I have a feeling that list did nothing good for you, but what it did just do for you is put you under pressure and will infact make you a worse trader.
I tried the same exact deal and it did not turn out so pretty.
Goal Checklist for Struggling Trader
- Thread starter SwingOutOn5
- Start date
I have a feeling that list did nothing good for you, but what it did just do for you is put you under pressure and will infact make you a worse trader.
I tried the same exact deal and it did not turn out so pretty.
That's why I believe it is more important to focus on the correct action rather than to focus on production quoats.
Production quotas put pressure on you from the get go. If your plan is good and you work it consistently then your production will be there. That being said I am having a challenge following my plan, so I am by no means perfect.
Lastly if any trader is going to focus soley on the end result, then atleast break it down so it doesn't seem such a hugh undertaking. For example, if you are scalping focus on x ticks per trade rather than $500 or whatever a day.
mcelitetrader
ET Sponsor
Swifttrade uses a similar setup
Starting traders are asked to make 25 bucks three days in a row....then 50 bucks 3 days in a row.
Then a bump in buying power
Then positive days or some combination of continuous positive days....It teaches true discipline and forces you to cut when you have reached a level of profit...They also cut you off when you have reached a loss from top dependent on your buying power.
This is a good way to learn but makes you miss out on opportunities because you want to protect your capital....
The small bp forces you to let trades run to really build profits...(this is against the swift scalping trading style...lol) but this is truly where the money is...
I had a horrendous last month.....4 days down 500 capped with another 900 loss.....my bp is only 50k....so thats pretty horrendous.....I have slowed back on my share size and taken less risk on entries but I continue to hold good trades to let them fulfill their potential......The backing off on share size has really helped me gain confidence which I think it the most important skill
Confidence lets me enter a trade and amazingly confidence forces me to pull out of a trade confident that it was wrong.....This is the hardest lesson i have and am still learning
When I reach a level in the day i set my own loss from top....eg...If i am at 300 bucks i only allow myself to drop to 250 and if i go below this number i cut myself off for the day....Most days I stick to it but last month I clearly did not....
I try to scan my trades from the previous day every morning before market open to see what i was thinking or why I exited at a certain price point....Really calm in the morning before open so no emotion is present......Seems to work for me lately....
Starting traders are asked to make 25 bucks three days in a row....then 50 bucks 3 days in a row.
Then a bump in buying power
Then positive days or some combination of continuous positive days....It teaches true discipline and forces you to cut when you have reached a level of profit...They also cut you off when you have reached a loss from top dependent on your buying power.
This is a good way to learn but makes you miss out on opportunities because you want to protect your capital....
The small bp forces you to let trades run to really build profits...(this is against the swift scalping trading style...lol) but this is truly where the money is...
I had a horrendous last month.....4 days down 500 capped with another 900 loss.....my bp is only 50k....so thats pretty horrendous.....I have slowed back on my share size and taken less risk on entries but I continue to hold good trades to let them fulfill their potential......The backing off on share size has really helped me gain confidence which I think it the most important skill
Confidence lets me enter a trade and amazingly confidence forces me to pull out of a trade confident that it was wrong.....This is the hardest lesson i have and am still learning
When I reach a level in the day i set my own loss from top....eg...If i am at 300 bucks i only allow myself to drop to 250 and if i go below this number i cut myself off for the day....Most days I stick to it but last month I clearly did not....
I try to scan my trades from the previous day every morning before market open to see what i was thinking or why I exited at a certain price point....Really calm in the morning before open so no emotion is present......Seems to work for me lately....
#1 focus on your setups - NOT the results
that is imperative
if you focus on the setups and your execution, the money takes care of itself. don't focus on the money.
#2 have a strict gameplan as to the setups you use. and trade ONLY those setups
this is a business, not a hobby. traders who concentrate on how much they can (or will) win are eaten up by traders (the pros) who concentrate on reducing risk, using discipline, and proper money management
that is imperative
if you focus on the setups and your execution, the money takes care of itself. don't focus on the money.
