113.03 -0.27% 15.44%
4/19/2016 37628.28 -3844.46 -9.27% 5.35%
4/20/2016 40979.67 3351.39 8.91% 14.15%
4/21/2016 37205.25 -3774.42 -9.21% 4.24%
4/22/2016 37541.04 335.79 0.90% 5.12% -9.73%
4/25/2016 37698.41 157.37 0.42% 5.53%
4/26/2016 40441.29 2742.88 7.28% 12.73%
4/27/2016 40926.56 485.27 1.20% 14.01%
4/28/2016 38341.64 -2584.92 -6.32% 7.22%
4/29/2016 35489.82 -2851.82 -7.44% -0.27% -5.46%
5/2/2016 45492.74 10492.74 29.98% 27.28%
5/3/2016 42851 -549 -1.26% 25.84%
Telejazzer
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Well, if you're going to lose then might as well lose it while you're young and hopefully learn from the experience.
This thread is full of what NOT to do seems like:
- Being emotional
- Risking more than 10% of capital per trade
- No money management (it seems)
That's just a few to start with. I don't mind others chiming in. I might as well learn from other's mistakes.
This thread is full of what NOT to do seems like:
- Being emotional
- Risking more than 10% of capital per trade
- No money management (it seems)
That's just a few to start with. I don't mind others chiming in. I might as well learn from other's mistakes.
Day 17:
Beginning of day: $42851
End of day: $41445
P/L: ($1460); -3.28%
Played with JBLU today. Initial weak bounce was pulled down further with selling pressures from Europe and further continued with weak NASDAQ. Airline stocks took to be a good swing play so I've been watching it everyday. Was thinking today might be the day NASDAQ rebounds and airlines bounce since they seem to be highly correlated to NASDAQ's movements, but nope, NASDAQ said no. I think if I traded full-time and micromanged, I could've made money. Today's movements were not that hard to read. Well, I guess anyone can talk. What matters is the P/L at the EOD.
Giving myself 2 stars for today's trading. Not bad on entry but doubled down at the wrong time and did not make the exit, thinking NASDAQ will bounce as well. Should've sold at the low volume or adjust size according to the weak volume and weak strength in NASDAQ, but I didn't have the leisure to watch the charts all day. Can't wait till I quit my job so I can trade full-time.
Beginning of day: $42851
End of day: $41445
P/L: ($1460); -3.28%
Played with JBLU today. Initial weak bounce was pulled down further with selling pressures from Europe and further continued with weak NASDAQ. Airline stocks took to be a good swing play so I've been watching it everyday. Was thinking today might be the day NASDAQ rebounds and airlines bounce since they seem to be highly correlated to NASDAQ's movements, but nope, NASDAQ said no. I think if I traded full-time and micromanged, I could've made money. Today's movements were not that hard to read. Well, I guess anyone can talk. What matters is the P/L at the EOD.
Giving myself 2 stars for today's trading. Not bad on entry but doubled down at the wrong time and did not make the exit, thinking NASDAQ will bounce as well. Should've sold at the low volume or adjust size according to the weak volume and weak strength in NASDAQ, but I didn't have the leisure to watch the charts all day. Can't wait till I quit my job so I can trade full-time.
Day 18:
Beginning of day: $41445
End of day: $43719
P/L: $2274; +5.49%
Started the day trading DDD. Missed the initial bounce but got on the 2nd, thinking it had good potential to see greens today. I also had a position in VRX to play off the bounce. So two morning positions, with VRX being a good winner and DDD failing to breakout and started falling. I should've pulled out on DDD earlier but didn't due to how it was moving in the open, thought with this much volatility, the bounce is still going to come and it will bounce higher. But nope, so exited DDD and with that money got in AAPL to play a bounce. Saw an opportunity in TSLA so exited AAPL and VRX to go all-in on TSLA, but i guess in IB they don't let you trade TSLA with leverage. Went in on TSLA and exited shortly after. At that time VRX's chart looked really good - right when it touched breakeven. Had potential for steady good gains rest of day, but I went in on WDC instead. Thought it would bounce but NASDAQ screwed me over again today. What's up with the sudden drop in NASDAQ? And also the sudden drop in NASDAQ an hour before the market close? Lost big on WDC... the force of NASDAQ killed off all the bounce momentum in WDC and I just exited after the second NASDAQ drop.
Giving myself 2 stars for today's trading. Nothing great, nothing poor most of the day. Trading as how I expect myself to trade on a normal day and than on WDC, I messed up big. Should've exited the moment I had no control of what was happening, but the drop in NASDAQ seemed so unusual I thought there would be a bounce soon. Soon was not "soon" and the bounce from WDC helped, but I could've been screwed over if NASDAQ dropped even more or if WDC did not have a bounce in her.
