💡 Once you have bought a prop firm challenge, you should consider which assets you wish to specialize in! But FIRST, consider this… You have to risk it for the biscuit. You will never succeed until you expose yourself to the opportunity to either succeed or fail. Without failure, success would not exist. It's the yin and yang of progression so you must accept the possibility of failure and understand that it is okay.
IF you can hold your trades while in the profit and let them play out in the way that your strategy requires, you will see trading success before you know it.
The key to eliminating fear in prop firm trading is building genuine confidence through understanding. This isn't about blind courage – it's about developing deep knowledge that naturally leads to confident execution. The most effective way to build this confidence is to focus on a single asset.
When you dedicate yourself to trading just one asset, you begin to learn its unique language in the market. Think of it like getting to know a close friend – you learn their habits, patterns, and reactions to different situations. Here are the key aspects you'll master about your chosen asset:
Now imagine trying to answer all these questions for 10 different assets – it would be overwhelming and lead to superficial understanding. Yet having a deep grasp of these aspects for your chosen asset is vital for consistent trading success.
I trade XAUUSD. I’ve been watching its price movement everyday for the last few years. I’ve come to understand the nature of it’s movement. Gold is my favorite asset because it has potential to make strong moves from Asian open to New York Close (20 hour window every day)