Profitability in trading comes from having a proven plan and consistently following it, avoiding deviation due to emotions or greed.
Detaching from emotions while trading on funded accounts by withdrawing the evaluation refund helps adhere to trade plans and avoid impulsive decisions.
Building a supportive network with like-minded traders who have achieved success provides motivation and inspiration through shared experiences.
Deep dives
Summary of the Podcast Episode
In this podcast episode, Ethan Gallant shares his experience as a trader and his journey to becoming profitable. He discusses the importance of having a trading plan and following it consistently. Ethan emphasizes the need to detach from emotions and stick to the plan, especially when trading on funded accounts. He shares his preferred trading strategy, which involves trading on the one-minute timeframe and focusing on specific price levels. Ethan also provides insights into managing trades and the psychological aspects of trading. He highlights the significance of finding like-minded traders and building a supportive network. Overall, the episode offers practical advice and valuable lessons for traders.
Importance of Following a Trading Plan
Ethan emphasizes the importance of having a trading plan and sticking to it. He highlights that profitability in trading comes from having a proven plan and following it consistently. He advises traders to find a plan that works for them and avoid deviating from it due to emotions or greed.
Detaching from Emotions and Staying Disciplined
Ethan shares how he has implemented strategies to detach from emotions while trading. He emphasizes the need to psychologically detach from the risk in funded accounts by withdrawing the evaluation refund. By removing emotional attachment to the invested capital, traders can better adhere to their trade plans and avoid impulsive decisions.
The Power of a Supportive Network
Ethan highlights the value of surrounding oneself with like-minded traders who are on a similar journey. He advises traders to seek out individuals who have successfully achieved what they aspire to and learn from them. Building a supportive network helps in staying motivated and finding inspiration through shared experiences.
Trading Strategy and Risk Management
Ethan shares his preferred trading strategy, which focuses on specific price levels and displacement in the markets. He emphasizes the importance of risk management and having a favorable risk-to-reward ratio. He suggests adapting strategies to different account sizes and using leverage effectively with funded accounts. Additionally, he discusses the benefits of trading on specific timeframes that work best for an individual's trading plan.