Hello Mr. Bellafiore,
We have never met or spoken, but I have to reach out and thank you for everything you have done for me. I went through the DNA program and must say that it was a big help. Even though this program was helpful, what really helped me was all your videos and articles. I’m a younger guy and have been doing this since I was 22. Just like most I struggled, blew accounts, and had no real training until I found you. Wow! I am proud to tell you that you have turned my trading around.
I am now 3.5 years into this and finally, I am a consistent trader. I am absolutely passionate about the market, all I do is think about the market 24/7, and not being consistent was killing me inside. Thank you so much, you have changed my life around! I have changed a few things in my life in order to be a better trader and I am now healthier, skinnier, and a better person because of you. I’m sure you get these emails all the time so I will keep in short and end it there.
I do have a question though, I see you guys scaling into positions instead of taking a full size right off the bat which is what I do. I am hesitant to scale in because I don’t want to change anything to my trading right now that I am being consistent. I know I might miss out on bigger profits but right now I am trying to grow my small account. I don’t know if I should do it. How do you think I should attack this? I will say that when I review my trades, I don’t see room to add, sometimes its a quick scalp and its not beneficial for me to scale in but this is not always the case.
@MikeBellafiore
I went through the DNA program and must say that it was a big help.
I am hearing this from a lot of traders these days.
I am now 3.5 years into this and finally, I am a consistent trader.
We do not expect traders to make significant money on our trading desk until Year3. Year1 we do not expect them to make money. Year2 they ought to be able to pay the bills.
I have changed a few things in my life in order to be a better trader.
Yes, this can often precede becoming a consistent trader. If you cannot be consistent in making good decisions in your life, then how can you while trading?
How do you think I should attack scaling into positions?
It is excellent work by you that you are a CPT ( Consistently Profitable Trader). Well done!
Let me offer a few ideas:
- Keep doing what you are doing, just trade with more size. Do not try and scale in presently. Just keep making the trades you are taking on larger size and risk. We like to bump by 20 percent when increasing risk and size. I know you asked about scaling in as your primary target, but you may not be there yet.
- Create a goal to trade bigger this month, and complete a Daily Report Card on your progress. Focus on this one goal, intensively this month.
- Tag and measure your trades in Tradervue. Let’s get a feel for what you trade best and worst. We need to first measure our trading and then review our stats. A good way to progress afterwards is to eliminate your lesser trades. Also after accumulating these trading stats we will be able to see the swing trades that you can work on scaling into. When we see what trades with which you are profitable with your swing trades, and their variables, then we can create a new goal of improving how you scale into and out of those trades. But we need this data first.
I am a big fan of working on only a few things at once and making incremental progress. So I will leave you with these ideas, with the hope you reach out soon with a progress report.
*no relevant positions