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Don’t Focus on Account Size, Focus on Learning and Process

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Merry Christmas, I have been listening to your podcast for a few weeks now. Great education and great guests. Listen, I am a 18 yo kid (on his way to becoming a man) from Montreal. I have been doing simulations since I was 16 and I have been reading a lot of books about trading lately. I have just started your turtle trader. I am going to start trading in 2014. I have a few questions:
1) Do have any tips and tricks for people starting of with small accounts (I will have 2000$)?
2) What are your exit strategies when you are profitable on a trader? In other words, who do you avoid turning a win into a loss?
3) How big should my positions be?

Thank you, [name]

First step? My books: www.trendfollowingbible.com. The tips and tricks so to speak start there. My TurtleTrader book is a great step. Also, if you need more personal support my training is an option: trendfollowingbible.com.

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Posted in Feedback, Trading 101, Trend Following
2 comments on “Don’t Focus on Account Size, Focus on Learning and Process
  1. elias says:

    I guess that now makes 2 disciples of the man they call Covel,from Montreal….LOL….

    Hopefully more will awaken and join the movement towards FREEDOM…………

  2. Chris says:

    Well, could you help me tell the 18 y.o. kid that if all else fails, he could consider making use of his natural advantage to build trading capital:

    1/ A friend of mine, graduated nearly broke with a mediocre degree from Cali. He moved to Korea to teach English for primary school kids (teaching English is a HOT job in Korea). The guy taught for one year, traveled all over Asia and still managed to save $10,000.
    2/ Another friend of mine, in the same situation, moved to Vietnam to teach SAT for Korean expat kids. Same story. It’s basically geographical (if not, nationality) arbitrage.

    You may save much faster working your advantages in third-world countries, than juggling part-time jobs during college. (which is probably a sad truth)

    Finally, I think you can totally learn by starting out with $2,000. Just that if you don’t have a source of income, the psychological stress is going to be tremendous. It’s hard to trade while worrying about money. So if you have parents who don’t mind paying for your college or not even asking you to move out, that’s a big plus.

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