“Don’t care money” seems to me to be a useful concept for retail traders learning to trade.

One of the most useful concepts I took away from Al Brooks video course was the idea of “Don’t care money”.

He used the idea to illustrate a way of learning to trade properly using very small position sizes.

For example, when getting on board a bull trend, he generally recommends having a stop at the base of the trend initially. This can be a long way from the current price, and can be scarey for beginners if you are using reasonably large (for you) position sizes.

However, if you enter a tiny position, you have more chance of managing the position correctly, as the amount at risk is small enough for you to not care if your stop gets hit.

I am quite mean with trading, so my “don’t care money” size is indeed very small. MT4 allows me to trade at £0.10 per point on the SPX for example.

You will obviously never get rich betting like this, but more to the point, you will never get poor either. Brooks is quite correct in that following the rules properly is much easier if you are not seriously worried about the amount of money you are risking.

I prefer using very small amounts of real money to using a demo account because there is just enough riding on it that I want to get it right, and don’t cheat myself by thinking “Oh it’s just a demo; I would never have lost like that in a real account”. At the end of the day, you may still lose a little money, which is chastening enough to make you want to get it right next time.

 

Good Morning Blitzjoker,

I agree with you. You are correct buddy. Great write up.

 

It also means that you will forever be trading in a micro lot
ie you will never be able to reach financial freedom
UNLESS you manage to control your mind & emotion.

To earn tons of money, you have to trade in huge quantities.
And that's where your mind must be centered at all times.
And you shall remain calm and confident and disciplined.

If you think small, you will earn a penny.
If you think big, you might reach financial freedom.

GOOD LUCK!

 

I agree that you can never make much money doing this; that is not the point of it. Once you are making small amounts of money consistently well, because you know how to trade properly, you can then increase position size. It seems more sensible than going all-in before you know what you are doing.

 

If your mind is wired to earn a few penny, you will forever be earning a few penny.

If your mind is wired to earn tons of money.......

How to wire our minds appropriately?
See my earlier posting.

 

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Good;
but funds do the same as him/ but just add some more digits for profits . Or subtract some.
Except commercials measure by pounds+ tons, barge loads;
stocks , ETFs, by %, US$, month$ + YTD........

 

There is no such thing as "Don't Care Money".

 

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TRUE+ in a technical+ fund amental sense\no such thing as ''smart money'' LOL
BUT Al brooks wrote some good traders MAGAzine articles;
in other words\ if most of them look@ bid\ask, OK , plan with a 50day moving average more....................................................................

 

The OP is basing the strategy on a false premise.

 

If your mind is wired to earn tons of money......., you

Perhaps you would prefer "Don't care very much money". It's just an expression for a very small amount. Is this pedant's corner or something?