Stepping Up My Game
April 15th, 2018 | 4 minute read (Repost from We The Market)
In an interview with the 2 million dollar Steven Dux and mentor Tim Sykes, Steven states, “If you wanna be successful trading penny stocks, you have to work harder than us.” The entire interview is great. Specifically, 1. Practice patience. If you don’t have a trade then learn from a video, read a blog/book. 2. Grow a small account. If you can’t grow a small account then how can you grow a large account? 3. Have a plan for every trade. I jump in too many trades without a true risk reward plan. 4. Always trust yourself.
I am tired of the simulator. Not because I have FOMO of not making cash but every time I transition to real account I lose money. I am even more exhausted of losing thousands of dollars in the real account. Obviously I have to change things up.
Insanity: doing the same thing over and over again and expecting different results. I will not do the same things that has resulted in losing so much money. 1. Starting Monday I am going to map out risk/reward on every trade I take and include that in my recap. The pre-trade plan will also include how may indicators are influencing my decision to trade. Such as: a) Strategy. b)type of candlestick. c) Whole or half dollar. d) Volume and more. 2. I am going to change some of my record keeping to track which strategies I am applying and the percentage of win. 3. I will start taking profits at 15% gain. 4. I WILL ABSOLUTELY STOP OUT AT MY STOP LOSS MARK. 5. Finally, since I do learn something every day I am going to blog what I learn.
Growing up is hard, not learning while growing is very costly. I am growing as a trader but I have to flip the switch and start to, at the very least, break even. Then move on to consistently making money. Master oneself is my goal.
Be a professional and know your stops!