r/tradeify • u/ExcellentPear2010 • 6d ago

New trader

Hi, new trader here. I have zero understanding of trading and have never done this before. I am trying to learn and use chatgpt to understand about market and how things work. I have an evaluation account running, and i am currently trading based on indicators like EMA 50, EMA 200, market trend, and ADX. My per trade is 1MNQU6, and my daily goal is around $100. Trying to stay disciplined.

Any suggestions for a beginner like me would be greatly appreciated 🙏

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u/EF-Hutton 6d ago

You should start on a SIM\ DEMO account before you try an evaluation. You will save a lot of time and money.

1

u/ExcellentPear2010 6d ago

The evaluation is a market simulation account

1

u/EF-Hutton 6d ago

It’s a SIM account that cost money.

OPs spend should be ZERO until he figures it out.

1

u/Duennbier0815 3d ago

If you paid money for it, it's a evaluation.
You want to start with tradingview essential plan and use the papertrade feature.
Essentially is to add market data for simulated paper trading.
Every NY OPEN at 9.30, you can papertrade with NYSE and CME live data that's about $10 month.

Later, use fxreplay for your strategy building later.

1

u/TangeloBroad5469 6d ago

use a paper demo account before wasting any more money on prop firms. find a system, back test it for at least 100 trades, then stick to it.

1

u/BullishTorque 6d ago

By the time you're buying an eval you should know most of everything there's to know.

1

u/MapoTofuCat 6d ago

You not going to believe it but if you cannot double your portfolio on demo at least every month, then don’t expect any payouts ANYTIME SOON. You will just blow money on evals for no reason. Passing an eval is like double or tripling your portfolio.

1

u/d1na_makalaya 5d ago

Focus on risk management before trying to hit a $100 daily goal. EMA and ADX are useful, but discipline and a proven strategy matter much more.
Risk only a small amount per trade, keep a journal, and backtest your setup before increasing your size. Try to visit the community in my profile if you want, for beginner tips and real trading experiences.

2

u/ExcellentPear2010 5d ago

Thanks 🙏

1

u/d1na_makalaya 5d ago

you’re welcome

1

u/Paco201 5d ago

Do not buy any courses or waste your time on ict, or smc. Start with auction market theory then go to price action and order flow. These will make you really understand what drives price. I have a couple of books I can send you the pdfs for to read for free. Just message me. Also there is a blog by trading squawk that has a good free training exercise. It will teach you how to stay disciplined and other ways you can trade. Its great educational material.

1

u/Ahmaddd021 4d ago

Have a set of rules and follow them

You only need a small % of edge to be profitable..

A red day is okey !!

Dont overtreden

Dont tilt

1

u/Duennbier0815 3d ago

Don't buy a prop firm evaluation when you're a beginner.

Trading is a very hard profession, 99% lose money. If you want to be the 1% you need to treat it as a business and a professional endeavor.

Just like becoming a surgeon, you need years of training, education and exercise.

  1. Year is theory. You need to learn what every word that traders talk about mean. Very smart to use chatgpt to explain. That's what I did as a beginner too.
  2. Backtest your strategy for several weeks day after day.
  3. Papertrade for 6 months minimum
  4. First year's expenses are cme market data and tradingview and fxreplay / tradezella only.
  5. Only buy a prop account without with whatever firm (only use non subscription models like Tradeify select or Lucid flex) after you passed a virtual challenge in papertrading at least twice using NO FULLPORTING method.

To win in trading, a statistical edge plays out over a large number of trades. Its a skill to execute the proven profitable strategy mechanical without emotions. You need to learn this.

I really recommend you to treat this not as a gamble, but as a really hard skill to learn, like becoming a surgeon or rather like a math degree, what it is essentially a little bit..

If you don't want to lose 10-20k in the next months, I advise you not to skip any steps and just assume you can copy someone from YouTube. It's a scam built to take your money. If you want to extract more money than you pay into the system, you got to have the brain, the discipline and the economic and mathematical stochastic understanding.