It took me 4 years to reach a $100k trading account

Here's why your account will never hit $100k

๐Ÿ‘‡

(Avoid these 7 mistakes)

1. Strategy Hopping

If you are constantly switching strategies, you'll never find success

There is no "perfect strategy"

Stick to one that makes sense to you and tweak it every week

2. Not Journaling Your Trades

You should always be keeping track of the mistakes you make

Otherwise, you'll keep making them without even knowing

Journal everything to see what works and what doesn't.

3. Using too much size

The key is not to just look at your account size

You should take your perspective on money as a factor as well:

No matter what account size you're at, if you view $50 as a lot of money then don't risk more than that

You should always be risking an amount that you are COMFORTABLE risking

And an amount that's respective to your account size (1-5%)

4. Following alerts

I get it. You see someone post all their alerts that went for 100% plus that day

It's very easy to want to follow alerts.

But if you are ever looking for long-term success, you need to become self-sufficient

I've tried following alerts when I first started and it never worked

By the time they alert, the stock is already gone and they don't always post exits

Stick to your guts and learn to trade for real

5. Weekly OTM Options

For options traders, there's rarely any advantage to trading weekly OTMs.

I've traded month out ITM contracts and have still gotten 100%+ gains in a few days

When in doubt, go further out

6. Searching for setups

If you ever find yourself scrolling through each stock on your watchlist looking for setups...

You're likely overtrading.

Have setups pre-defined on a watchlist.

If they don't hit, they don't hit.

You don't need to trade every day

7. Trading more than I can afford

With a small account, you shouldn't be trading names like:

$TSLA

$SPY

$GOOG

Stick to stocks and contracts you can afford that have good spreads

Give me a follow for more tips from a full-time

trader

@DODO

#DODOEmpowersMemeIssuance #BinanceLaunchpoolHMSTR #CATIonBinance