can any of you traders on this forum double your accounts per day?.
Probably not mate. Trading is a marathon, not a sprint. Thats the wrong mindset imo.
Instead of focusing on making money, the focus should be on capital preservation.
I believe the best way to make money in the markets is by not losing money first. The goal is to keep your head above water long enough to eventually start hitting homeruns now and then.
Its like Warren Buffet says…rule #1 is dont lose money. Rule #2 is dont lose money. He was talking about investing, but I think it applies to trading as well.
Good luck to you.
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Don’t lose money huh, I’ll keep that in mind. thank you mate. it’s probably a wrong mindset.
% account growth is always a lovely day-dream.
Doubling the account in 1 day would only be possible if you risked everything on a great trade. But what’s the point of doubling your account 3 or 4 times in the week if on Friday you lose the lot?
But modest growth, say just 1% per day, leads to incredible returns in a very short time, if you leave your gains in the account and steadily increase position size in proportion. Starting with £5,000 at the start of a year and assuming you trade on 200 days, making a profit of only 1% each day, by the end of the year you’ve enjoyed capital growth of over 700%. By the end of year 2 you’d have enough to buy a modest house.
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I did. But the risk was extreme.
http://www.myfxbook.com/members/togr/revenge/1143440/4LxpKXSV9AwnXNd12HuU