Trading forex is not about making a million or getting rich its more about investing than anything else. Some of the best fund mangers in the world struggle to make a 5% per year gain on a consistent basis. How I like to see trading forex is making a profit. Those that treat forex as a means to get rich end up in the constant battle of a win/loss scenario. These traders tend only to show the big wins but never show the losses.
This is a kind of deception to new traders that get the idea that people are getting rich out of it. Those kind of traders may well be holding their accounts but the balance fluctuates from negative to positive on a constant basis. Advertising great wins but never showing losses.
To make a living out of trading forex one must have an account large enough to be able to make enough money on to sustain ones life or family. The account size will all depend on the traders system, risk appetite, and ability. Some traders are quite comfortable trading on a small balance with their system. A small account size however can bring rise to large draw downs. Most profitable retail traders make around 10% per month. If we base our profit on half of this at 5% we need to think how much money is needed to survive on.
$100,000 AUD at 5% per month will give you $5000 per month which is enough to live off in Australia. Not a great income but enough. Somewhere like Thailand for example 😉 an income of $1000 AUD would be ample to live off for a whole family. Therefore a balance of $20,000 will be enough. A balance as low as $5-10,000 would even give you enough income if you are happy to increase risk.
I have decided to write this post because I will be leaving Australia indefinitely for south east Asia early next year. One of the very best things about trading forex is the ability to trade almost where ever you are in the world as long as you have an Internet connection. Of course one must have either an account large enough or a system that produces enough profit if needed to sustain and supplement an income.
This has been a dream of mine for quite some time. South east Asia being the prime location to set up a trade station. This will give me a great opportunity to continue my journey trading forex as well as being able to share and help others from what I learn. Thus, not only trading forex but from life experiences and knowledge I will gain from a different culture.
The plan next year is to continue trading forex, and keeping up with posting analysis of the forex markets. My main focus will be writing my books on various forex subjects with some accompanied by forex courses. More on this later.
From this point in time I may not be as active writing posts and trading. I have alot to organize before I head off in January 2017. If I have time I will do so . This site at time of writing is quite new and I have been surprised by the positive response from it all. The messages through twitter and facebook. The amount of readers I have in such a short time. This makes me want to keep going and building this site up to its full potential in as little time as I can. Unfortunately it will take longer than I would like. I may be looking for someone to post and do analysis for me some time in the future.
Stay tuned 😉