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To put things in perspective (and also, to highlight the EXCEPTIONAL folks):
Michael Marcus started out trading with $1,000 then lost it all. Then he proceeded to start over again with $3,000 and got that account up to $30,000. Then he borrowed another $20,000 from his family so he could bet his whole account on going long corn and wheat - he lost it all. Then he had to start over again with $700 of his own money plus his friend chipping in another $700 so he could have enough money to open up an account. That $700 turned into tens of thousands of dollars within a few years.
Richard Dennis, of trend following fame started his trading journey with only $400.
I used to be very very afraid AFTER there was a profit in hand. Here is how I would typically bail out ALMOST IMMEDIATELY following the breakout leading to profit. Every tick that went against me was a huge monster, my tummy muscles would contract as if bracing for a blow from a hidden enemy waiting to take out my stop.
Here are some examples:
Twitchy nervous fingers, unable to take the strain of a WINNER which MIGHT turn into a loser.
The way to solve this problem is simply to become well versed with YOUR strategy, and know about the market structure to be comfortable in the placement of the stop. This cannot be learned in sim, and has to be done in a small real account.
Here is a trade managed when there is confidence:
Here I waited for price to come to me and then entered on a valid setup at the EMA. My target was predefined - both these gave me confidence in the trade and in me.
Here are some crazy things that I was guilty of to FEED MY EGO and whenever I WANTED TO BE RIGHT:
Look at the huge stop to make one weeny tick winner:
Here is a proper risk reward ratio:
See the differences in both MY mindset and MY equity fluctuations?
Too often we end up chasing the wrong dream - I am choosing simplicity over everything else
See how the trend itself makes you fear it - I certainly do! - those who exit early and those who trade against the trend usual pay the patient simple trend followers. I have experienced this many times over, yet there is that countertrend itch inside - a sort of fighting spirit but all that is needed is 'the courage to stand alone'.
As traders we hope for reading the stars and pegging our lives and lifestyles and fixate on a certain 'income' that trading will eventually bring. Would $5000 a month suffice? Would then ten consecutive $1000 months make us go down a rabbit hole chasing wild trades?
Or perhaps if I am too conservative, will I be content with $10 a day and hope to survive?
When will the confidence in ourselves reach a breaking point? Basically, what is the hurry?
Do we simplify our lives to fit our trading income or do we become risk takers? Should we aim for wild hail Mary rides that make many times our targets and dream of them for the next 5 years? 10 years?
I keep realizing that we are very small beings swimming on a raft and the market ocean is a wild beast - all we can do is be brave, and simply execute a trading plan that we have committed ourselves to - we all know what that is.
Like Moana we have our personal Maui with us and all we need to do is say...
"I am Moana of Motunui; you will board my boat and restore the heart to Te Fiti"