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@sstheo, you may be interested in the spreadsheet that I posted in the download section. It allows you to input a number of different variables to see how they impact growing an account.
"But building from scratch takes so long! Come, come play with us instead. Listen to the sound of the gentle waves lapping upon the shore. Don't mind those rocks there, they are not too sharp. Hear my sweet melodies. Bask in my song. Feel the sand between your toes. Let the sun warm your skin and feel my hands applying the lotion to your strong chest... Sorry about the nip slip there, I will cover up again."
We are in this for the long haul... Must say "no" to the temptress of "free" money... newbies and experienced traders alike.
I know some of these companies advertise on this site, and I am not accusing anyone of any fraud or maliciousness. The fact remains that most traders fail and would be better served by trying to intelligently trade the micros, which is the WHOLE point of my journal.
Absolutely. You have just written the jingle. Janet Jackson is on line 1.
I have mixed feelings about prop trading like I have mixed feelings about Bitcoin. The last webinar was with one of the sponsoring companies and he made some excellent points about having structure and access to professional development. But in the end maybe it trains you to rely on a guru, and trading style a very personal thing. I am a trend trader and the guy who taught me was a scalper. the trading universe is brilliantly scaled. You can trade anything from one share of Kodak to all the coffee in Brasil. It is delicate to navigate, I'll allow, and you have to really work to understand the details of the job but its part of the work and very much worth it in the end, I believe.
Coming, they can't be denied. Going, they can't be detained.
I am really looking forward to your conclusion coming to fruition in my own life: "very much worth it."
I am convinced that the prop firms make most of their money on fees. Why? Because I know at least two of them keep "live" accounts on a proprietary sim for a very, very long time. They have stats to show that most live traders will blow up with "live money", so their risk is so low...
The thing about the guru is so real, as I shared in one of my early posts " No More Mommy." It took me years to disconnect from the milk.
And I still want someone to hand me trades. But I resist. And it is working. Hard work, yes. But getting easier.
I love the siren song reference. Seems a pretty acurate description of what these companies in general. *This coming from someone very ignorant on the subject so don't listen to me lol.*
I don't know these companies or what they do exactly except for reading and studying some Mike Bellafiore of SMB in the past.
I remember commenting to my wife that this guys a l***er but I can't stop reading because it's so friggin entertaining!
Now that was a prop firm but I'm assuming they are all based on the same premise?
But now it's a combine? Is that even right? A Gauntlet? An Incubator? A Multi-Level-Marketing-Online-Day-Trading-Platform? Oh no. No they wouldn't say that.
I remember that Bellafiore going off about how many time he wanted to quit cause his traders ALL weren't working 26hrs a day like this one guy and it cost millions to run his business and I can't make money with these guys but this one guys making millions alone working every minute of everyday. "He doesn't even eat..." lol. It's ALL a roit act.
Now they ALL use GREED as thier main marketing disguised with clever webinars designed to sound like legitimate advice... but it's mostly just infotainment!
As for the compounding your glossing over one tiny... huge thing.
If you trade the exact same strategy and can make %1-%2 day ON AVERAGE (ya I dont care what anybody says it's doable (but not like that)) then you would be trading 5 times the amount... then TEN times... then TWENTY TIMES!!! ...ect.
The psychology of that surely would cripple anyones ability to execute flawlessly in such a such short period of time.
I think %1 percent a day (on average) is doable but I doubt the compounding.
Good to her someone thinking along the same lines. The strange thing abut the combines is that I do very well the first few days but the problem for me is greed. I expect to make the same 2500 every time I trade. lol. Out the gate I am trading well because I survey whats going on in the market and if I notice that I am predicting the right price movements then I fork over the money to the sirens and trade the combines. I do well and then sit there and calculate all the money I can make theoretically and become very unrealistic and greedy and anxious. jumping into situations that I should not and then reverse my profits. If I can save for the micros and trade the crude oil mini I think I can do it and at least I can trade for real. Cannon trading is offering an account for 2500 dollars. Do you know what the cheapest I can go to open a micros account to trade mini crude? How much do you think I would need and exactly how many contracts could I trade? I want to have enough money to stay in the game and not get a margin call. If it means trading 1 mini contract, so be it.
There are some massive informational holes to be able to point you in the right direction. But why on earth would you want to enter one of those?
Save your $2500 and blow it up trading one micro at a time.
Yes by the sounds of it you will blow it. And the next $2500 too. And probably the next $5000. Oops I mean $2500.
But seriously. By the sounds of those "services" and I use that term loosely (man I've been waiting forever to use that saying lol) they maybe teach you to use good money management BUT from what I can tell they have timed perfomance goals.
THOSE ARE TOTALLY INCOMPATIBLE GOALS!!!
Here take no risk but make at least $4000 a week. But don't worry... were OK because when you blow up we'll have extracted the profits but no losses and collected fees along the way.
So go get some more capital and TELL YOUR FRIENDS!!!
I am only PARTLY being facetious and would WELCOME anyone from these firms to weigh in.