Can you find yourself in this video in some way(s) ?
"How To Find Out If A Trader Is Profitable? | Risk Reward Radio"
It is talking mainly about inner working mechanisms than rather objective things I would also liked to hear here.
Let me tell you what is also important to me when answering this question, who can be or is a profitable trader at a prop firm ?
Other than Humbleness, Being stubborn etc.
1) Kind of education helps. (It also shows above average intelligence, all kind of sorts of intelligence speaking here)
There is/was a saying in a bank I can recall that a fully studied person has a 50% chance to be successful in the fron office as trader.
2) Money. If a trader has 50k to 100k FREE TRADING MONEY, which he can use for trading without the need to pay bills from, that is a big plus. Because if you can buy many challenges there is always kind of lottery winner as payout later which covers all the paid fees before.
3) Time spent for trading. At all, in years and second, how long per day/week, trading fulltime or parttime having other fulltime job, would be another important point, to decide whether that candidate of trader should be profitable or not. Everyone heard of the Mozart effect, that it takes AT LEAST 10000 hard working hours to be a master in any kind of subject. I think trading is much hard than learning an instrument, because I know this, I learnt myself to the professional master status playing one instrument, and there is a guidance. (and if you ask why I did not continue as profession, it was the expected low salary as musician, cause doing art is a fine thing itself so i switched to trading). As in trading there is no handbook or teacher teaching you useful things. So it would take at least 50000 hours or so I say.
4) Character things. Having the right mindset, that was the video in a narrowed view talking about. But that is not enough I say.
My inner mindset most important things. Stay cool, regardless of market, or loosing streak etc. Patience waiting for good setups etc. and Goalsetting I like too. Of course Humbleness is minor point, you need to have as requirement as also being stubborn.
"How To Find Out If A Trader Is Profitable? | Risk Reward Radio"
Inserted Video
It is talking mainly about inner working mechanisms than rather objective things I would also liked to hear here.
Let me tell you what is also important to me when answering this question, who can be or is a profitable trader at a prop firm ?
Other than Humbleness, Being stubborn etc.
1) Kind of education helps. (It also shows above average intelligence, all kind of sorts of intelligence speaking here)
There is/was a saying in a bank I can recall that a fully studied person has a 50% chance to be successful in the fron office as trader.
2) Money. If a trader has 50k to 100k FREE TRADING MONEY, which he can use for trading without the need to pay bills from, that is a big plus. Because if you can buy many challenges there is always kind of lottery winner as payout later which covers all the paid fees before.
3) Time spent for trading. At all, in years and second, how long per day/week, trading fulltime or parttime having other fulltime job, would be another important point, to decide whether that candidate of trader should be profitable or not. Everyone heard of the Mozart effect, that it takes AT LEAST 10000 hard working hours to be a master in any kind of subject. I think trading is much hard than learning an instrument, because I know this, I learnt myself to the professional master status playing one instrument, and there is a guidance. (and if you ask why I did not continue as profession, it was the expected low salary as musician, cause doing art is a fine thing itself so i switched to trading). As in trading there is no handbook or teacher teaching you useful things. So it would take at least 50000 hours or so I say.
4) Character things. Having the right mindset, that was the video in a narrowed view talking about. But that is not enough I say.
My inner mindset most important things. Stay cool, regardless of market, or loosing streak etc. Patience waiting for good setups etc. and Goalsetting I like too. Of course Humbleness is minor point, you need to have as requirement as also being stubborn.
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But this is "real trading", not for prop firms.
