The Money Pile (19 of 26)
Make a little bit everyday. Make a pile of money. Don’t and make a money pit.
When you can do this illustration in a demo account then start trading live.
Lets take a $1000 account for example:
Make $5 a day for 250 days a year = $1250 .005% per day
Make $10 a day for 250 days a year = $2500 .01% per day
Make $15 a day for 250 days a year = $3750 .015% per day
Make $20 a day for 250 days a year = $5000 .02% per day
Now get a part time job on weekends where you can net $40 per week. 52×40= $2080
Save the $2000 and put it in your trading account in a lump sum at the end of the year so now you start with:
$3250 $16.25 a day for 250 days a year = $4062.50 + $3250 = $7312
$4500 $45.00 a day for 250 days a year = $11250.00 + $4500 = $15750
$5750 $86.25 a day for 250 days a year = $21562.50 + 5750 = $27312.50
$7000 $140.00 a day for 250 days a year = $35000 + $7000 = $42000
It is amazing how quickly your trading account will build up over time just by making a little bit every day.
If you can do the trading part of this illustration after 2 years you will be making more money than the example. More important than the money you will have developed the trading skills and discipline to be on your way to becoming a great trader. The discipline comes from following your rules, applying consistent effort toward a predetermined goal.
Tags: demo account, earning money, losing money, money, Money Management, money pit, part time job
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am learning your jump start still. the platform is tricky. is there info on where to set s/l or profit target? also, what’s the typical comission price, so i’ll know how much over the pips i need to get a certain amount. absolutely great site, and can hardly wait to order launch pad!!!!! sincerely, michael carman