So last week was traumatic lol. L’s on L’s but that is okay, you know you blow up and come to a realization then blow up again then you need to re-build. I’ve been thinking about my whole idea of living off of trading and I feel like it is leaking into my day trading activities and creating issues for me managing my risk. I know I’ve said i am happy with 5-10% for the week but am I truly happy with that if I continue trading?? you see me continuing to trade contradicts the idea that I am happy with 5-10% for the week. then am I truly happy with that if I full margin after? I dont think so. so now the question is how do I change my mindset. Today during the FX review for the week this came up and I realized shit, I really do need to go to a mindset from living off of trading to earning additional income from trading. sure my job can give me x amount of dollars a year but if I can make even half my income trading then I am deemed successful. I may not be able to live off of it but over the long run I definitely will. peep this.. 50% on a 10K account is 15K end of the year then 50% again we are at 22.5K… 33.75K…. 50K…. 75K…. 113K. anyway you get the point in the long run consistency and small gains will grow your account exponentially and you will have more money to make more money. This is how you get to the point of living off your trading.
The other question I need to ask myself is why I trade? Continue reading “The Mindset of a trader”
its been while since the last time I posted self destructed back in January. A lot has changed regarding how I trade. The biggest thing that shifted my trading has been risk management and also my mentality towards tradings and making gains. Not only do I follow my risk management plan more strictly but I got some help. My “Risk Manager” really helped me realize again and again that this is a long term game. Ya sure, you can make 20% in a day but it doesn’t make sense to lose that same 20% an hour later or during the week because of over trading or emotions. Thats why its important to set daily goals and limits on your trading so you can really control the downside.
So back in January I grew my account from 2K to 3.3K in 2 weeks time between January 9th to the 21st. statistics below; you can see more details on forex factory.
now I will show you what happens when you stick to a plan that focuses on risk, controlling lot limit and having a daily/weekly DD. after January I made this drastic change and started to really focus on risk. below you will see my results from Ferbuary 1st to April 29. I had a whooping 164% return and a max drawdown of 36%( we are not all perfect, I’m definitely not proud of it but I did have 1 week of emotional trading. This actually made me lose out on 2 weeks of trading. Anyway on a week to week basis I will no longer had DD less that -10%.)
cant remember where I was going with this but I feel like if I continue on this course of monthly gains I can at least be comfortable once I decide to leave me job.,
Since I have a week and a half off I have had a lot of time to think & reflect about the long term & where I’d like to be as a trader and in my career. Truthfully I’d love to quit Continue reading “Work-Trade Life Balance”