hello, just wondering if it is really possible to give up your day job and become a professional trader? my dream s, to study, paper trade and trade small for the next 3 years until my mortgage is payed off, then hopefully invest around 10k GBP and make a living out of it, is this possible? or am i dreaming ??
I would suggest that longer term trading is better in a number of ways, you can keep your day job for as long as you wish and not have the pressure of having to succeed for instance, also most bigger traders trade that way, quite few of the successful traders out there are daytraders.
and is it possible in your experience to trade forex on the move? e.g. iPad or iPhone?
Hi, I suppose it’s different for everyone depending on how you trade. For me it’s not necessary and the times I’ve used it I’ve always felt like I missed having a real windows desktop environment.
It is possible if you have a lot of patience and trade with discipline…
My experience is that trading “on the move” does not work for me. Althought the apps are there and it should in theory be possible. In practice i find that I always seem to miss the key moments to enter or exit a trade. iPhone is great though for following open trades.
The thing is you shouldn’t quit your day job till you become a professional trader. Becoming a professional trader is a long process and no one can guaranty you that you’ll become one. However, if you become one than it will be up to your % of profits; are you going to make for living or not with 10k. Most successful traders are making around 20-35% profits per year.
So, is it possible to make a living with 10k, I would say NO.
I don’t think you can make a living out of £10k per se. What you can do with that money is to build an attractive track-record so that you can trade other people’s money as well.
Think about the returns you would need to make a living off of 10k. And keep in mind that you need to factor in any taxes, etc. you’d have to pay along the way. We’re talking triple digit returns annually.
Now also factor in that these already very large return requirements would not actually see you growing your account. You’d need to make even larger returns to actually increase your capital over time. After inflation, you’d actually be worse off financially in the long run if you’re just making enough to live on.
I usually tell people you should be thinking 6-figure account size when considering trading for a living to allow you to ride out the inevitable rough patches.
It is possible, but requires hard work and nerves of steel. But don’t give up on your day job just yet. At least not after you make sure your trading income is enough for you.
I very much agree with you, trading on longer time frames is easy and less stressful. By this way you can even keep your trading job and can trade both at same time.
You can.
Actually with 10k you can make around 20% per week if you know what you are doing.
I know because that’s what I do. (And honestly doing much more than that risking 1% of account per trade)
But you need to be more smarter than everyone and understand the logic of the market.
And also please don’t trade FX Market if you don’t have a proprietary strategy especially built for it xD (plus you need to trade it on lenger timeframes because Fx is too volatile and is a not based on one financial product, that’s why there are pairs of currencies and not an index of one)
I advise having a look on Germany30 CFD (DAX30) and US30 (Dow Jones30) indices.
There is no commissions. The spread is around 1.5 point and the daily range is 100-300 points.
You trade those intraday from 2 to 5 min timeframes.
For comparison Forex has very often double comissions. And is really slow and unpredictable. Usually has ranges from 30 pips to 100(quite rare), but big movements are anomalies.
While i am making all my money in the first 2 hours of the day with indices.
That’s it KISS. And stay away from indicators.
Learn to read a chart. That would be my first advice, then you’ll see opportunities popping.
By the way. Really had an amazing week until now on the DAX.
Sharing my joy, so good to be right again and again 
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I’m pass the age I believed in Santa Claus, thank you very much.
Thanks MrBurger you made me laugh 
But honestly you can believe in what you want.
I will not argue with people online. I am just saying it’s possible.
But odds are you will lose if you don’t have a strategy especially built for it.