Weekly income from trading - is it possible?

[Trembling Hand]

Give a yell when you reach capacity and I can set up a trading room for you on this side of the world and you can trade the US during normal hours

Haha!

I have said somewhere here recently that at the end of the month I always get out the calculator and do the figures on transferring my results to the ES(S&P500) where there is probably always 500 contracts on the bid/ask. Instead of the 3 to 20 on the SPI.

We all need to dream

 

[Trembling Hand]

Draw up the contract, you have 12 months to do it

no the deal is I put up the money.

You open an account in your name with that money.

If I cannot make $500 average per week for the period I will pay you $5000.

If I make more than $500 per week average you have to pay me that amount as well as me keeping the profit.

So if over 8 weeks I make anything less than $4000. You get $5000

IF I make over $4000 I keep all the profit but you MUST also match that profit. For example if I turn the account into $50,000 I keep that as well as you also paying me $50,000.

I think that's only fair. What have you got to lose ??apparently I cannot even make 2% per month I'm giving you a huge advantage I am willing to start with a mere $1000.

Come on it will be interesting to make a fool of me surely?? (and make $5000)

Well ROE has yet to agree to my challenge with odds greatly in his favour.

...money talks, bullsh*t walks

Where has the expert on other peoples methods gone??

 

[Frank D]

Trembling hand,

Why don't you use your trading strategy on actual futures instead of CFD's.

On a 2 contract trade because of the spread, you are potentially $100 bucks worse off per trade. ie SPI

 

[Trembling Hand]

Trembling Hand,

Why don't you use your trading strategy on actual futures instead of CFD's.

On a 2 contract trade because of the spread, you are potentially $100 bucks worse off per trade. ie SPI

I do. I hate the CFDs they are rubbish. But it was just an excise to help friends with little $ outlay from me. Instead of having to put up $10,000 in a futs account.

I've done 76 round trips on the SPI so far this morning. (the real thing not CFDs)

 

[Frank D]

Being that active, i'm sure we exchange hands a few times in the trading day

 

[Timmy]

Haha!

I have said somewhere here recently that at the end of the month I always get out the calculator and do the figures on transferring my results to the ES(S&P500) where there is probably always 500 contracts on the bid/ask. Instead of the 3 to 20 on the SPI.

We all need to dream

TH, can I nitpick ... 500 on the bid/ask is a bit optimistic ... on the ES reliably a 100 or so either side (reliably in the sense that there is until you need there to be...) but of course widly variable.

I think you should consider asxgorrila's idea... I am sure there is a city in Europe/US that can match Melbourne's charms ...

Enjoying this thread thanks all.

 

[el caballo]

TH,

Not sure if this is possible, but IG using Level 2?

 

[trend rider]

seems there are many views to this subject, so here's another just to totally confuse you. I started out in options in 2003, while working a 60 hour week, within 6 months, I had lost enough of my origional bank, that I worked every weekend for the next 2 years just to recoup some of those losses. In 2005, I started trading again using a different instument / penny stocks/resources. On the first trade I made more than the entire 2 years of working weekends. In that year, I had 33 consecutive winning trades, averaging 26%. I excuded 4 of those trades as they were exceptional returns/ 263%/352% /228%/512%. THIS WAS THE WORST THING THAT COULD HAPPEN,Why, because after not having 1 losing trade that entire year, I could not accept losses and after making profits of this magnitude one begins to expect every trade to make huge percentages. The next year I had 8 consecutive losses.
My point here is trading is mainly in your head. If your expect to make a consistant wage you are placing to much pressure on yourself.You cannot force trades, they are either there or they are not there. If you get into a trade just because you want aother $300 this week, to make up your $500, you're highly likely to lose $600 and be down $300.Think how this would make you feel. Advice: take the pressure off youself /get a part time job/think in percentages rather than dollars, and above all, if this is money you cannot afford to lose wait until you have the money.GOOD LUCK

 

[Trembling Hand]

Being that active, i'm sure we exchange hands a few times in the trading day

yes. It would be funny to see at the end of the day who took who's money

Although I slow down a lot after the first hour & half then go onto the HSI after lunch.

TH, can I nitpick ... 500 on the bid/ask is a bit optimistic ... on the ES reliably a 100 or so either side (reliably in the sense that there is until you need there to be...) but of course widly variable.

I think you should consider asxgorrila's idea... I am sure there is a city in Europe/US that can match Melbourne's charms ...

