Millionaire TradersQ: Do you have a weekly profit target or do you just look for
trends and wait for the account to build?
A: I honestly don’t have a pip goal because I don’t want to
pressure myself. I already have enough pressure. At the end of the
month I know if I’m trading well, and I know when I look that
statement what it’s going to represent. So I do want a month-over-
month gain. It doesn’t have to be 50 percent, but as long as it’s 5 to
10 percent over last month, then I feel like it’s been worth my time
and effort.
Q: Let’s say you have a handful of bad trades, at what point do
you decide to stop trading?
A: If I am having a bad streak, I’ll try to change currency pairs.
I’ll try to look at myself, analyze myself, figure out what I’m doing
wrong. I’ve had 5 to 10 trades in a row that just have gone against
me and I’m not sure why. At that point I did take a couple of weeks
off. I paper-traded for a while. I went on vacation. I did a few other
things, and when I came back I was fresh. I was ready to go. I
missed the markets a lot and got back in there and I was ready to
go.
Q: Do you ever review your trades to see if there’s a common
mistake?
A: I probably should, but I don’t. Once a trade is over, it’s over
for me, and I don’t want to relive it [laughter].
Q: Throughout the week, how many trades do you think you
actually make?
A: I would say probably 5 to 10 a day, so maybe 50 to 60 a week.