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Tom

@t0mbfx

Jul 11 • 8 tweets • 4 min read • Read on X

I spent 4 years as an unprofitable trader

In the last year, I’ve made $10-40k in prop firm payouts every single month

Here are the mistakes I was making that were holding me back from becoming profitable (you’re probably making them too):

1. Strategy hopping

Every time I went on a losing streak, I would convince myself that my strategy was broken

I’d move onto another trading system, try that for a few weeks

Eventually I would go on another losing streak and I’d repeat the same process

This held me back because it meant that I was never making any real progress - I would reset my own progress every time I changed strategy and it was like I was starting from the beginning again

I only started becoming consistently profitable after I had stuck to the same strategy for 2+ years

2. Ignoring psychology

I used to think that psychology was BS if I’m being honest

I thought that if you had a good trading system that you wouldn’t need a good psychology - because you’d be profitable and that would fix any psychological issues you might have with trading

This couldn’t be further from the truth

I’ve seen people with profitable strategies crumble and destroy their accounts because of their psychology

When I started taking this seriously I improved so much as a trader

Read books on it, watch YouTube videos and learn how to deal with your emotions - you’ll thank me later

3. Not journalling my trades

This isn’t something I did until early 2024

But I can say that without a doubt - if I had done this earlier then I would’ve been profitable a lot sooner

It’s so important to collect data on your system and to be able to see exactly what you’re doing right and what you’re doing wrong, etc

It lets your dial in your system and improve your RR and win rate

Truth is, all of you reading this should be journalling every trade that you take

You need to track:

•Entry / exit times
•RR you aimed for
•Trade result (%)
•Stop loss size
•A description of the setup, why you entered and what you liked / disliked about the trade

Also, if you go to BE at trades - track how each trade would’ve played out if you just let it go to TP or SL - so many traders put trades at BE even if they have no data to back it up, and just letting their trade run might actually be a better decision

4. Under-estimating how long it takes

Trading takes a LONG time to get consistently good at

You’re not going to become profitable and be making $10k/month in the first 6 months

This discouraged me at the start because I was greedy and I was frustrated with how long it was taking to get good at it

This led me to over-leveraging, revenge trading and trying to rush the process - all of which held me back

Know that it will probably take years to get good at and accept that

5. Going full-time too quickly

I got my first payout in mid 2022, it was around £10k

I was super hyped when it came into my bank account

I quit my job that week and thought I had made it as a trader

But I hadn’t. After that I just couldn’t get another payout - I ended up blowing all my funded challenges and losing the payout money after a few weeks

I went back to my job and it was another 2 years before I made another payout

So learn your lesson from me - going full-time before you’re ready will put pressure on your trading and you’ll struggle with emotions and consistency

Before quitting make sure you have enough money saved up to cover 6 months of your living expenses and make sure you’re consistently profitable

6. Comparing myself to others

I used to watch the trading gurus with their lambos and wish I could be like them

I’d also see other traders in communities I was in start trading after me, but get profitable before me

This made me feel bad about my own progress and I noticed I would over-trade and over-leverage so that I could try and ‘catch up’ with these guys

That’s not how it works though

Everyone is on their own time

I know guys who have become profitable traders at 16, and I know guys who have become profitable traders at 50+

Don’t compare yourself to others - it will only make you feel more emotional which will hurt your trading

Remember - it’s always you vs you

That’s pretty much it

Just posting something I wish I had seen when I was learning how to trade

Btw I have a free Discord Community about trading

Join it here:

discord.gg/rRqnTjCv

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More from @t0mbfx

Tom

@t0mbfx

Jul 7

Just over a year ago I was working as a bricklayer

Since then I’ve made £300k+ trading prop firms while traveling the world

Here’s how I did it (and how you can too):

1. Take your time

At the start of my trading journey, I tried to rush things

I was greedy and wanted to make money ASAP even though I was just starting

This led me to change strategies every week, over-leverage and revenge trade

This was terrible for my trading - I went on like this for a year and literally made 0 progress

It’s only when I decided to take my time that I finally started making progress

I was working as a bricklayer and in Tesco and I made a promise to myself

“I’ll work these jobs and keep doing trading for another 20 years if that’s what it takes”

After I adopted this mindset I found trading much easier as I wasn’t trying to force trades or get rich asap - I was actually learning the process like I should’ve and I stuck to one system and learned it properly

2. Try everything

I know every guru on here says “stick to one strategy”

But I think the opposite

At the start, you should try as many strategies as possible

Support + resistance, ICT, CRT, trendlines, fundamentals, etc

Try each of them out for 1-2 weeks at a time and backtest them

You don’t need to learn everything about each model - you just need to understand it and get a feeling for how it works

Then after about 2 months of this you will have tried most trading strategies - from there you just need to pick the one that makes the most sense to YOU and stick with it

“Stick to one strategy” is great advice - but only if the strategy you’re sticking to fits who you are as a person, so try out everything to figure out what suits you the most

THEN you can go all-in on it

Read 8 tweets

Tom

@t0mbfx

Jul 4

I started trading prop firms 3 years ago with a $10k account

Since then I’ve been able to scale to 7 figures in funding

If I was starting again, here’s how I’d go from $10k to $1M of prop firm capital:

1. My risk management plan

For this thread, I’ll assume that all I have is a $10k account and don’t have money to invest in more challenges

