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Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
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Persistence and determination alone are omnipotent! Calvin Coolidge
Who has that account size? I am assuming that was a rhetorical question that doesn't need an answer because many, MANY traders do. I have a tight circle of trader friends. 2 of them have over 1 million dollar accounts and trade the ES every single day, just like humble me.
And a 5% max loss is standard management practice? Standard by who's measurement? I would never advocate 5% risk of loss on any trading account. 1 to 2% at the maximum. Unless you are a very experienced and consistently profitable trader, risking 5% of your account every day is a means to an end.
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- Trade what you see. Invest in what you believe -
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Hi KyronC, I am not selling anything, but have been profitable with micro futures for some months now. I am happy to DM you with my TD Ameritrade record if you are interested. My mentors taought me without cost and I am happy to do the same where I can.
Let's think about it this way. How much money do you want to make in a year? Let's assume it's at least $100,000 -- because if it's anything less than that, why don't you just get a job that makes $100k, without the risk? (can't get a job that makes $100k? look harder) Hopefully it's MUCH higher, but that's a worst case scenario.
Now, let's talk about annual returns. 10% is considered average, 50% would be phenomenal. To make $100k a year, you'd need $1,000,000 and make an average return and you'd need $200k if you're phenomenal. Does $500k still sound crazy? Let me guess -- you have $10k, and you're going to make $100k with that in a year?
Think bigger. If you're trading to make $5k per month to live on, apply yourself and do something easier. This is the type of thinking that vendors lull you into. Also, this whole "1% per trade" is nonsense. Even 1% is too high -- but 1% or 5% doesn't matter. The problem is the retail mindset that says "risk 2%, set your stop, hope it works." That's not trading.
My point, which was clearly lost, is that if losing $25k scares you, then almost certainly losing $25 will scare you as well. The problem is not the amount -- it's the fear. Fear holds you back when you give it a voice. "Omg, I can't imagine losing $25k on one trade" ... well, you'll probably never experience losing that much on a trade, which means you'll never risk enough to make $25k or even close to it on a trade. This reminds of this thread from a few months back.
I honestly hate this question. If I had a 100 bucks for every time this question was asked in this forum and posts that followed I could afford a really nice house! Seriously, it’s like saying show me your paycheck. Who does that?
When I was growing up I ran across an add for a car which didn’t have a price listed. I asked my dad why and he said if you have to ask then you can’t afford it. I feel the same way about trading; if you have to ask you shouldn’t be trading cause you can’t afford it.
The problem is people are looking for an absolute answer. They want to know if they do this they won’t fail they will be safe. if you tell them just because I can do it does not mean you will succeed they get pissed. It’s a unanswerable question. No matter how much evidence you can provide they will never be happy! Case and point; we are on post 178 and the conversation is still going on. The question is unanswerable.
Because quite frankly it is a question (and often from a place of disenchantment) from traders who are failing and don't believe it is possible to earn a living doing it. Re-framing the question to state (and I paraphrase here) "...I am struggling as a trader and I desperately need help..." rather than "Can anyone actually prove to me that they have been consistently growing their account with futures?" would have received more attention.
Who cares about other traders earnings and if they are profitable. Asking this type of question (and just to note I was willing to give direction to the OP out until they proved to be not worth the time) is just an excuse not to trade, an excuse not to be accountable for your own trading, an excuse not to dig deep and find your own answers to a question that can never be answered except by the trader themselves based on a reflection of their own trading.
So it's not a case of being upset by the question, it's a case of the question having immeasurable answers.
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- Trade what you see. Invest in what you believe -
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