Hi All, I just started with a prop firm about a month ago and so far, I haven't had any success with it. I need to put together a trading plan but i don't know where to start. Every plan that ive seen up to this point, it seems, is geared towards longer trading styles, but i need something for intra day trading. I tried coming up with a few ideas on my own, but they've all failed. can anyone point me in the right direction where i can at least get started designing a day trading plan with an "edge" ? or better yet, would any day trader in here mind me "copycatting" their trading plan? Im a big believer in modeling as Anthony Robbins explains it, "find someone who is already successful at what your trying to do and then just copy what they do"
Im a big believer in modeling as Anthony Robbins explains it, "find someone who is already successful at what your trying to do and then just copy what they do" ______________________________ Doesn't apply. Unless you had an identical twin who was successful and you copied him BUT if he said "zig" and you said "zag" the game is over. Let's have a show of hands for Buffett "modelers" on Forbes.
Trading well is a process of self discovery. By going to a prop firm, you'll be molded on how they think (usually the principals of the firm that started the prop.). Thus, it would be the tougher, more expensive way to do it. But, you need to start from scratch (if your goal is to be a great trader, and not just to iron out a living). Start with you, your charts, your trading account, and get your hands on as many books as possible. And start trading one contract or the minimal shares and work hard, and build up from there. I think that's the best way to go. And eventually if you want to go to the prop firm route because they would be a good fit for you, then you can do that further along the line. It all starts with solid fundamentals.
My understanding is you go to prop to either 1) Use their money to help you leverage your returns, but you are already a successful trader which it seems like you are not. or 2) You join a prop firm that will train you either by you paying for the training or because they believe in you. So since it seems this is number 2, maybe you joined the wrong firm if they are not providing you with real trading strategies. You may also have found yourself at a place that does not care about you and just wants to make money off of you commissions until you blow out your account.
I day trade the S & P e-minis everyday. Over the weekend I came across this website: http://www.futuresinvestingmadeeasy.com. This guy does some of the same things I do..... Why don't you check it out and let me know what you think? Good luck to you!