this may be a controversial subject, but let;s assume a few facts, and then ask the same question, how much capital do you need?
a. If you lost MOST of your capital through trading something and it didn't work?
For instance, I lost about 3 K trading OIL not long ago ( never traded it before).....my account was down to about $400.
b. Then, let's say that ( due to necessity), you decided you were absolutely going to WIN back that stake no matter what !!! What if you made that statement and meant it.
c. Then you traded something you were more familiar with, and you were using a very rational, common sense approach - which the HUGE loss helped you STICK TO, and you followed rules because you HAD TO.
d. The CHALLENGE then is - could you do it in 1 month???
I did it......and now I'm happy to really GO FOR IT because I realised something in this Big loss, BIG win scenario....
you'll never get rich trading 2% of your account size. And why should you trade 2 % anyway? What beginner trader has 50 K? It's an oxymoron to assume that, because lots
of traders are hugely under-capitalised in relation to their trading vision ( I will make a living from trading etc). If you have 5 K, my challenge shows you don't need 50 K to get win enough to start trading.....
e. If you lost $400 trying to make $3000 in a month, how may times could you do that, month after month before you threw the towel in? ( If you lose the $400, you can't trade until the next month)......
My answer is .....I would never give in....it's such a small amount compared to my day job income, it's totally worth the small risk, and the challenge.....why ? because
1) I'm not risking 50 K to start and pretending I'm not scared, and thus trading only 2 % and pretending that if I lose 2 % It wouldn't hurt me psychologically. Why? because, who makes $1000 per day? Not many, that's why.
It wouldn't matter how long it took to make 50 K. It hurts to lose it for most mortal beings here ( be real please).
2) If I lose $400, that's my average daily takings from my day job, not bad you say? Well I think it sucks. That's why I would part with such a small morsel of funds and barely blink ( god knows the tax man takes more than that per week in Australia !)......If it meant gaining financial freedom through trading for a living.....If you can make 3 K from $400.....in 1 month, I'm sure you could make 40 K in a year. I don't care what anybody says on this site....
Just take the challenge yourself.........I've already proven to myself I can do, and I did it with the worst kind of stress, trying to get your losses back.....but that's my point in the thread.......ANYBODY can win their stake back IF THEY ABSOLUTELY MUST DO IT......well, if you have even some small ability trading......If you don't, you can't hide behind 2 % money management
risk saving rules........why not prove to yourself you even have what it takes to be a successful trader and stop pussy footing around for years and years procrastinating.....
Sorry, I just say what I think........scold me? I don't care.....just take my challenge...prove it to yourself.