By the way, who is trading forex right now? US, London, and Asia are closed, who is doing the trading?
When a wannabe trader starts out they let losers run until they get back to break even or turn to a small profit. This allows them to have winning days in the beggining. But eventually this strategy fails and they are forced to take a big loss that wipes out all previous profits (plus some). After that big loss they can never let losers run as easily, so the winning days stop happening too.
I will ask the questions differently considering I'm not asking questions about your MBA or management consulting background. 1) You stated in your prior work, you didn't like it. I'm now assuming that the resumes you're sending out are to a different line of work. I'm curious what type of employement you're now seeking via my assumption you will not go back to the same line of work you did before in which you were unhappy with or felt inadequate socially, culturally, linguistically ? 2) You did not discuss in prior about you living expenses beyond mentioning you're confident you can find another job if needed. I'm curios about how much savings (money in your bank...not your trading capital) to get by now that your trading account is closed and you're seeking a new job. My point is this...some traders will mistakenly think its about their trading account when in fact its also about their expenses (ability to maintain their lifestyle) while they trade or while they look for another job when trading doesn't work for them. For example (hypothetically), if your expenses and lifestyle with your family is 5k per month and you think you'll find a job within 4 months. I will assume you have a minimum of 20k saved up (5k per month x 4 months) and in the bank that has nothing to do with your trading capital. 3) I didn't read anywhere from you about any discussions about "starting your own business". Therefore, this question remains open...did you consider going into business on your own after the problems you encounter when you worked for a fortune 50 company ? As you can see, my questions aren't trading related. Instead, they're more about your plan B just in case the trading gig didn't work...you blowup or it was just too hard or too stressful. That leads into another question, what's the opinion by your spouse about this entire situation considering you have not mentioned much about that important psychological variable ?
This is a really good point, even if you can be in the 20% of traders who are net profitable you still have to beat your own living expenses (by a large margin) if you want to do it full time. Probably only the top 1 or 2% can do that. OP said he needs 3K a month (i wonder if that includes the new interest on his credit card loan, which is going to be what $300 or $400 a month??). Plus he has to payback the principle lost as well. Two months at this already means he has burnt through 6K in living expenses already. I hope the 20K he mentioned isnt his entire life savings, and he has more saved elsewhere. Otherwise he is soon going to go broke, even worse have a negative net worth.
I edit my prior post to change the math a little because the original hypothetical amount was too similar to another thread by someone else. Anyways, that's something many traders or brokers don't want to talk about. For example, there's was a recent report by brokerage firms posted here at ET that showed 40% of IB forex clients are profitable. Yet, no further information about the details of that 40%. Yet, realistically, how many of that 40% are making enough to cover their other trading expenses, living expenses and so on. It's a fine line to walk...any mismanagement of the personal income (money pulled out of the profits to live on) or unexpected expenses like health problems for the trader or for a family member, divorce (child support), emergency... Even a profitable trader will be calling it quits or looking for another job if there's no adequate savings.
Redsails, Using credit card debt (~20% per year interest) to finance a $15K trading account, plus having to take out $3K for living expenses, and factored in 3% commissions slippage, simple mathematics says you need a monthly profit of over 22% to keep the original $15K intact so you can go for another month. That is a annual return of over 270% you are seeking. I don't think there are too many ETer here that achieved that type of returns year in year out. I certainly am unable to get a 270% returns per year after 3 1/2 years trading options. You have an MBA, do the math. If I were you I would trade on the side while keeping a day job. At lease that way you only need to achieve a 21% annual return to breakeven and that is achievable. Family life will be better too. If by any chance you are a trading genius and can indeed achieve 270% annual returns, you can start with $5000, compound your returns and quit your job after 6 years as you will amass a $1.8 millions trading account by then and can then quit to trade full time. Good luck.
As somebody mentioned above - being that you are a risk-taker, you should consider starting your own business doing something related to your formal education and work experience. In addition to that, continue trading. Arrange your work schedule in a way which will allow you to trade the FX sessions you like the most. Did you look into aggressively selling options and/or other types of mean reversion trading? Sounds like what you are doing right now is trying to catch a move in the tail of a normal distribution while going through the typical loss/breakeven streak everyone goes through while trying to catch those types of moves.
I would replace the word stubborness with "discipline" if I were you. Holding losses and hoping is an example of not having "discipline".