DislikedSo everyone that trades full-time has at least $50,000 in their trading account? All the people in these forums, they're either part-time or they have $50,000? Wow. I didn't realize you needed that much to be a currency trader. Isn't only $25,000 to start trading stocks? I thought people started with forex because you didn't need such a large amount of capital to get going. Kind of a rude awakening.Ignored
Also its possible to achieve incredible high percentage returns. So yes, assuming that you can deal with high risk and the mentality to accept losing that $50.000 completely within the first 3 monthes you "could" make a good living based on that amount of money (thanks to leverage). However, reality is that most retail traders are not even able to "survive" for 3 monthes trading with their own money.
So what you will live on after that 3 month if you lost your 50k? Better think about that instead of what is possible or not.
You need a Plan B before even having a Plan A.
So to achieve what you are looking for. You need a realistic Plan A, as well as working Plan B (if things go wrong for what ever reason).
- Calculate your fixed monthly costs (electricity, rent, incurances, loans and so on).
- Calculate what you need after all that is paid.
Now you should have found a specific amount of money that you will need to realize your living.
From here you can move on developing a trading plan. Most important = good money/risk management, strong personality. The strategy or system you find your trade entries/exits with isn´t really much important for your constant long-term success.
Pro tip. If you see you are able to make constant good returns out of your trading account/s. Withdraw some of the money and invest in more reliable businesses outside of the retail trading environment, because like said its high risk speculating if you don´t have millions as safety.