Are their any independent traders on this forum that had to raise capital to begin their career.
I’ve been trading for about 8 months and would and am extremely addicted to trading the currency markets. Although I have blown out 1 account ($2000), I can now make what I lost back in about a week. To successfully live off trading I feel one should start with at least $30,000 did any of you guys look for some one to help you get started, friends,family, if so how did you persuade them?
Please don’t post comments recommending me to keep trading my account up (I’ll obviously continue to do so) or save money etc (Its not exactly easy for me to save $30,000)
No, I didn’t ask anyone for help to get me started. I developed a plan for generating my own capital from existing sources of income. In other words, my regular job. You do this by controlling your expenditures and paying yourself at least 10% of what you earn each payday. Paying yourself means saving the money until you have enough to invest wisely, and then doing so.
Personally, if you can make $2,000 in a week’s worth of trading, I don’t see why you need to seek other sources for capital. You’ve already got one kickin’ cash cow, if you’re telling half the truth there.
you are all correct, for the most part , I’m really just scared, and don’t really want to risk most of my money. it has become really hard for me to save, however I know this is what i want to do and the past couple of weeks have shown me that I am somewhat consistent.
Just because I’ve made 2000 a week for the past month does not mean I’m going to make 2000 a week for the rest of the year. Most profits can be attributed to simple carry trades and long term trend following (no black magic here).
Don’t be scared for trading, don’t get overconfident. Getting emotional is the last thing you shall do while making trading decisions.
Just do your research and reading on risk management and money management.
Read and learn as much as you can, information is the most valuable asset a trader could ever gain.
Just a little tip: Follow 1% risk management rule (don’t risk more than you can REALLY afford).
Read more on creating your own system. When you will find the right system for YOU only, then you need not to worry about persistent profitability. The only thing you will need to keep in mind is SELF-DISCIPLINE and STAY AWAY OF EMOTIONS. Such as greed, fear, overconfidence, pessimism and optimism.
Trader is not an addicted gambler asking for money, trader is the professional who rise the value of present capital.
When you’re making profit in persistent manner, people around you will ask you to help manage their funds anyway.
There is no super-duper capital for trading. Sure it seems easier to trade with bigger amounts of money as margin requirements are lower and you burn your account later. But if your going to burn your account or gamble, better give the money to some charity.
And don’t ask for other people money if you’re not sure you will keep on going with the same profits at least for few years.
Futhermore there are mini and micro lots offered by currency brokers, you can even trade 0.2 of mini account which is worth: parity x 2000, so you actually need not to lever your funds too much to raise you trading capital.
Market is not your nanny and it wont change your napkins, there are thousands of young smart people out there dreaming to have a piece of you. So don’t underestimate the market. This is not a playground for gamblers. Only strict discipline, risk & money management, education, realistic attitude and motivation will help you survive.
Don’t want to rick your own money, but are considering how to ask others to risk theirs?
That’s scared money talking. Scared money will wind up belonging to someone else. Even if it’s a dime at a time.
And BTW, 2 weeks of profitability is by NO means a true measure of your future.
It’s a good start, but you’ll need a much bigger sample than that to prove consistent profitability.
Even a year is too short.