Thats cool! Even if I would have asked Market Wizards like Jesse Livemore, he would have said the same thing like you have actually said
. But what I meant was if you have beeen chosen by a firm to trade their money then you gott2 have something which seperates me and you. In general a pros working for a firm are given a set of target each month or week, say for example (risk management parameter taken from xyz company)
Daily Stop is 20 Price Increments.
Daily Target is 25 Price Increments.
Trading Limit Decrease Amount is 60 Price Increments.
Account Target (within 10 days)is 80 Price Increments
Account clip sizes are usually increased if the targets are met consistently and in case of target not achieved then clip size is decreased and consistency leads to disciplinary action or account termination
The above example clearly states that how much pressure a trader can have if he/she looses track of their own discipline.. so this environment naturally pushes an individual traders skill beyond imagination if I am not wrong. i have also seen most of the prop traders are scalpers and one has to be more skillful than a swing positional traders.
Can I ask you what type of account target and environment you have, by giving an insight all we retail traders can benefit by implementing those ideas and rules to ourselves, we ain't gotta a BOSS we gott2 be our own, for good and bad
Cheers!
. But what I meant was if you have beeen chosen by a firm to trade their money then you gott2 have something which seperates me and you. In general a pros working for a firm are given a set of target each month or week, say for example (risk management parameter taken from xyz company) Daily Stop is 20 Price Increments.
Daily Target is 25 Price Increments.
Trading Limit Decrease Amount is 60 Price Increments.
Account Target (within 10 days)is 80 Price Increments
Account clip sizes are usually increased if the targets are met consistently and in case of target not achieved then clip size is decreased and consistency leads to disciplinary action or account termination
The above example clearly states that how much pressure a trader can have if he/she looses track of their own discipline.. so this environment naturally pushes an individual traders skill beyond imagination if I am not wrong. i have also seen most of the prop traders are scalpers and one has to be more skillful than a swing positional traders.
Can I ask you what type of account target and environment you have, by giving an insight all we retail traders can benefit by implementing those ideas and rules to ourselves, we ain't gotta a BOSS we gott2 be our own, for good and bad
Cheers!
I wanna make something clear here....I am not actually a Prop Trader with ICICI. Though, a part of my job involves prop trading too, but we have a complete seperate group for prop trading...The guys out there have multiple years of exp...having said that, the entry to that group can be made through the profile that I am working on....But as of now, I am not a full flegded prop trader...here is a small difference:
1)If My trading limit for trading any currency pair is 50 mio.....That is at the max I can take a position of 50 mio for the bank...A prop trader has a limit which is at least 4 times mine...
2)I can only take intraday positions...A prop trader is allowed to keep positions open overnight....
3)I am mainly a market maker for some of the other deptts of the bank..primarily those which face the client....you may wanna google INTERBANK DESK and understand the real role....
4) as said above...entry to the prop group can be gained only by consistency and spending time in my current role and having a green PnL book.
So in effect, I am on a pseudo Trading Floor...i do trade, I am allowed to trade, but with quite some restrictions as I am still pretty young in the game!
And ash..just a fact for you..I am younger than u in age..
That might help n tell you how much of an amateur am I
Happy Trading
