{quote} Starting as a part time trader is the best choice; since there is no guarantee in Forex!
Ignored
yes absolutely. I need to phase out my full time job in a methodical manner. I have built a lifestyle on the salary I get from work. Until I can maintain that lifestyle comfortably from purely trading I can’t just trade full time. So I’ll see where I am in the next year or 2.
of course funding is the next issue the more money one can manage successfully the easier it will be to become full time
{quote} yes absolutely. I need to phase out my full time job in a methodical manner. I have built a lifestyle on the salary I get from work. Until I can maintain that lifestyle comfortably from purely trading I can’t just trade full time. So I’ll see where I am in the next year or 2. of course funding is the next issue the more money one can manage successfully the easier it will be to become full time
Ignored
Good plan. But, it’s not all about big capital; your trading skill is the key!
{quote} Good plan. But, it’s not all about big capital; your trading skill is the key!
Ignored
what i mean re capital is... if for example someone gets a salary of lets say 4k per month,,, and you want to go full time,, you need to have capital that will let your achieve that 4k a month easily (in a perfect world). because most of the time your build a lifestyle according to your salary
ideally you should have 1 year of savings put away because nothing is a gurantee..
if 3% on your personal account means your get 4k is a lot easier than 30% on your personal....
You don't need to be ambitious with capital. Starting with £1000 will work. It is the monthly profit percentage where you need to be ambitious. 6% is the target.
You need to establish a strategy that will double your account in 12 months. This equates to a notional 1:1 r:r - if it is very possible that a trader will lose 100% of their account within 12 months, then whatever strategies are used must be capable of at least making the same 100% in the same time. If you would not accept less than 1:1 from one trade, how can accepting a lower r:r for all your trades be justifiable?
Doubling your account in 12 months only requires you to make 6% profit per month, while making no withdrawals. Doesn't sound hard. Now imagine a job in which your boss said you would keep doing only the same amount of work but your salary will double every year. Would you not think you had found the best job in the world? Even if you started year 1 on £1000 salary, after 10 years you will be on half a million per year.
You don't need to be ambitious with capital. Starting with £1000 will work. It is the monthly profit percentage where you need to be ambitious. 6% is the target. You need to establish a strategy that will double your account in 12 months. This equates to a notional 1:1 r:r - if it is very possible that a trader will lose 100% of their account within 12 months, then whatever strategies are used must be capable of at least making the same 100% in the same time. If you would not accept less than 1:1 from one trade, how can accepting a lower r:r for...
Ignored
show me how many people have done with 1000 if u think that I wish you all the best,. This is one of the reason why beginners fail as well not enough capital. Trust me I was one of them once I saved up and put more capital in it put me in a far better position
{quote} what i mean re capital is... if for example someone gets a salary of lets say 4k per month,,, and you want to go full time,, you need to have capital that will let your achieve that 4k a month easily (in a perfect world). because most of the time your build a lifestyle according to your salary ideally you should have 1 year of savings put away because nothing is a gurantee.. if 3% on your personal account means your get 4k is a lot easier than 30% on your personal....
Ignored
I got your point & it’s okay! But again, without proper trading knowledge, there is no way to be a consistent player!
{quote} show me how many people have done with 1000 if u think that I wish you all the best,. This is one of the reason why beginners fail as well not enough capital. Trust me I was one of them once I saved up and put more capital in it put me in a far better position
Ignored
I admit I was making an assumption here - that the trader who starts with £1000 and makes a 6% profit per month and so doubles their account per year is starting with a strategy that produces 6% profit per month. They aren't starting from knowing nothing. So they have already demo-ed it and trialled it. But this isn't a very daring assumption - its what every new trader should do - get a strategy that works and which doesn't rely on luck, demo it, trial it, and only then start to trade it for real. But the majority of traders just jump in.
{quote} I admit I was making an assumption here - that the trader who starts with £1000 and makes a 6% profit per month and so doubles their account per year is starting with a strategy that produces 6% profit per month. They aren't starting from knowing nothing. So they have already demo-ed it and trialled it. But this isn't a very daring assumption - its what every new trader should do - get a strategy that works and which doesn't rely on luck, demo it, trial it, and only then start to trade it for real. But the majority of traders just jump in....
Ignored
ah ok sorry I misunderstood yes you are right there
