how to plan living off forex earnings

First of all you must see forex as a start not a finish
Why do I say that...

Forex profits can build your future...
- pay off all your debts
- live of the forex earnings
- invest forex profits into passive income streams..

but the question is... how to start all that ??

suppose you have been demo trading a system (any system for that matter) and you consistently make 1 % a day.. day in day out...

In the meantime you have been saving up some cash to open a live account. Well I can tell you that trading demo or live is a whole different ballgame.

My advice is to start with a small account say max. 1K and trade the smallest lotsize possible, to get used to the mental stuff. and get consistent trading live...

I already mentioned that a 1K account compounding 1 % a day will make you a millionair in three years..

Now you say 1 % is not a lot... Well your bank might pay 2 % a year, so your doing better than your bank...so no complaining

I make 2 % daily, at least most of the days, so the odds can are improving

ok now some math. theory

if you make 2 % a day for 20 trading days, you multiply your account with 1.48.

Say you have 1.000 to start
month 1 1.480
month 2 2.190
month 3 3.241
month 4 4.797
month 5 7.100
month 6 10.509

so after 6 months you have 10K

10 K @ 2 % / day = $ 200 / day * 5 days = 1K / week

you let the account grow to say $ 60K
then you split the account in three equal parts

1 part goes into a seperate account for not feeling the pressure; in case you dont trade profitable you still can pay for food and shelter

2 part is for living expenses: 20K * 2 % (or even 1 %) = $ 400 / day * 5 = $ 2K a week, you should be able to live of
that

3 part for investing in passive income: by taking 50 % of the profits and invest in passive income so in the future you never have to work a day in your life anymore

Live below your means, pay off your debts and you will see you dont need that much to have a decent life ... so what if you aint the next Soros.. whogives a damn....

As long as you can provide all that is needed for your family and you can teach that to your kids... in my book YOU ARE A WINNER !!!


that is my humble opinion..

cheers

Udine