I have been prop trading for almost 2 and a half years. I am making money consistently, a few grand a month for around a year now. I feel I'm just too comfortable at my level right now when I should be steadily increasing my size. One of my reasoning that I tell myself is that the market will always be around. I should continue to build up capital and gain experience. I can steadily improve and make more money when I get better. Sometimes I feel this is an excuse for me to stay in the same level because I'm content. Anyone have this kind of experience? What did you guys do too help push the envelope and make bigger profits. I know an easy answer would be to increase size, but I'm more interested in the pschological process of being able to gather greater confidence of trading size.
How trade now? Stock? Future? Option? Scalp? Scale trend? Trend counter? Advise depend on. Is not issue psike. Is issue soul.
Increase size slowly. If you're trading 500 shares, go to 600 etc... There is no rush to jump from 500 to 1000 or 1000 to 2000. If an increase in size makes you change your trading then go back to where you feel comfortable. As you said, the market will always be there and it is more important to build capital and confidence than going for the quick kill.
I have met several highly successful (>$5k/day) daytraders who changed what they were doing to "take it to the next level", and then blew out. Ask yourself: Am I willing to lose what I have to get more? How much is enough? The flip side is: Markets sometimes change, and we adapt or die. If you must change, make small changes. Also look at how other traders are doing. If you are doing a lot better, you may be pushing too hard.
Am I willing to lose what I have to get more? Probably not because I have a wife and kid to support. That's why I opt for steady consistent profits and growth. I know a couple of other traders I and would say I am in the low end of the range in term of profits. We have similar trading styles, however they are a lot more aggressive in their trading. Sometimes I do want push myself beyond my comfort level so I can get a big breakout day.
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Trying to support two dependents as a prop trader is pretty ambitious. Earning a few grand per month April through January was not too hard. If you are doing it since January, then you're pretty good. Don't get overconfident or greedy. How does your wife feel about your performance?