Imagine for a moment that you have a trading system such as Counter Punch Trader and it’s now the time to start trading live. This is assuming you’ve done all your homework and know how to trade the system, back tested your trading plan and have been involved in the trading room which has built your confidence to identify and trade the system setups.
You are all set to risk real money in the live markets and begin the process of growing your trading account.
Let’s be clear that if you are not ready to jump into live trading, don’t do it. The markets are not going anywhere and you want to protect the most vital component of your trading business which is your capital. Before you begin, ask yourself:
Which market and time frame will I trade?
What time does my trading day start?
What are the risk parameters I will use to protect my account?
You also want to ensure that you understand that trading is not a get rich quick scheme. Your trading account will not rocket to new highs overnight and approaching trading with that expectation will not only leave you disappointed, but also have you risking too much and getting wiped out during a losing streak. Expect a two steps forward and a one step backwards progression of your equity curve while you compound your trading account.
Stick to your proven trade plan and resist the urge to jump from market to market during different volatility levels. You will have a string of losing trades and while this will challenge your resolve, review your back test and the draw downs that occurred during the testing and trust in your system.
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