When do you cash in ?

ffsear

Senior member
2,192 461
How often do you take money out of your trading account.? If you make regularly profits that is.


Daily? Weekly? Monthly? or longer?


I've come to realise that the money in your trading account is not real until its withdrawn and hits your bank account. Until then its just a number and is at the mercy of your emotions and can be wiped out at the touch of a button,

Recently I have have been returning my trading account to its base figure (currently £2,000) at the end of each day and I seem to be making more money for it., I guess i'm removing the idea of taking the account to £2,600 or and then becoming over confident and blowing it all.


How often do you cash in?
 

brewski1984

Senior member
2,073 356
I have the same problem, the money doesn't seem real when it's just numbers on a screen. If I have a couple of big winners I end up thinking I'll just gamble £50/£100 and see what happens until I've lost all the profit.

I find that I hate depositing more money into the account so I take it out so I don't get tempted to gamble it, you can't throw it away when it's not in your account.
 

ffsear

Senior member
2,192 461
That why I starred cashing out, daily. I would get to +300/400 on my base account and think "ahhhh might as well have a punt on oil" Bye bye profits.

This way, starting everyday with my base of £2,000 I approach the markets with the caution that I alwyas should. I.e don't trade ****ing oil
 

Forexmospherian

Legendary member
39,928 3,301
Hi ffsears

Although I don't withdraw daily - I like to try and not go over 5 days and normally on a free bacs its takes 3 days to hit your bank account

I have more than one broker and although they are all covered by the UK government £85k guarantee scheme - I suffered big time in 2009 with investments abroad with the main one at Lehman's Bros - and yes they went bust and I was not a preferential creditor etc - so that leaves a bitter taste in the mouth for a long time,

I also do not compound and try and take my accounts up to big 6 figure numbers - simply because it did my head in trading with large lot sizes on my own cash and then seeing losses of up to $10k on single trades and it took me approx 6 months to realise I had hit my financial wall and that I worked better and more successfully by never going over 12 lots stake per pip

Unfortunately - I do not trust the financial industry - nor the government - in fact anybody with regards to money :) - I would prefer it in good solid assets or in my own safe

Regards

F
 

drtro

Active member
216 21
I pay myself once a month. I usually take 50% of profits I made.
 
 
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