Weekly income from trading - is it possible?

[Trembling Hand]

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

No way that would be something that helps a trader. Why would they do that

 

[Timmy]

Just some wild and crazy notion TH...I must have read it somewhere.

At the very least CMC offers "if done" orders:
From the CMC website
http://www.cmcmarkets.com.au/en/content/trading_software/risk_management.jsp

If-Done order

An If-Done order is a combination of two orders and may be useful if you are unable to watch the market all the time but want to participate in a market move in your favour and/or exit a move against you.
EXAMPLE OF A IF-DONE ORDER
A Share CFD is trading at $5.00 and you wish to buy if the price falls to $4.90 but exit if it continues to fall to $4.70. You would place an order to buy the Share CFD at $4.90; if done, sell at $4.70 on stop loss.

 

[CFD]

IG do the same so I guess it's a MM thing. They also make it easier to exit a trade, just select close as opposed to creating a new trade in the opposite direction.

 

[professor_frink]

Just noticed this thread. Interesting reading

Trembling Hand, a couple of questions if you don't mind-

Which markets were you trading when you went nuts with the cfd account?

What kind of % risk per trade where you exposing the account to?

 

[Trembling Hand]

Mostly HSI (80%)

To start with way, way to much as a simple account % (10% per trade!!). BUT as I have said I had plenty more $ elsewhere. All trading was scalps & I knew I had the expectancy to push it a bit.

So it can be done but "don't try this at home"

 

[professor_frink]

Mostly HSI (80%)

To start with way, way to much as a simple account % (10% per trade!!). BUT as I have said I had plenty more $ elsewhere. All trading was scalps & I knew I had the expectancy to push it a bit.

So it can be done but "don't try this at home"

Thanks TH.

Na, wouldn't even consider trying to replicate those kinds of results, I know my limitations. 1k to 50 in a week or so is a little beyond me at the moment. Would be fun to try to see how hard I could push a small account when I next have some spare $$ though

 

[Trembling Hand]

Actually I have to give you a big thanks. It was you that brought the HSI to my attention. Its amazing how the results change when you find a market that suits your style.

So thank you. Check is in the mail. :

 

[professor_frink]

Actually I have to give you a big thanks. It was you that brought the HSI to my attention. Its amazing how the results change when you find a market that suits your style.

So thank you. Check is in the mail. :

No worries. Don't worry bout the check. You can buy me a beer next time I'm in Melbourne:drink:

 

[Trembling Hand]

You can buy me a beer next time I'm in Melbourne:drink:

For sure on the beer or 3. You think I can trade like this without developing a drinking problem.

 

[doctorj]

Its amazing how the results change when you find a market that suits your style.

It's great to see people find success through information shared at ASF. Now where do I send the log in details for my $1,000 CFD account?

 

[professor_frink]

For sure on the beer or 3. You think I can trade like this without developing a drinking problem.

And this is also an on topic part of this thread. "Weekly income from trading - is it possible" isn't quite the full question that needs to be asked. "weekly income from trading - can it be done without turning you into a drunk"

And if that is the question, I'm gunna have to go with NO

 

[MRC & Co]

"weekly income from trading - can it be done without turning you into a drunk"

And if that is the question, I'm gunna have to go with NO

ha ha ha, I have to agree! I know traders who have gone back to work due to that problem alone!

They only triggered a couple trades a day, and all mechanical. So they only spent about 10 minutes a day actually "trading"..........and the rest drinking!

I myself, found earlier in the year, when the weather was fine, that I was sitting in my little tradestation next to the open window, sipping beers. Which as weeks went by, became a few too many! Since then, cut them completely..........until wkends!

 

[julius]

I myself, found earlier in the year, when the weather was fine, that I was sitting in my little tradestation next to the open window, sipping beers.

Sounds like a pretty good problem to have if you ask me

 

[MRC & Co]

Sounds like a pretty good problem to have if you ask me

Yeh, was until I started turning upto my football (outdoor soccer) training and matches (indoor midweek matches) half slashed

Its really a bad habbit to keep a lid on, probably exacerbated by the fact that you spend most of your hours by yourself.

 

[doctorj]

Some of you might find the free 20 day trial at http://www.saxobank.com/ interesting to play with for fx/cfds/indices/commodities

 

[jersey10]

Yeh, was until I started turning upto my football (outdoor soccer) training and matches (indoor midweek matches) half slashed

Its really a bad habbit to keep a lid on, probably exacerbated by the fact that you spend most of your hours by yourself.

Hi MRC & Co,

I notice you are 25 and list your occupation as a trader. Like you i play football (in Brisbane). Unlike you my occupation is not listed as trader however i would very much like that to be my occupation. How have you managed to earn a living from trading by the age of 25?

Jersey10

 

[korrupt_1]

Being inspired by TremblingHand's efforts from $1k to $50K in 10 days... I decided to theorectical see if it's possible to make a killing in one day's trading based on a $1k deposit that you are willing to GAMBLE away in the hopes of multiplying it up.

Notes:

• Starting capital: $1000
• Trading product: IG Markets Australia 200 mini ($5/contract)
• Date of trade: Friday, 4th April 2008
• Technicals: RSI, Bollinger, Moving Average (8, 21) and P-SAR (not all indicators shown on graph)

• I did not take into account the spread of 2 points.
• Initial trade was 10 minis ($50/point) which can be done with a $1000 margin if a stop loss of 20 points was set.
• Maximum position is 50 mini contracts ($250/point). Not sure if there would be liquidity for higher number of contracts. (I have never personally traded >50 mini contracts, so I do not know)

My theorectical trade list is below. I've given reasons as to why I entered and exit a trade. The chart is the intraday 1 minute tick of April 4th 2008.

The result was, as you can see, a staggering $28,400 in about 7 hours. To risk $1,000 would be well worth the effort. However, having said that, I think this kind of result may not be possible as it's likely that emotions will take over during the trades and you will either close out a positon for a loss due to it going the wrong way or taking profits too soon and not maximising potential gains (fear & greed arguement)

Anyway, please do not try this as this is only theorectical. If you do, you might as well give me the $1000. Atleast one of us will be happy

 

[MRC & Co]

Hi MRC & Co,

I notice you are 25 and list your occupation as a trader. Like you i play football (in Brisbane). Unlike you my occupation is not listed as trader however i would very much like that to be my occupation. How have you managed to earn a living from trading by the age of 25?

Jersey10

Hi Jersey,

I gained some inheritance a few years back and have built up my capital base while working. Spent every cent I earned, however, kept all trading profits.

For the moment, I am covering costs plus adding to the capital base off trading, so no need to work. However, I expect to go back to work in the future and only trade part-time.

Unless of course I can score a job at Propex which is my goal and will find out the result in June I beleive.

 

[nitpra]

Korrupt 1

In your theoretical trading example, what instrument were you using (for trading )

 

[tayser]

^

Trading product: IG Markets Australia 200 mini ($5/contract)

a CFD over the S&P200 by the looks.