When to take profit?

[cloud88111]

Hi Guys,

I hope the title hasn't mislead you. I'm mainly looking for account management rather than trading strategy.

Generally speaking I am a profitable trader until I get a decent amount of money then I start throwing it around and end up losing it. As such I want to be able to manage my balance better. Say I start with a bank of £1000, at what point do I withdraw funds from my account?

Using this example I was thinking of get to £2000, withdraw £1000, get that to £3000, withdraw £1000, then get to £4000, withdraw £2000, £6000, W £3000 and so on.

The only issue is that, a) I have to do that well and b) that is quite a small rate of withdrawing to the amount coming in. Does anyone have any method they are happy to share?

[evertonian]

"Generally speaking I am a profitable trader until I get a decent amount of money then I start throwing it around and end up losing it."

I think you've answered your own post with this quotation here. If youre a profitable trader, you're a profitable trader. A profitable trader needs discipline, so no matter the bank size he needs to trade with discipline and protect your bank at all times. If your bank is £100 , you will still be using the same trading methods as a bank of £1000 in theory, the only downside being that your money will get filled slower. How are you managing to lose all your bank ? If you're going in play with trades that have been pre race trades then there's your answer.

The advice I'd give you is think how you've built your bank to £2000 from £1000. Keep following this strategy, and if you're making money trading pre race don't go in play.

[cloud88111]

Thanks you do have a good point. The way things go wrong is I would make some decent trades, build up my account slowly with a large number of small wins and then think "Hey that's a good bet, I'll stick £500 on that". Turns out it's not a good bet.

The main thing I want to do is make money from the whole process, so withdrawing it steadily and regularly while stick increasing my account is something I really need to get right. I'm just torn between taking the money I've made and having a bigger balance that has the potential for even greater profit. How does everyone else manage their withdrawals?

[CaerMyrddin]

I keep a level balance and withdraw all winnings.

Maybe you are not asking yourself the right question. You should ask yourself how much money you need in your account in order to trade properly. The surplus you can withdraw without any worries.

[cloud88111]

That's a very interesting way to do it. I quite like your method here. I think that's given me the way forward.

Thanks very much for the input.

[CaerMyrddin]

You are welcome.