Boy Named Sue said:

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I'm just saying I won't risk more than $5k at a time. $400/day seems doable

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Because we're all friends, I'll just be uncharacteristically blunt:

I guess so, but I don't count on 8% a day. It's fantasy. I'm happy with more than zero and I recognize that some days are easy, some days are hard. Trading realistically is like (percentage wise on an account, -0.2%, +0.6%, +1%, -1.1%, +0.8%.

You should not focus on what you can gain, but you should focus on what you can lose. Nobody here will make it until they start thinking that way. The days I'm really happy with are not the +3% or +4% days. Sure they're great. The days I'm happy about are the ones where I was dead wrong, out of sync with the market, and was only -1%.

Trading is probabilistic betting on expected value. You must have an edge, meaning your strategy works at least 55%-60% of the time. After that it's a coin flip and your wins must at least equal your losses. Do not eat like a bird and turd like an elephant.

you should also only risk an amount where you aren't panicking 5 seconds after putting the trade on and where you can fully accept the outcome. You should try really really hard to never lose more than 1% of your account on a trade.

It is better to lotto trade 1% on good setups than to risk 100% of your account and be in big trouble if you have a normal market move and lose 10% on an option.

3% positions with a 35% stop loss is good
2% positions with a 50% stop loss is good
1% positions with expectation of zero, also good.

4% position with 25% stop loss you will get stopped.

$30,000 Millionaire said:

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Boy Named Sue said:

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I'm just saying I won't risk more than $5k at a time. $400/day seems doable

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Because we're all friends, I'll just be uncharacteristically blunt:

I guess so, but I don't count on 8% a day. It's fantasy. I'm happy with more than zero and I recognize that some days are easy, some days are hard. Trading realistically is like (percentage wise on an account, -0.2%, +0.6%, +1%, -1.1%, +0.8%.

You should not focus on what you can gain, but you should focus on what you can lose. Nobody here will make it until they start thinking that way. The days I'm really happy with are not the +3% or +4% days. Sure they're great. The days I'm happy about are the ones where I was dead wrong, out of sync with the market, and was only -1%.

Trading is probabilistic betting on expected value. You must have an edge, meaning your strategy works at least 55%-60% of the time. After that it's a coin flip and your wins must at least equal your losses. Do not eat like a bird and turd like an elephant.

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Listen to this man.

Good stuff. Thank you. I will take that advice to heart.

Ultimately, my goal is to have a large account and be content with 1% a day on average.

30k bringing the trading university to the board today.

Not piling on. I just like doing the math.

If you made 1% per trading day and started with $5000, you would have over $60000 in the first year (250 days).

It would take less than 5 years to be a billionaire.

You'll hit 1B on your 159th day. Be sure and set some aside for taxes!

You open a cash account. Pattern day trading rules apply to margin accounts.

This is TexAgs. Everyone has at least a billion to play around with.

topher06 said:

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This is TexAgs. Everyone has at least a billion to play around with.

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I have $1 Billion in WWR... the other billion is used SPX 0DTE

Good day overall for me.

Not me, I only made $365

Boy Named Sue said:

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Not me, I only made $365

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You made $

Today was a win.

FJ43 said:

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Boy Named Sue said:

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Not me, I only made $365

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You made $

Today was a win.

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Oh I know, I was just joking about today's conversation.

Boy Named Sue said:

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Not me, I only made $365

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That's $100K a year if you do it everyday.

Seriously first thing should be what you can lose. You should also enter at points where if you're wrong, you're wrong right away.

shooting star doji on the daily, interesting. beary interesting.