And it's not for the first time, I have been asked this question
What's the easiest way to make money in trading?
The trouble is the word “easiest’ covers a multitude of situations, thought processes and beliefs because...
- For some, easiest means the quickest.
- For others, easiest means the most.
- For others, it means the simplest.
- And for many others, easiest means the safest.
So the initial challenge I have as a coach, and you have is a trader is...
Clearly defining what is your idea of easiest, quickest, safest, most profitable actually is?
The trouble is, the words "easy" and "trading", are two words that HAVEN'T spent too much time in the same sentence for most of the traders I talk to.
And unlike some other trainers and so called coaches out there, I would rather you know, that from the get go....
That's not likely to change in the early days.
However, I also completely get why you would ask me this!
Your time is precious and your money may well have been hard to come by.
And risk is something you are going to naturally, and quite rightly, want to mitigate as much as you can.
But despite the want, I don't believe there is a super easy way to make money in trading.
But there are a host the things that you can do to make the journey EASIER and in a lot of cases, MORE profitable, MORE consistent and MORE enjoyable.
You just have to be willing to pay the price for this easier journey in terms of time, energy and in some cases money.
And the KEY starting point for each trader, is always the same.
What I always do with any new trader I work with is ask them the SAME set of questions....
- What is it you are looking to achieve from trading from an ideal perspective?
Then we investigate together and ask....
- Is what you are looking to achieve viable, based on the amount of time energy and focus you can give to trading?
If yes... Great!
If no...
What could, or should, you expect to achieve based on the time you do have, and the support systems and process we have that you can access?
Then and only then can a viable trading plan can be put in place!
And it's at that point that's things can start to clearly and more easily move forward.
Alright… Not one of the most exciting subjects we have ever covered, but definitely one of the MOST important.
Risk management is something so many traders “think” they have locked down, but actually what they are doing is taking themselves down a road of no return.
Both for them and their account balance.
And what’s worse…
There is a group that simply overlooks risk altogether, or takes some one-time advice that is usually completely inappropriate for them and the way they trade!
So how do you make sure you not only know what to do when it comes to risk management, but you ACTUALLY do it?
First Off…Know Your Numbers
Yes, it’s a small bit of maths, but knowing the simple multiples can save your account balance!
Let’s say you are risking 10% of your cash pot per trade.
But that only requires a 5 trade-losing run to be the best part of 50% down overall.
Oh well, I still have half my money.
Hang on!
You now need a 100% return on that balance JUST to get back to where you were 5 short trades ago.
Let that sink in for a second…
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