5k of what? USD, GBP? 5k of either could scrape together enough to survive off of, but I'd hardly call it living. Under 1k, you're not doing it, you're attempting to do it. You may build that back up to a reasonable amount, but you'd be lucky to do so, as it requires taking unreasonable risks. Regardless, there's a difference between getting by and actually living, and most traders would need substancially more to 'live' than to 'survive'.
Okay, for starters, you can't even trade much with $5000US, let alone $1000US, except some dodgy forex minilots and CFD's. You really can't prudentially buy/sell any futures contracts, without taking on too much risk. Sure it's POSSIBLE to build up an account from $5000US if you get a good run in soybeans or corn, etc.. but come on now, let's be serious - some kid on a forum, posting what appears to be like 100 posts a day is not going to be able to run up $5k and then keep it.
There is a constant myth at ET that the more capital you deploy, the better will be your trading results. They won't be better. If inexperienced, if without huge study and preparation and cardinally if without sufficient savvy, you will lose. You will lose with a $5000 account and you will lose with a $500,000 account. You have to adopt or devise a reliable and accurate methodology for day trading in order to become a winner and go on to make yourself rich.
I disagree, there is a huge psychological difference between trading 2k and 200k. I have done both and the emotions are no where near the same when you trade with scared money even when trading the same % of each account risk on each account. This difference alone accounts for the major reason those with a small account never make it.
Even if a trader had the ability to trade responsibly and successfully they in no way would be able to implement that type of trading because most likely the trader with 1-10K HAS to make more money then they currently are with a responsible strategy. I think it's important to have enough capital so you don't have to push yourself into making stupid trades.
There are enough opportunities throughout the day and night to not need to push trades. That's a matter of dicipline, not capital. Greater capital should bring greater comfort, as there's a great buffer. If your capital drops from 500k to 250k, it's a big hit but you should still be comfortable. If we went from 10k to 5k, trading may not be worthwhile, and perhaps not even possible.
5k gbp. And im not 'attempting' to do it, i did it for 11months, all documented daily in my journal. Its not plesant at all, as every trade / everyday you dont make any trades, is extremely stressful. But when you do have to trade to survive, you you are simply forced to have alot more patience and not make silly entries.
ok...but everything being equal, who has a better shot at making a living/running a good trading business?....not that either/or will make it...just asking who has the better shot