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I Have Quadrupled My Account, Now What - by Justin Paolini - Forexsites
I Have Quadrupled My Account, Now What - by Justin Paolini - Forexsites
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I Have Quadrupled My Account,
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Now What? By Justin Paolini
Posted on November 3, 2019 by Forexsites in General with 0 Comments
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In particular, one trader has quadrupled his account balance over the
past 8 months and is afraid that after doing so well, he might hit a
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24/12/2020 I Have Quadrupled My Account, Now What? By Justin Paolini - Forexsites
14h
Trade Charting
@tradecharting
another way of focusing on the money. Especially when you have a small
account balance, you need to really focus on the process that has Embed View on Twitter
allowed you to achieve certain results because whether you want to offer
copytrading services or receive funding, the focus is always on
protecting the downside.
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How can a firm like Dunn not have any “fear of giving it back”?
Source: https://www.trendfollowing.com/performance/
The key here, and I don’t mean this in a critical way, is that if you are still
thinking about profits, multiple-R winners, how good your equity curve
looks, etc…then your mindset is completely wrong.
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Furthermore, does it help to actually focus on how good you have done
up until now?
In the same way, if you are a trader then your business is to manage
money (yours or others’) well, day after day, week after week, month
after month. There is no “finish line”. There is no “game over”. This is
your job, so it doesn’t really matter how far you’ve come since you
started. All your investors care about is whether you will be able to
survive and do equally well going forward.
It’s the same for any business: the going concern. In essence, the
going concern means that there is no threat of liquidation/insolvency (or
blowing up your account) for the foreseeable future.
Anytime you look at your equity curve, you’re effectively looking into the
past. Your curve represents the work you did that got you here, today.
However, past results are no guarantee of future results!
As we wrote previously, your last trade doesn’t mean much, if you have a
good process.
Over to You
Long story short: you must focus on the process and the going
concern for your trading business. The only way to have confidence
and not to “blow up” your account is to have a sturdy trading strategy with
clear risk limits. If you have created a nice equity curve over the course
of 8-12 months, the chances are you are doing something right! You
have an edge, so make sure you know exactly what that edge is, and
continue to work your edge day after day.
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