Mechanical trading strategies and specific entry and exit criteria reduce stress and psychological pitfalls.
Transitioning from equities to forex due to lower capital requirements and preference for the forex market.
Funded trading accounts provide additional capital and allow traders to scale up without risking their own money.
Deep dives
Trading Strategies and Mechanical Approach
The speaker emphasizes the importance of having a mechanical trading strategy and sticking to specific entry and exit criteria. They highlight the benefits of setting up trades and utilizing trading view alerts to manage them, allowing for a more hands-off approach. The focus is on avoiding unnecessary stress and psychological pitfalls by following a mechanical approach.
Learning Journey and Transition to Forex
The speaker shares their trading journey, starting with equities in college and eventually transitioning to forex. They discuss the process of learning through paid courses and online resources, including mentors like Steve Mauro and Inner Circle Trader (ICT). They explain their shift from equities to forex due to lower capital requirements and their preference for the forex market.
Funded Trading and Risk Management
The speaker describes their experience with funded trading accounts, specifically mentioning their engagement with multiple prop trading firms. They discuss the risk management approach, allocating a specific percentage of risk per trade based on account size and adhering to maximum daily loss limits. They highlight the importance of having a structured trading day and focusing on specific instruments or setups.
Why trading with funded accounts is recommended
The speaker shares their positive experience trading with funded accounts. They initially had doubts about these programs, but decided to give it a try after achieving profitable results in their personal trading. They emphasize the advantage of having additional capital and not risking their own money. They recommend funded accounts as an opportunity to scale up trading size and take advantage of trading opportunities without being overly concerned about losing their own capital.
Tips for improving trading psychology and performance
The speaker suggests that traders focus on improving their trading psychology and mental game. They emphasize the importance of having a clear mind and not trading on days when they are not well-rested or mentally fatigued. The speaker recommends working out in the morning to get the blood flowing and boost focus. They highlight the value of having a calm and confident mindset when trading. Additionally, the speaker advises traders to spend time each day journaling, reviewing trades, and continuously working on their trading edge or strategy.
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