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Phase 2 - Review & Refine
PHASE 2 - REVIEW AND REFINE
PHASE 2 - REVIEW AND REFINE
DEMO ONLY:
DEMO ONLY:
We are trading in demo only until you reach Phase 3.
Goal:
Goal:
Now we have started to master the foundation habits of a successful trader, we move on to developing the habits that turn trading into a wealth building tool for long term.
Develop the habits of review | implement | backtest
Be profitable 3 months consistently on a demo
Review | Implement | Backtest
Review | Implement | Backtest
Review - Review past trades to look for common reasons why lost/won trades, e.g; you didn’t stick to all the rules 100%, there are certain times trades usually lose on certain pairs, similar market conditions, news events, certain days of the week and other possibilities.
Backtest – Back test the new market rules you are implementing to test viability and give confidence in the system
Implement – Add New Rules drawn from reviewing past trades and backtesting (1 at a time) to test in live forward trading
Time Required:
Time Required:
Indefinite (3 to 6 months), until consistently profitable on a Demo acct
Completion Requirements:
Completion Requirements:
Maintain all the habits established in phase 1
Adopt the Review | Implement | Backtest habits of phase 2
Show an emerging ability to implement positive changes to the trading system
Be profitable 3 months consistently on a demo
Every 30 Days Completed - Book a Zoom with your Mentor/Enroller
Every 30 Days Completed - Book a Zoom with your Mentor/Enroller
They will review your progress an confirm if you are ready for Phase 3
Phase 3 Entry Requirements:
Phase 3 Entry Requirements:
Be consistent in following all rules of phase 1
Develop the habits from Phase 2 - Review | Implement | Backtest
Achieve 3 months of continual profits
Your mentor will also consider:
Was the strategy suitable for your time availability, your style, and risk appetite? Work with your mentor to find alternative strategy if not suitable.
Go To: Phase 3 – Go Live
Go To: Phase 3 – Go Live
Useful Trading Resources
Useful Trading Resources
This is your hub for upcoming news that will cause volatility in the markets. Bookmark and download the phone app
Take the school of Pipsology in addition to the academies to understand the market in greater detail. Bookmark this site.
Journal your trades, win ratio, pips, calculate lot sizes and more. Every trader who is really serious about success does this process!
Currency correlation chart on mataf.net. Allows you to see how pairs move in relation to each other. Bookmark this site.
Keys To Success
Keys To Success
📈 Master The Basics. Take Your Time!!!
📈 Never Ever Quit. You can only fail if you give up!
📈 Treat Trading Like a business you have invested your life savings in
📈 Record all your trades in detail (include Entry, Stop Loss, Take Profit) Record the rules you took, or broke, to enter the trade. Record your trade management - did you exit to early, did you move to break even and when, did you increase your Stop Loss.
📈 Review each Trade, win or lose. Track the data and see why you won or lost. You will find what works for you and take your trading to the next level. You must do this if you are serious about being a successful trader
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