Friday, January 8, 2016

Challenge update: Final target achieved at US$ 50,000

We finally reached the main target at US$ 50,000, I started trading an account with just US$ 10,000, it has taken me less than 4 months to achieve the 6th and final stage of the challenge.

This is the 5th time I do this kind of challenge, I did learn several things that I'd never have thought of if I hadn't done that, one of the main things I learned was:

- The most difficult part when a trader starts a new account is the very beginning, because if he/she loses on the first 2 or 3 trades, the trader goes into negative territory, a situation that might make him/her start skipping the next trades, and that's where most fail, after getting stopped out on 1 or 2 trades they lose confidence and skip trades, exactly the ones that would be profitable, or they cut profits short to quickly go back to breakeven level.

On the other hand I realized that when the first 2 or 3 trades are winners traders are not afraid at all and and they take all good setups without hesitating, that state of mind makes all the difference, allowing them to move forward smoothly...

So, now that I know that, our next challenge will be: from US$ 10,000 to US$ 20,000 in just 3 stages, my focus will be to help you to stay the course at least until you reach a safe level in profits, stay tuned, more on that on the next post.

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