As many of you were aware of I have been on the road since Friday. Thirteen hours of driving gave me plenty of time to think of a good post to write up for the site for today. At first I wanted to work on one relating trading to sports. Then after reading a few comments on the T2T facebook group page (http://www.facebook.com/groups/216254371801237/ ), I came up with an even better idea. Then once again, I got an even better idea after talking to my roommate this morning.
My roommate/best friend since high school was actually the person that first introduced me the FOREX market. We both started trading FOREX around the same time and went through similar struggles as rookie traders. You know, the usual demo account kings turned real account busts. The point where we split paths came when I discovered Triple Threat Trading and signed up for the Pro Trader Course. My friend actually wanted to do the same after I told him about how much I was learning but they wouldn't allow him to sign up for the course due to the financial situation that he was in. To be honest my friend was a little upset because he really wanted to learn, but at the same time he respected Jason and T2T for not wanting to take all of his money at the time. With that being said he continued to watch and attend every free video/seminar that Jason hosted. Just like many of us he started off using one system only to fail and switch to another and fail again. Eventually he excepted the fact that it wasn't the system that was failing him, it was his psychology. After coming to terms with this he sat down and rededicated himself to his craft. He finally picked a system he wanted to trade and proceeded to vigorously back testing his new strategy.
Since my friend only had a small amount of capital, he was forced to start his trading using micro lots (10 cents/pip). Although the profit gained from this position size was minimal, the more important lessons came gaining discipline and a comfort level with his system. Many traders would be outraged knowing that their system was a success yet they were not really making any money off of it. Which could lead to mismanaging their position sizes and money management system but during this period he continued to tell himself "it's not the actual profit that matters, it's the percentage change in equity." By the way, this entire time he continued to work a crazy amount of hours at his fulltime job, including any overtime he could get his hands on in order to save up enough money to seriously trade. Between actual trading profits and moving extra money into the account he has now grown his account to a respectable entry trading level but he wasn't done yet. I won't go into the details of his situation but he has been putting together a list of potential investors that are interested in loaning him money to use for his trading business and yesterday he got his first big check.
This is something that I have done in the past and it is a great way to grow your account. Now be warned, I wouldn't take this step until you are 100% confident that you are a CONSISTENTLY profitable trader. Let me say that again . Now be warned, I wouldn't take this step until you are 100% confident that you are a CONSISTENTLY profitable trader. Because if not, you run the risk of running into a financial/legal hole that will not be fun to dig out of. But for those who are ready I think it's a great move. I'm going to talk to my friend and see if he will write something up for the site that gives you a better picture of the path that he has taken. Either way it's a great example of how you can go from nothing to something from trading.
My roommate/best friend since high school was actually the person that first introduced me the FOREX market. We both started trading FOREX around the same time and went through similar struggles as rookie traders. You know, the usual demo account kings turned real account busts. The point where we split paths came when I discovered Triple Threat Trading and signed up for the Pro Trader Course. My friend actually wanted to do the same after I told him about how much I was learning but they wouldn't allow him to sign up for the course due to the financial situation that he was in. To be honest my friend was a little upset because he really wanted to learn, but at the same time he respected Jason and T2T for not wanting to take all of his money at the time. With that being said he continued to watch and attend every free video/seminar that Jason hosted. Just like many of us he started off using one system only to fail and switch to another and fail again. Eventually he excepted the fact that it wasn't the system that was failing him, it was his psychology. After coming to terms with this he sat down and rededicated himself to his craft. He finally picked a system he wanted to trade and proceeded to vigorously back testing his new strategy.
Since my friend only had a small amount of capital, he was forced to start his trading using micro lots (10 cents/pip). Although the profit gained from this position size was minimal, the more important lessons came gaining discipline and a comfort level with his system. Many traders would be outraged knowing that their system was a success yet they were not really making any money off of it. Which could lead to mismanaging their position sizes and money management system but during this period he continued to tell himself "it's not the actual profit that matters, it's the percentage change in equity." By the way, this entire time he continued to work a crazy amount of hours at his fulltime job, including any overtime he could get his hands on in order to save up enough money to seriously trade. Between actual trading profits and moving extra money into the account he has now grown his account to a respectable entry trading level but he wasn't done yet. I won't go into the details of his situation but he has been putting together a list of potential investors that are interested in loaning him money to use for his trading business and yesterday he got his first big check.
This is something that I have done in the past and it is a great way to grow your account. Now be warned, I wouldn't take this step until you are 100% confident that you are a CONSISTENTLY profitable trader. Let me say that again . Now be warned, I wouldn't take this step until you are 100% confident that you are a CONSISTENTLY profitable trader. Because if not, you run the risk of running into a financial/legal hole that will not be fun to dig out of. But for those who are ready I think it's a great move. I'm going to talk to my friend and see if he will write something up for the site that gives you a better picture of the path that he has taken. Either way it's a great example of how you can go from nothing to something from trading.
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