I was on the verge of quitting after my terrible day with IGC. I was up $9000 on the trade and got over excited and couldn't control my trading. I told myself and the chat room I was done for the day. Even the guru's told me to make no more trades that day. I didn't listen to myself or anyone else and I lost it all and WAY more.
I decided to take a step back for a while. I still watched the markets and studied, watched webinars and daily videos etc. But I wasn't sure if I was ever going to trade again or not.
Then I started thinking about when I first joined the challenge. I started with $2000 in my account and as you can see from my profit chart I was able to get it to 5k within a couple months and then 10k within a couple more months. I realized that two years into the challenge I was WAY better off knowledge wise than when I first started. So, I decided to go back to the beginning and set my account to $2000 again. Since then, one month ago, I've been able to get back to over $3000. I've made 12 trades in a month which is a HUGE improvement to when I first started trading. I used to make a trade every day at least. Out of my 12 trades this month 9 have been for wins and I've done a better job sticking to my plan.
I also need to keep in mind that my original goal with trading was to make $200-$500 a week max. I don't need huge position sizes to meet that goal. I am not opposed to making more than that but the moment I started trying for $500 a day I started losing control and forcing bad trades.
So, back to the beginning. Position size should be between $2000 and $3000 per trade. If I wait for the best setups I can hope for 10-20% wins which would be $200 to $400 per trade. If I make 3 trades a week and 2 are wins that should be about $500 a week. So, that's my plan for the time being.
I posted this for my own records but if it's helpful to any of you, great! Also feel free to ask me how it's going and/or hold me accountable.
Thanks!
I can concur that trading less often leads to higher gains. This is likely so because it forces the trader to be a specialist on only 1-2 specific patterns. I've read in many places that it is best to be a specialist on one or two set ups. This will allow you to be more selective in your trades, which in turn allows the market to come to you. Keep up the great work!
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