Presuming one has a profitable trading system and not living off it, I think the next biggest challenge in making it to 1 mil is getting over the “self-sabotaging” mentality that, for some reason buried deep in our psychy, says we don’t deserve it (heard it in a Zig Ziglar or Denis Waitley speal some time back). One reason why the 2 or 5% of us making it in this game are probably the ones that figured out how to get past that hurdle. The rest of us have to learn accept the new levels of financial gain as we reach them.
After making my 1K to 1mil spreadsheet :rolleyes: I was looking at what 2% looked like at those higher levels and I can see how it could play with your mind. Here’s what I mean (you could equate Trade# to Day# if you wish):
at the 10K level:
Trade# result Balance Profit/(Loss) Pips Lots
102 Lose $9,187.19 $(187.49) (21) 0.9
103 Lose $9,003.45 $(183.74) (20) 0.9
104 Win $9,363.58 $360.14 40 0.9
105 Win $9,738.13 $374.54 37 1
106 Win $10,127.65 $389.53 39 1
same strategy but now reached the 100K level:
Trade# result Balance Profit/(Loss) Pips Lots
190 Win $99,445.66 $3,824.83 39 9
191 Win $103,423.48 $3,977.83 39 10
192 Lose $101,355.01 $(2,068.47) (20) 10
193 Win $105,409.21 $4,054.20 39 10
194 Lose $103,301.03 $(2,108.18) (20) 10
195 Lose $101,235.01 $(2,066.02) (20) 10
Ok, how about when reaching the 500K level:
Trade# result Balance Profit/(Loss) Pips Lots
263 Win $530,730.82 $20,412.72 38 53
264 Win $551,960.06 $21,229.23 38 55
265 Lose $540,920.85 $(11,039.20) (20) 54
266 Lose $530,102.44 $(10,818.42) (20) 53
267 Win $551,306.53 $21,204.10 38 55
You can see, the amount of loss per trade of approx $200 at the 10K level is within our normal financial comfort zone for many?, but compared to the 100K level, the loss per trade of $2000 starts to get a little uncomfortable…then at the 500K level we’re losing $10,000 per trade :eek: …now it’s really uncomfortable because that’s way out of our comfort zone of what we’re used to playing with …and we choke so to speak, even though nothing else has changed…still the same trading strategy getting just 20-40 pips at a 2:1 reward/risk ratio.
Want to know what it looks like at 1mil?..well imagine the 500K level, only doubled…no big deal eh?
So if I may go so far as to say, the trick is to know what your level is and when you are the there, learn to deal with it. Maybe you’ve blown an account or two before…so what amount did you reach before you blew it? That would be your level. If it was your first and it took a nose dive right away, then maybe you started out too high to begin with.
Food for thought anyways. Happy trades ahead