We began by talking about how good traders need good memories. They need to watch markets and get to know their markets well and remember little nuances of particular markets. A FTSE Futures trader will know how that market behaves and even how it is likely to behave at certain times of the day. Most successful intraday traders focus on one market only.

I’m currently trading 14 markets, but only look at them on the Daily and Hourly timeframes.

A very useful exercise he described to me was when traders at the prop firm would be put into random positions in their live accounts by the manager and they would have to get out of them at a profit. This week I have done this with Tom in a demo account. Every morning he would put me into two random trades and I had to manage them. The weird thing is my demo account is up 20% this week. Maybe I should just take random entries on my real account and manage them – I might do better. (No I won’t do that, just a thought).

So, if you have a trading buddy, it might be interesting to set up a demo account and then get each other into two random markets every day, and then compare results at the end of the week. It’s good practise in trade management IMO.