Skip to main content

CAN A FIRM ALWAYS SPOT THE NEXT GREAT TRADER?

 No. But a prop firm can tell who has a poor chance to become a CPT.

To be good at anything will take everything you have. Not having developed the skills to work hard is a turn-off.

Trading is a skill learned by doing, not just by reading a lot, theorizing, or the faux art of “paper trading.”

THE PROS AND CONS OF RECRUITING EXPERIENCED TRADERS

Loyalty is a good thing to a point, but it cannot trump logistics and reality.

losing money should really bother you. If I am negative three days in a row, I spend a long evening on my couch with a bottle of red wine and comfort food.

As traders, we can all recite the memorable line from Wall Street: “A man looks in the abyss, there is nothing staring back at him. At that moment he discovers his character. That keeps the man out of the abyss.” 

Traders don’t talk about how they want to trade, what they want to read about trading, or how they wish they could talk about trading. Traders trade, read about trading, and talk about trading.

Comments

Post a Comment

Popular posts from this blog

Maximizing Your Profits with Scoring

SETTING YOUR MAXIMUM INTRADAY TRADING LOSS First things first: set a max intraday trading loss. There will be days when you just do not have it. Why do you think coaches pull their players when they are not playing well? They are more harmful on the field than off. When you are underperforming, you are hurting your team and your trading business. You need a system to yank yourself over to the bench. A stop loss is your answer. TRADING BASED UPON THE TIME OF DAY A good trader makes note of what time of day it is, when he trades most profitably, and adjusts his trading to fit such times. Your numbers at the end of the month will not reflect your true trading potential. Make the most trades with the most size during the trading periods that statistically are most profitable for you. Money saved during your weaker trading periods is money earned. Consistency The fact is that most trades you make will start working for you right away. But the new traders also hold stocks that are trading ag...
Post a Comment
Read more

Wealth file #1 Rich people believe "I create my life" Poor people believe "Life happens to me."

You have to believe that you are the one who creates your success, that you are the one who creates your mediocrity, and that you are the one creating your struggle around money and success. Consciously or unconsciously, it's still you. Instead of taking responsibility for what's going on in their lives, poor people choose to play the role of the victim . A victim's predominant thought is often "poor me." So presto. by virtue of the law of intention, that's literally what victims get: they get to be "poor." That said how can you tell when people are playing the victim? Victim Clue #1: Blame Victims blame the economy, they blame the government, they blame the stock market, they blame their broker, they blame their type of business, they blame their manager, they blame the head office, they blame their spouse, they blame God and of course they always blame their parents. It's always someone else or something else that is to blame. The probl...
Post a Comment
Read more

Wealth File #4 Rich people think big. Poor people think small

Wealth principle: The law of Income: You will be paid in direct proportion to the value you deliver according to the marketplace. The keyword is value. It's important to know that four factors determine your value in the marketplace: supply,demand,quality and quantity. The factor that presents the biggest challenge for most people is the quantity. The quantity factor simply means, how much of your value do you actually deliver to the marketplace? Another way of stating this is, how many people do you actually serve or affect? Most people choose to play small. Why? First, because of fear. They're scared to death of failure and they're even more frightened of success. Second, people play small because they feel small. They feel unworthy. They don't feel they're good enough or important enough to make a real difference in people's lives. But hear this: your life is not just about you. It's also about contributing to others. It's about living true...
Post a Comment
Read more