Yes, Some time next year I'm planing to spend a couple of months in Paris & New York and trade the ES or one of the US Futs. But as Wayne said right back at the start of the thread. Its a different psychological game.

Trading 1 contract is different to trading 5 contracts, is different to 20 contracts, 100 contract and so on.

Plenty of work yet to do before I start dreamin.

 

[CFD]

I've done 76 round trips on the SPI so far this morning. (the real thing not CFDs)

To think you have all that success from the market noise that I spend all my time trying to eliminate!

 

[jersey10]

I do. I hate the CFDs they are rubbish. But it was just an excise to help friends with little $ outlay from me. Instead of having to put up $10,000 in a futs account.

I've done 76 round trips on the SPI so far this morning. (the real thing not CFDs)

Yes this is a great thread i have learnt a lot from reading it. Well done to whoever started it!! Ha ha.

Trembling Hand where do you live i'm coming to stay at your place for a couple of months. I reckon my transformation would get a huge boost from doing that and watching you work.

When i said a wage of $500 / week, i meant as an average so maybe i would have been better stating it as $26000 over 12 months from a starting capital of 50K.

Would it be the case that more traders would be confident of making $26000 profit for a twelve month period rather than $500 per week from a starting capital of 50K in either scenario?

 

[korrupt_1]

Would it be the case that more traders would be confident of making $26000 profit for a twelve month period rather than $500 per week from a starting capital of 50K in either scenario?

Again... dont think $$$... think %%% wins....

Paper trade, and work out how many times you get a winning trade vs a lossing one.

Once you know your win/lose ratio, getting a $$$ is as simple as multiplying it up.

ie if you could win 10 times and lose 2 times - consistently... does it matter if you get 8x $5 or 8x $50 or 8x $500????

The important thing to note is that 10 wins and 2 losses. Nett is 8 wins.

Once you start thinking about $$$,... it messes with your head and emotions starts to kick in.

 

[Rockhoundnz]

Haha!

I have said somewhere here recently that at the end of the month I always get out the calculator and do the figures on transferring my results to the ES(S&P500) where there is probably always 500 contracts on the bid/ask. Instead of the 3 to 20 on the SPI.

We all need to dream

TH, have you traded the YM, and if so, how do you compare it to the SPI? With 3 to 20 contracts on the bid/ask it sounds about a quarter to a tenth the size on the YM. Just interested to know, as long term I'd like to consider markets other than the US, simply for my lifestyle, if nothing else.

 

[Timmy]

ie if you could win 10 times and lose 2 times - consistently...

Do this, or get close to it, with a good $win:$loss, and good daily turnover, and you have the keys to the kingdom

 

[CFD]

I don't see that happening, it's certainly not on my horizon.

Profit comes from managing the trade to get the S/L to B/E whenever possible, so the average loss becomes less than 1 R/R. Get an average win of 2 R/R and you have a positive expectancy even when the S/R drops below 50% (which it frequently does).

 

[Trembling Hand]

TH, have you traded the YM, and if so, how do you compare it to the SPI? With 3 to 20 contracts on the bid/ask it sounds about a quarter to a tenth the size on the YM. Just interested to know, as long term I'd like to consider markets other than the US, simply for my lifestyle, if nothing else.

I have had more success trading the YM than the ES(but absolutely nothing to get excited about) I think because it moves a a bit more similar to the HSI. that is a bit more oscillation around the bid/ask. The SPI compared to anything else is pretty slow. I mean it does 20,000 contracts a day the YM will do that before the cash opens.

But still I think it probably doesn't matter we still get the same types of daily ranges and there plenty of volume there for 99% of people and price patterns.

 

[Rockhoundnz]

I have had more success trading the YM than the ES(but absolutely nothing to get excited about) I think because it moves a a bit more similar to the HSI. that is a bit more oscillation around the bid/ask. The SPI compared to anything else is pretty slow. I mean it does 20,000 contracts a day the YM will do that before the cash opens.

But still I think it probably doesn't matter we still get the same types of daily ranges and there plenty of volume there for 99% of people and price patterns.

Sounds good - so you also trade the Hang Seng as well, is that right? Thanks for the info - I'm definitely interested in anything that acts like the YM.

 

[AMR]

TH, how did you get you stops under marketmaker for the Hang Seng? Usually it moves so fast that if i needed a stop it's already too late to enter.

 

[Trembling Hand]

With my finger.

 

[Timmy]

Don't know ahything about market maker. Are there pre-set bracket order options?