Our accelerated accounts have opened the opportunity for aspiring traders to skip the trading challenges and go straight to a live account. Sometimes trading on live funding can be daunting to a trader and it can cause the traders psychology to faulter and lead to a breach of the account. Which isn’t good for anyone.
Never fear however, there are some habits that the traders who are trading successfully on accelerated accounts follow.
#1 Apply solid risk management principles.
As with all trading, having solid risk management principles and maintain low risk high reward trading parameters is the most important factor. Staying in the game for the long haul is what will allow a trader to get the most out of the market. It is recommended that a trader on the Emphatic model only trades with 1% risk per trade and a trader only trades with 0.5 % risk on the conventional model due to their overall drawdown parameters.
#2 Take your time.
The better traders on the accelerated programs are taking their time and letting the scaling plan do the hard work for them. Scaling will occur “whenever you get there” at your profit target. There is no rush, the most important thing is to last the distance. Your pot of gold is at the end of the rainbow not the start, you will get there.
#3 Take your profit.
One of the most painful things to see are users who are in profit, do not request their profit share at the end of the week or even refuse their profit share at the end of the week, then lose it the next week. Our scaling plan is one of the best in the market and comes with no strings attached so long as you are at the profit target over time. Withdrawing your profit does not affect your ability to scale. Pay yourself, enjoy your hard work and refuel for the march forward. Do not let psychological greed be the detriment to your success.
#4 Keep a trading Journal.
One of the most important aspects of trading is staying disciplined. Keeping a trading journal allows you to maintain your discipline and identify whether you are maintaining your discipline. Trading Journals will often tell you why you won and why you lost and increase your ability to correct yourself, ultimately leading to a higher potential of trading success.
#5 Have a trading plan, stick to it.
When you start your accelerated trading journey you should enter it only if you have a trading plan. A trading plan is a vital part of any professional traders’ journey. However, it is of utmost importance that if you have a plan, you stick to it.
We see psychology and emotions enter into a traders’ experience very often and they throw their plan out the window as they may be going through a period of loss or not making as much money as they expected to.
These emotional responses generally lead to more loss, so stick to your trading plan and let your plan work for you.
#6 Consider no trade a trade.
When in doubt, stay out.
There are many different “motto’s” of famous traders that imply that when you are not sure about your trade, don’t take any trade. You should consider that every time you decide not to take a trade, it is actually a trade. It’s the only trade that has 0 risk, so sometimes it is the best trader to take. There is no shame in staying out of the market when its messy and going to the gym or doing one of the many hobbies you may enjoy in your spare time even if that’s binge eating ice cream and watching a friend marathon. Preservation of capital remains the key to success on the accelerated account and staying out of the market is often the most effective way to do that.
Who ever you are, where ever you are, if you stick to these 6 habits you will increase your chances of success with our world leading Accelerated program.
Stay well and remember the MFF team are here for you.