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 isnīt 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 donīt have millions as safety.