2018 was my first year of trading full time and I made about $50,000.
Two years later in 2020, I was making close to $250,000 (coinciding with the bull market).
Here’s how I scaled 10x in 2 years:
1. Going from $50,000 to $250,000 is not as simple as scaling up by 5. It requires strategy, discipline and a lot of hard work. When you start scaling up, you need to do it patiently and carefully, without going big all at once.
2. Start by increasing the size by 20-25%. For options, this simply means trading more contracts. When trading $SPY, there are no issues with order execution or liquidity due to the high volume and easier scaling.
3. As you slowly increase your position size, ask yourself the following questions: Will I be more nervous with larger positions? Do I follow the rules as strictly as before? Am I hesitant to have a clear setup?
4. If you feel psychologically comfortable, increase the original position by 25% next week. Then repeat the same process over and over again. If you find that you are not confident, reduce your position by half and try again.
5. After a few more weeks, start scaling more aggressively, repeating the same process of scaling up, and then scaling back slightly. 2 steps forward, 1 step back.
6. But this is only possible if you are very patient, disciplined and have a proper trading plan. I trade the same two setups every day and never deviate from them. You also need to be very disciplined in your preparation.
7. Chart your levels every night before the next day and plan where you will place trades and where you will cut trades. Review all your trades after the market closes every day and note the mistakes you make.
8. Your risk management plan is more important than ever because bigger means bigger losses. Trust your trading plan, trust your stops, and don't let your emotions get the better of you when you see bigger numbers.
Only start scaling up when you are confident in your setup and your ability to avoid certain mistakes. So, don’t rush the process. When you start slow, you will slowly but surely be able to increase your position size and profits
