Page 165 - Ultimate Guide to Currency Trading

Give Yourself a Paycheck

The best way to do this is to give yourself a paycheck. Pull out a weekly amount that is over and above
a preset account limit. For example, you could let a certain amount of your winnings stay in your

account and take the rest of that week's money out to use. Wouldn't it be nice to take a vacation with
your winnings, buy a new car, or pay off a credit card? Having a goal helps too.

Giving yourself a paycheck that comes from your trading will set in your mind that
you are trading as a business and therefore for profit. The best thing to do is have a
set amount of money coming out of your account every week or two. This will keep
Essential you interested in currency trading and help you enjoy your winnings.

If you do not do this there is a good chance that you will lose interest in the very type of

trading that has earned you such good money! You might even be so bored with winning every time
and plain trading that you add to your risk level. This is how most accounts get destroyed! When you

are just a tad bit gleeful of your winnings, take some money off of the table. If you don't want to buy
anything, or use it in any other way, use the money to diversify your holdings. Use the money to buy

into a well-run mutual fund or even a mutual fund that is unconstrained by any normal investment
systems. These types of mutual funds are often called multistrategy funds and can be found by a

Google search. One such example is UBS's Dynamic Alpha, market symbol BNACX. Dynamic Alpha is
set up to be a mutual fund that acts and is managed like a hedge fund with long, short, and leveraged

stock, bond, and derivative investments. The performance of these types of funds can add to the
overall stability of your larger investment portfolio, as you can use them to further diversify risk.

Multistrategy mutual funds do not follow a benchmark, and their performance is usually independent
of the stock and bond markets.

Using Your Winnings

These are just a few examples of what to do with your winnings. When you start to win, use the
money to build up your account. It can really help to take some money off the table every now and

then to in order to take some of the heat out of the account. FX accounts can grow big very fast, and it
might take you some time to learn how to manage these bigger and bigger amounts. In the meantime,

pay yourself a salary at set levels and enjoy your winnings!