Buy a Lambo, duh!
One of the most daunting things for a trader who has passed an evaluation at My Forex Funds is the fact that you are now trading a large amount of capital that they are not used to trading.
Now is your time to earn the big bucks, think of all the things you can do, buy your Lambo, get a bigger yacht, unlimited Ben & Jerrys, perhaps even that gold plated Amex you saw that one celebrity buying louis Vuitton slippers for their poodle with.
Now back the reality.
Trading consistently and earning money consistently is hard. It takes hard work, dedication, long hours and a lot of time. Do not get caught up in the hype when you reach live account status.
Always stay balanced!
As with everything in life, balance is one of the key things a trader should maintain when they first start trading the big bucks. Stay fit and healthy, maintain your psychological well being and shut your PC/Tablet/Mobile/Laptop. When people first reach their live account there is this intense urge to earn money as fast as possible. Traders are staying awake long hours, taking every opportunity even when the market is not moving. In and out of the market constantly paying spread and commission over and over and over again. The end result? Losing their live account. Keep your life and trading in balance and do not feel the need to earn immediately. Trading can be fun, but its also a job so treat it like one.
Preservation Preservation Preservation!
Perhaps the Lambo really is something you want. It is achievable so long as you preserve your capital. Statistically chasing your Lambo in a week will leave you cold and car-less. Preserve your capital, stay in the game, maintain risk management sensibility and you will be rewarded with your Lambo. Maybe not today, but eventually and it will feel so much better because of the journey it took to get there.
If in doubt, stay out
The same story again and again. If you are nervous, feeling low, feeling trigger happy or just unsure about your trading. Stay out of the market, it is not going to disappear tomorrow. You should only ever trade when you are confident, calm and ready to go. The first few days of live trading might be daunting so take it easy and do not be afraid to not trade. My Forex Funds won’t punish you for not trading, on the contrary, we look at not trading as a discipline and think fondly of it. Only trade when you are absolutely able to make the best decisions.
The FOREX prop firm industry right now is providing big opportunities for people to access large amounts of capital and earn more money from trading than ever before. Take the right steps to not let yourself down and benefit entirely from this unique opportunity.
Happy trading everyone!