The "wager" mindset

Discussion in 'Psychology' started by turkeyneck, Jan 9, 2018.

  1. I'm trading full-time and looking to make a 6-figure income. That translates to needing to make roughly $2k a week from trading. What's the best way to drop this "need to make $2k a week" wager mindset and focus on setups? Thanks.
  2. DeltaRisk


    If you stop listening to others and absorb all information, you will be able to make whatever you want. Setups will not get you there.

    I make a few bucks, and I trade professionally. My personal quote would be
    “If your asking how to trade, then you shouldn’t be trading.”
  3. speedo


    Focus on the money and it will be a tough go...focus on the process and you may have a shot. Watch price formation until your eyes bleed and you will develop an idea of setups, after which you can test your ideas.
  4. Simples


    The very question defeats its own premise. If you're not already consistently profitable, you have no business trading for a living. Most people don't do this. Stop buying dreams. Startups can take 2-5 years before profitable, most go bust before that. Trading can take 5-20 years or never, and going bust even more probable.
    Van_der_Voort_4 and comagnum like this.
  5. Jack1960


    The best way to make money trading is to not need money fom trading to pay bills.
    ElCubano and comagnum like this.
  6. fan27


    What capital amount do have access to for making 2k per week?
    fordewind likes this.
  7. Because it`s not YOU who decides how much it`s for a given week.THE MARKET AND YOUR SYSTEM dictate how much a week!
  8. That`s also a good question!
  9. DeltaRisk



    Sorry guys, I’m on mobile.
    comagnum likes this.
  10. tomorton


    A 6-figure income is a valid objective, though as has been pointed out, the relationship of the market and your system will decide if you actually get this: you can accelerate income by using by a larger account capital.

    But a 2k/wk objective suggests you're closing trades at least by the end of each week, this being the accounting period..

    Thinking of your trading as a business, you can regard each individual trade as a local branch or a sales person or a product line. Are you really going to close your branches and sack your sales team just because its Friday night? And if you do need to trim down your organisation, what's the point of sacking your most profitable money-earner? Which product do you want to cut from your sales shelves - the one that's selling really well? Really?
    #10     Jan 10, 2018
    Macallik likes this.