All the below are based on my preferences, I don't give any financial recommendations and I have nothing to sell you with this article. I'm sharing content because I see a lot of traders being/becoming broke and I don't want you to be one of them.
One reason I don't have fear of missing out is that after 11 years of trading, I've learned that almost no one in this game keeps the money they've made.
A person's 10 minutes of fame does not excite me.
Usually, I'm right in thinking that they'll end with nothing.
👇 Here is Why 👇
My uncle made a fortune trading stocks during the dot-com boom, so I got into it. He came up empty-handed.
With cryptocurrencies, I've seen young men turn $1,000 into over $100,000 in a matter of weeks. They've since lost everything and are now penniless and in debt.
Robert, one of the greatest legends to me in my trading journey, was once up $60 million from trading. He finished with nothing more than a good story.
I've seen it time and time again.
I'm no longer surprised by the rollercoaster of huge gains and losses.
It is my standard assumption.
I don't want anyone to suffer financial hardship. Even those who appear to be clueless and act like fools.
The market gives and the market takes away.
It is extremely effective in this regard.
So let me say this: if you've made 100,000% in trading, I sincerely wish you the best.
But if you want congratulations, tell me when you’re retired.
The skills to make money are very different than the skills needed to keep that money. The latter were more difficult for me to acquire... If you want me to expand more on that topic, please let me know in the comments section.
I'll keep bringing a few articles like this every week because it helps me clarifying my thoughts AND giving back to the community makes me feel good about myself somehow :) I intend to share all facets of what makes a fantastic profitable trader and how to attain that status. This is both the most difficult and the most rewarding job.
@Bylo-Selhi, I will... From Monday to Friday every week, I won't fail and will keep sharing my trading life lessons
Bylo-Selhi
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@Daveatt thank you! And please, yes do expand more on the topic of keeping the money
Disciple_Of_Shiva
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The most truest line, keeping the money is much much more difficult than making the money.. people tend to become careless or overconfident when they have made money and think there's enough balance in their account to take unnecessary risks.. to this effect i follow a technique.. say i started trading with $ 10,000 capital and at the end of the week, i'm at $11400. I make it a rule to withdraw the $1400 at the end of the week and start the new week again at $10,000. Till i turn my original $10,000 to $25,000 i will not increase my trading capital. Once i have reached the target of $25,000 i will increase my weekly trading capital from $10,000 to $15,000. This way i keep locking in my profits week after week and keep slowly increasing my trading capital. No hurry, no greed and no FOMO. Try this guys, trust me it helps big time to inculcate discipline in your trading. Hope this helps at least one person. Have a great weekend ahead. Cheers :))