“Difficult to make this my main source of income with such a small opening balance…”

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Hi Michael. Thank you for sharing some of your words of wisdom. A brief history of my trading so far… I have studied a few books:

1. Trend Following, Trend Commandments, Trend Following Mindset, Complete Turtle Trader, Michael Covel
2. Trade Your Way to Financial Freedom, Trading Beyond the Matrix, Super Trader, Van K. Tharp
3. Market Wizards, Jack Schwager
4. How to Trade in Stocks, Jesse Livermore

I started trend trading a little in 2018 starting with a £5k balance. I traded by spread betting mainly indices and forex with a few commodities using 10 min candles. I entered and exited on an EMA crossover and used a 20 Donchian channel for my stop risking 1% of my balance per trade. One of my challenges was realising that it would be rather difficult to make this my main source of income with such a small opening balance and I had the comfort of an income from working in our family business which I didn’t want to jeopardise. My biggest challenge was position sizing. Entering a trade was ok as was exiting. I have just re-read Van Tharp’s ‘Trade Your Way to Financial Freedom’ and ‘Trend Following’ by your good self but would like some real coaching ideally.

All the best,
Jonathan R.

10 minute candles? Stop that. Time for a reset.

Your biggest issue is far beyond position sizing.

Dive in below.

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