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Do you really need that much to start?

  • #21
  • Sep 12, 2018 4:22pm Sep 12, 2018 4:22pm
Quoting lddd
Even a 100k account is not enough to make a living (well maybe if you live in the 3rd world and not plan to pay any taxes). Lets assume you are a very good trader able to achieve a constant 2% monthly. Your account: $100000 Your monthly gain: $2000 Now ask you self the question if you can make a comfortabe living with 2k monthly income (and thats even before any taxes like said) Does that sound sexy to you?
The amount of money is not the problem, the arena is.
All we hear of are claims yet the evidence is far and thin, might I add what is it that retail forex traders do ?
  • #22
  • Sep 13, 2018 3:29am Sep 13, 2018 3:29am
Have you seen at any trader who got success from here without large amount ?
  • #23
  • Sep 15, 2018 12:47am Sep 15, 2018 12:47am
You can of course go with smaller investment. Being a newbie you shouldn't risk too much of your capital
  • #24
  • Sep 15, 2018 8:09am Sep 15, 2018 8:09am
Quoting Drew-pips1
You can of course go with smaller investment. Being a newbie you shouldn't risk too much of your capital
How I wish I knew that when I first started. I invested a considerable sum the first time and I blew the account rather quickly.
  • #25
  • Sep 15, 2018 8:20am Sep 15, 2018 8:20am
The fact is without trading a back tested strategy in Demo first for three months before moving it to a live account, 99% of new traders will lose everything.
The biggest problem is 99% of all traders are impatience, we all believe we can beat the market without any experience.
Trading thin liquidity at the boundary of the charts
  • #26
  • Sep 15, 2018 11:55pm Sep 15, 2018 11:55pm
Most beginning traders grossly underestimate the time and effort required to be consistently successful in this game. It actually takes years, probably not less than 5 years of continuous daily exposure to the market for most people, to gather enough knowledge and experience for them to confidently make actual living from trading in the markets.

The reason for this naive underestimation is simple to understand. There are only two directions the price can go: up or down, and when it is generally moving sideways, it will eventually go up or down. And so many beginning traders can actually have a series of good luck and initially make profits. So, it all looks very easy. This, coupled with highly promising remarks of marketing personnel, seeking to make profits from inducing new capital into the markets, misguide the beginners.

This is a tough and challenging game, not easy to master, but once you do get on top of it, there are no other easier ways to earn whatever amounts one wants to earn.

A pro can probably start with $500, and by the end of the year, may conceivably be earning a very comfortable income through forex only.
  • #27
  • Sep 16, 2018 3:19am Sep 16, 2018 3:19am
Quoting GnWFx
Most beginning traders grossly underestimate the time and effort required to be consistently successful in this game. It actually takes years, probably not less than 5 years of continuous daily exposure to the market for most people, to gather enough knowledge and experience for them to confidently make actual living from trading in the markets. The reason for this naive underestimation is simple to understand. There are only two directions the price can go: up or down, and when it is generally moving sideways, it will eventually go up or down....
Yes mate, it takes such a long time to understand the principles of Forex market and unfortunately, most of the new traders don’t have that patience.
  • #28
  • Sep 16, 2018 6:08am Sep 16, 2018 6:08am
It takes 10,000 hours to be good at anything.. Sometimes longer.
Use a small account to start... Cuz you will blow it up!
Everybody does.
As stated above its gonna take you 5 years minimum to get consistent!
If you don't want to devote hours and hours each day to studying charts
for years, you won't ever make it!
The only system that will work is one designed by and for yourself.
  • #29
  • Sep 25, 2018 10:17am Sep 25, 2018 10:17am
Quoting bloodpoodle
It takes 10,000 hours to be good at anything.. Sometimes longer. Use a small account to start... Cuz you will blow it up! Everybody does. As stated above its gonna take you 5 years minimum to get consistent! If you don't want to devote hours and hours each day to studying charts for years, you won't ever make it!
I liked your plan; according to me new traders need to have at least 500 trades experience in demo; 1K trades would be better.
  • #30
  • Sep 26, 2018 8:59am Sep 26, 2018 8:59am
Why that many and not more or less?
  • #31
  • Sep 29, 2018 11:17am Sep 29, 2018 11:17am
Quoting lddd
Even a 100k account is not enough to make a living (well maybe if you live in the 3rd world and not plan to pay any taxes). Lets assume you are a very good trader able to achieve a constant 2% monthly. Your account: $100000 Your monthly gain: $2000 Now ask you self the question if you can make a comfortabe living with 2k monthly income (and thats even before any taxes like said) Does that sound sexy to you?
I can dump my cash into a fund and make 3-4% a month. I aim for 10-15% return on Forex a month minimum.
Too cautious mate.
  • #32
  • Sep 29, 2018 4:20pm Sep 29, 2018 4:20pm
Quoting shay14
I see a lot of articles and posts online about how you must have an initial deposit of like $/£25k in order to start making decent profits and live comfortably, some even suggest that this figure is too small, and recommend 50/100k Now who really has that kind of money lying around to start trading? Most people I know start with far less and build their accounts in order to withdraw decent profits What are your thoughts? How much was your first serious deposit?
Well it all depends on your lifestyle and the place you are living in and the system you are trading of coarse. There are people out there in Asia Pacific who earn about $5-$10/day. If you are comfortable with living off a life on $300/mo and you have a system which averages about 10% then you need no more then $3000 in your account to trade with. But, if you you are living in a country with more relative wages and hourly income then you can obviously invest more and trade with a pre defined risk %age. e.g. for me about 1% on a trade does the job and losing anywhere b/w 1-2% is way too muc loss for me. Hope it helps.
  • #33
  • Sep 29, 2018 8:17pm Sep 29, 2018 8:17pm
Just adding my two cents here. The percentage return stays the same, so the starting capital really does not matter. Your personal statistics speak for itself - if you make, i.e. 10% a month, then it truly does not matter if you start with 500, 5000 or 50000. You risk the same percentage, i.e. 1% of your trading capital.

