7 TIPS TO BEING A SUCCESSFULL PROP TRADER
Develop a plan and be strict
Firstly, understand what you are going to be doing with your time in the market, such as pairs you will trade, amount of risk approach, amount of time you will spend on the charts. Overall win or loss stick to the plan and be strict with your own trading rules. Try to aim for lots of trading volume and build a sample size of 100 trades to analysis.
Set stop losses for all trades up to 0.5%
Only look to increase your lot sizes as your account size grows. Start small and work your way up to trading bigger. Always prepare for losing streaks as they can happen so make sure to control the risk per trade otherwise it can easily control you.
Never try to compensate for a loss
Close the chart and return with fresh eyes the next day after both wins and losses. As traders we get paid for making correct decisions, and the best option post trade is to step away from the chart and return the following day.
Never force a trade
Trade when it feels like the right moment, and it complies with your plan. Ideally you always want to trade in a relaxed environment with your mindset in the right place. Don’t trade purely because you feel like you should be working, or in a trade. You should always be able to verbally explain the reasoning behind entering a trade.
Try to achieve more profitable trades over a large sample and less unsuccessful ones
Build upon a winning formular and not one or two winning trades. Gaining an edge in the market is much more sustainable compared to getting lucky over a few trades. The more trades you place and the better your expected value is over a large sample of trades will increase your confidence and ability in the market.
Test your methods on a demo account with a decent sample size
It is a good idea to back test your strategy on a demo account, with a decent number of trades. Mentally if you rush too quickly into the market on a live account it can feel overwhelming. Experience is a big teacher in trading. Chart time is key.
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