CFTC Rules 4.41 - brascotrading.com / It should be assumed that these results are hypothetical and simulated. Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.
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Don't fail to plan your finances
If you are going to venture into being a day trader, I advise you to put in place a clear financial plan with your partner where you can both define some parameters and expectations. You should assume you will lose everything in your trading account more than once. It is extremely likely this will happen. It doesn’t happen to everybody, but most traders I have spoken with over the years have blown up an account or two.
Here is a rough plan that you can fine tune together. The most important thing is, you have a plan and work on it together.
1. Agree a reasonable trading account size that you can use (and lose) that won’t affect you or your family’s wellbeing.
2. Agree a time limit to review the account size and determine if you should continue or you should stop and reassess your trading.
3. Be fully prepared emotionally and practically for the account to be wiped to zero.
4. Be fully prepared to re-fund the account.
5. Openly discuss what is working with your trading and what isn’t. It doesn’t matter if the person on the receiving end knows about day trading or not, it is the fact you are discussing it that matters.
6. Don’t let trading affect your relationship with any members of your family. If this starts to happen or somebody points this out, do not be defensive and stubborn. Be open. Trading can envelope you in ways you didn’t think was possible.
7. Talk about how your trading is going. If you are struggling, you can always take a break.
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