Hey guys.
Jack Kellogg here.
I hope you're drawing some valuable lessons from the personal trading journey experience I've shared over the past few days.
Getting myself in shape to trade while working as a valet took a deliberate mindset.
I had my stops and starts. But I knew trading was for me long before I hit my big winning streak.
The key for me was to keep it simple. Too many indicators on your charts can lead to letting them do your thinking for you.
Always remember you're in charge of your trading. It's not the market you face daily but who you see in the mirror.
The market is just the arena in which you meet who you see.
I've learned a lot of lessons over the years that can help you step into that arena. But for the newer traders among you, I've got three tips to get you prepared.
Tip #1: Start Small
New traders' most common mistake is starting too big, too soon.
Traders think big. And that's OK. It's great motivation.
But when you're new, nothing takes you out of the game quicker than a loss you can't handle.
Manage that risk by starting with a small amount. And only do that once you've gotten comfortable with paper trading.
Starting small allows you to focus on learning the process and understanding market dynamics without the pressure of losing a lot. As you gain experience and confidence, you can gradually increase your stakes.
Tip #2: Don't Focus on Dollars
Whether trading with $100, $1,000, or $10,000, your trading plan should be based on expected percentage gains and losses, not absolute dollar gains.
Thinking you'll double your money in a single trade because you want to grow your $100 account quickly leads to sloppy decision-making, no matter the starting stake.
You might get lucky in the short run. But that strategy is a guaranteed long-term loser.
A ten-percent win is still a win.
As you build your account and confidence, those 10% gains will add up over time. With patience, you'll be looking at real money – and have a real shot at making trading your full-time gig.
Tip #3: Keep Your Motivation in Mind
I got into trading to live an independent lifestyle.
My first thought was to get into real estate. But that took too much capital.
I could ease into trading with much less money, letting success build on itself.
I was either working, trading, learning, or sleeping, and my motivation to become financially independent kept me on track.
Maybe you're motivated to earn extra cash for a vacation. Perhaps you're looking to pay down debt. Or maybe you want a profession where the only boss is you.
Whatever drives you, always keep it in mind.
Once trading starts to click for you, you'll find yourself stepping into the market arena with confidence and your terms.
To your success,
Jack Kellogg
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