When I started trading it was with the intention to be able to manage the money for my family. I knew – after some investigation – that my families money was in no better, more capable hands than me. With this quest to learn to manage my family money came great responsibility, and I have carried that responsibility on me ever since. It’s probably the reason I’ve never blow an account, I care about the money my family depends on too much.
These days I see too many traders not respecting their money enough and then they wonder why they lose it so frequently. I say commit to learning the art of trading first, if you toy with the markets do it with a few bucks only. This is what I did when I first started out, after losing big time first by trading too large size, but eventually I shifted to smaller size and I focused on learning the markets. I felt that I would want the market to make a fool out of me with my families money so I worked as hard as possibly could to make sure I could avoid as much loss as possible.
When my focus shifted to just trading well that is when things started to work for my benefit. That is when I started to consistently receive profits from the markets. Through that focus on trading well I developed patience because it takes time for the charts to present ideal scenario’s to trade but I was patient because when I was I was rewarded handsomely.
This is why today I can wait for months if need be until market dynamics are ideal for me to trade because when most are losing I am sitting on the sidelines learning more about the markets and waiting for my time to engage. This thinking has been a life changer for my trading and has taught me a lot about myself in the process.
My advice to new comers, forget about your scalping, day trading ideas for now, focus on learning, focus on the discipline required to do the chart work required to locate high potential trade ideas. Once you get there and you’ll know when that is, then and only then should you take it to the next stage and attempt to day trade.
Take my work for it or not but if you do, you’ll thank me!