Can I really make $1,000 per week trading?

I got an email recently from a prospective Traders Club member who asked me the following question;

 “Is it a reasonable expectation to make $1,000 every week from trading?”

This is a difficult question to answer. If I had less scruples I’d have wasted no time and replied with ‘Of course! Join the Traders Club today and you’ll be a millionaire next week’ or something along those lines.

The reality of trading however is it’s a tough business to succeed in. Very few would-be traders ever make it to a level where they can literally trade for a living. As many as 95% of traders fail if you believe the oft-touted statistics.

Most traders who ask me that question are seeking absolute consistency in their results. They want a guaranteed amount of money from trading every single week. However, once again the reality of trading isn’t like that.

My experience with pro trading firms is that even the very best traders go through difficult periods spanning days, weeks or even months where they can’t make any decent money. Often their results are defined by a handful of exceptional months trading where they make a killing, and the rest of the time it’s an exercise in damage limitation.

So, is it possible to make $XXXX per week from trading? Yes, of course it is, if you avearge your results out over the course of a month or year. Just don’t bank on making absolutely consistent profits every single week. Even the very best traders in the world aren’t always capable of achieving that. You’ve got to factor a bad day or a bad week into your trading plan.

I’ve noticed that when this question arises (and it frequently does) it’s often from people who want to quit their jobs and directly replace the income they were getting like for like via trading. They still want the ‘job security’ of knowing they will receive their wage at the end of every month.

It’s this uncertain nature of a trading income which is the undoing of many otherwise capable and determined traders. I’ve met many experienced, well informed and knowledgeable traders who just can’t seem to do the right thing at the right time. They can’t pull the trigger, take trades outside of their trading plan, exit positions too early, etc. Often the reason why boils down to fear generated through pressure or stress.

It’s usually counter productive to put that kind of pressure on yourself as a trader. There is a big difference between wanting to make $1000 per week and needing to make $1000 per week. The pressure that needing to make a fixed amount of money per week or month creates in the mind of the average trader can see even the best trading plans, setups & money management fly out of the window.

In my experience, the best trading comes from a relaxed  & confident state of mind. Almost a state of zen. You’re neither elated by a profit nor devastated by a loss. Simply moving from one trade to the next unaffected, following your trading plan, allowing your edge to play out over time.

Of course, you’re still going to need a high probability setup to place your trust in (which is where the Traders Club can help you), but ultimately your success as  discretionary trader is down to you and how well you’re able to consistently capitalise on your edge in the markets.

In another article I’ll talk about some tips the industry professionals use to achieve the optimal ‘zen’ state of trading and how you can benefit too.

Do you suffer from performance pressure in your own trading? How do you cope with the demands trading places on you? Leave a comment below.