Income Substitution

[araza]

Dear All
Some of us have day jobs and are not full time forex traders. However, I am sure that a lot of us have thought about becoming full time traders. The following questions come to my mind. Hopefully some of the more experienced forex traders will shed better light on them.

1. Is there a formula or a number (keeping in mind conservative investment strategies) that needs to be invested. For eg I heard someone telling me that if you invest US$1,000 and manage risk you can make about $50 per day. I know the statement is very vague but is a starting point.
2. Should we use EAs and hang on to our day job?
3. What suggestions you can provide to someone who is looking to substitute his/her income by trading forex.

Thanks & Regards,
Ali

[Svet Mentor]

Ali, i would strongly suggest you to do it in the beginning as additional income to yourself and when you make more money as income from your primary job then to think about switching the trading as primerry job.
Now is my 7th year of trading and i saw a lot of forex traders that hurry and made a lot of mistakes. Before i was enjeneer and it took me 2 years before i start trading professionally and make enough income.

[George Steel]

I agree with Svet.
with 1000 USD you can make much more then 50USD per day. Make sure to prepare your portfolio of strategies well before you start.
and yes..hang on your day job until you make profits. Because if you leave your job and then you rush to make profits, you will put big volums to trade in small account and there comes usually the problems and the mistake with a lot even expirienced forex traders

[araza]

Thank you for the responses. All feedback is great.
I was not planning on leaving my job. I put out the 1000 value as that is what I had heard. I am not naive to think that I will become a millionaire with 1000 investment in a year.
From your experiences, what is a good amount to start with and invest. I am not looking for specific advice as in this business it is a big NO NO.
If you share your experiences like how much you started with and how many years it took to give up your job and what kind of returns once can expect realistically etc etc.
What were some mistakes that you made that could have been avoided.
Thanks

[George Steel]

It depends with how much you will be starting…people afford different things.
1000USD i think is a very good amouth to start with.
But you can start even with 300-400usd if you are trading portfolio of 0.01.
If you saw the course “How to create 100s of Strategies”, there Mr Aleksandrov is showing how it is possible to rise the small trading account.

So it depands on your EAs and your trading volume.
Mistakes are always there…i have met so many…i was scamed with brokers, i trade manually some systems that were totally loosing from some so called “Forex traders”, but just after coming to the academy i udnerstoon my mistakes. And now i can say that my start point of trading is when i started here with the courses and the software…and i try to forget the bad expirience i had before that.

Just study hard, practise, test all with FSB Pro and you will be alright…

[araza]

Thank you George.
I have an account with pepperstone and heard that they are good…at least dont cheat on capital.
Would hate to be scammed for my hard earned money.

[araza]

I have done all the courses by Mr. Aleksandrov so that helped a lot.

[George Steel]

Yes, that was horrible expirirnece, they promiss to make profits for you, promiss you automated systems with high success rate,pretend they are forex traders etc…the truth is to trust no body but you. Yes, Petko Alexandrov is very helpful, because he does not promiss anything, but just explaining the softwares, how he creates many strategies and so on, but at the end of the day it depands on every forex trader what results he will achieve by himself.
There is a topic in the forum about the scammers, the worst is they continue to do that..

[Petko Aleksandrov]

Yes guys, that is a bad thing and the worst is many potential Forex traders give up because they lost money with scam brokers. But this is in every industry to have bad and good companies. Here the experience is horrible, simply because we trade with our money and not any stocks,real estates etc, that’s why in mental point of view is the worst to loose the hard earned, saved money with these brokers.

[Desita]

Hi all, i do believe that every Forex trader should follow the following rules when trading with Forex strategies:

1. Trade with no more then 10% of the savings you have
2. Trade after a good education, i took 2 of the courses here and i am happy with those – made a small 400$ account into 750&, i know that 350& is not too much but as a % i think for 2 months is not bad
3. Trade different Forex strategies in one account to diversify the risk

hope this will help to some forex traders

[Petko Aleksandrov]

Hey Desita,

I am very glad to hear that you succeeded to make this profit. Believe me it is not small!

Personally I joy on every pip and dollar gained, because I know the hard years behind me, so each pips is just precious.

Keep up the good job!

[Author]

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