It took me 3 years to reach a $100k trading account
Here's why your account will never hit $100kš
1. Strategy Hopping
If you are constantly switching strategies, you'll never find success
There is no perfect strategy
Stick to one that makes sense to you and tweak it every week
I'm a bit biased here ... I can only recommend you use the strategy that I use for trading and that I think shall fit many of you
2. Not Journaling Your Trades
You should always be keeping track of the mistakes you make
Otherwise, you'll keep making them without even knowing
Journal everything to see what works and what doesn't.
That's how we defined this trading method by journaling what ended up working best (and keeping those setups) vs not working at all
3. Using too much size
The key is not to just look at your account size
You should take your perspective on money as a factor as well:
No matter what account size you're at, if you view $50 as a lot of money then don't risk more than that
You should always be risking an amount that you are COMFORTABLE risking
And an amount that's respective to your account size (1-5%)
4. Trading more than I can afford
With a small account, you shouldn't be trading names like:
$TSLA
$CMG
$GOOG
Stick to stocks and contracts (indices ) you can afford that have good spreads
5. You're too proud
Too proud to go back to trading with a demo account for a few days
Too proud to trade with a small size
Too proud to accept that losers are part of the process
Pride is one of the most-common enemies in trading alongside Greed and Fear.