I'm curious to know how many here are trading their own personal accounts vs those trading an Eval or PA account.
I currently have 2 PA and 2 Eval accounts. Strategy is to take 0-4 trades each day and hopefully inch towards passing additional Evals in the future.
I have set max stop loss per day at $600 at which point the system prevents me from taking additional trades. This has allowed me to be more selective.
Something else that I have personally found useful (and relates to what Eric has mentioned in the past) is to focus on only how the market moves and NOT on taking trades. Obviously, this will result in missing a few good trades. But, when you do decide to take a trade, the context and trade thesis should be absolutely clear. Almost like walking down the street and picking up a $20. I am sure everyone here has had those days where trading seemed easy.
I don't remember who it was from Mack's forum who said it, but it was something along the lines of "Nobody is forcing you to take a trade. So, you can have more of those "easy" trading days, if you just wait until it would be criminal not to take that trade".
Anyone else trading Prop firm accounts? Also, an insight on psychology!
Re: Anyone else trading Prop firm accounts? Also, an insight on psychology!
Nice!
First, congratulations on passing funding accounts. They are the "real thing".
The benefit of some of the prop firms is that they instill aspects of money management with performance. This can be a game changer for those who want to succeed in the longer term with consistency.
And as you mentioned, it isn't about trying to trade everything. There are many different ways to trade. It is more about recognizing what one "knows", to take advantage of an edge. During the remaining period, one may be actively learning other nuances.
As an example, the day before yesterday, several bull bars had built up into a resistance zone, teasing others to purchase. The market then sold off quickly in a single bar, and turned around on the next bar to move many points higher. This washout is quite common in the ES.
Keep moving forward & good trades to you!
First, congratulations on passing funding accounts. They are the "real thing".
The benefit of some of the prop firms is that they instill aspects of money management with performance. This can be a game changer for those who want to succeed in the longer term with consistency.
And as you mentioned, it isn't about trying to trade everything. There are many different ways to trade. It is more about recognizing what one "knows", to take advantage of an edge. During the remaining period, one may be actively learning other nuances.
As an example, the day before yesterday, several bull bars had built up into a resistance zone, teasing others to purchase. The market then sold off quickly in a single bar, and turned around on the next bar to move many points higher. This washout is quite common in the ES.
Keep moving forward & good trades to you!