SanDiegoMagaPede Trading Plan Lesson 1 : Setting the Proper Expectations and Conditions for Victory

OK so before we start. Why am I sharing my trading plan? The following reasons

1. If I teach anyone willing to listen, I gain understanding of my plan and can critique and slightly adjust any inconsistencies, thus I become a better trader through teaching.
2. I want to help anyone who is serious to learn from my experiences
3. I know that 99% of you wont trade this plan anyways (although you might use a golden nugget or two) and even for that 1% that do, you don't have the capital to affect my trades and you wont make the exact same decisions I make. So I feel very safe sharing this.
4. There are so many scammers out of there and I want to help keep your money safe by undercutting these fucking assholes.
5. This is me writing down my plan.

Lesson 1. Setting the Proper Expectations and Conditions for Victory

Many people who dream of making money in Forex think about sitting on a beach somewhere, in a fold out chair, with the sun their face, laptop on the stand to their right, & a drink on the left. As the waves crash and the women walk by, they dream of just making money while their uber epic trading skills makes them millions of dollars per month.

Many people dream about how one day, they will be able to turn $1,000 in $1,000,000 in a month or in just a few months "if only they knew the secret combination" or the "holy grail" of trading. I know because when I first started out in 2009 I had these same visions (more aptly called delusions of grandeur) too.

I imagined how rich I was gonna be and how it was only a matter of time before I was on easy street, etc, etc. This false expectation is in my opinion, the MAIN reason why so many people quit and why so many people are scammed. People treat Forex as a "Get Rich Quick Scheme", when in reality, it is not.

During my 8 year Forex journey, I wanted to learn how well are the top traders in Forex actually doing. I wanted to learn about those who actually "made it" and learn what exactly was ..."making it"?

I did some research and if you read some posts on this very forum you will discover what I discovered.

#The very best of the best of home retail traders make 10% equity on their account per month consistently.

Reread that last line.

10% average growth on your account is what the uber elite skills brings you. So turning 1000 dollars into 1 million in a month or two is not just a pipe dream, it is a straight up delusion. So how long would it take to turn $1,000 into a cool million if you were uber elite? At a perfect 10% per month increase, it would still take you 3 years to become a millionaire.

So how many people actually make this kind of cash? Approximately 1/10th of 1% of all people who attempt day trading. So out of every 1,000 people who attempt, only 1 makes it. Very few actually have the right combination of drive, intelligence, patience and love for trading necessary to actually make it.

My bench mark and your benchmark of success should now be measured against the best in the industry. Much like an athlete measures their success against Olympians, as long as we are realistic about our expectations, we can create a path to success.

VICTORY CONDITION: As long as you are making 1% to 10% increase on your account per month you are a major success

So when I read people on this sub write "boo hoo I'm only making 200 - 400 pips a month. I suck." I wanna slap them in their stupid fucking face because they don't even realize how good they are or how good they have it.

So get rid of the get rich quick scheme mentality and replace it with a get rich slowly. Its easier and actually sets the foundation for the rest of any good trading system.

With the wrong mindset full of unrealistic expectations, you will constantly fall for scam artists and constantly blow up your account trying to do something that is impossible. With the right mindset, you can spot and avoid scams and begin your journey to success with a actionable and more importantly ACHIEVABLE destination.

Next time I will talk about money management and why everyone misses one crucial factor which can basically make their account virtually bankrupt proof

Lesson 2: https://www.reddit.com/r/Forex/comments/6oc7y2/sandiegomagapede_trading_plan_lesson_2_money/