benkal
Active Member
PROPRIETARY FIRM or as they are popularly known as Prop Firms
A good prop firm will and can change your trading career, you want to scale up? then i suggest using a prop firm. Because it will give you access to big funds. the minimum you need to have to really have life changing impact is to have at least a $20K account with my personal recommendation of a $200K account.
TIPS when trading a prop firm account
1. stick to 0.5%risk per trade and if you have 2-3 consecutive losses, reduce risk to 0.25% till you make back what you lost, then can u go back to risking 0.5% again.
Remember without risk management plan in place you will not make it, Forex is purely uncertainty, this means its a game of probabilities, nothing is certain! to tell you the truth, no one really knows the true market direction! not even your mentor! Market does whatever it wants and only through understanding probabilities can u make it. Think in terms of probability(%) not in terms of money! you lose a trade, count that as -0.5%. and its good to stop trading for the day if you lose 2% per day. Just call it a day and wait for tomorrow's opportunity but remember to reduce risk now to 0.25%.
2. Use a Position Size Calculator to know how much lot size/units to use so that you cap your risk at that 0.5%, nothing less or more. This means you have to know how much you are willing to risk before hand.
3. Follow the Prop firms' rules: be it the daily drawdown limit/ overall account drawdown. if they have the limits in % percentage form. Please convert them to money so its easier to comprehend and easily visualize where you are in relation to their limit requirements.
Why you need a Prop firms funding?
Ever had professional advice that top 5% traders only risk maximum 1% per trade? Now with that in mind how much is 1% of your $30(0.30cents), $50(0.50 cents), $100(1 dollar) or even $500(5usd)? see where I am going with this? Even with a 1R:3R Strategy the reward is very small believe me and it would mean you have to be trading frequently to make notable returns and this sometimes leads to overtrading and from my experience having or taking multiple trades doesn't mean profitability. But if you had a big account now 1% risk per trade makes sense on a $5k(50usd), $10k(100usd),$50k(500usd), $100k(1000usd) OR $200K(2000usd)
My personal TOP TIP is just stick to a 0.5% risk per trade and you will see your emotions and psychology change and overall trading journey change.
I believe whoever is reading this has access or had gone through countless trading courses and trading systems/strategies but ask yourself why you still not profitable? Its because you are disregarding risk management and i really don't blame you, it really doesn't make sense opr motivating to risk 1% per trade on a $30 dollar account, you often will opt to over leverage and overrisk to really make percentages because already you don't have the patience to be taking small profits and scaling up using proper risk management.
Conclusion: For those who wants to scale their trading and realize serious percentages, I encourage you to give Prop Firms a try.
Top Proprietary Trading Firms
Happy Trading and Have a Pipful Trading Journey.
A good prop firm will and can change your trading career, you want to scale up? then i suggest using a prop firm. Because it will give you access to big funds. the minimum you need to have to really have life changing impact is to have at least a $20K account with my personal recommendation of a $200K account.
TIPS when trading a prop firm account
1. stick to 0.5%risk per trade and if you have 2-3 consecutive losses, reduce risk to 0.25% till you make back what you lost, then can u go back to risking 0.5% again.
Remember without risk management plan in place you will not make it, Forex is purely uncertainty, this means its a game of probabilities, nothing is certain! to tell you the truth, no one really knows the true market direction! not even your mentor! Market does whatever it wants and only through understanding probabilities can u make it. Think in terms of probability(%) not in terms of money! you lose a trade, count that as -0.5%. and its good to stop trading for the day if you lose 2% per day. Just call it a day and wait for tomorrow's opportunity but remember to reduce risk now to 0.25%.
2. Use a Position Size Calculator to know how much lot size/units to use so that you cap your risk at that 0.5%, nothing less or more. This means you have to know how much you are willing to risk before hand.
3. Follow the Prop firms' rules: be it the daily drawdown limit/ overall account drawdown. if they have the limits in % percentage form. Please convert them to money so its easier to comprehend and easily visualize where you are in relation to their limit requirements.
Why you need a Prop firms funding?
Ever had professional advice that top 5% traders only risk maximum 1% per trade? Now with that in mind how much is 1% of your $30(0.30cents), $50(0.50 cents), $100(1 dollar) or even $500(5usd)? see where I am going with this? Even with a 1R:3R Strategy the reward is very small believe me and it would mean you have to be trading frequently to make notable returns and this sometimes leads to overtrading and from my experience having or taking multiple trades doesn't mean profitability. But if you had a big account now 1% risk per trade makes sense on a $5k(50usd), $10k(100usd),$50k(500usd), $100k(1000usd) OR $200K(2000usd)
My personal TOP TIP is just stick to a 0.5% risk per trade and you will see your emotions and psychology change and overall trading journey change.
I believe whoever is reading this has access or had gone through countless trading courses and trading systems/strategies but ask yourself why you still not profitable? Its because you are disregarding risk management and i really don't blame you, it really doesn't make sense opr motivating to risk 1% per trade on a $30 dollar account, you often will opt to over leverage and overrisk to really make percentages because already you don't have the patience to be taking small profits and scaling up using proper risk management.
Conclusion: For those who wants to scale their trading and realize serious percentages, I encourage you to give Prop Firms a try.
Top Proprietary Trading Firms
- 1) FX2 Funding
- 2) The Trading Pit (TTP)
- 3) Fidelcrest
- 4) Surgetrader
- 5) TopStepTrader
- 6) The Funded Trader
- 7) FTMO
- 8) MyForexFunds
- 9) LuxTradingFirm
- 10) City Traders Imperium
Happy Trading and Have a Pipful Trading Journey.
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