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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #217,041
  • Mar 1, 2010 3:36pm Mar 1, 2010 3:36pm
this bugger me alot,..all the US and UK fulltime traders .. how much $$ do yuo guys need to live your life on a average income from your trading funds. if your sole income is from forex ?

if you are married and have a kid or 2 . ?

it cant be less than 2000$ that you MUST withdraw every month ? then you probably can only pay your bills ? and if you withdraw ,you need to have atleast 4k of winings to withdraw 50% of that ?

im sure if you think to go fulltime trader and stay in the US or UK,you need min 60 to 100K ?

im sure it must be damm hard if you have less than that..

i need 2 trades of 200 pips each ,and that give me my yearly income ,the rest stay in my acc and build it to what ever
  • #217,042
  • Mar 1, 2010 3:52pm Mar 1, 2010 3:52pm
Quoting zweig
this bugger me alot,..all the US and UK fulltime traders .. how much $$ do yuo guys need to live your life on a average income from your trading funds. if your sole income is from forex ?

if you are married and have a kid or 2 . ?

it cant be less than 2000$ that you MUST withdraw every month ? then you probably can only pay your bills ? and if you withdraw ,you need to have atleast 4k of winings to withdraw 50% of that ?

im sure if you think to go fulltime trader and stay in the US or UK,you need min 60 to 100K ?

im sure it must be damm...
Don't forget TAX
New voice message: Why are you calling me? If I need you, I'll call you!
  • #217,043
  • Mar 1, 2010 4:23pm Mar 1, 2010 4:23pm
you are really at the beginning... before going full time, there are a couple of things you need to be aware of -

always keep available at least one year of estimated income - in the bank or in your bed... doesn't matter as long as you can access it anytime.
then you need another year in the bank, for living expenses - you live off this one.

and then, what's left goes into your trading account. how much, well, that's based on your annual return. usually, your return must be MORE than what you spend over a year otherwise your account won't grow.

so let's make a simple estimate - average income in US is about 40k; so you need to have about 80k available plus your trading account.
if your yearly return is 100%, then you could comfortably trade with an account above 50k - at the end of the year you would have 100k, minus 40k your yearly income... you end up with 60k... 10k net profits on top of your initial 50k.

basically, you need at least 3.5-4 x estimated annual expenses to trade comfortably. now if you plan to pay taxes (about 40%!!!), then you need to increase the trading account with approximately 40%, let's say 70k minimum. so now let's do the math: 40k + 40k + 70k = 150k.
this is what you need in the US. IF you are constantly profitable, and assuming brokers are not running away with your money etc etc.

but that's just my view.

Quoting zweig
this bugger me alot,..all the US and UK fulltime traders .. how much $$ do yuo guys need to live your life on a average income from your trading funds. if your sole income is from forex ?

if you are married and have a kid or 2 . ?

it cant be less than 2000$ that you MUST withdraw every month ? then you probably can only pay your bills ? and if you withdraw ,you need to have atleast 4k of winings to withdraw 50% of that ?

im sure if you think to go fulltime trader and stay in the US or UK,you need min 60 to 100K ?

im sure it must be damm...
Nihil Sine Deo.
  • #217,044
  • Mar 1, 2010 4:32pm Mar 1, 2010 4:32pm
Quoting Scrat
now if you plan to pay taxes (about 40%!!!), then you need to increase the trading account with approximately 40%,
40% Tax? Where does that come from? Believe me, if you have a good tax accountant then you will never pay more than 23% tax. (Fed)

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #217,045
  • Mar 1, 2010 4:37pm Mar 1, 2010 4:37pm
i am not familiar with tax matters. from what i heard, income tax on profits form financial speculations is quite high...
anyway, this topic is inappropriate for the thread so let's move on.

Quoting KillerWhale
40% Tax? Where does that come from? Believe me, if you have a good tax accountant then you will never pay more than 23% tax. (Fed)

Shamu
Nihil Sine Deo.
  • #217,046
  • Mar 1, 2010 4:57pm Mar 1, 2010 4:57pm
That is why I have clients I trade for to offset my earn income needs to live off..





Quoting Scrat
you are really at the beginning... before going full time, there are a couple of things you need to be aware of -...
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  • #217,047
  • Mar 1, 2010 5:42pm Mar 1, 2010 5:42pm
even better. it is another option that i haven't considered so far -

but overall this is where i draw the line: about 4 times annual living expenses. 150k to start and trade comfortably full time for one year, IF i were to do it in US.

Quoting rgitt05
That is why I have clients I trade for to offset my earn income needs to live off..

Nihil Sine Deo.
  • #217,048
  • Edited 8:34pm Mar 1, 2010 8:24pm | Edited 8:34pm
Just read an interesting article on Reuters

http://www.reuters.com/article/idUSN0111549320100301

Either the NFP results are gonna be disastrous, or this is gonna be one big fat headfake.
  • #217,049
  • Edited 9:36pm Mar 1, 2010 9:24pm | Edited 9:36pm
Quoting Scrat
even better. it is another option that i haven't considered so far -

but overall this is where i draw the line: about 4 times annual living expenses. 150k to start and trade comfortably full time for one year, IF i were to do it in US.
For that reason I wish I was living in Philippines or Thailand...

