How can I get over fear of making big profits?

Quote from NoDoji:

Then you are ready to increase size

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What is the difference between “Oooh!” and “Aaah!”?
About three inches.
 
Quote from Picaso:

Jinxu,

You're way overleveraged, particularly given your level of expertise (as in "I'm sure you're a promising trader", not putting you down or anything, I'm just saying you're not a veteran trader that has opened an account with a 1,000 bucks to conduct an experiment on taking a small account to 100,000 USD).

At first I thought you were trading with so little capital because you were living in China or somewhere else where 1,000 USD may be a lot of money, but if I read your posts right you're American and living in the US, correct?

If that's the case... get a job - although I know in this economy it maybe easier said than done. I'm not gonna tell you to work and save till you have 50,000 because that would be like telling a 17 year-old kid: "No sex until marriage", but...

If you save just a few thousand bucks, say 3,500 on top of your 1,300 plus change, you'll have 5 times more capital than when you started, but your chances of "making it" trading won't be multiplied by 5 but by a hundred. Then with 5,000 give or take you can "reasonably" trade with 2 cars and as you get used to the bigger swings in p&l and provided you keep making steady profits keep adding cars as you go.

If with 5,000 you can make - on average yet consistently - 500 a day you'll be in the top 1% of traders and become a millionaire in a couple of years.

If with +/-1,000 you keep pushing your luck, you're guaranteed to blow up your account in the first occasion where you cancel your stop (because you can't stomach a perfectly normal loss of 200 USD or so) and it doesn't go back. And the problem won't be the economic loss (no biggie if you're in the US - I guess), but the devastating emotional damage and the scar that it will leave in your psyche that will make any comeback later on exponentially harder.

All the best.
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+1, +1.

Imagine a fire of hell burning.. the closer you are to that fire the lower your chances of escaping the burn out.. The further up you get, becomes much easier. I have traded a 1k account to higher levels BUT there were several unnecessary burn outs before escaping the fire's reach.

With 1k you need a run of good trades to escape, and there's no telling if you'll run into a string of bad trades first. You have to sneak out slowly.. like a male Praying Mantis that has just had sex..
 
Quote from Picaso:


If that's the case... get a job - although I know in this economy it maybe easier said than done. I'm not gonna tell you to work and save till you have 50,000 because that would be like telling a 17 year-old kid: "No sex until marriage", but...

If you save just a few thousand bucks, say 3,500 on top of your 1,300 plus change, you'll have 5 times more capital than when you started, but your chances of "making it" trading won't be multiplied by 5 but by a hundred. Then with 5,000 give or take you can "reasonably" trade with 2 cars and as you get used to the bigger swings in p&l and provided you keep making steady profits keep adding cars as you go.
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I do not want to get job b/c that would means working 8+ hrs per day for close to minimum wage at some crap facility.

Okay seriously, the best job I can find in this economy pays $10/hr and with that there's not much you can save after all your living expenses. I would be lucky to save up $200 a month. And yes, I live in the USA.

Besides, why would I want to get a full-time job when I can make the same daily amt in less than 30 mins?
 
Quote from jinxu:

I do not want to get job b/c that would means working 8+ hrs per day for close to minimum wage at some crap facility.

Okay seriously, the best job I can find in this economy pays $10/hr and with that there's not much you can save after all your living expenses. I would be lucky to save up $200 a month. And yes, I live in the USA.

Besides, why would I want to get a full-time job when I can make the same daily amt in less than 30 mins?
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Your problem is caused by you and to answer your question...

What can I do to get over this and get to the point where making $500 or $1000 or even $2000 seems like a normal day?

Solution - Put the market aside for awhile and work two jobs. Save as much money as possible so that you'll have more money to trade with instead of depending upon leverage. The increase capital from the money you'll save will allow you to make more money in comparison to what you're currently doing assuming your low profits is due to the small account you have...it's also causing some of that FEAR you have.

However, if you believe your FEAR is due to a poor trade strategy that happens to currently be profitable...

You'll find all kind'uv excuses not to get a two jobs and put that income into your trading account because you don't want to lose the money you've busted your butt to make.

Simply, Picaso is correct and your reply shows that you're unwilling to make any sacrifices...not a good characteristic for a trader. By the way, I remember at one time for 3 years when I was young I worked three jobs to save up my trading capital (two of those jobs were crappy jobs). Thus, you need to learn how to make some sacrifices to be able to achieve what ever goals you have plans for later in your life.

Also, there are many traders that work full-time and trade full-time (essentially they have two jobs). They're able to do such via getting a job that doesn't conflict with their trading time or trading a different trading instrument that doesn't conflict with their other job. Many options out there for growing your trading account although your social life will suffer a little for awhile and you'll have more time to fine tune your trading plan because the markets will always be here tomorrow.

Last of all, based upon you $200 per month/job savings theory...times that by 2 for two jobs = $400 per month x 12 months = $4,800 per year. You do the math based upon your current small profit level with that additional $4,800 for an under-capitalized trader that started with $700.

Mark
 
Quote from jinxu:

I just netted $455 today. If god wanted me to work full-time, he's doing a poor job convincing me.
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Quote from jinxu:

...What can I do to get over this and get to the point where making $500 or $1000 or even $2000 seems like a normal day? Or should I just be glad I'm not losing?
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Hopefully you'll reach that goal you've set so that $500 - $2000 is a normal profitable trading day. :cool:

Mark
 
Quote from jinxu:

I just netted $455 today. If god wanted me to work full-time, he's doing a poor job convincing me.
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What was your stop in dollar amount on that trade ?
 
Quote from wrbtrader:

Solution - Put the market aside for awhile and work two jobs. Save as much money as possible so that you'll have more money to trade with instead of depending upon leverage. The increase capital from the money you'll save will allow you to make more money in comparison to what you're currently doing assuming your low profits is due to the small account you have...it's also causing some of that FEAR you have. ...

By the way, I remember at one time for 3 years when I was young I worked three jobs to save up my trading capital (two of those jobs were crappy jobs). Thus, you need to learn how to make some sacrifices to be able to achieve what ever goals you have plans for later in your life.

Also, there are many traders that work full-time and trade full-time (essentially they have two jobs). They're able to do such via getting a job that doesn't conflict with their trading time or trading a different trading instrument that doesn't conflict with their other job.

Mark
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Exactly. First I worked two full-time jobs to save my trading capital, then kept my normal job and a part-time job to save for my "safety cushion" while I hit the books and traded sim.

But then again, if with little over 1,000 and ignoring his own rules he can make 450 <i>in a day</i> (as opposed to <i>per day</i>), nothing will convince him of taking a job and saving.

Hey, 450 a day is 9,000 a month and then you can trade 10 cars and make 100,000 a month and then...

All you need, Jinxu, is that every-single-time that you average down a loser it goes back...

That's all really. Good luck (seriously)
 
Hey guys... he has gotten from $750 to where he is now. And apparently he has gotten over his fear of making big profits. $450 a day now! There is no turning back! No more working for $10/hour. He is on a row! No down day!!!

Lay low guys! :) Everybody has to discover his destiny his own way. It appears that God wants him to trade.
 
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