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Do you really need that much to start?

  • #61
  • Feb 22, 2019 9:24am Feb 22, 2019 9:24am
Quoting mlawson71
{quote} What do you view as standard trading equity?
I think, it depends on traders capacity; as standard equity I mean maximum trading capital that traders can invest in trading account.
  • #62
  • Feb 28, 2019 8:32pm Feb 28, 2019 8:32pm
capital is important to start a smart trading but it can be useless with no analyzing trading knowledge and experience, so it is more appropriate to ensure first of all exact market principle.
  • #63
  • Mar 1, 2019 8:17am Mar 1, 2019 8:17am
What sum did you start with?
  • #64
  • Mar 1, 2019 8:57am Mar 1, 2019 8:57am
people keep asking that question a lot of times.. For me its so simple Forex should be considered like any other business venture. The bigger your capital the better your potential of making money from a proportional point of view. It also based on how much you want to make and how much money your trading system will require to make that possible.
''If you trading cant be AUTOMATED it does not follow LOGIC''
  • #65
  • Mar 1, 2019 12:48pm Mar 1, 2019 12:48pm
There would be far less traders if you needed that size deposit to get started!
  • #66
  • Mar 3, 2019 8:34am Mar 3, 2019 8:34am
My thoughts exactly. Very few people invest that kind of money, especially newbies.
  • #67
  • Mar 4, 2019 1:23am Mar 4, 2019 1:23am
There is no maximum startup capital for trading. You can start with a small amount and make huge profits or start with a huge amount and make huge losses. What really counts in the end is your strategy and trading plan. Forex trading is not what people think when they come with greed and expect to make millions overnight
  • #68
  • Mar 5, 2019 10:11am Mar 5, 2019 10:11am
generally we always suggest not to start with much amount for beginners , but have you seen anyone who kicked off live trading including very little amount and made it larger ? i have not seen at all.
  • #69
  • Mar 13, 2019 4:09am Mar 13, 2019 4:09am
Quoting AlexImam
generally we always suggest not to start with much amount for beginners , but have you seen anyone who kicked off live trading including very little amount and made it larger ? i have not seen at all.
Me neither. 100% gain of "very little amount" is still "little amount". But it's the best way for beginners (learning process), not for making money as a primary job of trading forex.
  • #70
  • Mar 14, 2019 11:27am Mar 14, 2019 11:27am
Even if it's a little amount consistently profiting a little adds up pretty quickly.
  • #71
  • Mar 15, 2019 11:56pm Mar 15, 2019 11:56pm
The math is easy.

Let's say you would like to trade your way to a 1 million dollar account.

1) open an account with 5 million
2) Trade
3) When your account reaches 1 million. Stop trading. Goal achieved!
  • #72
  • Mar 17, 2019 9:02am Mar 17, 2019 9:02am
Quoting Jmexpat
The math is easy. Let's say you would like to trade your way to a 1 million dollar account. 1) open an account with 5 million 2) Trade 3) When your account reaches 1 million. Stop trading. Goal achieved!
Well, that's certainly one way to view trading targets.
  • #73
  • Mar 20, 2019 9:32am Mar 20, 2019 9:32am
Quoting Jmexpat
The math is easy. Let's say you would like to trade your way to a 1 million dollar account. 1) open an account with 5 million 2) Trade 3) When your account reaches 1 million. Stop trading. Goal achieved!
Ha ha ha; that’s the unique strategy! By the way, traders should set their target properly according to their own trading experience; anything like unrealistic would be painful.
  • #74
  • Mar 23, 2019 10:11am Mar 23, 2019 10:11am
Quoting ZikriIrfan
{quote} Ha ha ha; that’s the unique strategy! By the way, traders should set their target properly according to their own trading experience; anything like unrealistic would be painful.
It's both painful and a waste of time and money, in my opinion.
  • #75
  • Mar 25, 2019 6:43am Mar 25, 2019 6:43am
Quoting mlawson71
{quote} It's both painful and a waste of time and money, in my opinion.
Of course it is! Even, time is more valuable than money.
  • #76
  • Mar 26, 2019 9:42am Mar 26, 2019 9:42am
Quoting ZikriIrfan
{quote} Of course it is! Even, time is more valuable than money.
In a way time is money because you're spending the time to learn to trade instead of doing something else.
  • #77
  • Mar 28, 2019 4:56am Mar 28, 2019 4:56am
Quoting mlawson71
{quote} In a way time is money because you're spending the time to learn to trade instead of doing something else.
You are right! Basically, which traders spend their time on the right way; this terminology is only for them; otherwise the result is different.
  • #78
  • Mar 29, 2019 6:47pm Mar 29, 2019 6:47pm
<sorry to chip in a little late here.
I would say it completely depends on what you want out of trading. Some wants some little money on the side and that's fine, others want to make a living out of it. To give you some perspective, here is my story.

I traded rather unsuccessful with no real blowout, but not gaining much either the first 5 years of trading forex. on year 6 I was a bit more serious, however, pretty much BE. year 7 I really stepped up and told myself to drop trading, if I didn't make any improvements, but I would commit 100% to trading in my spare time (outside of my normal day job) after some some 4 months of insane hard work and dedication, I was able to be profitable 7/8 months.
But I realized I needed way more capital if I wanted to make a living out out trading, so last year I joined a Prop trading firm who will fund me as my results progresses. While I now trade on the daily chart, and at the end of Nov I'll be trading fulltime, there are plenty of time pursuing interesting things in my life. However, I've been able to save up money the last 4 years to get to this stage of my life.. it takes time for a lot of us, and it will be uncertain, but it's a chance I'm willing to take.
I have approx. 2 years of failing before I need a day job again.

I cannot give you a straight answer, but joining a prop trading firm was a good thing for me, but it's not for everyone and you still need capital to chip in your share at first, but you would be anyway if you were trading your own account!

There is something to be said of being accountable for your risk and following your trading rules. If you don't, there will be no funding. It really keeps me in check.

Well that's my 2 cents :-)
  • #79
  • Mar 31, 2019 2:33am Mar 31, 2019 2:33am
Quoting Grabowski
<sorry to chip in a little late here. I would say it completely depends on what you want out of trading. Some wants some little money on the side and that's fine, others want to make a living out of it. To give you some perspective, here is my story. I traded rather unsuccessful with no real blowout, but not gaining much either the first 5 years of trading forex. on year 6 I was a bit more serious, however, pretty much BE. year 7 I really stepped up and told myself to drop trading, if I didn't make any improvements, but I would commit 100% to trading...
Thank you for sharing, this is really positive to read and puts in perspective what it takes.
  • #80
  • Mar 31, 2019 9:09am Mar 31, 2019 9:09am
Quoting RachFX
{quote} Thank you for sharing, this is really positive to read and puts in perspective what it takes.
Thank you for your kind words. I think some traders might get where they want to be, much faster than I did. I had a lot of mental baggage that I needed to get sorted, but also the willingness to let parts of myself go. It sounds a bit soft, but in some sense, most of us need to go through a transition - but you need to be willing to do so.
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