My First Paycheck

It feels kind of embarrassing to admit that I have never paid myself from any of my previous profits. I think my excuse or reasoning was that I didn't feel an urgent need for the money. For years I have been able to just rationalize that, "I'm building my account" or, that the capital I was trading with was just a trader's "tuition". This logic is flawed for many reasons, the main one being that it leads to bad habits. By not taking a predetermined % of profits, I'm putting profits at risk. I don't know if you can relate to this, but I'm subconsciously telling myself I can take a risky trade or even worse, take a trade not within my method ...also known as a bad trade; all because I view the profit in my account as "house money."

I'm not funding an expensive hobby, this is my business.


Don't Trade!

Someone once told me that "the older I get, the more I repeat my old stories", to that I say, some stories are worth repeating.

One of the most difficult things about trading is consistency. Consistency in not just your trading method, but in your state of mind.

If you need a pep-talk or feeling the blues, don't trade.

Think you need to prove the naysayers wrong, don't trade.

Need money desperately to pay bills, don't trade.

Think your an amazing trader and can not lose, don't trade.