thanks mate.. Btw for the people who said that its not-doable with under 1k, i last month, and again this month am proving it is and showing how to do it... (It is very very tough as you have to make trades that would return 90% profit from whichever account they are made in) And while 90%+ per month, every month, is ridiculously tough an stressful n gruelling...., it is do-able as long as you have extreme patience and dont make foolish trade entries.
I doubt people said it wasn't doable, and if they did they just meant that most will fail. There will always be exceptions due to variance. Again, you're not proving it. Doing it once does not prove anything, except that it is possible, and of course it's possible. It just isn't a realistic expectation. If I was the okay trader I hope I'm becoming, then I could probably on average make enough with a couple of thousand. That's the average though, and it means not having to go through poor stretches, which is almost impossible. Greater capital is needed to survive the longterm. Just because you're currently going well doesn't mean you're right. It's like thinking that winning a trade makes one a good trader.
Mr J is correct, spanish89. The success you are currently experiencing is no dobut partly a function of your youth and, in a good way, your naivete. You're cutting corners pretty close here, and so long as you continue to have a sharp eye and the reflexes to go along with it you will do OK, but all it takes is one missed turn and you're gonna be on the pavement (street). Certainly not a prudent way to trade (or live), but hey, like the guy said "good trading to all".
Long-term the answer is pretty high, like 500k-1 mill. But for short-term strategies, if you got one, you can do it with 10-20k with a bit of luck because you will get to 50-100k and then have enough leeway to ride out 6-12 months of fuckall/losses. Not recommended though - margin of safety & all that. You need enough to survive a bad streak when markets or your trading suck.
lol If you are lucky enough to have a few hundred thousand quid in bank accounts that you could put into a trading account then you dont actually 'need' to trade though. You would want to then to feel powerful and to stop you feeling bored, but you wouldnt need to ever work again/earn more money in your life though if you didnt want to. Im currently in a very complex situation though, as had just £605 capital, and need to withdraw over £600 per month from tha account, and will likely be like this for MINIMUM 6months, could be years. So theres no way of being able to 'buildupp' capital really. :/
I know exactly what you mean because I was once 22 and piking a 10k account to pay my minimal (as in 3rd world minimal) bills. One strange aspect of life though is how even if you are careful and diligent, expenses swell along with income. If you get to a certain level, 100k becomes "necessity". Not quite, but you get used to spending that. I am sure rich people view 1 mill or even 10 mill a year as a necessity. With 500k you can earn a grand total of 5k a year, before tax and inflation, by putting it in a bank. Or 15k a year in government bonds. You are not going to get rich off that. Even if you make 10% a year, which is a pretty good return for the long-run, and very nice in 2009 when bonds yield 3% and stocks yield -57% over the last 18 months, on 500k that is a mere 50k before tax, so more like 40k after. Unless you live in a hovel, that is 30k after rent. If you have one or more girlfriends who aren't financially independent, that's another 5-10k on travel, dinners etc - even if you aren't a dumb fuck who splurges on pussy. Then there's clothes, car, insurance, utilities blah blah blah. Believe me, life doesn't get any easier when you have some cash or a steady job. Objectively it gets easier but subjectively you get used to the new "wealth" and within 1 year its back to normal. The real trick to break out is realise that the best things in life are cheap or free, and the expensive stuff can be faked or rented. When I was 19 I travelled round the USA and Canada and partied just as hard as I could do now on 10 times the budget. IMO as long as you can avoid eviction or the heating & electricity getting cut off, then all you need to achieve happiness is your health, an overdraft, cool friends, and a hot piece of ass who will suck your cock on demand without nagging you or bleating for cash/gifts/attention. Good friends, good health, and a hot bitch who you have great sex and little drama with, are worth more together than the collective fortune of the Forbes 500. Through in some quality liquor and life is pretty fucking good.
It's very, very hard to build up enough to be sustainable solo with so little capital. There are 3 real routes to trading success: 1) have small capital, then find a lucrative market inefficiency that allows you to parlay that up to decent 6 figures+. E.g. dot.com boom, SOES bandits etc. Usually there is at least one opportunity like this in the world financial markets, but it takes a LOT of work to find them, and they all disappear after a while. Best option if you are a very driven and talented solo player who isn't afraid to work his nuts off and take lots of risk. 2) go work at a good trading firm, get a salary, and learn to trade. Use your natural ability + trained skills to be a valuable employee/trader over time. Make good money, have ok job security, then do what you want - keep going, retire a millionaire, set up your hedge fund etc. This is maybe the best option if you can interview well, are capable and diligent, and aren't a loner. 3) fleece people. Either work at an I-bank, do office politics, and exercise your trader's option (heads you both win, tails you still get your base salary. Only need 1 good year to retire.) Or work at an investment management firm and collect your share of 1-2% per annum to underperform the S&P. This requires a total lack of ethics and good people bullshitting & office politics skills. Best option if you are an untalented, unethical piece of human scum who is good at brown-nosing assholes and exploiting the innocent for personal profit.