First off You must have a real conversation with yourself.
Here are some questions you need to answer
- How much money do you need to make?
- Full time trader
- Part time
- Long term
- How much time do you have to devote to trading.
- One hour
- 2 hour
- All day
- No time.
- How much money do you have to devote to training not trading?
- How much do you have ready for trading.
Now let’s break them down.
How much money do you need to make?
Know how much money you need to make either being part time or full time is not so much about the dollar amount but more about the sense of the way you make it. Whatever the number is “Double it” then you will never be short on hitting the mark….
A part time trader- I call “Gap Traders” They trade to fill in a gap of financial need from their regular income to there long term portfolio ..(no long term portfolio no worries we can help with that.)
A full time trader- applies his needs to cover his main portion of income and necessity to pay his expenditures.
A long term trader- Is someone that trades their portfolio in the anticipation it will grow and compound over a long period to be able
Each of the above can be considered a style of trading but together they are a full system of portfolio building goodness…
Learning how to assume each role as you work throughout your portfolio is very important. Each one of these roles are designed to further its division but also comes with its challenges.
Part time Challenges
Not enough time to watch and let mature your trades so they have to be a little higher risk
Full time Challenges
Time management is a skill and sometimes we get very distracted or too hyper focused on any one thing and spend a lot of time fighting ourselves within our time period.
Long Term Challenges
It is hard to see the profit through the trees and forest . It takes a long time to see the profit become making real efforts. we are on the hunt for long term rewards with short term site.
How much time do you have to devote to trading?
Along with the above solutions your trading times are very crucial too little time and you are taking risk in your decisions too much time and you may be over trading.. Myself as a Master Trader, spend about 2 hours a day looking at charts and my system in order to make the level of money I want to build for my portfolio. I then spend maybe another half an hour a day managing my investments balances and withdrawals …Yes withdrawals… I make money and I use the money I make LOL
- 2 – 4 hours a day full time
- 1-2 part time
- 1 to 2 hours long term
If you do all three no more than five hours a day sitting in a chair.
If you said you have no time well then I would move on …anyone that thinks they are going to get something for nothing put in is mistaken and disillusioned and you are acceptable to being scammed and or taken advantage of. Every investment I have ever seen takes time and energy to make happen.. So have a REAL CONVERSATION with yourself of what you really want.
How much time and money do you have to devote to training, not trading?
Continuing this sense of time how much time and money do you have set aside for learning?
First off let me be clear…Learning and training are two separate things in my mind.
Learning is the act of reading , watching and/or hearing things being done ..
Where Training is the act of doing these things in a safe and productive environment.
The time and money you devote to these things are easily forgotten or they are wrapped up in ROI (Return on Investment) thoughts.
This can be dangerous since it puts a sense of urgency to make things happen.
Set yourself aside the funds and time to learn and train in the system
I tell people that no matter what the monthly cost is of a program set aside 3x’s the monthly amount for the average person to learn the system and train with them efficiently.
5x’s if it takes you little to learn something…
Training is a tough nut to crack on how much but I usually tell my clients that it will take 30 to 60 days for a full time trader to learn the right habits and thoughts in order to find their consistency.
Now let’s talk Brass Tax
How much money do you have to devote to trading?
This is the toughest question for most because they think I can answer it LOL…Well I can but only for me.
The best I can help you is to establish the connection you have with your money.
In most cases, the more money you have in your Trusted account , exchange or broker the more buffer you have for your trading style.
With so many variables such as what type of trading you are doing the time you devoted and the desire of what you want it is tough to signify the exact amount. But help is here.
Once you decide what type of trader you are simply now look at your needs for money per month and give it life with a number…
Example You need 3k a month…
Then you need at least 9k in your balance each month.—ouch or not?
In the example above if that number made you go umm NO that hurts. Then lower the amount you need down to what makes the balance number not hurt.
In this section of money one thing will help all of your trading once you decide is to now think of the money as GONE> yep fell right through the cracks of life and is gone.
Not that it would but it could if things go bad with you, your system your life or whatever. If that number you just lost makes you angry or feel way too uncomfortable then Lower the number until that feeling goes away.
When it comes to money keep your money for trading and your money for your education separate. Think of your money for training as price of admissions this will help you avoid trying to push yourself to recover the money you spent for learning the system and making your trading style in the negative even before you start.
This Real Conversation you just had with yourself is just the Tip of the top of an iceberg for you.. If you get past this conversation with the want of moving on then you are that much closer.
Trading is not easy …You are going to lose at times. And you are going to win at times. Each has it’s learning challenges. But the goal is the following equation:
Patience + Discipline = CONSISTENCY + Volume = GOAL
We are on the hunt for Consistency to met our goal what that goal is..well that is completely up to you…
Look forward to seeing you again ..
And as always