Tuesday, 19 July 2011

A Trader Ready For Live

One of the guys I have been working with for a while is just about to go live. He's the latest one amongst the ones I have been mentoring.

I gave him a detailed training plan and then I mentored him daily by email using screen shots. There was an occasional GoToMeeting.

On his side was an incredible amount of work. He really educated himself with replay and SIM trading, even reducing his working hours so he had enough time to SIM trade. He back tested and rewrote his trading plan (TP) until he had evolved it into what he needed. He kept annotated screenshots of his trades and recorded all the stats.

He did what was required and more. Now he is about to reap the benefits, he'll trade live while he keeps his job until he proves to himself that he can provide for his family from trading. It took him a year. The pic below is a typical week now.

This is what it takes to succeed. He's not the only one to have done this. I'm working with a few guys at the moment who have recently gone live and made it. I get a great amount of pleasure in their success. When I started this blog almost 500 posts ago, I said that I thought that most people could learn how to trade CP using a structured and back tested methodology, if they did the work and were properly capitalised. This proposition has proved to be true many times now.

All of you still on the road to CP can make it if you put in the work and develop the right mental attitude.


  1. It would be interesting to see a screenshot of one of his "pictures" that he trades. I assume he is trading "inside out" rather than fading extremes?

  2. That's great for your students and am sure in time will do well.

    LIVE is certainly different that SIM.

  3. Hey, this is great for him. Good job.

    Any advice on how to stop thinking about the money while trading, all I can think off is the "loss" which leads to poor execution (later entry, cutting winners short and lots of breakeven scratches).


  4. Anon 21:51 Trade as small as you can. Try FX mini lots if nothing else works and keep doing the SAME single trade type until you feel no stress.

  5. Great post. I am wondering how much capital you would recommend he start with and what percent to put at risk on average?

  6. Anon 01.:18, the richer you are the less the psychological impact of money is on you. Trade tiny until you are CP. I wouldn't risk more than 1.5% on a trade, hopefully much, much less. Being undercapitalosed is one of the reasons people do not reach CP.

  7. Tom, You originally had Kiki trading 3 contracts with each $5K. Do you still recommend that?

  8. Jefe, I think $5k is OK but Kiki used double that. The less leveraged you are when you begin, the easier it is to be disciplined and keep to yr TP.