🚨 New Regulator Warns Against Prop Firms, Another Shop in Trouble?

Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for July 9, 2024

🗞️ TODAY’S PROP TRADING INDUSTRY NEWS

1. New Regulator Warns Against Prop Firms

2. Issues at Another Prop Firm?

3. GFT Launches 5K Challenge for $30

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📈 TRADER PSYCHOLOGY

Bezos Doesn’t Backtest

Us mere mortal retail traders must operate in the world of risk 💼📉, and when it comes to retail trading, let me ask you a question -- have you ever seen a backtest that was confirmed in real-life trading? We’ve all seen plenty of beautiful 45-degree equity curves 📈 that turned to mush once real money was put on the line. 💸 We have seen many sophisticated backtest results that were put through more data stress test exercises than a Navy Seals boot camp 🏋️‍♂️, and yet they too lost their "robustness" within months of going live. 🤦‍♂️

Instead of focusing on backtests, let's look at how one of the most successful companies in the world does business. 🏢 In a recent article on Amazon, here is what it said, "But Amazon doesn't spend too much time on internal testing. They prioritize launching early over everything else," one engineer wrote in an epic rant comparing Amazon's culture to other technology companies. Launching early with a "minimum viable product" allows Amazon to learn as quickly as possible whether an idea that sounds good on paper is actually a good idea in the real world." 🚀📜

This is an incredibly valuable lesson for us all. "Real Life" or in our case "The Market" will be the true test of our ideas. 🌍📊

Why do some strategies lose in theory but win in practice? 🤔 Because traders who trade them don't care about theory and only focus on practice. Trading is 90% tactics and 10% strategy. People who like to backtest everything have those numbers in reverse, which is why, much to their consternation, they inevitably lose. They spend too much time thinking and too little doing. 💭🔄💡

Backtesting mainly offers false hope and breeds intellectual arrogance that forces the trader to make the same stubborn mistakes over and over again. 😵‍💫

To trade well -- take a lesson from Jeff Bezos. Prototype and then put it out into the real world. 🧪🌎 Let the market be your teacher. 🧠📈 That's the only test that matters. ✔️

📌 PASS THE PROP TRADING TIP

Backtesting: Your Secret Weapon for Trading Success 🚀📊

If you're serious about making money in trading, backtesting every strategy you learn is a must. Don’t just take someone’s word for it—this is your money on the line! Even if you think you’ve struck gold with a brilliant idea, you need to make sure it truly shines. 🌟

Backtesting is the most cost-effective way to test your trading strategy without risking real money. 💰 By applying your strategy to historical data, you get a sneak peek at how it would have performed, giving you a solid indication of its potential success in today’s market. 📈

Backtesting also lets you see how your strategy handles different market conditions—whether it’s a bull market 🐂, bear market 🐻, or a rollercoaster of volatility. 🎢 This insight lets you tweak your strategy, making it more adaptable and resilient. 💪

When you’ve backtested your strategy and seen it perform well over various historical periods, it boosts your confidence and helps you stay disciplined and stick to your plan. 💪📋

Ideally, you should code your strategy and backtest it using software tools. This allows you to run your strategy against large datasets quickly and accurately. ⚙️💻 If coding isn’t your thing, you can manually review at least 20-30 examples on a chart for day trading and at least 10 examples for swing trading. 📊 This hands-on approach helps you understand how your strategy performs in different scenarios and identifies areas for improvement.

So, dive into backtesting—it’s like giving your trading strategy a test drive before hitting the open road! 🚗✨

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