2. What’s it going to take to become profitable?
Trading advice blog boils it down to the most basic terms:
- A methodology or system that is consistently profitable and that you can trade consistently profitably.
- A practical system for risk/money management to protect you from yourself, that you follow as though your life depends on it, and that has an over-ride for the days you don’t.
- A willingness to be honest with yourself about the areas of trading performance where you need to improve.
- A willingness to examine your own beliefs (for example about whether you’ll make it as a profitable trader) and change them where necessary.
- The willingness and ability to study, practice and implement new discipline habits.
- Enough money in your trading account to get over the hump (probably about $20,000)
This blog is about doing, finding, getting all these things (except the last one!)
I expect by now you’ve realized that it’s going to be bloody hard work. So.. you’ve got a decision to make. You’ve got to decide whether you can make the commitment.
There’s no shame in deciding that you can’t – perhaps the time’s not right, perhaps you have other responsibilities, perhaps your family won’t support you etc. But if you are going to do it – you’ve got to REALLY MAKE THE COMMITMENT. Its going to take everything you can throw at it, and then some.
So before you go any further, take stock, re-read the points above and decide whether you’re willing to give it a shot.
Are you in or are you out?
Next blog post: How do you measure up? Use this free self-evaluation to identify your trading strengths and weaknesses
Are you looking for a consistently profitable trading system? Check out our preferred cycle trading system:
