Trading only limits how much money you make by how good of a trader you are.
And, you are not held back by others or restricted by the amounts big or small you can make. It is down to you and your ability.
What anyone thinks about you or says about you does not count for didly squat in the markets.
This is one of the best and most amazing things about trading in that it opens up so many possibilities …
At the bottom of today’s lesson you can Download the Cheat Sheet Now to help you learn to exponentially grow your account bigger.
So Many New Paths
These facts can be liberating to some, and set them on new paths, but to others quite daunting.
The vast majority of people come to trading from another job of some sort. Trading offers money, freedom, and opportunities.
And a lot of traders come to trading with relatively small accounts and little education straight onto live accounts.
It takes a good while until a trader starts to learn what is myth and truth about trading. All the BS advertising, movie crap and other rubbish that people come to believe is hard for traders to get rid of until they have been trading a long while.
This a major reason why traders do a lot of what they do when they first come to trading. They are acting under the assumptions of what traders do – or the BS version anyway.
After they lose enough times, they come to realise trading is about making money and watching movies is what you do when you don’t have a trade on.
Because most traders come to trading with a small account they see trading as a way to help them become/do something outside of their normal job.
This maybe something like make enough money for a killer family holiday, house deposit or even become full-time trader.
And I say go for it, you deserve more. Everyone deserves more than what they have, especially if they’re not happy with what they have got.
My goal is to help my students to become long-term successful and profitable traders so they can do these things.
Here is what you need to keep in mind as a business trader and not a random gambler; if you have a small account, then you are not going to be able to turn that into a million dollars in one night, without either taking extreme risks or extreme amounts of trades.
Once you have learned to trade and are consistently profitable, it can take you 3 months or 30 years…
What will make a huge difference and can you even change it?
YES OF COURSE YOU CAN IF YOU DON”T BLOW ALL YOUR DOUGH!
BIGGEST RISK OF ANY TRADER IN THE MARKET IS THE TRADER WITH A SMALL ACCOUNT.
I have written more lessons and videos for this trader than any other portion of the trading market – why?
Because this trader is at a far higher risk of making errors and making losses and not achieving what you can that the others.
This trader is far likely to get frustrated, make a loss, then chase that loss and do something like revenge trade which will mean even further losses which they don’t realise at the time!
Should traders with small accounts not bother? Or should they just do something else?
Quite the opposite…
Traders with small accounts need to realise and not fall into the trap everybody else with small accounts is falling into around them whilst they create their own big account.
It becomes increasingly obvious as your account gets bigger, that the bigger your account gets, the easier it is to make money.
This may sound obvious, and both a little back the front because the bigger the amounts you trade the psychologically more difficult it could become;
However, you are doing this in steps NOT going from a $10,000 account to a $1 million dollar in just one trade which of course would be a lot more mentally straining and could cause fear / greed emotions.
But, the bigger your account, the more money you make and the less of the account you actually need to keep in Forex account holdings and it becomes a lot easier and safer all around.
For example; you make a 1% profit on a $1,000 account and you make $10 which is pretty good.
If you make a 1% profit on a $100,000 account you would make $1,000 which is good also.
When Did You Buy Your Last Ferrari?
Now your lifestyle and cost of living costs are not all of a sudden going to outrageously change. Your children’s school fees and things like food, house, car don’t massively change unless you all of a sudden go on a Ferrari binge etc.
However; as your account grows, it gets easier to make more money. So a $1 million account now makes $10,000 from 1% profit trade. And the bigger it gets, the more and more it makes.
Something I discuss in the student’s course is where to hold your Forex money whether you have a $20,000 or a $1 million dollar account because if I am holding anything above $20,000 I want to be getting better than 0 interest on it and safer than in a Forex account.
We need to leave a fair chunk to trade with, but for example if you had $100,000 and knew you would never make more than 3-5 trades at any one time which is quite logical if you think about the markets / same pairs etc, then you could take into account margin and what to do and where…
Bigger is Better!
So we know it’s easier the bigger our account gets.
We can even start doing things like making money on the other money which is cool, but we have to get there in the first place.
The quickest way to get there is to stop ourselves from not getting there – or from having a brain snap whilst on the journey…
Let me explain …
I get smashed with email and a email I will often get is a new trader will email for the first time who has either blown their account or a lot of money asking what they have done wrong or the wrong trades they have made.
The reason this is a common email and one I understand is partly of what we have already discussed, it’s part way trading brainwashing BS and part way humans wanting to advance quickly which I really admire and most of us have, but it’s missing some really major ingredients.
- Chart time working on and testing method – before thinking about risking $$
- Clear rules and plan
If we overlook key ingredients the pro’s will just open their wallets and say thanks for coming. I say this in a lot of my lessons, but it is because, you cannot expect to go into a professional market with very little education, very little practice of your chosen method whatever it is and expect to defeat proven professional.
Imagine going into the fighting UFC octagon with no training, no experience and no clue what you were doing!
You would get the you know what kicked out of the you know where…, but this is what traders do every single day, with no training, no practice and no experience with thousands of dollars, and then ask;
Hey Johnathon …
“What do you think I am doing wrong”?
This does not have to be and should not be you!
If I was Just Picking My Trades With a Coin Toss (Long / Short) Could You Beat Me?
With practice most traders can overcome the odds of a coin toss (50 / 50) using price action to pick the correct direction of the market and actually beat the odds of a 50% win rate trading average in the long run.
This really is not surprising. Checkout the coin toss challenge lesson here …
If you just call heads every single time and go “Long” every single time you will lose your spread / commission in theory, but have a 50% win rate overall just using long and nothing else.
Traders Are Picking Winning Trades
So if a trader picks their trades carefully and waits with patience for their A+ trades to come up, they should be able to beat 50% direction of the market quite comfortably.
And as I have shown in a previous lesson with stats of over 1 Million trades with traders picking winning trades over the markets, even though traders are making winning numbers of trades, overall they are not staying profitable.
The number is no-where near that BS 5% profitable trader rubbish people spread and is a lot closer to 20-30% just depending on the broker and type of broker.
Question is why?
Your entry is not the problem!
The problem is also not your support or resistance level, and it is not your trend trading.
I am not saying you don’t need a great entry trigger, because you most definitely do!
If you don’t have an A+ high probability trigger to make solid entries with, you will be left making trades from rubbish areas. So you need solid entry triggers!
I am also saying you don’t need to understand the whole price action story including all the in’s and out’s of major levels and price flips = because you do!
What I am saying is this:
What stops traders is continually being fixated on ‘setups’ or ‘triggers’ and looking to find the next even more perfect entry, when in fact; it is your highly profitable edge you should be building.
You should be building and working tirelessly on your edge – whilst at the same time creating the big account so you when you are ready and profitable it will be there for you to take full advantage of!
YOU SHOULD NOT BE RISKING A DOLLAR OF REAL MONEY UNTIL YOU HAVE PROVEN TO YOURSELF YOU’RE 100% PROFITABLE!
This will do so much for you. When you are then trading live with real money you won’t be like others gamblers who get into a losing streaks and start having MASSIVE doubts.
You will still have losses of course like all traders.
The difference? You will know your method works, you are not just guessing that it maybe makes money. You really know it does!.
So then if a bigger account helps, but we don’t want to make mistakes and give away our cash to the market sharks, and we want to do it as quick as possible, but we also want to have a life as well…
HOW CAN WE DO IT AND CRUSH IT JOHNATHON?
Really this next part comes down to you, your motivation, dedication and how much you want to be a trader.
How much do you want it really? How much do you want to crush it really? More than you want to watch the next episode of Seinfeld coming up on repeat for the 89th time?
Or would you rather pump in more trades on the Forex Tester 3, or learn a a new strategy that will help you protect your money better or make more profits?
I have a Download the Cheat Sheet now that shows the math on how you can grow your account exponentially by making 4 x trades per month, and how that would explode and explode even further adding just another $250 per month savings to it.
You should be trading your demo account now and getting all the education you can.
But this is the intangible I cannot give you or teach you that you can have over the trader beside you, the trader joining the market today tomorrow or the trader who can quickly pass you because they just pick something and crush it over and over and over!
Nothing beats hard word, persistence and just crushing over and over and sticking at it.
People get their HUGE BREAKS OUT all around the wold everyday and if you normally scratch a tiny bit below the surface they have been crushing it for months or years building to that “Breakout point” or they gave up and will never know when it may have come… months, weeks, day or even hours away.
They give up on May 5th 2017 and Jun 19th 2017 was the day it all clicked!
Or it could be… 2027… or it could be not at all.
This is true for sports stars, singers, actors and almost almost famous fields.
Look at the ‘Wolf of Wall Street’ – you guys in the US now know Margot Robbie because she had her so called big breakout moment right? see image below.
We in Aus had been watching her work hard on our screens every single night on an Australian TV Soapie Neighbors trying to ‘break’ into acting. She had been acting for years before getting that huge break out role.
Those NFL / NBA kids don’t all of a sudden wake up and get drafted and breakout and become good.
If trading is your thing, then you commit, you get the best education and then you crush it every moment you find spare.
And You Do Everything You Can to Be Better Than Others – That Means No Losing Cash You Have & Creating More of Cash You do Have
That does not mean you have to risk or blow your cash whilst learning to trade.
You should NOT be touching a live account and risking a cent of real money and risking anything until you know for sure you are a profitable trader.
Once you know you are profitable, then you should have this other account you have been building and saving and storing.
Even it is a couple hundred bucks – it is better than blowing it and losing it because you did not know what you were doing!
You should be putting every dollar away you can in this other account so that when you are ready it is as big as possible.
And you are then ready to use that sucker as a business trader and start cleaning up the market – but when you are learning, there is absolutely NO POINT, NO POINT to make donations. Give your money to a charity.
Starting to Take Profits From the Market You Can Use Your POWERS:
That is when this account can use the Magical power of; Savings x Trading x Compound Interest and as you are about to see the longer you can leave it and leave compound interest to work it grows and grows.
Download the cheat sheet now and see exactly how this works …
You Can Get The Cheat Sheet here;
Cheat Sheet – The Quick Guide Example to Exponential Account Growth!
And Post Your Comment Below Right Now and Tell Me the Exact Steps Your Are Going to Take to Explode Your Account! I want to hear them and I will look for and then respond to them.