I know I still have a long way to go in this journey. I just started yesterday and I’m wondering how much money do you really need?
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Following. I’m also interested to know what others think about this. How much do you intend to start with if ever @chimmyfx?
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That depends on;
- How much you need to cover your cost of living.
- what your average monthly performance is
Then you need to make allowances for those months where you wont be making anything.
It will vary from person to person and their own individual performance.
lets say you need $3000 per month to maintain your current standard of living. Or, you currently earn $3000 per month.
Then, lets say, you perform at a 3 month average rate of return of 5% per month. Also, you dont want to reduce your current standard of living.
You would need, at least $60,000 in your trading account.
Now, lets say that you will call it quits at a 50% draw down. This is the point that you will return back to full time employment. Since the potential recovery would take too many months of trading. You would still need to make withdrawals to cover your cost of living.
This means that the minimum viable amount required to trade for a living is $30,000. Pus some change to see you through while you get your next pay check.
That is, with those variables and conditions.
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$25,000-$100,000 depending on risk/gain.
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Trading is one thing and trading for a living is another thing. Now that you are still a new trader, ensure you focus on familiarizing with the market and learning how things work. Start with demo, then go into a micro before going live.
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Definitely do not listen to last poster, it’s way too much amount for starters to allocate and make it work anyway. You can start part time for a few thousand of dollars and if all will be successfull continue to invest all that money for future trades. It does work that way for lot of people.
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I need $ 1000 for the cost of living a child and family every month.
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Trading for a living is not really a good idea for most people.
I know most people get in to forex to escape their job, to achieve something better, to get rich, to have more freedom, etc…
However, the reality does not work out that way for most.
Most people lose money consistently in the markets. Trading for a living is extremely difficult and more psychologically difficult than trading with another income.
Also, it is very lonely and boring.
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It depends on your skill bro.
I started this month with 10 dollars and my account is now 80 dollars.
You have to start with an end on my mind and trust on you.
I would suggest 100 dollars and make 15% to 30% of return monthly. If you dont touch that money, in 3 years your earnings will be different.
Check this:
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You dont need any money. You need time. Time to be consistent.
Then from that point whatever you can afford to lose that’s where you start.
Then depending on your skills maybe aim for 10% a month
Determine your monthly needs and shoot for double that so you can reinvest and still grow while you live off your profit.
A comfortable number for me was $100k but because I worked for myself at the time it was easier than most.
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I think that figure should start from $5000 to $100,000. I know some traders who make consistent profit with $5000 every month. I am sure OP can do well with $1000 profit monthly. But if you are looking for luxury life, get $100,000 above as equity.
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So, right now you are with a demo account; isn’t? By the way, having a good trading skill is very much important to make a consistent result.
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There is no hard and fast rule regarding the amount you need to start trading, Most brokerages will set the amount for you. For example, a brokerage may require a min $3,000 to start a margin account, the type of account you need to make short sale trades or to buy or sell options.
You can yourself research for the account minimums at brokerages you find.
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I am sure; my answer will not help you since, you are living with your life! So my background, trading history is quite different; same pinch for me as well.
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oh my! That’s a lot of money.
I just opened a demo account. I’m not yet done with the School of Pipsology but they say it’s good to practice demo while going through the School.
This is noted. Thank you, sir!
Yeah, I don’t need a luxury life.
Thank you for your reply, sir @johnnykanoo. I will invest my time learning, practicing and be consistent to be a successful trader someday.
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Nice one, not a lot of money to invest but still earning some profit. Good for you, bro! Thanks for sharing.
There are far too many variables to give a specific answer to your question. But experience will give you the best answer. I say start trading now with what you have, and fail on your way to success. Do not quit your job or where you are getting money till you are able to make that money on trading.
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