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 Post subject: Fear of Profits via Undercapitalized
PostPosted: Mon Aug 09, 2010 1:21 pm 
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ImageHow can I get over fear of making big profits?

Reposted from EliteTrader.com @ http://www.elitetrader.com/vb/showthread.php?s=&threadid=204422
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Quote:
Quote from jinxu:

In the last few days I managed to bring my account from $700 to $1300 today with no down days. However, I could potentially make a lot more money than that but I'm stuck at making only a few dollars. The biggest one day profit this week was $180. But I want to be able to make a lot more than that. One reason for this is because I'm not trading for the entire day.

What can I do to get over this and get to the point where making $500 or $1000 or even $2000 seems like a normal day? Or should I just be glad I'm not losing?


Fear of Profits via Undercapitalized

Your problem is caused by you and to answer your question...

What can I do to get over this and get to the point where making $500 or $1000 or even $2000 seems like a normal day?

Solution - Put the market aside for awhile and work two jobs. Save as much money as possible so that you'll have more money to trade with instead of depending upon leverage. The increase capital from the money you'll save will allow you to make more money in comparison to what you're currently doing assuming your low profits is due to the small account you have...it's also causing some of that FEAR you have.

However, if you believe your FEAR is due to a poor trade strategy that happens to currently be profitable...

You'll find all kind'uv excuses not to get a two jobs and put that income into your trading account because you don't want to lose the money you've busted your butt to make.

Simply, Picaso is correct and your reply shows that you're unwilling to make any sacrifices...not a good characteristic for a trader. By the way, I remember at one time for 3 years when I was young I worked three jobs to save up my trading capital (two of those jobs were crappy jobs). Thus, you need to learn how to make some sacrifices to be able to achieve what ever goals you have plans for later in your life.

Also, there are many traders that work full-time and trade full-time (essentially they have two jobs). They're able to do such via getting a job that doesn't conflict with their trading time or trading a different trading instrument that doesn't conflict with their other job. Many options out there for growing your trading account although your social life will suffer a little for awhile and you'll have more time to fine tune your trading plan because the markets will always be here tomorrow.

Last of all, based upon you $200 per month/job savings theory...times that by 2 for two jobs = $400 per month x 12 months = $4,800 per year. You do the math based upon your current small profit level with that additional $4,800 for an under-capitalized trader that started with $700.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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