Can you really make a living doing this?

IWannaBeAMillionaire

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Hi all,

If a person has 50k for example, is it really possible to make 1k a month as an income?
and if anyone believes they can, what trading rules would you use?

I know there is no system that guarantees anything, but I would love to find one of the better ones.

At the mo, I trade end of day, long, and only buy on a night when the ftse closes up. Can anyone help me to improve?

thanks
 
Hi,
Check out the link under my signature.
Paper test it for yourself - US shares intraday.
1k a month from 50k is a very modest target.
Richard
 
Hm, you know. 1k of 50k is 2%. If one does 2% that would be seriously bad, imho. Remember this is trading, not investing - you do not get paid for holding things.

You will find that a lot of good traders would expect to make around 750 to 1000 a DAY with this approach. Using documented puretick trading, you would possibly have made 2000 a day with that capital (twice what they give, trading 10 contracts). Given the Tim Knight numbers I just read you would have ended up with more than 300.000 after 4 months (he took 200.000 to more than 1.2 million this year, iirc).

Not saying YOU will make that. But if I would enter the markets with 50.000 (i will soon go fulltime) I would excpect a LOT more than 2% per month for my time.

My last runs trading full time years ago (until i stopped for personal reasons) would have you seen more on the 2% per day line, for more than a comfortable living ;)

That is as a trader.

Note that this does not scale. It is a lot harder to make 2% per day with 10.000.000 - simpyl because short trades need to be small enough to enter and exit fast, and that limits the capital one can use here. Then you move into longer timeframes, and it can be argues whether your percentages should go down then. They do, but imho they do not ahve to that fast (i.e. if you make 2% per day with small money, you possibly can also make 1.5% per day with a couple of million, until it really gets too big).

Now, end of day trading, long and only on nights the FTSE closes up does not sound to me like a valid strategy. I mean, there should be a little more than going long when the market closes up ;) Trading for profit is hard work. VERY hard, and few make it.

I suggest you start looking into some books, you know ;) The website here has some lists, jut look at the menu in the top. Start and improove your strategy.
 
Depends how good you are at it i suppose ! ;) But there still is hope if your not great at it. Managed accounts are still a good way to get the benefits the markets can bring, but, the risk is less then you not knowing how to go about doing it. If your not fully confident leave it to the experts. I the end of the day thats what there paid for !!! :D ( If you need help for who to have a look at send me a private message and ill be glad to help)

Jack
 
Hi, thanks all for those responses. I am a little lost though. I need to develope a trading strategy for the FTSE100 index, with about 3k as capital and would love someone to point me in the right direction. I guess I need to be told what to do and what not to do.
 
To be honest, Raj, imho DO NOT give your money to a managed account under any circumstances.
I have never met anybody for whom they've made money - just the opposite.
That's my experience anyway.
Richard
 
Mr. Charts, this really isant true at all, and im talking from my own experience.

Raj, 3K is going to be very difficult to play with in the market, but you can always try. If however you want to go for a Managed Account try GFS Forex and Futures, im not sure the minimum they accept on the managed accounts, but it worth a try at least you can have piece of mind that its going though a big company! I can recommend you to the guy i dealt with over there if you like?

Hope i helped

Jack
 
Hi, believe it or not, 3k is all thats left from 10k!!! thats how much i need help. When i go long on the ftse, it goes down so I add to the position after a 100 point minimum gap (going on the theory that the index can never go bust). Recently, it went down to 3400 and I was down a lot of money. Then it started going back up and money started coming back into the account so I started closing my longs thinking that i'd buy them back lower, but the index just kept on going up and up. This happens too many times to me. Thats why I need some concrete rules to trade by. I started trading both long and short at the same time, closing off individual deals against each other and that worked for a time. I just need the help of better traders, to be honest, I would prefer to trade myself rather than go thru a managed account, but I will look into it. Thanks
 
Have you ever tried having a go with Forex???

If not then i would be happy to help if you wanted to have a quick look at that instead of FTSE.

Jack
 
Raj,

You shoot me the questions in a private message and ill answer then.... Lets see if we can get you some return on your 3k :)

Jack
 
Gosh, that strategy really is not good. I mean, just from simple logics. I would suggest stopping trading, grabbing some background information (look up books and various threads on this side) and then trading on a paper account.

The strategy easily is visible as one that CAN NOT work.
 
But obviously you did not even bother reading a book. Sorry to say, but if you look on this sie for10 minutes you find various approaches, as well as some really nice literature list. Noone will help you from doing your homework yourself.
 
NetTecture, Raj is asking for help.... Whats wrong with that and yes he does need to read a book or do some research or even trade a paper account.... But atleast im now pointing him down all the right avenue's !!!

Jack
 
FOREXREVIEWKING is just an affiliate...

He is either going to recommend his website to you or get money for you clicking on/buying from it... So i would avoid that kind of help, anyone can help you spend money.

I trade the FTSE100 7.30am-1.30pm everyday, i too am learning and i'm only just starting to become profitable, but i think i could definately give you a strategy to work on...

But as someone said, DO YOUR OWN HOMEWORK - How the **** do you think we all learned to trade on these forums ?????!?!?!?!?!?!?! THink we just sat down and made £50,000 cause we felt like it; NO

We did hard ****ing hard, very hard research, long hard homework and long depressive days of not making money while consuming all our time.

I can tell you a strategy that works, but it doesn't mean you'll be able to use it profitably, one day you will understand why unless your one of the majority to give up trading because its too hard.

Ask yourself this, if 5% of traders make it, do you think its the guy whos asking if people can make money or do you think its the guy spending hard hours learning how to trade.
 
Im telling him how to trade in the forex market as i have learned how to do it myself... Nothing weird going on... How about you ask raj himself who actually asked the question, im explaining in private messaging about everything... what books to read how to go about trading... Ask the man himself... I dont work for anybody and i find it incredibly rude how your saying all this when you have absolutly no idea of the conversations between Raj and myself
 
Im telling him how to trade in the forex market as i have learned how to do it myself... Nothing weird going on... How about you ask raj himself who actually asked the question, im explaining in private messaging about everything... what books to read how to go about trading... Ask the man himself... I dont work for anybody and i find it incredibly rude how your saying all this when you have absolutly no idea of the conversations between Raj and myself

Awfully defensive.... I suppose by telling him abit about trading you'll earn his trust, then you can really steal his cash.
 
Also, ive told him to go and trade a PAPER account at ACM because there layout is absolutely amazing and great to learn on how to trade on... Check it out yourself and maybe do YOUR research before questioning others.
 
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