By Darrell Martin
Is it your goal to see your account increase in size? Of course, all traders would rather have their account size increase instead of decrease. But is that your ultimate goal? No. You do not want your money just sitting in your account. As your account grows each week, it is important to remember to pay yourself.
A good idea is to pay yourself half of the profits that you make each week. Another idea is to pay yourself all of the profits, if you have an extraordinary trade that you want to brag about! Since you are participating in an online trade room, it is a good idea to share your success with others by letting the other traders see what you have accomplished. Is it okay to brag from time to time? Yes, of course. In fact, it helps other traders know they can trade profitably, too.
As you are trading Binary Options and Spreads on Nadex, you have set goals for yourself. One of those goals is probably the fact that you want to be paid for trading, so why not pay yourself each week. It may start out as a small withdrawal, but as time goes on and you gain more experience, you will reap the rewards of being a better trader.
The image below shows an example of a wire withdrawal from Nadex.
You may have the goal of eventually leaving your full-time job in order to trade full time. Being able to pay yourself half of your profits each week, will enable you to see just how profitable you are in your trading. One trader said that the fact that he was able to withdraw money, proved to his wife that he was making enough money for him to quit his regular job. This is a trader with a family to support. Being able to show them that they would be able to live off the profits of trading was very important to him and his family.
Leaving a “secure income” may seem risky, but if you have been able to consistently follow a system and it is working for you, it will show up in the profits that you are paying yourself on a weekly basis.
As has been stressed in previous articles, it is vitally important to trade with risk capital. This is the money you can afford to lose, as all trading involves risk. Demo trade before you risk any real money and master trading with real money before you contemplate leaving your regular job. There are always the disclaimers telling you that past performance is not indicative of future performance and that you may not expect the same results. But as you are profitable in your trading, be sure to pay yourself each week.
Learn how to trade for free at www.apexinvesting.com, a service of Darrell Martin.