+1, +1. Imagine a fire of hell burning.. the closer you are to that fire the lower your chances of escaping the burn out.. The further up you get, becomes much easier. I have traded a 1k account to higher levels BUT there were several unnecessary burn outs before escaping the fire's reach. With 1k you need a run of good trades to escape, and there's no telling if you'll run into a string of bad trades first. You have to sneak out slowly.. like a male Praying Mantis that has just had sex..
I do not want to get job b/c that would means working 8+ hrs per day for close to minimum wage at some crap facility. Okay seriously, the best job I can find in this economy pays $10/hr and with that there's not much you can save after all your living expenses. I would be lucky to save up $200 a month. And yes, I live in the USA. Besides, why would I want to get a full-time job when I can make the same daily amt in less than 30 mins?
Your problem is caused by you and to answer your question... What can I do to get over this and get to the point where making $500 or $1000 or even $2000 seems like a normal day? Solution - Put the market aside for awhile and work two jobs. Save as much money as possible so that you'll have more money to trade with instead of depending upon leverage. The increase capital from the money you'll save will allow you to make more money in comparison to what you're currently doing assuming your low profits is due to the small account you have...it's also causing some of that FEAR you have. However, if you believe your FEAR is due to a poor trade strategy that happens to currently be profitable... You'll find all kind'uv excuses not to get a two jobs and put that income into your trading account because you don't want to lose the money you've busted your butt to make. Simply, Picaso is correct and your reply shows that you're unwilling to make any sacrifices...not a good characteristic for a trader. By the way, I remember at one time for 3 years when I was young I worked three jobs to save up my trading capital (two of those jobs were crappy jobs). Thus, you need to learn how to make some sacrifices to be able to achieve what ever goals you have plans for later in your life. Also, there are many traders that work full-time and trade full-time (essentially they have two jobs). They're able to do such via getting a job that doesn't conflict with their trading time or trading a different trading instrument that doesn't conflict with their other job. Many options out there for growing your trading account although your social life will suffer a little for awhile and you'll have more time to fine tune your trading plan because the markets will always be here tomorrow. Last of all, based upon you $200 per month/job savings theory...times that by 2 for two jobs = $400 per month x 12 months = $4,800 per year. You do the math based upon your current small profit level with that additional $4,800 for an under-capitalized trader that started with $700. Mark
Hopefully you'll reach that goal you've set so that $500 - $2000 is a normal profitable trading day. Mark
Exactly. First I worked two full-time jobs to save my trading capital, then kept my normal job and a part-time job to save for my "safety cushion" while I hit the books and traded sim. But then again, if with little over 1,000 and ignoring his own rules he can make 450 <i>in a day</i> (as opposed to <i>per day</i>), nothing will convince him of taking a job and saving. Hey, 450 a day is 9,000 a month and then you can trade 10 cars and make 100,000 a month and then... All you need, Jinxu, is that every-single-time that you average down a loser it goes back... That's all really. Good luck (seriously)
Hey guys... he has gotten from $750 to where he is now. And apparently he has gotten over his fear of making big profits. $450 a day now! There is no turning back! No more working for $10/hour. He is on a row! No down day!!! Lay low guys! Everybody has to discover his destiny his own way. It appears that God wants him to trade.