SF Veritas, LLC, and ProTrader Ed make no investment recommendations and do not provide financial, tax or legal advice. Content and tools are provided for educational and informational purposes only. Any stock, futures or options symbols displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular investment. Trading Stocks, Options and Futures, involves risk. All trades and charts are paper trades for learning experience only.
“The simple fact is we individuals will rarely, if ever, be able to compete in trading when the primary question is why [prices move]. However, if we change the essential question to what (a price has done in the past and is doing now), then we can compete. ‘Why’ is concerned with knowledge; ‘what’ is concerned with observation. … Therefore, the correct approach for the individual trader is to trade on what you see, not on what you think." Chick Goslin - Trading Day By Day
My Sample Trading Plan for learning to trade without Blowing out Your Account
Here are my recommendations:
1 - Trial w/o charts or demo account - Just observe, take notes, verify all trades posted (www.protradered.blogspot.com).
2 - Trial with Indicators - Observe, follow along with your charts, mark the setups and trades, verify everything.
3 - Make a decision.
3rd Week: 4 - Acquire indicators and setup charts to match the learning trade rooms' exactly.
5 - Observe, follow along on your charts, practice on sim learning the setups. Make sure to get all the rooms' manual.
After 1 month in the trade room with Indicators: 6 - Earn as you go by implicitly following all room trades called. If there are communication or understanding issues, then speak up.
7 - Begin solo practice taking signals and managing trades both SIM live and market replay.
8 - Begin formulating a live trading plan.
I STRONGLY RECCOMMEND that you do not trade cash in any trade room until you have passed my "ACID TEST".
After 2-4 weeks in a trade room, or when you feel you understand the methods and the indicators : (Personally, I recommend 1-3 months).
11 - If completed acid test send all results including trade plan and journal copy to protradered@gmail.com.
12 - Review and critique of results.
13 - If passing grade then begin trading live.
DO NOT CHANGE ANYTHING FOR THE FIRST 3 MONTHS OF LIVE TRADING!. DO EXACTLY THE SAME AS YOU DID TO PASS YOUR ACID TEST. KEEP IN CONTACT WITH ME AT LEAST 1x A WEEK DURING THIS PERIOD.
