October 19, 2011
- in Uncategorized by schooloftrade
Grow day trade account from Demo to 10 contracts
Grow your day trade account from Demo to 10 contracts
Three main objectives in your learning process:
1. Learn how the tools work
2. Learn how YOU work
3. Learn the interaction between YOU and your TOOLS
Step 1: Learn the tools we use to trade
– Learn the markets we trade
– Learn the charts we trade with
– Learn how to use a brokerage account
– Learn how to use your trading DOM
– Etc, etc, etc.
We have our full-time tech support team is always making sure that you and your tools are operating correctly.
Step 2: Learn how PEOPLE think and react
How we react with other people, and ourselves will be a challenge if we don’t learn it.
Start watching charts, looking for consistencies.
– Patterns
Step 3: Learn how you react with your tools
Keep yourself disciplined to follow a specific plan of attack by understanding that how you control your emotions will be vital to your success.
Days 1-10: Learning
– Practice on a demo account
– Learning all the new ways to use charts
– Getting into the rhythm of the trading day
Days 11-20: Practicing
– You are practicing your plan
– You have a trade plan from Joe (custom trade plan)
– Focused on following the rules, not making mistakes, and not allowing your emotions to trade for you
– You want to find out what you LIKE and DISLIKE about trading
o You may LOVE crude oil futures but you may hate Mini-Russell Futures
o You may LOVE scalping, and hate swing trading
o You may LOVE to trade wave patterns, and hate trading breaker patterns.
Days 21-30: Trade 1 contract
– This is very simple, and disciplined approach
– Very strict with rules, trade management, and patterns.
– 1 contract traders should be doing this with the intention on increasing size every 10 days.
– Developing trade habits that will serve you will as you grow your account.
– You will be trading the Fast Track, which will have very specific instructions so there is no discretion.
– We don’t trade 1 contract to make money, we do this to learn how to handle the pressure of real CASH, the losses that can occur won’t kill you, and to develop you into a machine that will produce consistent profits.
– You and I are working closely together to make sure that your trading is going well and I am holding you accountable to your rules.
Days 31-40: Growing your Account 1 trade at a time
– Every 10 days, or $1,000 in new equity I can add another contract.
o Gold futures = $1500
o Crude oil futures = $1500
o Euro currency futures $500
o Mini-Russell Futures $500
Auto Trader: 100% Fully-Automated Trading
– Does all the work for you
– Can also be used as hybrid
o Auto-entry
o Auto whatever you want
o Manually take profit, move your stop
– $2500min per contract on Auto Trader
– Only the Euro currency futures trades overnight, so you can have rock-bottom margins.
– Average $1500/mo/contract
o While you run the auto, learn the discretionary trading to boost even more profits.
– You only need to leave your PC on 24 hours a day when you are trading the EURO CURRENCY FUTURES, which 24 hours a day on the auto trader.
Get Ready for Lunch time Trading, Click Here for Our Lunch Time Trading Prep
