The Daily Plan (A Thread)
When I started out in prop, we had to fill this sheet in every single day we traded.
It still remains one of the most useful things we did to improve as traders.
Risk (A thread)
When you're assessing risk, it's worth bearing in mind the difference between what you will load an account with and the full amount you are actually prepared to commit to the market.
A thread on "energies".
When I was in prop (so many of my stories start like this), the risk book was displayed at the front of the office. It had all the traders P&L for the day on it. For privacy reasons we weren't supposed to be looking at it...
A thread on BE
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I'm known for always bashing the concept of moving to breakeven on a trade.
I wanted to quickly clarify my thoughts on this because contrary to what people might think, they're not black and white.
One of the reasons I do not suffer FOMO is because in 21 years of trading I’ve discovered that almost every player in this game fails to keep the money they’ve made.
A persons 15 minutes of fame does not excite me.
I assume, usually correctly, they will end with nothing.
The drift of death: a short thread
The term “drift of death” came from a successful trader I worked with in prop.
There would be times when I’d be, let’s say, short and the market would be moving slowly against me...