thanks for this post manya and this is not meant to be critical of you but it gives me a chance to put up something i have considered doing many times. below is what all new subscribers get when they sign up for our group. anyone considering joining our group should do so only if they are willing to follow these guidelines. im not niave enough to think that most people will or do follow it but the questions will always remain. do any of you actually think this is easy? do any of you actually think this is different than starting any new business?
MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST AT A MINIMUM
1. ON DAILY AND WEEKLY TIME FRAMES ONLY YOU DEMO TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
2. OPEN AN ACCOUNT WITH HALF WHAT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL COMPLETED.
3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
4. If and when you decide to daytrade on small time frames and you dont follow this template at a minimum you are almost certainly going to find yourself in trouble. If you are going to follow any system and you dont follow this template as far as the demo process you are not treating it as a business and you have no one to blame other than yourself if you lose your money.
5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES A MONTH OR SIX MONTHS IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DONT WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.
Your goal should be this. Learn, learn and learn some more and dont do anything stupid while your getting your feet on the ground. The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they dont treat it as a business. They do stupid things that they would never do in any other area of thier life and its because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income is it worth it? The choice is yours.
