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Transcript
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What’s going on guys so I’m going to go over a multi-part series about how I get prop firm payouts um I’m going to make quite a bit of different videos so it’s not all on one massive video and we’re going to talk about different things on different videos to help you along your journey and what help me go from not profitable to profitable before I get into that we stream live every day 10:30 to noon 2: p.m. to 4:30 if you
Have questions comments comment on the video come on the live stream ask I could show you in person if you have questions um if you want to support the stream use coupon code Cove Trader at uh all the prop firms works at every single one of them so let’s get into it the first video part one is actually going to be the mental side um I know it’s not the most fun side but it’s probably the side that most people need
Work with they are um you know the the word that goes around is always tilt I’m on tilt this is tilt uh you know I made one bad trade and I demolished my accounts or I was profitable Monday Tuesday Wednesday Thursday and then Friday came and wiped out all my gains if that sounds like you this is probably the video that you should be watching um you know I know everything everything that’s cool about trading is you know the indicators and
Going through all the cool stuff that I look at and you know what everything is but if you don’t have the mental side one bad trade could set you on a path of destroying all your accounts um I personally trade over 20 funded accounts I trade my own money and if I just went on tilt I would destroy thousands and thousands of dollars of accounts and personal money um couple of the tidbits that I always go for is you want to
Set your losses um if you happen to have a funded account one of my rules is if you blow a funded account you only blow one I never blow more than one you know if I’m not feeling the market I’ll switch to evals and there’s certain prop firms like you know bull KNX or Apex that have less expensive evals that I can say you know what I’m going to buy $15 eval and this is all I’m going to trade the rest
Of the day because I’m just not feeling the market and I’m not going to blow funded accounts I’m not going to blow uh more expensive takeprofit Trader or uh you know more expensive accounts so I’m just going to I’m just going to trade a $15 eval and when I’m not feeling it and I I take a a big loss uh that’s it you can’t have one loss in one account spill over into into multiple accounts so that’s right off the first
Thing second thing is you I kind of jotted down where I make my money um I do really well in the morning and then lunchtime becomes choppy for me and then I guess you break it up in three sessions you have uh New York morning afternoon and then the PM session my best session is the amm then comes the PM and then comes lunchtime and when I noticed that I stopped trading during lunch because what happens during lunch is you get
These choppy environments that give you the fake outs and things like that it doesn’t happen every day obviously I was just backed it up to Friday Friday we just kind of dumped also Trump was talking so that kind of uh makes for trading to be a lot better or I should say volatile but I leave during areas where I’m just not good I’m not good at lunch I I just know it chops around a lot so I leave you know usually
Around 12:00 which is here you know a lot of times you get this back and forth and I know I’ve lost more money there so I I stopped trading there um you know these are things that you need to be jotting down you need to be jotting down certain trades that aren’t working for you that you think you’re working like hey I take every time I don’t know this moving average crosses this moving average I hold for 25 points and you
Think you’re making money but when you start jotting it down you’re not you know you should be journaling certain trades that that are definitely um you know not performing that you think are performing that happened to me I took away a lot of negative trades that were only winning like 40% of the time 40% of the time obviously if you have the right risk to reward could be a winner um these were not these were definitely not uh those types of
Trades and I took them out of uh my trade plan the other thing is if you’re making money four out of five days a week but ending the week down you need to start setting stop losses in your accounts where you can only lose maybe $400 a day and you do that in here you go in uh reports oh no not reports application settings risk settings and you could set your daily loss limit and I would set that to maybe $400
In your accounts this way if you have a bad day you’re only going to lose $400 which if you’re playing a mini is uh 20 points if you’re playing uh M if you’re playing Five micros that means you lost 40 points after 40 points you should probably get up and leave you know that’s a you know probably two or three trades that went South and it’s time to exit because that $400 loss now you’re going to Revenge trade and it’s going
To become 800 or a th000 and then the th000 loss is going to become a blown account so I would set a daily loss early on to make sure that these accounts go longer than one day there’s nothing worse than getting into the prop firm world and blowing multiple accounts each day it gets expensive and it gets to the point where like you know your accounts are almost over where maybe you grew the account to $52,000 and then you blew it
Well you wouldn’t have blown it if you had a $400 stop loss you would have went from 52,000 to 51,6 and then you would start over the next day and you would feel a lot better about that you know these are the things you know a couple bad trades you know this is how you stop the couple bad trades people say take one or two trades you lose you’re done well the stop loss will take care of that you take one
Or two trades that’s it you’re done people tend to hold on to losers longer than winners the stop loss will take care of that too you know 400 bucks down you’re out of that loser you’re not holding that loser down a, 1,200 whatever it is um you know just adding a couple of those tips into your uh trade plan is really really going to help figure out what part of the day you’re most profitable set your daily loss on the accounts
And uh and just go about it that way you know if you have multiple accounts set the daily loss you can’t blow it at $400 you just can’t you know I have my own set of rules like that where once I blow an account I’m done but if you only have one or two or three accounts then yeah you should setting a daily loss limit for like 400 bucks um I have a micro challenge coming up and um I find that
When you go lower it it definitely is interesting when trading on the mental aspect because it keeps you in the trade longer and I think if you’re newer you should definitely trade lower amount of contracts and let it move around more to kind of get the gist of being in the trades and managing the trade more than going a lot of contracts uh for a smaller amount I would say that would be the route to go but yeah I mean these
Are just some mental tips that have helped me uh I want to pass them to you I am getting payouts consistently now and um it’s it’s just a few tweaks can really change you because I know there’s people in the chat that have great weeks and then one day just demolishes everything and if you start to make some of these changes I think you’re on your way to uh consistent payouts and that’s what uh we’re all here for if you have
Questions comments leave it on the video or come on the Stream
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