So I thought I’d try something new. Most of the messages I get here or on social media are asking for advice on how to trade for a living. Most of the people lack forex knowledge and dont have much capital. My advice on the latter is get a job, get a 2nd job and save. However a few people got back to me saying it’s difficult to get a job or borrow money and even if they do they wont be able to earn much. Certainly not enough to live off on a monthly basis from trading. So I started thinking what else could they do.
Prop funds give you capital to trade if you pass their ‘tests’ and take a % of your profits. I had a read into them years ago and decided it wasnt for me and was a waste of money. However, taking into consideration that people cant save up a lot of money and strategies are not doubling their accounts every month as most instagram/youtube traders promise, I thought this was worth me looking into again.
I feel what I’ll learn will be important especially so I can talk from experience when people discuss prop funds. I’m not sharing strategies, sending signals, selling courses or discussing analysis. I have only 2 things I want to answer:
- I want to know if someone can get a funded account with good risk management and knowledge. Can you really be funded with money to trade?
- If so, can you actually make a living consistently from trading the prop funded account. Is it a viable option with all their trading rules?
Also a lot of people aren’t sure whether these companies are trustworthy or that they wont let you withdraw profits. So Im going to open an account and explain all the ins and outs and we’ll see what happens.
Hope this is helpful to people thinking of getting into this.
First step, need to find a prop fund!