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  • Post #1
  • Quote
  • First Post: Oct 6, 2009 3:36am Oct 6, 2009 3:36am
Greetings people of earth!

I've demo-ed for 6 mos and did live with a small account. I've been doing pretty well for my 8 mos of live trading. My method by the way is pure price action (just the candle sticks nothing more). I've traded mostly on high TF coz i still have a day job. Now my question is...would a $25k trading capital be enough for me to quit my job, support my family(1 child) and getting rich at the same time?


P.S I'm not gonna be doing that anytime soon until i've clean off my debt which i estimate will be by the end of 2010 and raise the capital after that. I have strick MM so it's not gonna be an issue. Also, my wife will keep her job koz she think im nuts ...

Thanks for your inputs in advance
lets start off with-
How much do you need to live off of every month?

If you have been doing well for 8 months of live trading..don't you already KNOW what kind of monthly gains you can expect?
taking series 3 and 34
Quoting eraptheman
Greetings...
Highly unlikely. If you can follow your daytime job and trade daily timeframes keep on doing that.
There's a poll around which shows that the largest % of those who've replied took at least 3 years to become profitable.

Quote
quit my job, support my family(1 child) and getting rich

If you want to support your family then keep the job and take the time to learn to trade properly - the fact is you aren't likely to trade properly if you are under pressure. If you try and fail there's a danger you'll lose your family, so work out what is the most important for you long term and build your trading future based on that time scale.

Borrowing money to trade is not the way to go either. Interest repayments plus day-to-day living expenses will put an intolerable strain on you. A couple of bad months and all you will hear is '... I told you so!'

Once you hear that there will be no chance of ever going it on your own again, not while you're married, anyway. Trust me, I've been married for 39 years and women have loooong memories.
getting rich and supporting your family with 25k and a forex account?

please keep your day job for your family's sake.

forex is slightly less risky than poker and penny stocks and i know from playing tourney poker for years and trading micros for more years.

it took me five years to finally see profits with forex and lost thousands in the process.

fortunately i was in commercial real estate development so had the bucks to throw away but in your position i would put a few thousand in a forex account and slowly learn and build up the bankroll

the rest you should put in a safe cd/savings account/etc. and keep working.
Thanks for all the replies! i appreciate
besides, demo and small trading 's emotional stress will not be like the stress u get when u know its for living and the big amt!
Hello Kabayan!

The poll Sir PeterFM was referring to is this one.
I agree with all the posts here.
Keep your day job for as long as u can, & demo for as long as u can until consistently profitable on live trading.

Quote
would a $25k trading capital be enough for me to quit my job, support my family(1 child) and getting rich at the same time?
Answer: possible but highly unlikely.
if u will quit your job after proving first u are consistently profitable, then my answer is 'very much possible'. the 'getting rich' part may take much longer, depending on experience, learning curve, & trading-centric devoted time.

One thing our fellow earthlings should know about us (3rd world countries like ours, Philippines) is that very few (only 5-15% probably, in our country) can & are able to have $10k - $100k as savings. so amount-wise, $25k capital is good enough imho (again, if the above criteria are met). but if u can set aside more than that, the better.

btw, activate your PM/Private Messaging (only your email is on) & u can check out the threads here. most likely, these threads will suit your lifestyle.
Good luck erap
Quoting eraptheman
Greetings people of earth!
I'm in a position similar to yours, but in my case my wife trust me, she knows everything I do, I do it with passion and I study a lot, and in this case I'm doing 300% more than any other activities in the past. But I know it can be possible I did the math about this, and what you want to do, is the same I want to do... so lets see how we profit here, if not, well we try , always think positive things my friend... Think on your goal, don't be greedy, so the rich thing.. if it happens, be happy, if not, don't get frustrated.
I really appreciate your answers, thanks!... I'll keep my day job since it's the most logical thing to do.


Quote
I'm in a position similar to yours, but in my case my wife trust me, she knows everything I do, I do it with passion and I study a lot, and in this case I'm doing 300% more than any other activities in the past. But I know it can be possible I did the math about this, and what you want to do, is the same I want to do... so lets see how we profit here, if not, well we try , always think positive things my friend... Think on your goal, don't be greedy, so the rich thing.. if it happens, be happy, if not, don't get frustrated.

May the force be with us dude...

Quote
btw, activate your PM/Private Messaging (only your email is on) & u can check out the threads here. most likely, these threads will suit your lifestyle.
Good luck erap

Can't Activate PMs coz it will say..."you are a junior member something something contributions to the forum something something several features that you don’t have access something something goodluck!"






-If you are in doubt, just remember the words that GENGHIS KHAN left us...

"I think I KHAN, I think I KHAN love GENGHIS"
Quoting eraptheman
I ..
Can't Activate PMs coz it will say..."you are a junior member something something contributions to the forum something something several features that you don’t have access something something goodluck!"...
i see. i think u need to post more, so u can activate the PM
Quoting PeterFM
the fact is you aren't likely to trade properly if you are under pressure.

Trust me, I've been married for 39 years and women have loooong memories.
Damn that man is wise!
Gone to a better place
Quoting PeterFM
TTrust me, I've been married for 39 years and women have loooong memories.
lol.... this guy seems to be my future
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • Post #14
  • Quote
  • Last Post: Oct 16, 2009 11:02am Oct 16, 2009 11:02am
Quoting PeterFM
...the fact is you aren't likely to trade properly if you are under pressure....
Quoting smikester
Damn that man is wise!
yup, sir PeterFM in fact is referring to me
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