Thanks for your kind words, Brother Scientist... my very long run average points on ES per contract per day is at the lower end of the 1-3pt range, its around 1.5pts... but I do trade very decent size (the maximum size I have ever done on single trade was 30 contracts, but I am usually very much lower than that) ... somehow, I never see myself having a long run average of more than 2pts, unless there is a major and sustained improvement in the intraday range... My comments about people making 5-10pts per ES contract per day as an average weren't serious... I was being sarcastic and I do not intend to hand over my capital for them to manage!... I am prepared to assert that they are either a bunch of liars or are making up to 1-2 million dollars a year on 10-20 lots, if they are averaging 10pts a day... yes, maybe a few are, but not 33% of those who voted!!... personally, I just don't see how its possible to extract such a high number of points as a daily average... either way, I wish em well... remember, we are talking long-run averages here, not just the ocassional 5pt to 10pt day, which we all get...
ROFL I know you were being sarcastic!!! I wanted to make a point here! By the way I think that the B:L ratio (Billionaires : Losers) is extremely low on ET... Just a thought... Looking at my long-term average (including my beginning phase), it's also about in the range of 2pts... And I consider that excellent... Anybody beat me on that??? For 1/2 year or so in the beginning, I was happy to make .5-1pts per day. And I'm pronouncing happy. I was making money (and I'd say IMHO I was already pretty good at trading NAZ stocks...) Most ppl actually make between -1pts and -5pts on average. I guess it's more fun than the casino, though I've only started becoming -really- good a few months ago... I had a few major breakthroughs... Persistence, and they'll come... If I can get my "beginning till today" average up to 3pts or more, I will be a very happy boy ~Scientist
Another thing: In my view, my 1.5pt per day per contract is actually pretty high relative to the sorts of averages some of my online buddies are getting... the majority of highly consistent ES traders who I know are getting under 1pt a day per contract as their long run average... I get more, cos I take the kind of risks that they are not comfortable with... their equity curve would be considerably less volatile than mine... I don't mind the kind of drawdowns that would make some of my buddies sick... The more I think about the poll results, the more I am convinced that I just cannot believe the 33% who voted for 5-10pts...
The more I THINK about the poll results, the more I am convinced that Jesus was in fact walking on a sandbank... Can you define your edge? ~Scientist
Today, I firmly believe you need 7 edges to advance to the state of "Supertrader": 1. Psychological edge (RU Organized, positive, smart, fast? Can you profit from other's psychological weaknesses??? ) 2. Physical edge (Are you FIT???) 3. TA Edge (Are you a better and particularly faster chartist than anyone you know? Do you know how indicators interrelate?) 4. Fundamental Edge (Do you know what's gonna happen today?) 5. MM Edge (Do you have an advanced money management system and skills? Do you have enough $ for proper sizing?) 6. Knowledge Edge (Know more about the market and markets in general than George Soros? Have you read 5m+ of books?) 7. Experience Edge (Ever crashed and burned? How long have you been in the market?) Good Luck ~Scientist P.S: I just made that up...
Of course it's BS. There's a lot of BS on this board recently... thanks to mrmarket, longshot/fpc/gekko/rocksolid, murray t turtle, harrytrader Let's calculate: with 1.5p avg/day x $50/p = $1,500/month/contract. With $10k per 1 contract your monthly return is 15%. With compounding, your acct grows x5 in 1 year. Candle, can you tell me what was your worst drawdown in ES points per contract? And what is your commissions to net profit ratio? Thanks
20% high to trough drawdowns on my equity curve are not uncommon (this is the result of choppy periods when even my scalping sucks and/or when I step up size outside of what many people would regard as sensible money management)... thankfully, the equity curve is in an uptrend (kind of), so such drawdowns don't phase me... commissions are around 25% of my gross (alarm bells start to ring if commissions rise to 33% of my gross), cos I do quite a bit of scalping alongside less commissions-intensive strategies... As I have previously mentioned, 1.5pt per contract is on the high side relative to most of my highly consistent online buddies (who, without a single exception, are averaging considerably under 1 point a day with, I am sure, beautifully smooth equity curves)... I pay for the relative outperformance through some often rapid and wild drawdowns on my equity curve... many people wouldn't be able to stomach such DDs, but I believe in the long-run potential of what I have been doing, so I try and not let DDs phase me... I just had another peek at the poll results... we now have 34% of respondents claiming to average 5 to 10 points a day... its become a real joke... or maybe these guys have discovered an as unyet discovered Holy Grail...
I have just started a new thread regarding Mr.Markets comeback and his unsolicited and misleading hassle / spam to promote his commercial website. Please cast your vote for / against him on the thread: http://www.elitetrader.com/vb/showthread.php?threadid=19376 Help make ET a clean, spam-free community. Your help is appreciated. Yours, ~The Scientist
This is the real thread address: http://www.elitetrader.com/vb/showthread.php?s=&postid=282375#post282375