So today I spoke with my mentor Roy about moving to the next step. He actually wants me to go live starting september 1st. It is a few weeks earlier that I had expected. So I should get the paperwork that I need to fill out next week, because they have a contract and a matrix for the payout structure and what not. The first 6 months for a new trader you automatically get 80% of your profits. But past this initial time period it will be based on your Ticket Average, So the higher your ticked average the higher the payout. The lowest payout is 50% and the highest is 80%.
Roy was telling my typically the turning point for a new trader is about 3 months. Meaning in 3 months this is when you really start to become consistently profitable and at the 6 month mark they are ready to start pushing you to your potential to really see how much money you can make.
Anyways I will keep you guys posted.
Thanks Dom. Congratulations on your quick development. How are you planning on trading around your full time job? Will you be taking time off to just focus on day trading?
ReplyDeleteAnyways that's awesome! I've learned a lot about day trading vicariously through your experience and all the resources you've shared with us (SMB, T3Live, the tape, Stocktwits TV, etc...). I'm actually feeling more and more confident about moving from swing to day trading each and every day. Of course I'm still learning and absorbing like a sponge but for the first time I'm beginning to feel like my foundation is setting in. Thanks and keep leading the way!
Thanks Mark. I really think that the creation of this blog was to the benefit to us all. We have really been able to create an enviornment of learning and sharing some great trade ideas. I really think this is only the beggining of how powerful this kind of environment can be.
ReplyDeleteThink of it like a fire. A fire needs oxygen and the more exygen you give it the bigger and the hotter it can get.
In response to your question about how I will manage the trading with my full time job. For know I am not going to do anything different although I would love to take time off to focus exclusively on trading. I will continue to trade the first 90-120 minutes of the day. Its not ideal but it is what I have to work with right now. It will become a little easier after October 1st has come and gone as this will mark the end of my busy season. I also plan to start working from home perminently, which will give me more flexability to trade the active market hours. Mostly the open and the close.
Target is still October 1st 2010 to trade full time.