Notes
- In this lecture, Michael shows how to achieve significant gains with relatively little effort through money management.
- He also demonstrates with several examples the importance of weekly and daily levels.
- A 6% monthly return on an initial $5,000 results in over double the investment after one year, reaching around $10,060. The required return is less than 25 pips per week.
- 6% per month is considered a phenomenal return in the investment industry.
- Michael advises keeping savings to cover living expenses for the first year of trading.
- Trading isn’t about winning every time, but following the plan. Losses are inevitable.
- Losses can be recouped by sticking to a well-defined strategy and maintaining consistency.
- We have to develop a long-term perspective. Trading is a journey, not a sprint.
Hypothetical Example
Risk Reward Example
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