Trade mini make $100- 200 a Day and live like a KING...
Markets are not Random, they are designed!
  • #217,050
  • Mar 1, 2010 9:27pm Mar 1, 2010 9:27pm
what are the marginal tax rate brackets over there in the US?
  • #217,051
  • Mar 1, 2010 10:12pm Mar 1, 2010 10:12pm
Quoting Raza
For that reason I wish I was living in Philippines or Thailand...

Trade mini make $100- 200 a Day and live like a KING...
Nope, i have a better option. be a full time trader. move your ass to Indonesia. 200 USD per day? its too much my friend. i'll take the lowest a hundred Dollar per day. with 100 USD per day average including loss so you will get around 2000 USD / month. assuming u trade daily 20 days / month. with 2k USD you can hire 2 maids. buy a mercedes or a BMW. assuming 700 USD / month on 5 years credit no interest. eat imported steak, sushi, basically anything u want with 10-15 dollars buffet all you can eat in any 3-5 stars hotel. i have nothing else to say.

Plus we have a very small tax here. btw with an addition of 200 USD per month u can hire a chauffeur/driver for your mercedes.
  • #217,052
  • Edited 11:46pm Mar 1, 2010 10:27pm | Edited 11:46pm
Quoting mloistianto
Nope, i have a better option. be a full time trader. move your ass to Indonesia. 200 USD per day? its too much my friend. i'll take the lowest a hundred Dollar per day. with 100 USD per day average including loss so you will get around 2000 USD / month. assuming u trade daily 20 days / month. with 2k USD you can hire 2 maids. buy a mercedes or a BMW. assuming 700 USD / month on 5 years credit no interest. eat imported steak, sushi, basically anything u want with 10-15 dollars buffet all you can eat in any 3-5 stars hotel. i have nothing else to...
yah.... that would be very nice...

Here is EUR/JPY...even though this is not the Forum for it...

Trying to show some temporary Yens strenght...and weakness later..

G/CAD is really looking Good now to Buy...Weekly ENGULFING possible to fill the Gap at 1.6000 (Bull Run)... Hammer on Hourly at the Bottom ..ATM.. Stoch just cant go below zero here...sitting at 3.. on 4 Hr..

Looks like a BUY week... for most of them Pairs...
Attached Image (click to enlarge)
Click to Enlarge Name: EUR JPY WEEKLY2010.jpg Size: 149 KB
Markets are not Random, they are designed!
  • #217,053
  • Mar 1, 2010 10:56pm Mar 1, 2010 10:56pm
Morning to all. Nice to see one key level 133.21 taken up to have an another buy setup perfection in H4 as the previous failed & my shorts kept last night also tp here .In M15 seeing a sell setup countdown waiting to complete & so price may go up 133.38-65 to play around another keylevel 133.55 with .21 for a while . overhead still sell daily level continues but there also developing new setup to either continue or reversal but min 2 or more days will need.
fontu
Attached Images
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #217,054
  • Mar 2, 2010 12:25am Mar 2, 2010 12:25am
Quoting Eulogy
what are the marginal tax rate brackets over there in the US?

yip the NFP will play a key role on firday for the eur bullish move,,

expect a 300 pip move on firday
  • #217,055
  • Mar 2, 2010 12:59am Mar 2, 2010 12:59am
this is offtopic...

its the usd/chf.. i cant say it louder than this all time,,that the eur & chf wont see much lower for the rest of the year ..the eur had a similar chart than this,but usd/chf easier to spot ...the NFP will play a massive role on friday and "IF" usd/chf break 1.05 in coming days we will end up in a huge H&S ..chart attached... the same on eur..1.42 is the key ress.. and it just a matter of time we will break and target 1.5 ..


i know its waayy to early to say this,but its only speculation .and i will trade according what i see ,and i see below parity according to my charts before year end ...

the media is very much against the eur ,but they will soon see they are all wrong and reverse there positions to eur long !!

stick to your plan,trade your plan..
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf h&s.jpg Size: 110 KB
  • #217,056
  • Mar 2, 2010 1:03am Mar 2, 2010 1:03am
good day. i read ur post on thread posted some time ago. i am a trader still trying to make it. i was hoping u can help me with tips that can help. thanks
  • #217,057
  • Mar 2, 2010 1:18am Mar 2, 2010 1:18am
132.00 test is due
I always knew that someday I would make it big
  • #217,058
  • Mar 2, 2010 1:23am Mar 2, 2010 1:23am
my short in play targeting 132.00
I always knew that someday I would make it big
  • #217,059
  • Mar 2, 2010 2:22am Mar 2, 2010 2:22am
Quoting forexer
my short in play targeting 132.00
Perhaps very right , target & got sleep without tension. Seeing the H4 , there were buy signal after buy sig & on but still price going down & down .good pingpong through the key levels & won none .
fontu
Attached Image
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #217,060
  • Mar 2, 2010 2:28am Mar 2, 2010 2:28am
we should see a good 150 pip rally this session
Annoying Precision
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