I'm trading full-time and looking to make a 6-figure income. That translates to needing to make roughly $2k a week from trading. What's the best way to drop this "need to make $2k a week" wager mindset and focus on setups? Thanks.
The "wager" mindset
- Thread starter turkeyneck
- Start date
The very question defeats its own premise. If you're not already consistently profitable, you have no business trading for a living. Most people don't do this. Stop buying dreams. Startups can take 2-5 years before profitable, most go bust before that. Trading can take 5-20 years or never, and going bust even more probable.
What capital amount do have access to for making 2k per week?
Because it`s not YOU who decides how much it`s for a given week.THE MARKET AND YOUR SYSTEM dictate how much a week!
That`s also a good question!
A 6-figure income is a valid objective, though as has been pointed out, the relationship of the market and your system will decide if you actually get this: you can accelerate income by using by a larger account capital.
But a 2k/wk objective suggests you're closing trades at least by the end of each week, this being the accounting period..
Thinking of your trading as a business, you can regard each individual trade as a local branch or a sales person or a product line. Are you really going to close your branches and sack your sales team just because its Friday night? And if you do need to trim down your organisation, what's the point of sacking your most profitable money-earner? Which product do you want to cut from your sales shelves - the one that's selling really well? Really?
But a 2k/wk objective suggests you're closing trades at least by the end of each week, this being the accounting period..
Thinking of your trading as a business, you can regard each individual trade as a local branch or a sales person or a product line. Are you really going to close your branches and sack your sales team just because its Friday night? And if you do need to trim down your organisation, what's the point of sacking your most profitable money-earner? Which product do you want to cut from your sales shelves - the one that's selling really well? Really?