Raising trading capital?

Let me give you a scenario!

There is this young guy who wants to be a trader. He has a job, good credit but does not have any savings. He wants to start serious forex trading with at least $30K but doesn't know how to get the money! He doesn't want to start trading with less than 30K or even half that like - 15K. He wants serious money to start trading!

What advice can you give him on how to obtain the trading capital?

1. sim trade and learn whilst at the same time saving up. By the time you have $30k, you'll probably know how to trade profitably, or else have given up - in which case you'll have saved yourself losing $30k to the markets.

2. get a place on a prop firm grad scheme. they train you and give you company capital to trade with.

Yep. Worry about how you are going to minimise losses if you're a newbie. Forget trying to earn a decent salary from the outset. It - will - lead - to - tears.

Have a read of Spanish89's threads...

shadowninja said:

Yep. Worry about how you are going to minimise losses if you're a newbie. Forget trying to earn a decent salary from the outset. It - will - lead - to - tears.

Have a read of Spanish89's threads...

Click to expand...

Always have to have a pop...,
Just cant resist bring me into it! :cheesy:


You can all hate and despise my style of trading as much as you want,

But the numerical facts are that i started with a £30 account, and got into £2500 creditcard debt.

I now have a £1800 account (after having lost £900 thursday), and 0 creditcard debt anymore.

And am making a living off trading. :cheesy:

but you can't afford the bus fare to Chessington to meet the other traders you had arranged to meet ?

spanish89 said:

And am making a living off trading

Click to expand...

a "living" ???

you'd have more bunce in yer skyrocket flipping burgers for Big Ronald

How do you make a "living" in the U.K. off a bank of £1800. The returns must be phenomenal. Please come back down to planet Earth Spanish, you'll get burned out up there and we'll miss you when you're gone.

Not having a pop. No hate involved. No despise in your direction. Just suggesting the OPer have a look at your threads and make his own mind up whether to follow you or choose a different path.

spanish89 said:

:
And am making a living off trading

Click to expand...

according to various claims by you, you actually make your living as:
- a bodyguard
- a male model
- managing director of an international import/export company
- a part-time Special Constable

(although as I proved on another thread you only actually applied for that position several weeks after telling us all that you were currently serving.
Oh, and they haven't got back to you yet ? Not really a surprise since I forwarded your threads to the Chief Constable of Surrey Constablulary)

now you make your living by borrowing money from yer mom to over-speculate, all centred on a whopping 1,800 quid ?

Hats off, full respect to you m'lord

rathcoole_exile said:

but you can't afford the bus fare to Chessington to meet the other traders you had arranged to meet ?

Click to expand...

His ( Pri) mate is waiting for him:cheesy:

stevoeo said:

Let me give you a scenario!

There is this young guy who wants to be a trader. He has a job, good credit but does not have any savings. He wants to start serious forex trading with at least $30K but doesn't know how to get the money! He doesn't want to start trading with less than 30K or even half that like - 15K. He wants serious money to start trading!

What advice can you give him on how to obtain the trading capital?

Click to expand...

Did you know that Soros came to England penniless?

Splitlink said:

Did you know that Soros came to England penniless?

Click to expand...

I have traded forex, with 'pennies' so to speak. Will not get you far! If you are going to trade start with adequate capital, this way you will have more flexibility and room to maneuver when trading.

Trading; whether it be fx, stocks, commodities, derivatives is a business. If one is serious when starting a business to make a living of it, it will help a lot to start with the capital that is appropriate. Most business fail due to many reasons,one of them being lack of enough capital.

Hi steveo, not sure how much trading experience you have?

Yes some new business do fail due to lack of capital but also some fail due to lack of experience,

please take note of the more experianced members on this forum most of these people do it for a living already, learn to walk in these markets before you can run. I rushed in my first time thinking it was easy! how wrong i was. I learned the hard way and am now getting advice wherever i can and am taking it nice and slow in hopethat one day I can get good enough to be able to give my day job up and trade for a living, but deffinatly not yet

Aj

ajtaylor said:

Hi steveo, not sure how much trading experience you have?

Yes some new business do fail due to lack of capital but also some fail due to lack of experience,

please take note of the more experianced members on this forum most of these people do it for a living already, learn to walk in these markets before you can run. I rushed in my first time thinking it was easy! how wrong i was. I learned the hard way and am now getting advice wherever i can and am taking it nice and slow in hopethat one day I can get good enough to be able to give my day job up and trade for a living, but deffinatly not yet

Aj

Click to expand...

Thank you for your advice, I know you mean well. I have enough trading experience with a real account to know that $1K or $2K is not enough if you want to earn a living from trading. I definitely want to trade for a living.

This is the way I look at it. If I were serious in starting any other business and do it for a living I would give it my full attention 100%. Well I figure that if I'm going to trade why not give it my full attention? As long as you have a strategy that you will have the discipline to stick to and good risk management skills, you will be as good as those pro traders out there.
:cheers:

Stick to those and i'm sure you will do fine.

Good luck

Aj

Hi, I believe you can start small and build up to a position where you can be earning reasonable money. It's all about having a robust trade plan, sticking to it, concentrate on what you are losing keep learning, patience. I show an example of how I traded a £2000 account. I'm not selling anything or trying to convince you of anything, it is what it is. My point is that you read a lot about having to start big and I'm not sure I agree. It is advisable that your trade plan is scalable and based on percentages. This still doesn't mean that if you are profitable trading a small account that you will be profitable trading a large account. That is practice in itself. If you haven't done so you should open a practice account starting with the actual amount you wish to start with in a live account and then trade the account to triple or quadruple your balance. This will teach you loads about how psychologically affected you are by larger amounts. Good luck to you all, See final P/L for £2000 account - barrett's notes