Possible to become a success with 5k?

Yes, but don't expect to do it the first time. Most will fail, blow up and walk away and not accept personal blame. The one that is truly dedicated to his dream will spend hours study, analyzing, working on strategies and then believing in themselves will become part of the 5% that remain after the pain of losing is gone. This does not happen overnight. It is a journey and it has many sacrifices to get there. Are you truly ready ?
 
theoretically it is possible, if you:

1. paper trade for enough time (possible a few years) to reach high consistency.

2. trade an instrument with very little execution and slippage problems, so your transition from paper to live won't be that painful. e.g. trade highly liquid eminis. do not trade nyse stocks. etc.

3. devise a very low risk strategy (that might generate a much scarcer number of trades) which you can use at least initially once you start to trade live, so you can build your capital safely. once you acquire more capital, you can switch to a more aggressive strategy.

in other words with very careful planning and patience there's no reason why it won't work. however you have very little room for error with 5k.
 
Quote from thehangingman:

How can you have only $5000 and be 33 years old? This post is spam. Moderator please close thread. Thanks.
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you don't know that it is spam. learn the proper way to contact the moderator to complain about spam.
 
Quote from thehangingman:

How can you have only $5000 and be 33 years old? This post is spam. Moderator please close thread. Thanks.
More...

you don't know what spam is. the person who started this thread is obviously not spamming. before posting learn the correct use of the term.

furthermore as to the 5 G you don't know what life brings a person. don't belittle the person for wanting to try.

please skip the lame explanations that you were not trying to belittle the person.
 
Hello All,

I apologize for not clarifying in my earlier post about the 5k I have to trade with. The 5k in my account is the 5k I've set aside at this time for my speculative/trading account. I have other retirement accounts such as 401k and IRA that I've built up so this cash will not destroy me if I lose it. I was looking for some build up in confidence that it can be done as I do want to and am willing to learn as I go throughout building my trading career to one day being able to become financially independent. I'm also able to fund my trading account monthly so I'm willing and able to stick it out until death if need to.

Thanks to everyone who has given me some good advice and again apologies for not being more specific.
 
May be some one on ET should step up to the plate, and show, it could be done.

Last time I saw anybody done that was, "Mama Vivian", with about $20,000, I think.

I think, she is a big shot now :D Way to go, Mama Viv.

As for the OP, don't feel bad dude. I have less than that in my IB account. And I ain't younger than you either :p

Happy trading,
Schaefer
 
Quote from Tigo:

Hello,

I am 33yrs old and have been in the insurance industry for 15yrs and have been seriously considering getting into trading as a part time job which will hopefully become a full-time job. I'm tired of working for someone else and this has been a passion for me for years and now I feel that I am psychologically ready to tackle the markets. I've had some success in the past trading stocks. My main question is that I have 5k in capital right now and would like to hear any suggestions as to how best to get started in increasing my wealth.
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Depends on what you trade and your trading style. Daytrading stocks incur the PDT rules and laws, which mean you need 25K, or else you can only daytrade 3 times in every 5 trading days. Futures have no such rules, but life is very fast with futures on both sides, winning and losing.

Can it be done? ABSOFUCKINLUTELY!

Good luck
 
You should also think about some real estate. I dont know much about the US market, but in canada 5-7 grand can buy you a condo and rent it out and watch it grow.

Another words dont limit yourself to just trading.
 
Quote from Tigo:

Hello All,

I apologize for not clarifying in my earlier post about the 5k I have to trade with. The 5k in my account is the 5k I've set aside at this time for my speculative/trading account. I have other retirement accounts such as 401k and IRA that I've built up so this cash will not destroy me if I lose it. I was looking for some build up in confidence that it can be done as I do want to and am willing to learn as I go throughout building my trading career to one day being able to become financially independent. I'm also able to fund my trading account monthly so I'm willing and able to stick it out until death if need to.

Thanks to everyone who has given me some good advice and again apologies for not being more specific.
More...
Gee, now does everyone flaming him, calling his post spam feel a bit better? :D lol ..

Anyway, I thought I would say that if you take the proper precautions to not lose the money, you should be just fine trading it. I am still getting into trading myself (w/ approximately the same size account), and have so far been slightly successful. It is possible to make money on $5k :) Cheers
 
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