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  • Trading Drills

    Prop firms tend to take the approach of getting traders to experience things themselves rather than just teaching theory.

    One of the reasons for that is statements like "when bidders hold the market" or "when the market speeds up" are completely subjective. So you need to see it as much as talk about it.

    So prop shops have drills, exercises for traders that get you engaged with the market. This first drill is the "One Tick" Trading Drill, which you should do on a demo account.

    THIS IS NOT FOR LIVE TRADING!

    These drills will improve your 'feel' for the market. They use them in prop firms because they make better traders!

    Your goal is to get into the market and get out with 1 tick/1 cent profit. Yes – that’s it. Just a tick. Sounds simple…

    The 1 tick target is there for one reason only – to get you out of the market, so you can look for another entry. Trading drills aren’t necessarily about making a profit and this one is no exception. The goal is to engage and learn.

    The drill is over when you reach $300 profit or loss or you run out of time. On a thicker market like Eurostoxx50, that could take you all day. On a thinner market, that might just take a few hours. Once you hit your profit and loss target, assess your performance and the lessons learnt, then do it again.

    To demonstrate how to execute the drills, here’s a short video where I explain the trading drills in more detail and demonstrate them on both Crude Futures and Eurostoxx. As you will see, I have no problem being on the wrong side of the market but I don’t stay there for long. You should not try to be right all the time, that’s impossible. You lose a trade, you move on to the next one. The more trades you execute, the better you will get.

    Starts
    03-21-2017
    Ends
    03-21-2017

  • #2
    Unfortunately missed it.. Where can I see the schedule of such drills in advance?

    Comment

    Disclaimer: There is a risk of loss in trading futures, forex and options. Futures, forex and options trading are not appropriate for all investors. Only risk capital should be used when trading futures. All information is for educational use only and is not investment advice. Past performance is not indicative of future results.

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    HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

    ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

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