Now it all depends on your returns and what you want to do with it. If you want that Forex replaces your full-time job and you'd like to trade for a living, then you simply have to calculate how much of these 10% a month you are making translates into money.

The difference with a small and big trading capital is that a small trading account has to be (very likely) compounded and you'd not be able to withdraw for an X amount of months. Perhaps you live in a country where everything is cheap and if you start with 1000 USD and you make your 100 USD per month and you want to withdraw the 100 USD because it's more than enough, than that's fantastic too.

Many people recommend big accounts to start Forex with simply because they are not trading efficiently and are not able to finish the month with high percentage based returns.
  • #34
  • Oct 1, 2018 11:31am Oct 1, 2018 11:31am
Quoting dataSaMm
{quote} I have been trading for two years now, and if you are new then it is better to use a demo account to learn the basics. I deposited 1k, I have not made enough . My equity is 1400 right now which just gives me just over 15 pounds per month! I am trying to improve, but I got a long way to go. Thanks.
jeeze man, why are you trading for 15 pounds a month?

youre taking no risks at all
  • #35
  • Edited Oct 2, 2018 6:49am Oct 1, 2018 9:23pm | Edited Oct 2, 2018 6:49am
The bigger the account the more you can make in return per trade of course (unless you are one of those "traders" that wants a 1 million account with no leverage and risking 0.000001% per trade lol)

Start with the proper foundation, practice a lot (NOO it doesnt need to be months/years in demo, that its actually BAD for you in the long run) and you are set to trade live, the account size would not matter; of course a smaller one will take a bit more time to grow, nothing that patience cant fix
  • #36
  • Oct 2, 2018 8:24am Oct 2, 2018 8:24am
I don't think that jumping from demo to a big live account is very prudent. The stress alone could make you make a lot of mistakes and wipe your account.
  • #37
  • Oct 2, 2018 8:53am Oct 2, 2018 8:53am
Quoting George AUS
In my opinion and based on my experience ,, it is not a large amount of money that is required to make alot of money in trading or any business . The first and most important part is one MUST build a very deep understanding of the nature of the game ( knowledge ) coupled with experience , ( as one can not be without the other ) ,,, and what ever they end up doing ,, it must have consistency ,, as it will be the key to ones success Secondly ,,, It is all about your money plan . Trading with a standard approach when one sets a trade and collect profit...
Thank you for this advice! I'm also trying to learn and agree that building a deep understanding of it as well as experience is key. I have done that with bullion and it has helped a lot in knowing what to buy and when.
  • #38
  • Oct 4, 2018 1:15am Oct 4, 2018 1:15am
Quoting shay14
{quote} jeeze man, why are you trading for 15 pounds a month? youre taking no risks at all
Main reason is due to work, so this is part time for me.
  • #39
  • Oct 4, 2018 3:15am Oct 4, 2018 3:15am
Quoting mlawson71
I don't think that jumping from demo to a big live account is very prudent. The stress alone could make you make a lot of mistakes and wipe your account.
Most of the traders we have particularly the beginners level don’t believe the importance of demo , that’s why they kick off live account instead of demo , as a result they can’t control emotions and become loser due to over trading. but with a minor balance in real account sometimes can bring good live knowledge.
  • #40
  • Oct 4, 2018 6:18am Oct 4, 2018 6:18am
Quoting AdamCrist
{quote} Most of the traders we have particularly the beginners level don’t believe the importance of demo , that’s why they kick off live account instead of demo , as a result they can’t control emotions and become loser due to over trading. but with a minor balance in real account sometimes can bring good live knowledge.
The ONLY purpouse of DEMO its to get you familiar with the plataform, to know how to place trades (the mechanics, what happens once its running, etc) and the most important: to practice/understand the steps you have too look for before placing a valid trade AND THATS IT..

Staying in demo for too long its BAD because there is no risk involved and no real consequences.. with the worst, you risk being a overthinker/undisciplined "trader" and you will never make it in the long run

also this part:

Quoting mlawson71
I don't think that jumping from demo to a big live account is very prudent. The stress alone could make you make a lot of mistakes and wipe your account.
Quoting AdamCrist
{quote}they can’t control emotions and become loser

While its natural to feel "something" (after all we are humans), if you get all stressed out then that person have 2 problems:


1.- You dont know how to trade.. period; it doesnt matter what you say or think, if you truly know how to trade then you KNOW you are profitable in the long run and you should NOT hesitate when you are going to place a trade

OR (AND)

2.- You CAN NOT handle the pressure of taking responsibility of your own actions (whatever the result is: good or bad), you dont have trust in yourself, you overthink, you hesitate, you get all emotional over a negative/positive result or event (no self control), etc etc...

In other words.. the traits of a human being with a weak character and guess what? you wont make it in trading (or in real life) if you dont overcome this obstacles no matter how much "effort" you put into it

thats why for the vast majority of people the activity of trading can be "hard" or "impossible" or "you need at least 3 million years to start being profitable, etc" and all the excuses you can read all over the internet (excuses = another trait of a weak human being)..
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