Do not jump straight into live trading!
Success with any trading strategy should follow a graduated implementation plan, to allow you to increase risk ONLY as you have proven sufficient knowledge and skill at each risk level.
YTC PAT Vol 5 discusses deliberate practice and provides a detailed example of a graduated learning plan. YTC Scalper offers a similar (but much summarised) version, which I will share with you here as an example.
Consider implementing a similar plan for your own trading, adapting of course for your preferred market, timeframe, strategy, risk tolerance and financial situation.
1. Post-Session Learning
Implement a 20-session period of chart review.
If you happen to have access to historical data that can provide 1-range price bars, then you can fast-track this stage. If not, you’ll need to do it in real-time.
For 20 sessions of chart data, review the price charts at any of the following times:
- Euro – One hour following the UK session open
- Euro – One hour following any UK/EUR news reports (High or Medium Impact)
- Euro – One hour following the US session open
- Euro – One hour following any US news reports (High or Medium Impact)
- E-mini Russell – One hour following the session open
Note: Reviews are completed post-session, not live.
This is a period in which you learn to see the scalping channel opportunity, with the benefit of hindsight.