Home > Lessons from the trading floor > the number one goal for new day traders

the number one goal for new day traders

It amazes me how many new day traders have the same question. How can I make bigger profits more consistently on each trade?

Can you just show me how to make big money please? During the first interviews we have with potential traders and then right up through the first day of Equity Trader 101 we talk about trading goals. What are your goals, we ask. What would you be satisfied earning as a trader for the year. If one year from now you look back and say I would be OK with that number, what would it be?

The typical answer is somewhere between $100,000-$150,000. I ask what are you earning right now after four years of college and five years on the job? I am sure you can guess the answer for the majority of these potenital traders is not close to $100,000.

So at least now we have a starting point. Lets get to $100,000.

Lets go back to the how do I make bigger profits? I will answer it with a new question. Why don’t we first focus on earning some profits?! Lets learn how to make those profits consistent. then we can learn how to make bigger profits.

Learn how to run your business first. Learn to pay your bills. Then learn how to take your business to the next level. Of course you want to learn how to run a million dollar business. Who doesn’t? Learn how to run a $100,000 business first, learn to book profits and how to take losses so that you are around long enough to take advantage of your experience.

Earn while you learn. Get paid to learn. Don’t laugh at a $50 profit. Take it. Put it in your pocket. Now do the same thing three times an hour. All of a sudden you have a bunch of acorns in the bag and you get paid. Get paid something while you are learning. The you while have some experience and understand when to push your leverage and when to scale it back.

Now I know this advice doesn’t apply to most of you because I know all of you are earning well into the seven figures from your trading so why would you bother wanting to earn $150-$200 per hour. 🙂

Keep the business in perspective. Make a living before you try to make a killing.

http://www.keystonetradinggroup.com/

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: