This trading week has proven to be somewhat difficult. If you followed every signal to a “T”, you netted a $9 profit per contract. This is right at break even and not great but it is not a loss. We will have a loss at some point but this week was not it.
Many clients that come to me are victims of scam artists. One of my key concerns is to stop the bleeding, like I have said in an earlier post. Some people have told me they were just draining money out of their account week after week after week. Even though we did not have a great week, you still did not lose for the 4th week in a row if you followed the instructions.
I know for a fact that some are not following instructions and did lose money this week. There is nothing I can say or do about that. You have to learn to follow a plan of some sort, whether it is mine or your own. Stick to a plan, and you can start the healing process and stop losing money.
One client sent me an email this week and said something of this sort, ” Ryan, today was the first day I stuck to my plan and it feels great.” Of course it feels great! Knowing that you accomplished something is the best feeling in the world. Knowing that you are treating this like a business feels awesome!
Now, from experience, here is what is likely to happen in the future. One of you will be trading live money and not following the rules. After a couple of months of losing money week after week, you will decide to follow the rules so you will stop losing money in your live account and open a demo account. for 2 weeks, you will trade on a demo and those 2 weeks will be the same weeks I lose money. You will get pissed off and stop following the rules and go back to live trading and gambling and losing money again.
Don’t let this happen to you! This DID happen to me a long time ago.
Step back from the markets and take a look at your life. Where do you want to be in 5 or 10 years? I never have heard a person who seeks to be a doctor in 3 days. Treat trading as a long term commitment just like a profession because that is what it is.
Take each day and throw it away. After the day is done, forget about it. Look at the long term picture. Over the past 4 weeks, I have been getting messages asking me when the next trade is coming or when I was going to start sending more trades. There has been a lot of downtime. But just step back and look.
In the past 4 weeks, we have netted a profit of $176.5 if you traded one contract.
This is better than losing. Much better.
Over the coarse of one year, this nets $2,118 in profits. On a $1,000 account, this is a $21% return. Where, other than trading, can you get a $21% return on your money? A bank? nope. A hedge fund? Yes but what do hedge funds do? They trade.
Many traders have ping pong tables and TVs in their offices. Why is this? It is to help keep them from over trading and compensate for boredom.Trading can and usually is a very boring business. If done right, it is boring.
You can not look at 3 days of losses and give up. This week, we had 2 winning days and 3 losing days. That is perfectly fine. ALWAYS look at the long term. weeks and months. Success can not and never will be able to be defined by a few days.
Before you take another trade, If you are not trading according to the signals and have no clue what to do, stop everything. Close your computer or trade on DEMO for awhile. The market will always be there. Trade on demo for a few months and only take the signals and see what happens.
Can you sit on your hands and let the market work for you?
All that being said, I posted an equity chart and a few excel worksheets on our facebook group, facebook,com/groups/nadex about the money earned over a course of time. Take a look at that and sit back.
You guys are great! See ya’ll next week!