Trading Forex or Emini's for a Living....
Forex is a very big space in the online world and so is emini trading. Specifically the S&P emini.
The recommended starting account for futures is 5K is you are going to trade emini's at 2 contracts per trade and preferably 10K.
In forex you are always told that you can start as little as $100.00 but the preference is $500.00
In addressing the issue of whether or not you want to enter the day trading arena we might begin by asking a question to answer a question.
As a fifteen year trader, "do I know of anyone day trading for a living"?
The easy answer to that question is "NO".
No I do not know anyone that day trades for a living successfully and has done so over a long period of time.
Yes, that includes me too. I do not only rely on my day trades to make money. I do a combination of a lot of different techniques. Sometimes they work really well and sometimes they don't.
Sometimes I make great profits and sometimes I don't.
If I had to rely on my average weekly return for a living I would NOT make it. I would be broke and likely hungry.
I certainly would not be trading.
There are some people making a living day trading but they are very few and far between. Most of what you see is hypothetical results that means IF you had taken the trade this could have happened. It doesn't mean that you did or that you had real money on the line.
I see all these systems and most are based on hypothetical results and back tests. While back testing can be an important tool in figuring if your system can sustain profitability over time it does not at all reflect real trading results.
I strive for a consistent 2-5% ROI per month on generally smaller accounts and in most instances I am able to do this. There are some periods of time where I go months without any sort of significant gains and then for a small period of time I make all my profits for the year. That happened last year with the lack of volatility in the market place. It will likely happen this year too.
Trading for a living is not something that you would ever want to take lightly. It is extremely difficult to do and takes a lot of work. Per hour I am not sure that you would want to do it.
I think that these areas are popular because people have now thought that this would be a good business to get into as a result of not much opportunity in the job market and high unemployment.
I suspect that this is the result of there being very little barrier to entry into the markets.
There should be but there isn't.
Most people I think truly believe that they actually have a chance. For most this frame of thought will not serve them well. This particular business is one of the most difficult and competitive in the world. It requires constant education and research. It requires thinking outside the box and not holding fast to any one technique. It is realizing that the markets move very fast now compared to ten years ago. It is having an adaptable plan that is constantly evolving.
It is trusting nothing in this market. You have only your own savvy to rely on and if it is not very good you will not make it.
So if you have your last little bit of cash and you are looking for a way to grow it do NOT and I repeat DO NOT enter the trading arena. It won't work out for you and you would be better off starting something that you have experience in and that you know well.
I know that this is not what you want to hear but it is the truth.
The recommended starting account for futures is 5K is you are going to trade emini's at 2 contracts per trade and preferably 10K.
In forex you are always told that you can start as little as $100.00 but the preference is $500.00
In addressing the issue of whether or not you want to enter the day trading arena we might begin by asking a question to answer a question.
As a fifteen year trader, "do I know of anyone day trading for a living"?
The easy answer to that question is "NO".
No I do not know anyone that day trades for a living successfully and has done so over a long period of time.
Yes, that includes me too. I do not only rely on my day trades to make money. I do a combination of a lot of different techniques. Sometimes they work really well and sometimes they don't.
Sometimes I make great profits and sometimes I don't.
If I had to rely on my average weekly return for a living I would NOT make it. I would be broke and likely hungry.
I certainly would not be trading.
There are some people making a living day trading but they are very few and far between. Most of what you see is hypothetical results that means IF you had taken the trade this could have happened. It doesn't mean that you did or that you had real money on the line.
I see all these systems and most are based on hypothetical results and back tests. While back testing can be an important tool in figuring if your system can sustain profitability over time it does not at all reflect real trading results.
I strive for a consistent 2-5% ROI per month on generally smaller accounts and in most instances I am able to do this. There are some periods of time where I go months without any sort of significant gains and then for a small period of time I make all my profits for the year. That happened last year with the lack of volatility in the market place. It will likely happen this year too.
Trading for a living is not something that you would ever want to take lightly. It is extremely difficult to do and takes a lot of work. Per hour I am not sure that you would want to do it.
I think that these areas are popular because people have now thought that this would be a good business to get into as a result of not much opportunity in the job market and high unemployment.
I suspect that this is the result of there being very little barrier to entry into the markets.
There should be but there isn't.
Most people I think truly believe that they actually have a chance. For most this frame of thought will not serve them well. This particular business is one of the most difficult and competitive in the world. It requires constant education and research. It requires thinking outside the box and not holding fast to any one technique. It is realizing that the markets move very fast now compared to ten years ago. It is having an adaptable plan that is constantly evolving.
It is trusting nothing in this market. You have only your own savvy to rely on and if it is not very good you will not make it.
So if you have your last little bit of cash and you are looking for a way to grow it do NOT and I repeat DO NOT enter the trading arena. It won't work out for you and you would be better off starting something that you have experience in and that you know well.
I know that this is not what you want to hear but it is the truth.
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