Full time trading- how much is ££ required?

[safvan]

The first $30k are tricky. After that its an easy ride. If you can convert 3k to 4k into 30k or so within 12 months...chances are you do not need to be posting on these forums to gain any thing other than a laugh or two once a while.

Bottom line is: Take things one at a time. Stop worry about setting up the business and worry about how you are going to bring in new clients. People spend way too much time and energy on setting up stuff around a business and not the main deal which is WHAT IS YOUR EDGE? How are you going the new sales?

I took $25 per month to $100k per month business I started in 2003. The issue is really the focus on increasing sales.

In trading its getting the edge. Money earned would start increasing rapidly once you get that.

99.99% do not have have it.

 

[safvan]

That is just brilliant!

Nope not at all. Almost any business is eventually able to grow to reasonable levels provided one is able to sustain within the first 24 months.

In the same field another person started the same business but now his company is part of Inc 500 and he also started with as little as $1000 or so. I also have an example of people in the same field taking in $30k loan from the bank only to shut down doors because they were too focused on getting the image and the infrastructure in place.

The issue is that most of us are worried about logistics of the businesses where as what we really need to be focusing on is SALES. If you can produce sales it does not matter if you start with $10 or $10000.

In trading/investing the concept is the same. A lot of us are worried about the wrong things. What you really need to be able to focus on is getting edge and then using it slow and steady to build up the wealth.

Trust me once you hit that $30k to $50k mark, making $100k per month would not be a blg deal. You just have to be able to sustain for the first 12 to 24 months. Get your edge sorted and the money will come in slowly but surely.

 

[Fuzzybid]

Depends how you do it i did it partime turned 500 to 4k in 4months levereage was 500 and i had luck yes what i did is basically waited for the higehst probality trades with the trend. Risk 50 bucks and make atleast 1 adr in that pair and i scled in my first trade i made 320 on then my second trade came 2 weeks later. So i had patience and trae 1 minilot on some trades when i jumped the 2000 mark i scaled in. I didnt had many trades but waited for setups. Now my leverage is reduced but still kinda high 50 i use now but my trading size is still 1 minilot. I think somebody with some experience in trading can do this but here is the thing experience and patience the last 1 is probally the most important 1. I trade mainly based on macro fundamentals and technicals for enties just capture 1 good move thats all. Now i am still in a cl trade way also a market what most dont trade with a small acount but betting on the whole iran thing i had had this thoughts since august last year and i whent in not from the bottom dont like to pick tops and bottoms and cl has rollovers. Right now whe are setting probally up for some pullback. around this 100 mark whe have iran doing there milatary training in the strait of hormuz what will let price rise probally bit more but whe are technically seen bit overbought. But i am still looking to buy when it pullback and forms a range then i get intrested again to maybe take a trade in it t the upside again. So patience again but 1 thing imagine if the Iran tension would really rise i am probally gonna scale in like a crazy 1. So what i wanna say with this all by studying blowing acounts and yes i dont have a lot of capital i founded out that it is possible to do offcourse with a bit of luck aswell but if you wait for the right setup (high probality setup) backed up by fundies and the market proves you are right get in. Here also comes the missunderstanding sometimes about fundies about many traders they say fundamentals are crap but the key is maybe the fundies dont show you what you think they do so you are wrong so no reason to get in the big money moves the market so they know it. They have huge desk with research teams etc so i am not gonna bet against them with my home pc and my lonely brain.

Best trader in my oppinion is Bruce kovner if you listen good to this guy read everything about him he does the same and there are probally more.

 

[piparb]

Best trader in my oppinion is Bruce kovner if you listen good to this guy read everything about him he does the same and there are probally more.[/QUOTE]

I would say : the money you need is depending on your average win per month.

In the first time I only make small wins by scalps 2 - 10 pips per trade .
After 2 years I get 15 pips average per trade .
Now , after 4 years I get 50 - 150 pips per trade and could double my account at
one day , with setting 10 -20% of my accounts money .:cheesy:
Trading is only patience and the more you trade , the more you learn it .
Multiply your average win with the money you set in , than you know , how much
money you need for your montly costs , very easy to calculate in mind for me :whistling

have nice trades

 

[danielharris]

Expenses of around £1K or more monthly I would say is manageable until up and running properly.

 

[tonster01]

So will anyone make the leap and quit to trade full time this year or even better...quit this month??

Interested in hearing from anyone making their first leap in....

 

[NVP]

Full time Trading success is 1000% about the mindset and mental capability ............capital is secondary

give a bad trader £1m of capital and they will go bankrupt before a Good Trader with just £10k

N

 

[NVP]

So will anyone make the leap and quit to trade full time this year or even better...quit this month??

Interested in hearing from anyone making their first leap in....

I'll never Trade full time .....would bore the pants off me

N

 

[gamfreek1989]

The question is impossible to answer because people's styles are so different, but personally I wouldn't try to go pro with much less than £50,000 to actually trade with. Then at least a year's (but preferably two or three years') living expenses, hardware etc up to date, ideally any big expenses that are likely to come up in the next 24 months already taken care of. So you shouldn't have to shell out on a new set up, new car, get that leaky roof fixed, pay for your bypass surgery etc.
.

Very true. That answer completely depends on the trader and what his situation is. The answer will never be the same for any two people. When it comes to being new to trading I always say pace it. Use leverage carefully and don't put ALL of your money on the line. Use funds you don't need.

 

[safvan]

How much money is required to win at a slot machine? If you are a good gambler trading can be a good profession but there aren't many good gamblers out there.

Trading is probabilities. Over time with money management you can get good at it.

In vegas there are various levels of poker tables small ones to large ones that require $100k authorization on black amex cards.

Learn the skill of profitable gambling and then money would not matter that much.