#2 have a strict gameplan as to the setups you use. and trade ONLY those setups
this is a business, not a hobby. traders who concentrate on how much they can (or will) win are eaten up by traders (the pros) who concentrate on reducing risk, using discipline, and proper money management
mcelitetrader
ET Sponsor
Swift....
sink or swim...they take full classes of 15 or so every 2-3 months...out of that they hope for 0-5 to stick it....
They charge you a 20 cent ticket charge and give you nothing BP and tell you to scalp...when you dont go 100 trades in a day they pull you aside and ask you to do more trades.
The most you can lose is small in the beginning and as long as you churn they make fees you you even when you lose. It is a brilliant idea as their risk is limited....and they get a few traders out of it....
That said.. I learned to trade at swift with the help of fellow traders not because of swift......( i had a buddy who started using gold as a guide to trade gold stocks...when he made money 3 days in a row other traders were asking him...a trader with < 1 month of experience for tips!!! ) so they are good if you are able to see what is happening and take advantage of the opportunity they are giving..... they are a great place to start.
I still am unable to understand why profitable traders continue to accept 30-55% payout and stay on. With only 2-5k down somewhere you can get the same fees/leverage/platform but with a payout at least 30-50 percent higher.....
sink or swim...they take full classes of 15 or so every 2-3 months...out of that they hope for 0-5 to stick it....
They charge you a 20 cent ticket charge and give you nothing BP and tell you to scalp...when you dont go 100 trades in a day they pull you aside and ask you to do more trades.
The most you can lose is small in the beginning and as long as you churn they make fees you you even when you lose. It is a brilliant idea as their risk is limited....and they get a few traders out of it....
That said.. I learned to trade at swift with the help of fellow traders not because of swift......( i had a buddy who started using gold as a guide to trade gold stocks...when he made money 3 days in a row other traders were asking him...a trader with < 1 month of experience for tips!!! ) so they are good if you are able to see what is happening and take advantage of the opportunity they are giving..... they are a great place to start.
I still am unable to understand why profitable traders continue to accept 30-55% payout and stay on. With only 2-5k down somewhere you can get the same fees/leverage/platform but with a payout at least 30-50 percent higher.....
Quote from mschey:
================================
Yes should be able to limit losses to less than 10 %of account;
which could destroy an account with 10 losses.
Another helpful work goal which most could achieve is with number 72;
work about 72 hous a week
I think you are setting yourself up for failure in my opinion.
The nature of this current market enviroment makes any long term (longer then 3 weeks) goals unrealistic.
I personally think you would be far wiser to take it ONE day at a time.
ie: Today I will take only 3 trades and my goal is $100 then write out more details of "If Then" for the day.
The nature of this current market enviroment makes any long term (longer then 3 weeks) goals unrealistic.
I personally think you would be far wiser to take it ONE day at a time.
ie: Today I will take only 3 trades and my goal is $100 then write out more details of "If Then" for the day.
This is a great thread with a lot of good suggestions.
If you can:
1. Determine what the Rules are for your Setup(s)
2. Take only those trades
3. Stop trading after you are up:
(i) X dollars (X can equal $100, $150, $200, etc.) for every Y number of contracts (for e-mini's) per day or
(ii) X dollars (X can equal $100, $150, $200, etc.) for every Y number of shares (for stocks) per day.
4. Determine what the Rules are for your Stop Placement (me personally, I don't wait around to see how far a move can go against my position, I get out and wait for the next setup).
5. Determine what the Rules for your cut-off point are (3 losers in a row, see ya!, the market is too choppy, I'll live and come back to fish another day).
You'll have a pretty good trading system.
Good Luck and Good Trading,
Jimmy
If you can:
1. Determine what the Rules are for your Setup(s)
2. Take only those trades
3. Stop trading after you are up:
(i) X dollars (X can equal $100, $150, $200, etc.) for every Y number of contracts (for e-mini's) per day or
(ii) X dollars (X can equal $100, $150, $200, etc.) for every Y number of shares (for stocks) per day.
4. Determine what the Rules are for your Stop Placement (me personally, I don't wait around to see how far a move can go against my position, I get out and wait for the next setup).
5. Determine what the Rules for your cut-off point are (3 losers in a row, see ya!, the market is too choppy, I'll live and come back to fish another day).
You'll have a pretty good trading system.
Good Luck and Good Trading,
Jimmy