I m a daytrader who blew up accounts over years and now have a 7 figure account and make more in a month than most make in a year. Do I make the same amount each month? Of course not and my income varies each year…just like a salesman on commission.
So focus less on how much money you can make or might make, and focus on how much you could lose or might lose, and how you are going to control your losses…because you will have them for sure, and they are the only thing you can control in this business.
There are 2 kinds of day traders,
Those that fail :
- They represent 99% of traders and are usually the people that focus on making money, and come into day trading with financial goals (need to make 10k each month).
- All their decision are based around the money they want to make, and they usually spend hours designing spreadsheets for calculating their yearly financial target, down to an amount per day, and even an amount per trade, etc.
- They equate success with having a high win rate because they have been taught that the more you win, the better you are, and that equates to success. You get the picture.
- They are already thinking about what they are going to buy with their new found riches before they make their first trade.
Then there are those that succeed :
- This is a very very small group, that is focused on how much they can lose on trades, not how much they can make. They spend their efforts developing proper risk management protocols.
- They are emotionless about losing and winning, because they understand that both are simply part of the overall process. You win some and you lose some, so why get excited about something that is expected to happen.
- They don’t focus on or concern themselves with their win loss ratio, because any experienced and successful trader will tell you, it doesn’t mean shit. You can lose 3 of 5 trades and make more money that someone who wins 7 of 10 trades, if you know what you are doing.
Day trading does not require any special training, or degrees. You can have a Phd or be a high school dropout. The market does not care, and neither should you.
Thanx for reading🙂
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