A day in the trading life of our successful prop traders
We investigated what life is like for our successful prop traders and how they structure their days. Create a winning trading performance by learning and implementing healthy habits.
Aside from brewing the perfect cup of coffee to start the day, our successful prop traders like to gather market news and data from email newsletters and internet sources like Bloomberg. They consider what has moved the markets and what will affect the markets on that particular day.
This will provide them with insight as to where the trading volume will be. Other sources will include economic calendars, such as Myfxbook, to check what scheduled events involving news and economic data, as well as the GDP of various countries, are coming up.
It is critical to keep active, and we advise all of our Forex traders to understand what fundamentals are coming up as well as the broader Forex market sentiment. As a prop trader, you can get lost if you delve too deeply into economic macros and data. You should devote 10-20% of your time to researching the currency markets in which you intend to invest.
Chart time and technical analysis
Our successful prop traders will then examine the charts to determine whether any technical tactics or tools are presenting opportunities to place a trade in the Forex market using our firm’s capital.
We never place our Forex traders under any kind of pressure. We allow them trade on their own for a while to see how well they can develop capital and improve their charting expertise.
We evaluate the various trading styles among our traders and are continually on the lookout for innovative charting methods by observing how our successful prop traders place their positions.
Feedback and reviews
We may interject and advise FX traders on their current performance and any other technical strategies to improve their strategy after our successful prop traders have managed their Forex trading account for a short time.
We at Forex Traders UK are eager to assist our Forex traders in becoming as successful as possible. So, it’s in our best interests to establish a strong team of successful prop traders. As our prop traders advance through the levels, they become closer to our trader managers and coaches, who further support their success. We have a close-knit group and are quite proud of all of our successful prop traders.
We always prefer to analyse a large sample of trades and see how the traders dealt with different scenarios during monthly reviews or when Forex traders reach their profit target. We also prefer to provide alerts when prop traders reach certain amounts of drawdown to let them know in percentage what they’re up against.
As we all understand, the Forex market is a difficult trading market to break into, and as a result, some of our traders end up violating our account requirements. In these cases, we usually advise the prop trader to return to studying on a demo account and recover their confidence.
Withdrawals and making a living from trading
Finally, when necessary, our successful prop traders will withdraw. It is critical to recognize your efforts outside of the Forex market. Our prop traders get paid as quickly as possible, and we like to see them profit from the Forex market.
To summarize, we prefer to give our prop traders their own space every trading day, but we recognize when assistance is required. We enjoy how they look in the proper direction and follow a disciplined approach when carrying out their plan.