How Much Dosh Can I Make?

[FTSE Beater]

Hi kinglatfan

Some very sound advice there 🙂


Hi Naz

I scroll out my p&l

Could you please tell me what this is. I have an accounting background so P&L are alien to me 😉

 

[options]

And on the same lines Naz. I have noted that when people first enter into trading. Their first thought is exactly what the title of this thread is. How much can I make. They think that if they can make 50 points on the futures that's 500 quid. It goes up and down all day long. Has to be easy too make that. Hold on if it goes up (it's invariably up for new traders) by 90 points in a day, that's 900 quid. I can do that easy.

And that's the first mistake.

If people can forget about the big moves and concentrate on just getting a couple of points a day. Each day. Then the bigger moves follow on from that.

If the clock on the car you get in for your first driving lesson says 160mph. You wouldn't really want to drive at that speed straight away would you. You would very likely crash.

The first step for the journey of a thousand miles and all that...

Good fortune.

Options.

 

[Lawman]

Excellent points. And really useful for trading IF you can take them on board.
I have found that my biggest deterrant to making money... is too badly wanting to make money, and thus not willing to cut losses short ('cos that means I'd have to admit I was wrong and step backwards).
I find it difficult to do, but biting the bullet and just getting on with the trading is as the most recent posts have mentioned, the best way forward.

Thanks for some really helpful posts...
Hope that wasn't too verbose.

Lawman

 

[options]

Instead of thinking you are wrong when a trade goes against you and fail to cut. Think of it as now being right about getting out 'cause you know it's going the other way.

That's a good reason why women can make good traders. They change their minds so bloody often.

A very good friend of mine who also happens to be in the top percentage of traders told me.

"The first cut is the cheapest."

And that really is true.


Good fortune.

Options.

 

[Helenqu]

That's a good reason why women can make good traders. They change their minds so bloody often.

Oi! I think it's much more to do with common sense and lack of male ego 🙂 We find it much easier to admit when we are wrong.

 

[neil]

Money

Helen is right of course. 🙂

On another note I only aim for 10 points a day on the dax over three days.

Could be my age but finishing by 11.15am each day stops me getting square eyes...Plus the Pareto principle usually applies as it does to most things..." 80% of your profit comes from 20% of your trades (Time of day)" ....just a theory.

However, in common with others on this thread I concentrate on all aspects of trading except "How much can I make."

Things like knowing when to jump ship if the trade goes wrong etc.

 

[options]

Lol; Eeeeeaaasyyyy. Helen.

It's a well known fact that women are better at multi tasking,
and I agree with the lack of male ego bit. and that can make them better traders. But come on guys, back me up here.
Have you ever known a woman to admit to being wrong?

Lol.

Yours in a most humble manner.

Options.

(Doh, I just know that Skim will reply as well. oops.)

 

[Skimbleshanks]

Well, Options, I'd hate to disappoint you!

It's a well-known fact - men just can't multi-task (this is also why they're no good at an orgy 😀 ).

 

[Helenqu]

If only all this inate superiority would just show itself in my bottom line ......😉 (Oh and no bottom jokes please!)

 

[options]

Ouch!

 

[options]

I said 5 years ago the markets were heading for a fall.

Told you I was right.

Options.

 

[FTSE Beater]

Skim, Helen and Female traders.

Ever thought about trading 2 markets at the same time 😉

Just remember Traders are like cooks - Women do it best, but the best in the world tend to be male.


...and Options

I don't care - I said it 6 years ago. 😀

 

[Helenqu]

I do trade 2 markets. STOXX futures and UK FTSE100 stocks 🙂

"but the best in the world tend to be male"


Only because their wives help them 🙂

 

[Skimbleshanks]

Like Naz, I also scroll out the P&L line in IB's trading platform so I cannot see the amount of money ticking up. I just look at my account status after the market closes.

I also hate talking money - points is much easier for everyone to understand. And with points anyone can join in, whether they're trading 1p a point with Fins, or $50 per point with IB. At the end of the day your consistency is down to points, not dosh.

 

[NickW]

Guess who was short yesterday, any minute now its going to reverse - what a plonker. Maybe I'll be right in the end - doh!

Male & proud - but a bit poorer than 2 days ago! Can I take my wife's pills to take the edge of my testosterone? Only joking!

 

[Skimbleshanks]

Just remember Traders are like cooks - Women do it best, but the best in the world tend to be male.

Not quite true FB - women are cooks, men are chefs.
And of course, women have recipes, men have formulae!

😀

 

[Lawman]

Wow, one comment about admitting to being wrong and a good, solid male vs female traders breaks out. Heh, heh...
I think I like Options point of saying you aren't really wrong in the trade because you now have the opportunity of being right by reversing the trade. So... you can never be wrong. It just depends on when you decide to be RIGHT! Right??

Anyway, I hope to be able to cope with my losses better as the experience increases. It is frustrating to see how quickly several positive trades can be wiped out by a negative one.

Still learning... but proud of my male ego. 😉

Lawman

 

[FTSE Beater]

LOL Skim 😀

Hi NickW

Those pills could work 😉

 

[hjk]

Hi all,
its been a while since I checked t2w as i've been on hols spending my ill-gotten trading gains(!) but for what it's (not) worth my thoughts on the original questions by 'Enchanter' are thus:

How Much Dosh Can I Make?

The question is much simpler than everybody is making out so it deserves a simple answer: 'As much as your abilities allow you to make'.

I WISH TO KNOW FROM SOME OF THE MORE EXPERIENCED TRADERS.....

S/he's talking to the likes of me here! thank you very much 😛

IS IT POSSIBLE FOR ME TO MAKE £100 PER DAY WITH A CAPITAL BASE OF £1000

Again a simple question deserves a simple answer: 'Yes, it is possible.....Is it likely? No.'

MY STRATEGY OR TRADING PLAN IS BASED AROUND THE CT FORMULA WITH ADDITIONS

I know absolutely nothing about the CT formula, but formulae in trading as in cooking (as 'Skim' has said) will not help you become a great trader.

AM I BEING UNREALISTIC??

Yes.

The very questions themselves reveal the fact that you should do a lot more homework before you even begin to risk a penny in the markets, you'll have more fun and better results at the casino.

By the way I think women in general make better traders (i'm a bloke). The very things that initially attract many men to trading and deter women - the dream of easy money, risk-taking, the testosterone driven fast-life, etc - are the very things that lead to failure in trading. It becomes a bit of a catch-22. So according to my theory: although fewer women than men start trading, a much higher percentage of them will make a success of it. Of course I have zero statistical data to back this up but then the best theories never do! 🙂

 

[grobag]

I would have to agree with Skim, men have egos which kill their flexibility to change if they are wrong. If you can learn to admit your wrong quickly and swiftly, and lose in a small way, you will end up a profitable trader, providing you have a good methodology of course 🙂