In that case, here is how I’d trade the $10k account:

I’d risk 1% per trade unless I’m in -3% drawdown, then I’ll risk 0.5% per trade

If I hit -5% drawdown, I’ll then risk 0.25% per trade

This means it would take me 27 losing trades in a row before losing the account - which is very unlikely to happen if you have a good trading system that you’ve backtested (and you follow your rules and don’t over-trade)

If I only had one $10k account, I’d also trade it like this during the challenge as I don’t want to lose it

ALSO - I’d choose one reliable firm like FTMO or Funding Pips to start off

2. Banking profits early

Once I passed the challenges and got the $10k funded account - my first priority would be to get the first payout, even if it’s small

That way I can get some money back and also get a refund for the account

Let’s say I got a 2% payout → that would be +$200 and whatever I spent on the challenge back ($60-80)

There’s no point in going for big 10-20% payouts → especially for your first one

Just get into small profit and wait for your payout date

Read 10 tweets

Tom

@t0mbfx

Jun 30

I make $30-50k/month from Trading prop firms

Here are X tools I use that helped me become consistently profitable:

1. FX Replay

I’ll admit it - I didn’t backtest much for the first few years of my trading journey

And looking back at it, that’s probably why it took me so long to become profitable (4.5 years)

In my opinion every trader should have 200-300 backtested trades of their system

If you do you will become 10x more confident in your system as you’ll have the data that proves you have an edge

So when you do go through losing streaks you won’t be worried or switch systems - you’ll keep faith in your strategy

The best backtesting tool in my opinion is @fx_replay

It gives you a ton of insights in your trading system that are harder to see if you backtest manually and collect your data on Notion or something like that

AND on things like Tradingview bar replay - if you’re on the 5min chart and switch to the 4H it will show you the full 4H candle and it’ll show you where price is going to go - which kinda ruins the backtesting

This doesn’t happen on FX Replay which is why I find it much better personally

Also I’m not affiliated with FX Replay, I just genuinely use the software and find it good

2. Traders Connect

If you’re managing multiple prop firm accounts, a live account, etc

Then having a good copy-trader is a MUST HAVE

As I’ve said in previous threads - I don’t usually copy-trade across all of my prop firm accounts, but it’s good to trade just a few of them at a time

For example - if I have 10 funded accounts, I might take a trade on 3-4 of them at once and use a copy-trader for it

It will increase your profits and make managing trading accounts so much easier

I recommend @tradersconnect_ for this as it’s the best trade copier that I’ve personally used

NOTE:

If you’re a scalper with small stop-losses, trade copiers may not be the best for you as you can occasionally get slipped

If you’re intra-day / swing trading like me it doesn’t matter much, but if you’re scalping you may have problems → test it out first and see if it works for your system

Read 9 tweets

Tom

@t0mbfx

Jun 23

I spent 4 years as an unprofitable trader

Here are the mindset shifts that helped me become profitable and make $100,000s from the markets:

1. Spend less time on the charts

When I first unprofitable, I thought I needed to be on the charts for 3-4 hours a day

I thought that the more time I spent on the charts, the more setups I would spot and the more money I would make

This couldn’t be further from the truth

I ended up trading setups that weren’t high-quality, A+ setups and lost more money because of it

I became the most profitable when I started spending much less time on the charts (like 1-2 hours a day if even) and took less trades (3-4 a week)

2. Start collecting data

Until you collect data - you’re effectively just gambling with your money

Want to know if your system is profitable?

Take 200-500 backtested and demo trades and look at your data

If it’s the data shows that it’s clearly profitable - it becomes so much easier to take trades with confidence because you have the data to back up your decision

Want to know what % risk you should be taking per trade on prop firm challenges?

Look at your data - check your biggest losing streaks, win-rate, etc

All of this will give you a better idea on what % risk you should be taking on challenge accounts and your live account to maximise profits will minimising risk

Track every trade, every challenge account you buy, etc

Read 9 tweets

Tom

@t0mbfx

Jun 20

I’ve made $100,000s trading

But I’m nowhere near done

Here’s how I plan to make millions and build real wealth from trading (and how you can too):

As I’ve stated before, I’ve made just over $350k from prop firm payouts in the last year and a half

I was an unprofitable trader for around 4 years before this

I’m not ‘mega wealthy’ from trading or anything, but I do make a decent amount of consistent money with it

Here’s a roadmap of how you can build real wealth from trading (or at least how I plan to):

1. Developing a profitable trading strategy

This is obviously going to be the first step

I’m not going to go too deep on it right now since it’s not the point of this thread

But if you’re in this position:

Find a strategy that aligns with your personality
Backtest it and get 200-300+ trades
If it’s profitable, start testing it on a small live account

Once you’re profitable for a few months, you can start buying prop firm challenges

Read 11 tweets

Tom

@t0mbfx

Jun 16

I’ve generated $350k+ from prop firms

And this is WITHOUT failing and buying new challenges every week

Here’s the Risk Management strategy that lets me make $10,000s every month from prop firms:

Here’s how I’d manage risk and pass prop firm challenges depending on my financial situation 👇

1. Can afford to lose money on challenges

If you can afford to buy a challenge multiple times and it won’t really affect you

You should risk 1% per trade if you’re break-even or in drawdown

Once you get into profit, risk 2% per trade

Read 10 tweets

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