In this episode of Truth About FX, Walter shows some tricks on how you can start building your trading account from scratch. You can also do this even if you’re still working. Walter also advises not to quit your job first and you will know the reason why here.

If you’re interested to figure out a way to trade but doesn’t have the leverage to compound your account yet, then tune in to this episode and you might get some answers.

Download (Duration: 05:33 / 12.7 MB)

In This Episode:

00:43 – hidden question01:40 – screw-you-money03:17 – super aggressive04:27 – set aside money

Tweetables:Don’t put too much money

@TruthAboutForex http://fxtr.co/al" rel="noopener noreferrer">[Click To Tweet].How much can you gamble?  [Click To Tweet].Sell what you don’t use;[Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter. Somebody writes in and asks, “How do I build my trading account if I’m constantly taking money out to live on?”

Walter: Probably the best solution here is to not put too much money in your trading account. What you need to do is really set it. If you want to compound it which sounds like that’s the hidden question here. It’s, “I want to compound my account but I keep pulling it out, pulling money out”.

What you really want to do here is just decide: how much can I actually part with and not have to depend on that? That’s going to be a small amount obviously because you keep pulling out expenses.

Now, here’s one thing that will really take the pressure off. If you’re looking to leave your job, ideally, what you want to do is live like a monk before you quit your job. Get rid of that second car payment. Sell a bunch of stuff on eBay or whatever. Get rid of a lot of crap and try to minimize your life.

What you’ll do is you could save money so that you’ll get to the point where “You know what? I cannot take a trade for 12 months and I can still live the way that I did before when I have my job.” That way, you don’t have pressure to take a trade. That’s another thing.

You want to kind of have that screw-you-money in the bank where you can say, “Screw you. I don’t have to go get a job.” I know that sounds crazy. “Ohh, that’s so much. I’ve got to save up for so long.” Not really. Not if you’ll cut a lot of expenses.

It’s amazing how much those $6 lattes add to the expenses every month. Do you know what I mean? If you have all these crazy things, you know how it works. You don’t necessarily need to buy those new shoes or those peppermint lattes at Starbucks or whatever they’re selling this month. I think that is one way to do it.

You want to pull up that nest eggs so that you’re like, “I don’t have to take a trade.” That’s big because if you have a pressure to take trades when there are no trades,