Is this really something one should be doing? The contracts are so big that I think this is like a surefire way to getting wiped out quickly. A part of me feels like one has to have at least $100k to be able to trade futures in an intelligent way. What do you think?
The following 3 users say Thank You to trading654 for this post:
Of course you shouldn't trade futures with 5k. Even 25k is really near impossible to be successful. Has been discussed at length a thousand times.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following 5 users say Thank You to Big Mike for this post:
Micro forex. 10c USD per pip/micro lot. Risk 40 pips, you're just risking the price of a latte, learn to position yourself and not cut the trade without confirmation or being stopped out and you'll make enough to buy a few lattes. Makes it easy to think clearly and just trade, is what I'm getting at. You can get familiar with leverage, scaling in and out of positions, and not really thinking about the money. It's about risk and reward, not money, and even less about a need to make money.
The following user says Thank You to DrewDown for this post:
I'll be one of the few to say that 5-10K is fine, if your expectations are very low. I wouldn't expect to trade 5 lots of ES and make 10t on every trade. One or two trades a week, with a very low r:r. Just don't expect to live the high life off profits.
I've seen clients take 10K and just kill it in the market, but I've also see 20K+ accounts turn to zero by months end. It's all about the trader and not about the account size.
Just my 2 cents.
The following 7 users say Thank You to AndrewG for this post:
It depends how much disposable income you make a month in your non-trading job. I've known people who trade small accounts, but they make a few thousand dollars a month they can just throw around and refund their account with. It's not a problem to them because they have the mindset and security of someone with an account that's 100k or more.
The following 4 users say Thank You to Itchymoku for this post: