How To Become A Successful Prop Trader Start by Journalizing your trades Organize the history on a Excel Sheet Yes Have you journalized your recent trades? No Note Down What Ideal Or Optimal Discipline Looks Like For You Manually Journalize your trades & organize the history on a Excel Sheet Journal Completed Writing a brief description of your ideal or best discipline is a good place to start. Consider examples of when you've proven it. Be clear about what that entails for your daily activities, motivation, focus, and energy, as well as how you execute your trading. strategy and the actions you do in relation to trading. Check which pair is bringing you the highest amount of profit Summary: Check on which weekday you have the highest profit with your most profitable pair Things to consider while creating your Trading Plan: 1. Stick to the pair that make you most profit. 2. Trade on the day you are most profitable on. 3. Stick to a specific bias. 4. Try to hold winning trades longer than the losing trades. 5. Don't lose more money than what you win on average from a winning trade. Check which bias made you the most profits (Buy or Sell) Calculate the number of trades that bring you the highest amount of profits Calculate how many losing trades you have on average in your most profitable day In addition to giving you clarity on your goals, writing them down also makes it simpler to spot the subtle indicators that your discipline is slipping. is essential. It is always simpler to regain discipline when the issue is little. To help you consider what it means for you to have the best discipline possible, consider the following questions: - What differentiates your decision-making and execution style? - How do you deal with PnL's ups and downs? - Describe your drive, enthusiasm, and concentration. - Describe your morning and evening routines for the trading session and day. - What circumstances do you possess it in? - What would be your present peak of discipline if you had never acquired that level? Calculate for how long you are holding your losing trades compared to your losing trades Calculate the maximum amount lost from a single trade Calculate you average win Note Down What Kind Of Breakdowns You Are Having In Your Discipline Create Your Trading Plan Yes Implement the plan in the real market Are You Satisfied With Your Trading Plan? Keep a close eye out any disciplinary lapses during the next weeks. Look for and record the warning signs of a breakdown, such as: Note Down What Ideal Or Optimal Discipline Looks Like For You No Note Down What Kind Of Breakdowns You Are Having In Your Discipline Review Your Trading Plan & Make Changes Based On Data Yes Rate Your Discipline Level Are You Feeling Disciplined Enough As A Trader? No No Have You Identified The Level 10 Discipline? - Thoughts - Emotions - Things you say out loud Behaviors - Actions - Changes to your decision-making - Changes to your perception of the market, opportunities, or current positions - Trading mistakes Yes Congratulations! You Are Among The Top 5% Of The Successful Prop Traders Note Down What Ideal Or Optimal Discipline Looks Like For You Writing a brief description of your ideal or best discipline is a good place to start. Consider examples of when you've proven it. Be clear about what that entails for your daily activities, motivation, focus, and energy, as well as how you execute your trading. strategy and the actions you do in relation to trading. In addition to giving you clarity on your goals, writing them down also makes it simpler to spot the subtle indicators that your discipline is slipping. is essential. It is always simpler to regain discipline when the issue is little. To help you consider what it means for you to have the best discipline possible, consider the following questions: - What differentiates your decision-making and execution style? - How do you deal with PnL's ups and downs? - Describe your drive, enthusiasm, and concentration. - Describe your morning and evening routines for the trading session and day. - What circumstances do you possess it in? - What would be your present peak of discipline if you had never acquired that level?
