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I used to see this ad on Facebook for a guy who would take 5k each year and run it up to 500k or a million or whatever.
I don't know if it was a real claim, but the point stands. If I had 5k, i would trade the micros, particularly M6E, 2 contracts until I either lost the 5k (should take a good long time) or ran it up to 10k then start trading 3 contracts, etc.
The question is, are you consistently profitable? if yes 5k is plenty. If no, a million is not enough.
The money isn't the issue. The emotional and mental capital is harder to gain, keep, and replenish once gone.
If you blow out an account 5 times, do you still think you would have the mental ability to be able to continue trading?
Or if you lost $25K in one month?
That can be very damaging emotionally and make it very hard to actually start trading well. Most new traders do not take into account the emotional capital that is required to trade. You have to have a really slow burn on that, because once it is gone it is the hardest to recover.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
I feel this post is extremely insightful and well said. I can tell by the fewness of words and abundance of sense, wisdom and perception Terry has an ocean of emotional capital. Thank you @tturner86
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Wise words indeed, a small controlled loss can help make us stronger in the long run, but a catastrophic loss can finish us, brings to mind the film 'Floored' (one of my favourites ).
Not every trader needs to sling the ES, there are commodity spreads you can trade with a 5K account and with realistic expectations learn and continue to grow your acct from outside and within. Just dont think that with 5K you can open up a amp acct and with 500 intraday margin sling 8-10 ES that will eat you within 2 weeks... Trade what most of these "traders" on here would consider obscure; calendar spreads on meats, grains etc learn how they trade and go from there