Is This Really A Worthwhile Dream?

Hello All. I am new to the forum and have joined out of my frustration.

I have tried several systems out there and have failed by blowing out my accounts several times. I am a Cisco Certified Internetwork Expert (CCIE), do private consulting and consider myself to be a pretty sharp guy, BUT I cant seem to get day trading the emini S&P to work consistently. My belief systems are a bit down on this dream of mine so my question to you all is this.....

Do you or someone you know day trade full time and earn at least 300k per year? What is your honest success story. I need to hear this from someone who is not trying to sell me some **** that DON'T WORK!


...SORRY FOR THE SWEARING :( Seriously, if you know of a person, program, book, system or idea please just email me and I will review. I will even pay a finders fee to your paypal account if it is worthwhile. Thanks for your help.

If you have a system with an edge, maybe try your mind / attitude? I'm thinking Mark Douglas Trading In the Zone. Might help you re-look how you see and perceive things.

I don't think there is an exact system. You just have to learn how to trade by assessing probabilities and manage risk. There are many traders that make over $300k/yr but that usually means they trade some size and am willing to assume more risk

Thanks for the replies. G Runt I wish it could be so easy to say that it may be my psychology but I am BIG on PD before trying trading and practice daily everything from Hypnosis, Silva Method, Belief Systems, Trading Mind Software, etc. I have read trading in the zone as well. I'm pretty strong on the mind side in my opinion but I am open to any and all suggestions so thanks.

It takes time, I lost money for about 3-4 years. There are many kinds/types of analysis, try different things, take what works for you & make it your own.
http://www.mypivots.com/board/topic/808/-1/with-only-one-setup-you-can-still-win

Know that ES is not easy, indexes rarely trend for very long, & you're a newbie trading with the best in the world, think about that. Gold & Grains trend for longer periods of time & are easier. Charter Joe has posted this statment several times. "I've seen people trade dumb ideas & still make money because they know when they're wrong" Very true.

Try Scientology ... I hear Cruise and Travolta are banging out profits from their Thetan Trading Fund.

Actually, plumb the depths of the mypivots site using the search feature. BruceM and KoolBlue, among other members, have troves of detailed trading information that's laid out over months and years here.

That's as good of a starting point as you can find on the web in my opinion. Btw, does anyone have an "in" on all those hydrogen bombs L. Ron Hubbard alluded to that aliens placed strategically around the earth? Just wanted to know when they're gonna blow. PM me as I think this whole Mayan 2012 thing is BS.

The Funky Monkey

Why 300 thousand ? Suppose somebody makes 150 - 200 k or at least can demonstrate consistent results ?

The reason I ask is because if you are making a good salary now and are trying to replicate that by day trading then you are setting yourself up for failure. You need to start out slow and grow an account exponentially overtime. This way you can understand YOUR limitations.

I suggest you pick a time frame ( morning is great for fading) and learn that well..incorporate 2 -3 good setups that happen 3 out of 5 days per week. Sitting in front of a computer all day is not glamorous nor is it healthy.

Have you defined what style seems to offer you potential ? This is a personality thing and may require work.

I came from a computer science degree and back in 1996 I thought I was going to make more money than anybody out there. A common pitfall is thinking we are smarter so we must be able to trade .
Success in one field doesn't mean anything in daytrading. Hence your frustration most likely.

Have you set a time limit ? How long do you give yourself to achieve this "dream" ? Why do you want to daytrade ? Staylor suggested markets with longer trends. You need to make sure you are crystal clear on your reasons for day trading.

I wish you the best and please keep us posted. The forum has lots of great traders and resources and most are quite humble. Anyone you are looking to learn from should have some ideas that work consistently over time. Requiring a certain level of income from that person is an interesting request.

Bruce

BruceM you have so many good questions so let’s see…I stated a figure of 300k annually because it is a figure in my head that establishes the minimal income that makes sense to consider walking away from my current business and start a business trading part/full time. I this but I thought that I should start with the minimal for serious conversation of potential.

I have already established a time frame (Morning) and am working on only a couple new setups that complement my personality/style. I have no time limit set for this dream other than A.S.A.P. I think that I am crystal clear on my reasons for day trading which is….dare I say it…..FREEDOM.

I am accustomed to trading shorter time frames but will consider longer one if the new setups I am trying don’t work out. I know that requiring a certain level of income from that person is an interesting request and is maybe taboo. I’m just tired of the BS and want some hard facts….Not just possibilities based analysis and blah, blah, blah.

I appreciate your response and I will shoot you a note of my progress.

Think about the salary that you are currently making. How many years and thousands of hours of study and experience it took you to get here to make that type of money. For a trader to be making that type of money wouldn't you expect that they'd have to put in the same effort?

Making $300k/year is relative. If you have $30m and put that is a Discover Bank account you'll make $300k/year. What are you starting off with? Is your trading base $300k and are you expecting to make 100% in a year? Have you read the stories about the best traders in the world in books like Market Wizards and seen what they made per year? Rarely was it that much.

@Day Trading, I know that listing a financial figure to my question may be a bit naïve, simply because what it really comes down to is consistency and contract size in trading. I’m sure that you could break down everything I ask in my initial question. However, the overall premise was to speak to someone out there who is actually living the success and not just speaking about possibilities.
I will check out the book Market Wizards thanks.

110% agree, Is important to remember that the dollar you take in is a dollar someone else is losing, at the end is a zero gain.

If Golman Sachs is getting 50 million per day in trading, means that thousands of traders are losing small amounts.... that feed them.

Defeating this monsters is quite difficult specially in nowadays that big players has EVERYTHING available at their service, you name it, mathematicians, psychology doctors (very popular), algorithms, ECN´s, market makers, supercomputers, money, time, political contacts etc.

Everyday we try to win them, sometimes a few do it..and fewer are able to do it consistently, if you think in that then you have to conclude that:

1. Is a long learning process
2. Can´t be a main income source for a individual investor, at least until is educated enough to control himself at a level not common to find.
3. You need money to lose...that you can lose with not so much problem
4. You must be able to lose for long periods
5. You should be able to sit in your computer and not do anything in a day, 2, 3, 8, 15 days until you decide conditions are what your mental model can handle.

At the end is a personal process, you can read many books and comments, at the end is a personal process ....as demanding as a Buddhist monk.

Rgds.

Geekodude, Sounds good to me. Have not blown my account yet. But blew alot on a worthless education service. Sent PM.