Rags to Richeslive. This way, if you triple your account, three times over like I
teach people to do, you know that you are playing with the same
amount of capital and there should be no major surprises when
you go live. That to me, is absolutely critical.
Lessons from Hoosain Harneker
Triple Your Demo Three Times in a RowHoosain Harneker has not had an easy life. Being born in a country
that was formerly segregated by race, Hoosain worked hard to earn
enough money to start a partnership. When that partnership turned
sour, he was left with nothing. It took him six to seven months to
save up enough money to start a$1,000 trading account. Yet his
struggle may be the key to his success. Having gone through so
much difficulty, Hoosain has become extraordinarily conservative.
When he persuaded his wife to let him give trading a try, he knew
that$1,000 was his one and only chance to prove that he could make
trading a career. That is why Hoosain made it a rule for himself
to triple his demo account three times in a row before actually
trading live. Although this rule is exceptionally hard to follow, both
in terms of patience and actual results, it is one worth implementing
because it forces you to develop a trading methodology that has
a substantial chance for success in real market conditions. For
anyone who is serious about trading and who has the patience or
discipline to earn your stripes before heading off to battle with the
markets, this is a trading rule worth following.
Focus on Your Pip TargetCompared to many other traders, Hoosain’s 10-pip-a-day goal is
also extremely conservative because, in certain cases, this is no
more than the spread of a currency pair and is a fluctuation that
can occur within a blink of an eye. However at 10 pips a day, five
days a week, four weeks a month, that adds up to 200 pips per
month or 2,400 pips a year. At those levels, the numbers are not
conservative at all. There are many different ways to make money
trading. Some traders in our book aim for 200 pips a day rather than