got that!
But to answer the question of this thread, I "invested" 100% of each paycheck into my trading account when I had job (glad i quit). I had a CD that I cashed out, added that, and I get money from my family cuz they're cool.
- nathan
How did you save up enough to trade?
- Thread starter G_Jimbo
- Start date
got that!
But to answer the question of this thread, I "invested" 100% of each paycheck into my trading account when I had job (glad i quit). I had a CD that I cashed out, added that, and I get money from my family cuz they're cool.
- nathan
If I trade, I would save enough to 160K, put all in an account, and trade only with 40K (80K with margin), the other 120K saved in a second account. I would fast trade with the 40K account, and when the time is right, I will know when it's right, use the other 120K to buy and hold for intermediate terms. The cash cow will be the 120K account, whereas the 40K fast trading is what to keep in touch with the market's hearbeat, and develop my "instinct" to know when those times come. I believe there are occasionals where you could jump in and make more money than you can make trading everyday. Maybe ten times a year could easily equate your hard work everyday. But you do need to keep in touch everyday by trading.
I would keep my day job to pay bills, and have a decent life, saving all equity for strictly trading . Probably a second shift job. When I trade, somehow I just want to keep all the cash to have trading power. It's weird, but I guess everybody else might have the same mentality.
I would keep my day job to pay bills, and have a decent life, saving all equity for strictly trading . Probably a second shift job. When I trade, somehow I just want to keep all the cash to have trading power. It's weird, but I guess everybody else might have the same mentality.
Unless you have a rich daddy or inherit some big cash, savings is the only real way to build up enough money to trade.
When you start out, trade small (1 contract) and don't expect to make money. The trick is to stay long enough to learn to trade. If you blow your account out, your chances drop quickly.
Don't expect to pay the bills with your trading income in the first year or so. Make sure you have cash on the side to take care of daily needs. You have to learn the game first. You should have more money to live from then you have in your trading account at the start of your venture.
Don't jump stock to stock, future to future. Pick one area and learn it well.
In the beginning you will have lots of ups and downs. You will know you are on your way to a career in trading when your methods become 'consitant'
If you think you are going to quit your job, open a futures account, and have your trading make you rich, you might as well keep your job.
Trading is a business. You need a plan. You need to take things slowly and build from your experience.
When you start out, trade small (1 contract) and don't expect to make money. The trick is to stay long enough to learn to trade. If you blow your account out, your chances drop quickly.
Don't expect to pay the bills with your trading income in the first year or so. Make sure you have cash on the side to take care of daily needs. You have to learn the game first. You should have more money to live from then you have in your trading account at the start of your venture.
Don't jump stock to stock, future to future. Pick one area and learn it well.
In the beginning you will have lots of ups and downs. You will know you are on your way to a career in trading when your methods become 'consitant'
If you think you are going to quit your job, open a futures account, and have your trading make you rich, you might as well keep your job.
Trading is a business. You need a plan. You need to take things slowly and build from your experience.
I'm already consistant, over 50 % of the time.
- nathan
Quote from SethArb:
if you have the right method , edge , discipline etc
you can start with as little as 2-5K and make a nice living ...
of course you need a little help from the trading
volatility gods ...
Please read tomhaden's comment above. Don't say something like "you can start with as little as 2-5K and make a nice living ..." If will mislead a lot of younger wannabies out there.
I'll direct you to the Trader P/L Journal where each day plenty of the younger wannabies, many of whom ponied up the 5k, pull in 1k+ day in and day out.
This is not to say that there aren't 10 or more losers for every winner. It IS to say, however, that what you seem to be so sure of (the impossibility of success with a small margin account) is not the case.