I’m sure we have all had the problem with having too much money in our account. So we have decided to make a little list of tools on how to get rid of this too-much-money-problem as quickly as possible. These tools are based on our own experience and on statistics from around the world on winning and losing traders.
1. Make sure to trade with your emotions and your gut feeling
If you want to lose your money quickly it’s important that you let your emotions and gut feeling control your trading. If the market is in a solid bull trend and you wake up with feeling that “now it can’t go any higher” then short all you can as fast as possible. And if you are in a bad mood and you are tired you also should make sure to trade a lot. Just following this simple trick could really help you get rid of much of your cash.
2. Spend all your time in Facebook groups and only trade what others think is right
Here is another great way to get rid of your money. Make sure to be a member of at least 5-10 different Facebook groups and trade all the time according to the advice you find in these groups. Make sure not to ask for track record, risk profile, time frames etc. Just trade in and out of the market as soon as you read the posts. Should you by mistake have made your own analysis then forget it as quickly as possible.
3. Make sure to have lots of screens – 6-10 screens is best
The more screens the more information. If you could have at least 3 different channels running with analysists and market commentators it would secure a good basic confusion about everything in the market. This will guard you against ending the day in too much profit.
If you have spare screens you could fill them up with the Facebook groups from advice number 2.
4. Spend at least two hours per day looking for “holy grails” on the internet
It’s important that you spend a large percentage of your day looking for “holy grails”. You can recognize a good holy grail by the way they post many screen shots of large winnings, they have almost no losers and they often sell for around 29 USD.
Make sure to buy 2-3 grails per day and spend your evenings installing and back testing them. Also make sure to switch between the different grails according to your mood.
5. Make sure not to focus on risk control, money management and stop loss
Another important tool to help you get rid of your cash in a hurry is to stop using stop-losses when you trade. Stop-losses have the side effect that they limit your losses and help you control the risk on each trade. Stop this nonsense immediately if your have your money-loss dear. Risk at least 20% per trade, but 40-50% is way better.
6. Don’t spend time chosing the right broker
It’s important not to spend too much time and effort picking the right broker with the best guarantees and lowest spreads. If you can find a broker with a license from an undeveloped country you’ve never heard run by an evil dictator, then it’s perfect. Make sure to have high cost per trade and make at least 50 trades per day.
We prefer brokers for our self that offer 1000% in bonus. Just jump in and don’t bother reading the fine prints. They are not important here. This advice alone should help you quickly getting down into lower figures in your account.
7. Don’t have a plan!
Last but not least it’s very important that you don’t write down a thorough trading plan.
It would be a waste to wonder what markets to trade, at what hours to trade, which methods to use and with how much risk. All of these considerations will only make your process of losing money longer and more annoying.
Should you, by mistake, end up with a good, solid and well tested strategy, just make sure to shift strategy every time you have a losing trade.
If you could shift strategy 2-3 times per day it would be perfect. But at least a new strategy once per week should be your goal.