Your trading goals are wrong.

I wanted to make money from the start.  I thought it was going to be easy. Everyone was making money.  Remember, I started my trading career at the CME.  You knew if people were making money.  You could see the cars they were driving.  You would see them at breakfast eating lobster at the Merc Club at 9:30am.

How that affected me.

It was good and bad.  It was good because I saw people making money.  I was around people making money.  It was much easier for me to believe I could make money.  That belief allowed me to work just a little harder, it kept me going just a little longer.  I am extremely biased but I think it is hard to learn if you are not around others that are making money.  The bad thing was I expected to make money right away.  I thought because I had an account I was a trader.  No, I just had an account.

The right way.

I am not saying you should not expect to make money.  But money is the by-product of doing the right things on a consistent basis.  When you start trading or are struggling you have to think about it like you are stranded in a forest.  You are cold and hungry.  Your only goal is to make it to the next day.  Too many traders take too much risk and they are at their risk limit by 9 AM.  Let me say that in a different way, if it takes 100 hours (whatever that number is, it is different for everyone) there are many ways to get there.  The less days it takes the better.  You can have 200 days at 3o minutes or 13 days at 8 hours before you earn the right to eat lobster for breakfast.

If you make a commitment to continue to learn, the next trade and day should always be better. Infinitely easier said than done. Better does not always  mean a more money but always moving forward.

You might have had the same mindset I had.  I was trading from a warm mansion when I should have been trying to get more experience. The risks you take when you are in survival mode are much different than when you are ahead. This is always a balance that everyone must find.  More importantly it must be determined by facts.

Extend your day to extend your career.  That does not mean sitting on your hands, it means taking the right risks for who and what you are.

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  • affected, not effected

    and by-product, not bi-productgrammar nazi, out

2 Responses to Your trading goals are wrong.

  1. steveplace says:

    affected, not effected

    and by-product, not bi-productgrammar nazi, out

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