.Another question if I may, but a little more subjective, When is one 'ready' to trade larger sums?....
1 year of chart time, 5 months in this forum and I believe I am 'ready'.
The last month or two have been particularly good and I feel that I have come a long way. However, when I see a good setup, I get cold feet and put a micro trade in only to see it do what was expected (Well, far more often than not).
I know that there is no easy answer and that it's all subjective, but it's proven to be my largest hurdle
Todays volatility has only made me more eager, but I am still filled with scepticism.
& 'large' account is relative too. (as an Asian, i believe $10,000 is a relatively huge/very large account in most Asian countries; whereas in more developed countries, $50k to 100k is an average/relatively large account)
1 year of chart time may or may not be enough.
i believe 1-3years experience is a minimum to get good at this: 1-3 full years of chart time, live &/or demo trading, reading, & practice. (how many years it took u to become a good architect?)
the bold phrases above tell me u are either unready or u still got a few things to iron out. (btw, IMHO, the largest hurdle is consistency or consistent excellence, & not a large account nor on deciding to have one)
u will know when u are ready --- your experience will tell & prove it to u.
for example, yesterday, i had lost 8% of my account (i trade quite aggressively). in about 1-2 hours i recovered about 90% of it. in the recent past/years, it would take me weeks, often months to recover from such a scenario.
in almost everything we do, there is a process that we have to go through:
for babies, they need to be able to balance their head first... then crawl, stand up, walk, run, jump, etc...
u are a great architect, look back on how u progressed:
when designing a house, u brainstorm, draw it with a pencil (did u?), CAD drawing, brainstorm some more, apply changes, then execute ... then u design small houses first, before u attempt bigger houses/buildings etc.(something like that, right..)
your experience & progress will show u. u need to be honest with yourself so u can make a good assessment of your trading situation.
once u feel u are ready, go ahead, trade a slightly bigger account. test. see if u are comfortable & able to trade it well & consistently well... trial & error.. rinse & repeat.
just my view...hope this helps! Good luck!
Just had my worst trade and first major broken trading rule in quite a long time today... so what did I do?
..............
Tonight call for some drinks to bury todays misery
....
a great weekend to all!
(take it in the right spirit man)
(not worth emulating)
