Thread on How to Approach Trading Starting From Zero🧵
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Trading is the most difficult business to be successful in but once you develop the skills & discipline to become a profitable trader it is the most rewarding industry to be in. In this thread I will go over the exact steps I would take if I were to start trading again from zero.
You can use this thread as a game plan for your trading journey to boost your learning curve and avoid the mistakes that I made along my journey. This game plan is what I wished someone gave to me when I first started trading.
The game plan is divided up into 4 stages and it's important to complete each step in each stage before moving onto the next.
1. Income | Cash Flow | Savings
Before you start trading it's so key to have a steady source of income/cash flow or have money saved up. Hundreds or thousands saved up wont cut it. Depending on your expenses you need tens of thousands if you don't have another source of income.
Before you start trading it's so key to have a steady source of income/cash flow or have money saved up. Hundreds or thousands saved up wont cut it. Depending on your expenses you need tens of thousands if you don't have another source of income.
Being in a good spot financially before you start trading will significantly improve your trading psychology. If your mentality when you enter a trade is to hit TP so you make enough money to pay your bill you will end up blowing up your account every time.
When you are money driven the money runs away from you. When you are process driven, the money will follow and attract towards you. This change in mindset was what helped me grow significantly.
2. Purpose
The purpose of trading for everyone should be the freedom that is rewarded to you once you become successful at it. If you're trading the right way you should only be on charts a few hours a day max. Being in front of charts all day will only wear down mental capital.
The purpose of trading for everyone should be the freedom that is rewarded to you once you become successful at it. If you're trading the right way you should only be on charts a few hours a day max. Being in front of charts all day will only wear down mental capital.
Have a purpose for trading, outside of trading, and have a plan for what you're going to with the money when you make it. Make sure that money is helping you grow in life or that it benefits your family or the people around you. It's important to know your why.
3. Submit To Time
Everyone when they first start trading rushes the process. It's normal to do that and get FOMO especially since 99% of social media posts their wins only and don't show any losses. Ignore all of it and focus on yourself by submitting to time to learn the skill.
Everyone when they first start trading rushes the process. It's normal to do that and get FOMO especially since 99% of social media posts their wins only and don't show any losses. Ignore all of it and focus on yourself by submitting to time to learn the skill.
Im just 23 years old and have been trading for 3+ years. Year 1 I got lucky because it was a Euphoric market. Year 2 I learned The Strat and then year 3 I finally submitted to time to dedicate an entire year to learn ICT during my self isolation trip.
People spend 4+ years to get a degree and doctors and lawyers spend a lot more than that before they even start their career yet the average trader thinks they can become successful overnight. Everyone will learns at a different rate but understand it will take time & experience.
In order to develop your edge you need to learn a trading strategy to develop your own trading model. My trading model is a mix between ICT, The Strat, Range & Deviations. ICT has hundreds of different trading models but all you need is one to be profitable.
Here is my trading model A-Z
5. Backtest
Once you have your own trading model you then need to backtest it and collect data to make sure that you know it works. The data is how you gain confidence to trust your system and not abandon it every time you get into drawdown or a losing streak.
Once you have your own trading model you then need to backtest it and collect data to make sure that you know it works. The data is how you gain confidence to trust your system and not abandon it every time you get into drawdown or a losing streak.
6. Demo Trade
Now that you have a trading model that's proven to work through your backtests you now have an edge. It's now time to put it to the test by trading a demo account in the live market. Prove to yourself that you can be consistently profitable for 6+ months.
Now that you have a trading model that's proven to work through your backtests you now have an edge. It's now time to put it to the test by trading a demo account in the live market. Prove to yourself that you can be consistently profitable for 6+ months.
7. Challenge Accounts
The negative thing about demo trading is that there is no psychology involved since there is no real money at stake. Once you're consistently profitable for 6+ months it's now time to put skin in the game & risk real money by purchasing a challenge account.
The negative thing about demo trading is that there is no psychology involved since there is no real money at stake. Once you're consistently profitable for 6+ months it's now time to put skin in the game & risk real money by purchasing a challenge account.
With challenge account it's important to take your time with them and take A+ setups only using proper risk management. Here are tips to help you pass challenge accounts.
8. Funded Accounts
The real test starts once you have your funded account. In order to receive a payout everything has to come together from risk management, discipline, strategy, edge, all the way to psychology, preparation and execution.
The real test starts once you have your funded account. In order to receive a payout everything has to come together from risk management, discipline, strategy, edge, all the way to psychology, preparation and execution.
Once you get funded it's all about scaling up your capital. 5-10k accounts might be a place to start but it won't make you life changing money. Treat trading as a % game (RR). If you can pass a 5k you can do the same on a 200k account if you have the capital to pay for the fee.
If you know your model can consistently produce 5% per month then your goal should be to scale up to at least 200k+ in order to have 5 figure months (100k+ per year). This will allow you to live comfortably anywhere in the world. Scale up to 1M and well... you get the point..
9. Personal Account
After being consistently profitable in the demo phase instead of the prop firm route you can also go through the personal account route. I also think it's good to have this as a backup plan and worst case if prop firms get regulated or go out of business.
After being consistently profitable in the demo phase instead of the prop firm route you can also go through the personal account route. I also think it's good to have this as a backup plan and worst case if prop firms get regulated or go out of business.
If I were to start over and do it all again from zero these are the exact steps I would take. Have a game plan because there will always be struggle along your trading journey, the game plan will keep you focused and will keep you accountable to stay on track.
Sign up for my Lifetime+ Membership to get live access to my real time trade signals & follow closely along my journey to 1M in funded capital. whop.com
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