The last thing I want you to think about right, is about making money.

Don’t think about making money right now.

Think about how to get into the process, how to start practising.

OK, I understand from your trading profile that you share with me that there is this part that you said that you plan to start with five thousand rupees for example and then you are looking to increase as you earn money in your day job, you want to put more money into the trading account right?

I would suggest you not even to do that until your paper trading tells you that you are making money already. OK.

Because I know how hard it is to earn money. Money is easy. Earning money is hard.

So the important thing is before you realize that you have a profitable trading strategy from paper trading, don’t use real money first. OK.

That would be my suggestion for you to start on the right foundation because when you do paper trading, firstly you have less psychological issues to deal with right. OK. You want to make sure that you built up your competency in terms of your workflow first, without any psychological effect on you because you are paper trading, the psychology not as bad.

So you build up the process until you are so comfortable going through the process of executing a trade, stop loss, entry profit taking, do 20-30 trades, 50 traits, ok, it becomes second nature to you already, it becomes a very disciplined way already. Then you analyze your paper trading strategy is it making money for you.

Once you are sure that it’s making money for you, then the making money part is just after 50 trades, you let’s say you get a per annum return of a 3 percent 5 percent. That’s still not bad, a good start. OK.

That’s when you start to put a little bit of money into your trading account and start trading real money. OK. And still, follow the same process.

Interested to receive mentorship opportunities like this with Philip?

Find out more at traderwave.com/innercircle

Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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