Stop trying to win. Start trying to be a good trader.
This post was inspired by the new traders currently using PlayMaker to survive their first 100 trades. This feat is rarely achieved by beginners, and therefore many traders quit before they get an opportunity to really learn something about trading.
Our goal is to get you safely through the first 100 trades with your account intact. Profitability is NOT the focus. 100 trades teaches you a lot about trading, and the habits built at the start of your trading journey are the foundation for future discipline in trading.
Placing large positions with your first account, is akin to going to the driving range to learn to golf with 5-10 balls in your bag. Even if a few of them are amazing, all you’ll get is a good story about your one good shot.
PlayMaker is designed to help new and improving traders. Its goal is to allow you to trade safely for 100 trades with whatever trading capital you have allocated to your trading account.
The 100 trade goal is a type of initiation. With 100 trades every beginner has the opportunity to experience good luck, bad luck, multiple market conditions, and feel many psychological triggers like fear / greed.
There will be temptation to double down, cut winners too quickly and let losers run.
You will feel despair and elation, and importantly, you will see how you personally react in both these situations.
100 trades is a taster, it allows you to build muscle memory for both winners and losers. PlayMaker lets you do this in a controlled way. The goal to maintain perfect discipline helps minimize many of the mistakes mentioned earlier.
By risking at most 1% of your trading capital on any one trade, you can clock up a lot of experience, without blowing up your account.
Notice I don’t mention P&L here. Simply follow the guardrails and maintain your discipline an the P&L will follow.
Over time you can see how your returns are correlated to your discipline. This is the best teacher – see for yourself the cost of undisciplined trades.
PlayMaker gives you a playbook, tells you how little to risk, and when to stop for the day. You can lose money and still get 100% discipline score. You can also make money, and fail to get high discipline. So forget the P&L. Follow the rules, and I guarantee you will learn more than you can imagine on your 100 trade journey.
At the end of 100 trades you may or may not have made money. You are unlikely to have depleted your account badly if you have stuck to the rules. Your investment will have given you an education that most beginning traders never get. You will have survived 100 trades. You will have metrics – a baseline from which to improve.
Congratulations, you will be one of less than 5% of new traders who make it this far.
You will also:
Have a hunger to trade more
Know what you need to do to improve
Be excited for the next 100 trades
Chasing Returns are taking part in Cohort 4 of the FCA’s regulatory Sandbox from 1 July 2018 to 31st Dec 2018. PlayMaker is FREE for all MT4 users during this period. The regulatory sandbox allows firms to test innovative offerings in a live environment. More information on the FCA’s regulatory sandbox can be found here. Chasing Returns may use your performance information as part of this initiative.