A Prop Pulse - 10/07/24

"I am the master of my fate, I am the captain of my soul"

It's not what happens to you, but what you do about what happens. As Jim Rohn would say, 'The wind blows on us all.' The difference lies in the setting of the sail. We all control how our ship sails; we may not control the wind, but we can set the sail. You are in control of setting your sail in the direction you choose. Correct your errors and adopt new disciplines. Anyone can rectify their mistakes and start new disciplines, and you can begin now. I'm not sorry to say that tomorrow isn't guaranteed, so if you're a 'tomorrow person,' then this message isn't for you. You'll keep waiting for tomorrow, and that day will never come because it's simply not on the calendar.

Anything is possible for those who wish to change here and now. Today, make the action change; be consistent and persistent not just in what you say, but in what you do. Some are in the dark and will stay there. Is that you? Are you open to asking yourself, 'Am I in the dark'? If your answer is 'no,' you are mistaken. If your answer is 'yes,' then you have the power to change that. Never believe you know everything under the sun; be a sponge and keep an open mind to all possibilities.

I share this message in peace, wishing everyone a prosperous week.

With peace!

Updated Prop Trading P&L

I strongly believe that if you are following someone, they should be able to present their statistics, or their resume, if you will. It's not just about following someone based on the number of followers they have, especially if that person might be gambling and occasionally earning, or even lying under false pretenses, using a paper account and claiming to make XYZ money. Instead, focus on following someone who is consistently profitable, as I will demonstrate below regarding day trading.

I am primarily a swing trader and positional trader, but here on Substack, I focus on swing trading and helping others learn and gain prop trading accounts. My mission is not just to point the way but to walk the path, leaving a trail for others to follow.

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Article I, Section 10, Clause 1:

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How many retail traders are there?

It makes sense to start with a basic headcount and profile of the retail trading crowd.

• The global day trading community is estimated to be 9.6 million people.

• For younger traders in this category of traders, crypto is the preferred market.

• In an average year, profitable day traders account for 1.6% of all traders.

• Roughly 89% of day traders use technical analysis as part of their trading strategies.

• According to one study, the average day trader traded on 43 days of the year.

How long do retail traders last?

Retail trading is not easy, but exactly how difficult is it? Here is some data on trader survival rates.

• Nearly 40% of retail traders day trade for only one month.

• The average retail day trader loses money for six months before quitting.

• 97% of day traders lose money in less than a year.

• Within three years, only 13% of retail continues to day trade.

• After five years, only 7% of retail day traders remain.

How much money do retail traders have?

• Nearly 17% of day traders can earn minimum wage from their trading.

• Retail day traders who live in the US earn roughly $56 per hour from their trading.

• The average day trader enjoys a 10% return rate.

• But only about 1% of all day traders are able to predictably profit net of fees.

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Holistic Traders - A Prop Pulse

Range: Wholesale Area

Thought: Currently, $EURAUD is in a wholesale area, which may offer more opportunities for entry while it remains in this area. The stochastic is still below the 50 midline on the daily chart, and we're considering taking the break of the previous day's higher highs, along with any Parabolic SAR (PSAR) entries within the wholesale area, to take profits up to the retail area.

Range: Retail Area

Thoughts: Currently waiting for an entry point for the downside of $NZDJPY. It is currently in the retail area, and the stochastic is high on the daily chart. I'm waiting for an entry using either the Parabolic SAR (PSAR) or a lower low from the previous day's candle. If you're interested in learning more, check out yesterday's YouTube video.

I will be looking for around the market for more trades and will post the technicals so stay tuned make sure you subscribe and if you have any question feel free to ask.

If you are looking to learn more, whether it's technical analysis or more information on prop trading and don't necessarily have the time for a trading community, and want dedicated time set aside to assist you in your trading or investment needs, feel free to message me for a consultation to see what your goals are, and we can go from there.

Stay tuned for more freebie trade ideas and stock trades as I tune into the day! Peace to all