Growing an Account

When you are building your account you first need to remember to be patient, and let the trades come to you.

You are going to be doing research, scanning, and creating your watch list, etc. but none of that means that once the bell rings that you will be guaranteed that a trade will be taking place.

Don’t be thinking in terms of “Oh if I can just take my account from $25,000 to $100,000,” and do this or that, or all these other crazy things, what you need to focus on is trading well, and the profits will come.

You can’t compare yourself to other people. If you know other traders, if you’re following other traders online, or on Twitter, stop worrying about what other people are accomplishing and believing that you should be achieving what they are doing.

While these comparisons will be few and far between, don’t get caught up trying to achieve what someone else is. Just something to be aware of, you do not know what other people have, so you can’t risk it.

Beginners’ luck, provides a false sense of security, you may start out on a really good run and get aggressive and suddenly you can experience a loss and give back days or week’s worth of profits, in a single day, or in a single trade.

One of the best pieces of advice is to not make too many changes to get you to where you want to be. If you are only trading once or twice a day, and slowly grinding profits day in and day out, don’t suddenly place 10 trades a day or take on more risk to try and make more. Stick to what is working for you.

Next: The Importance of Taking Profits »