Behind the Screens Episode 16 - Developing a Trading Plan with FT71
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Dec 10, 2021 Morad Askar, known as FuturesTrader71, is an experienced prop trader and educator in the futures market. He discusses the pivotal role of a trading plan in achieving success, explaining its essential components and the importance of risk management. Morad emphasizes the need for accountability and collaboration with brokers, as well as regular evaluations of trading strategies. He offers insights on scaling trades and measuring progress, stressing that success goes beyond financial metrics to include disciplined execution and continuous improvement.
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Trading Plan Is Your Roadmap
- A trading plan is a simple roadmap for running your trading business.
- It defines objectives, edge, costs, and how you'll generate revenue.
Decide Needs Before Funding
- Identify what you need to succeed mentally before committing capital.
- Use the plan to find weaknesses and avoid premature steps.
Make A Clear Objective
- Write a clear objective or mission and let every decision support it.
- Tailor your plan to whether trading is a hobby, career change, or professional pursuit.