Dear Traders
This has been such an interesting Trading month.
Firstly I want to congratulate Harold on achieving 5.72% on his prop account this month and scoring the winner of the month position, closely followed by Vijay at 5.17% and Faraz at 3.29%.
Considering that it was a tough trading month, we are very proud of all our graduates who have ended the month profitably and are collecting payments.
Here is an assignment I am including for everyone to progress in your trading plan. Please set up your entry and exit criteria by answering the following questions:
- Do I trade with the Trend only? If yes is it daily, weekly or hourly etc.
- What is my definition of a trend?
- What time frames do I use?
- Is my analysis purely mechanical?
- How familiar am I now with my bar formations e.g., swing highs/ lows etc.?
- What supporting indicators do I use to support the bar formation signals? E.g. Fibs, Moving averages etc.
- What is my stop loss set up? E.g. below the daily chart support, Below lowest low of either bar of train tracks minus 5 pips
- Am I crystal clear about my entry / exit criteria?
- Do I have a weekly / monthly/ quarterly goal for my trading?
- On a scale of 1-10 am I in a state to trade today? 10 being 100% yes and 1 being shut off the pc and don’t trade at all…
Think of these questions and prepare yourself fully in order to achieve a successful November’s trading.
To your prosperity,
Saira
