Q. Can you really make money from trading?
A. I always have to laugh when someone asks me if I can live from trading. I often feel like saying "yeah, I can. I don't know about you..." but instead I just say yes and change the subject. Convincing someone that it is possible to live from trading is like convincing someone that their coffee cup is hot. They might say okay and believe you but will always touch the cup in disbelief. They need to feel the heat and gauge just how hot is hot... Same goes with trading... You need to trade for yourself to believe and see if you can live from trading. I can but can you?
Q. How much seed money do I need?
A. The most frequently asked question I get is "How much seed money is needed to get started?" Some people think it takes tens of thousands of dollars. Others more. And of course there is the Cheap Charlies that think they can become a millionaire without risking any money at all.
You need zero money to start trading with a "practice account" with real live market data. You should be trading for 6 months to a year with consistent successful results before you consider opening a "real account".
For a "real account" you need as little as $50 to get started. Obviously how much you need does really depend on your lifestyle and your current income. First of all you should NOT start trading to make a living. You should have a steady job or business, or better put, you should have a steady income and look at your trading as a "hobby" with the possibility of making "extra money". When you are successfully trading on the side for at least a year or two then you can consider doing it full time. But and this is a big but, you need to slowly work your way to that point of financial freedom. Of course this is all with real money, no demo accounts. You wouldn't believe how many people make the mistake of thinking demo account "earnings" as the "real thing". Of course you need to have realistic expectations. Just because you can make $500 per month with your real account, doesn't mean you can make $5000 just by trading 10 times your lot size.
You can easily start with only a few hundred dollars, say $500, and use micro lots. If you are good you will double your account. If you're a hack, you will lose it all in no time.
Of course the trading psychology changes as you start using lots and you need at least $5000 to weather your drawdowns.
At most you should have about $25,000 in your account in my opinion. But again that depends on your strategy and risk reward. Some people make only a few percent, while others make 10% or more. Others yet double or triple their account.
You can't base your success on anyone but yourself.
Do your due diligence and calculate your quarterly and yearly profit, then determine what is obtainable, for you. In other words if you can make 10% a month then $5000 will not get you far. If you can make that in a week or day then of course things look brighter. Always use at least one years worth of your trading results to gauge your gains. Remember not all days are sunny. There will be rain. There will be no trade days. You will be sick. You will be busy. Life happens and you cannot trade every single day. So one years worth of data is needed at a minimum to analyze potential future earnings.
Any money you put in your account you should write off and be able to walk away from. Don't be a fool and use money you need or max out credit cards. That's pressure and stress you don't need and you know how life can be sometimes, you can trade perfectly 100 times in a row and that one time you risk more lots is when you make that bad trade that wipes out your account.
You need zero money to start trading with a "practice account" with real live market data. You should be trading for 6 months to a year with consistent successful results before you consider opening a "real account".
For a "real account" you need as little as $50 to get started. Obviously how much you need does really depend on your lifestyle and your current income. First of all you should NOT start trading to make a living. You should have a steady job or business, or better put, you should have a steady income and look at your trading as a "hobby" with the possibility of making "extra money". When you are successfully trading on the side for at least a year or two then you can consider doing it full time. But and this is a big but, you need to slowly work your way to that point of financial freedom. Of course this is all with real money, no demo accounts. You wouldn't believe how many people make the mistake of thinking demo account "earnings" as the "real thing". Of course you need to have realistic expectations. Just because you can make $500 per month with your real account, doesn't mean you can make $5000 just by trading 10 times your lot size.
You can easily start with only a few hundred dollars, say $500, and use micro lots. If you are good you will double your account. If you're a hack, you will lose it all in no time.
Of course the trading psychology changes as you start using lots and you need at least $5000 to weather your drawdowns.
At most you should have about $25,000 in your account in my opinion. But again that depends on your strategy and risk reward. Some people make only a few percent, while others make 10% or more. Others yet double or triple their account.
You can't base your success on anyone but yourself.
Do your due diligence and calculate your quarterly and yearly profit, then determine what is obtainable, for you. In other words if you can make 10% a month then $5000 will not get you far. If you can make that in a week or day then of course things look brighter. Always use at least one years worth of your trading results to gauge your gains. Remember not all days are sunny. There will be rain. There will be no trade days. You will be sick. You will be busy. Life happens and you cannot trade every single day. So one years worth of data is needed at a minimum to analyze potential future earnings.
Any money you put in your account you should write off and be able to walk away from. Don't be a fool and use money you need or max out credit cards. That's pressure and stress you don't need and you know how life can be sometimes, you can trade perfectly 100 times in a row and that one time you risk more lots is when you make that bad trade that wipes out your account.
Q. If you're a successful trader, why charge for your time?
A. My time is valuable and anything "free" is under appreciated.
Q. Why not make money of the markets instead?
A. I teach for fun. Trading can be solitary, plus I only need 1 or 2 trades per week. Quite frankly I'm good at teaching and enjoy it. Variety is the spice of life.
Q. I don't have any money. How about I pay you back after I make the money from the markets?
A. I only deal with people that are serious about trading. Nothing good is ever free in life and comes at a cost. If you're looking for a get quick rich scheme, move on.
Q. How much money can I make?
A. How long is a piece of string? Your performance depends on you.
Q. Can you give me stock tips?
A. No. I trade Forex aka Currency Trading. It's far more profitable and easier to master.
Q. Can you guarantee me that I will make money?
A. No. Your performance depends on you. This is not a get rich quick scheme.
Q. Why haven't I heard of you?
A. I'm not after fame. I simply trade for a living.
Q. How many students do you take on?
A. Only one per month as my trading and life style keeps me busy.
Q. Where does the Forex Trading Audit take place?
A. Over the internet, in the comfort of your home. Or live in Phuket, Thailand.
Q. How do we start?
A. Sign Up for my Forex Trading Audit
