What i would do if i had to start trading from day 1
1. Demo trade for 2-4 weeks
- Get a feel for the basic technicals
2. Buy a cheap funded account and establish rules
- This is where you introduce emotion, you will lose 20-40$ if you blow the account
- Will force you to operate within certain trading rules, this is a good thing
- Start identifying your psychological flaws, for me it was greed, impatience and anger, this will take time to overcome be patient
- My rules:
First trade loss: 50% risk and try again
Second trade loss: close laptop
First trade win: close laptop
3. Find a proven edge
- Start learning from someone that can actually show you a track record of consistent payouts
- For me it was high RR levels with aggressive entry triggers, helped me a lot with handling losses because i knew my winners wiped them all
- Stick to your chosen strategy and rules for atleast 3 months, if you can’t stick to it you are just being a child and wasting your time
4. Scale funded accounts, you are not ready for a live account
- The ROI and potential of scaling funded accounts is insane, this should be your main focus, it’s cheaper and easier to scale than a live account
From here it’s just boring repetition day in and day out, then oups you’re rich
The absence of the things that you want
Is gonna make the presence of them worth 100 times more
I knew it was coming, and i knew that the longer i went without it, the more i would appreciate it once i finally got it
This thought alone got me through every challenging period in my life.