Question to members: If NASDAQ drops suddenly as it did today, does anyone have any sources (sites, forums, etc) to see instantly what the reason was for the drop? I was watching the drop yet could not figure out the reason... thought the 1st NASDAQ drop might be from the gov. interest rate comment, but have no clue. If anyone could help me out, it would be much appreciated! Thank you.
Beginning of day: $41445
End of day: $43719
P/L: $2274; +5.49%
Started the day trading DDD. Missed the initial bounce but got on the 2nd, thinking it had good potential to see greens today. I also had a position in VRX to play off the bounce. So two morning positions, with VRX being a good winner and DDD failing to breakout and started falling. I should've pulled out on DDD earlier but didn't due to how it was moving in the open, thought with this much volatility, the bounce is still going to come and it will bounce higher. But nope, so exited DDD and with that money got in AAPL to play a bounce. Saw an opportunity in TSLA so exited AAPL and VRX to go all-in on TSLA, but i guess in IB they don't let you trade TSLA with leverage. Went in on TSLA and exited shortly after. At that time VRX's chart looked really good - right when it touched breakeven. Had potential for steady good gains rest of day, but I went in on WDC instead. Thought it would bounce but NASDAQ screwed me over again today. What's up with the sudden drop in NASDAQ? And also the sudden drop in NASDAQ an hour before the market close? Lost big on WDC... the force of NASDAQ killed off all the bounce momentum in WDC and I just exited after the second NASDAQ drop.
Giving myself 2 stars for today's trading. Nothing great, nothing poor most of the day. Trading as how I expect myself to trade on a normal day and than on WDC, I messed up big. Should've exited the moment I had no control of what was happening, but the drop in NASDAQ seemed so unusual I thought there would be a bounce soon. Soon was not "soon" and the bounce from WDC helped, but I could've been screwed over if NASDAQ dropped even more or if WDC did not have a bounce in her.
Question to members: If NASDAQ drops suddenly as it did today, does anyone have any sources (sites, forums, etc) to see instantly what the reason was for the drop? I was watching the drop yet could not figure out the reason... thought the 1st NASDAQ drop might be from the gov. interest rate comment, but have no clue. If anyone could help me out, it would be much appreciated! Thank you.
Day 19:
Beginning of day: $43719
End of day: $31733
P/L: ($11986); -27.42%
Weekly P/L: -3.36%
YTD P/L: -3.35%
lol... went in on VRX for a bounce play. Wasn't happening. Thought it was NASDAQ's downpull pulling it down. When NASDAQ rebounds VRX doesn't. Go to stocktwits for the reason and Jim Chanos said short VRX last night. Thought it was oversold by that time. Waited. Steadily rising. Thought it was a recovery play. Reversed midday. Should've exited. Didn't. When it was going down even more, I still thought it was oversold. Later, I was just like lets see how low it can go. And it was able to go a lot lower.
1- stars for today's trading. Not following rules. Gambling. Overpositioned on uncertain scenarios.
Man man man... if I trade this way I really will be screwed. Fresh start on Monday. On Monday and Tuesday I might not be able to trade because of a job interview at norcal. Driving there soon after I pack my things. Wow...$12000 loss.... this really is a new record. Got nothing to say. Got nothing to feel. Just. I traded horribly...
Beginning of day: $43719
End of day: $31733
P/L: ($11986); -27.42%
Weekly P/L: -3.36%
YTD P/L: -3.35%
lol... went in on VRX for a bounce play. Wasn't happening. Thought it was NASDAQ's downpull pulling it down. When NASDAQ rebounds VRX doesn't. Go to stocktwits for the reason and Jim Chanos said short VRX last night. Thought it was oversold by that time. Waited. Steadily rising. Thought it was a recovery play. Reversed midday. Should've exited. Didn't. When it was going down even more, I still thought it was oversold. Later, I was just like lets see how low it can go. And it was able to go a lot lower.
1- stars for today's trading. Not following rules. Gambling. Overpositioned on uncertain scenarios.
Man man man... if I trade this way I really will be screwed. Fresh start on Monday. On Monday and Tuesday I might not be able to trade because of a job interview at norcal. Driving there soon after I pack my things. Wow...$12000 loss.... this really is a new record. Got nothing to say. Got nothing to feel. Just. I traded horribly...
Sonicscooter
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"Got nothing to feel"............................You should be feeling like a complete nob head, because you don't feel like that and haven't stopped this stupid run to zero....guess what is going to happen.........not going to stop?......thought not, its called addiction...............but you still won't stop...........when you look at your bank balance and it zero, plus a loan, then it will sink in, then maybe you will see the market for what it is, or walk away and never return...............
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