Lets be real..

Attila the trader

Active member
157 11
Whats the realistic amount of money required to start day/swing trading for a living , i see folks talking about converting 1000 to 200k in a year , yeah it could happen , so can you win a lottery or die by a lightning strike .

thanks,
attila
 

tomorton

Legendary member
8,421 1,346
Forget the dramatic big win, thinking about doing this will just erode your own confidence and your thinking about TA, risk and strategies.

You can become rich through trading through consistency. You only need to have a consistently profitable strategy which produces 6% profit per month. This will double your account in the year. This kind of return will generate sufficient profit to live on comnfortably.

Stop thinking about money and start thinking about percentages. Commit yourself to turn up at the screen at the same time every day and do the same things, day after day after day after day. It isn't exciting.
 
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Attila the trader

Active member
157 11
Forget the dramatic big win, thinking about doing this will just erode your own confidence and your thinking about TA, risk and strategies.

You can become rich through trading through consistency. You only need to have a consistently profitable strategy which produces 6% profit per month. This will double your account in the year. This kind of return will generate sufficient profit to live on comnfortably.

Stop thinking about money and start thinking about percentages. Commit yourself to turn up at the screen at the same time every day and do the same things, day after day after day after day. It isn't exciting.
thanks , tomorton i initially tried a 3 percent a day strategy , but its very difficult when your account erodes currently im down about 23 % i switched to a swing strategy now i have a running position which is 13 percent up , the thing is i dont know when to ditch a strategy or let it run , ones that seem to have a mathematical edge is very difficult in real life with emotions .
 

tomorton

Legendary member
8,421 1,346
thanks , tomorton i initially tried a 3 percent a day strategy , but its very difficult when your account erodes currently im down about 23 % i switched to a swing strategy now i have a running position which is 13 percent up , the thing is i dont know when to ditch a strategy or let it run , ones that seem to have a mathematical edge is very difficult in real life with emotions .


Back-test and then demo trade your strategy until you know its consistently profitable. Then stick with it. Realistically, a trader needs only one strategy , but a good of optimising time and resources would be to have two, one for short-term, one for long-term.
 

Rufus_Leakey

Active member
230 108
You only need to have a consistently profitable strategy which produces 6% profit per month. This will double your account in the year. This kind of return will generate sufficient profit to live on comnfortably.

Over a long period, that return compounded would make for the best trader of all time. So it isn't too realistic (though not as unlikely as turning 1,000 into 200,000 in a year :)).
 

mpups

Experienced member
1,023 143
Whats the realistic amount of money required to start day/swing trading for a living , i see folks talking about converting 1000 to 200k in a year , yeah it could happen , so can you win a lottery or die by a lightning strike .

thanks,
attila
what % profit can you make in a year? how much do you need to live? you do the math :)
 

Attila the trader

Active member
157 11
what % profit can you make in a year? how much do you need to live? you do the math :)
i only want 2500 $ per month (in my country its a decently high amount ), how much should i start with ? i have a block of land worth about 60 000$ , what would be a realistic starting account thanks .
 

mpups

Experienced member
1,023 143
i only want 2500 $ per month (in my country its a decently high amount ), how much should i start with ? i have a block of land worth about 60 000$ , what would be a realistic starting account thanks .

is this block of land where you currently live or a separate asset?
what about cash or other liquid assets?

also, are you assuming your trading will be generating profits (and not losses) right from the start? if so why?
 

Attila the trader

Active member
157 11
is this block of land where you currently live or a separate asset?
what about cash or other liquid assets?

also, are you assuming your trading will be generating profits (and not losses) right from the start? if so why?
no its a separate land (inherited ) nobody lives there , sadly i dont have liquid assets got only about 2000 cash
 

mpups

Experienced member
1,023 143
no its a separate land (inherited ) nobody lives there , sadly i don't have liquid assets got only about 2000 cash
You are limited to relatively small trades at the moment then, but this is probably a good thing if you're new to trading. Having said that, perhaps the only-cash-you-have is not something you should be trading with anyway. If you are serious about using more of your capital there is the option to sell some or all of the land and decide how much of that cash, given your other financial needs/circumstances, you can realistically put at risk
 
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Attila the trader

Active member
157 11
You are limited to relatively small trades at the moment then, but this is probably a good thing if you new to trading. Having said that, perhaps the only-cash-you-have is not realistically something you should be trading with anyway. If you are serious about using more of your capital there is the option to sell some or all of the land and decide how much of that cash, given your other financial needs/circumstances, you can realistically put at risk
how much will i need to make bout 2500 per month ? , i dont have any debt or bills lives with parents , the money spend for basic needs when converted to usd is negligible as things are very cheep here .
 

mpups

Experienced member
1,023 143
how much will i need to make bout 2500 per month ?....

You ask how much you will need as if you are ready to switch on your money making machine and just need this parameter. If indeed this is the case, you take what percentage profit the machine can make in a month and then calculate how much money is needed in order to generate 2500
 
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