So I have been demo trading for almost 2 years now, trying to get a strategy that works well for me and I finally feel like I found one. been making some good results and I finally feel confident to try and apply this strategy with real money, how ever I’m currently in my senior year of college and don’t really have a lot of capital to trade much, was wondering if anybody knows any good funded programs they would recommend for a college student. I really want to get some experience before I graduate?
What strategy do you use?
I just use Price Action, really works well for me even though I got the worse time zone
Just out of interest, what does that mean, price action?
I’ve heard a few people say they use it.
your best bet is just to save up whatever amount you want to start with. It helps if you have a job when you first start off also. You don’t want to solely depend on trading for money when you first start off at all
Open an account with Oanda. They allow you to trade in units. So you can place a trade with 1 unit instead of being forced to trade with 1000 unit lot sizes. I believe you can open an account with them for as little as $100.
Then keep depositing small amounts to your account as and when you have some money to spare. Keep growing your account.
Take note that demo trading results may not carry across to results when trading a funded account. If you can grow your $100 account consistently for 6 months then consider depositing funds into it regularly.
Good luck! I wish I was as diligent and smart at your age, as your generation is.
a short and simple version is that it makes it easier to plot support and resistance levels based off previous highs and lows. hope this helps give you an idea of it
I’ll give it a shot, thanks for the advice most appreciated
If you are still looking into funded trader accounts then make sure you familiar with the rules for each program. Even if the rules don’t mention anything about closing trades on weekends, do it. And I would encourage you to close trades before high impacting economic data releases. Then finally never open a trade without stop loss and take profit orders. Make sure you are comfortable with the actual challenge eg. With Traders4Traders 100k account you have $2000 weekly drawdown and trailing max drawdown $4000 with the goal to reach account balance $112000. Other programs have similar rules and challenges. Some have time limits too. Basically make sure you do your research first. I read that many people just wast money because they fail. Trade with good risk management. And best of luck.
Others have better rules. 4% trailing max drawdown is rubbish. I’d go as far as say that this is a scam. Traders for traders?!?! I don’t know any trader who keeps a max trailing 4% drawdown. I dont think this is made by traders or for traders.
If you think having large drawdown is good, go ahead and draw down your account further than 4% and then see how long it will take you to get yourself out of the hole you dug yourself into. My guess is if you go past 4% draw down on a funded trader account with any company you would be well on your way to blowing up your account. Just sharing my thoughts since you shared your thoughts. Oh, by the way, you can tell Brad is a genuine ex banker by looking him up on LinkedIn.
The problem is 2 things one is the 4% drawdown, what about when you have losers. How much are you risking per trade. Isnt it better to open a 4k account with leverage?! Also and this is worse, it trails up! Lol!! So doesnt matter much profit you make it stays at 4%. You cant even build a buffer to allow for normal variance or a low volatility period. This firm is made to make money not for traders.
I think blufx may be better.
@Rickster99 Well, your ideas are more in the line of gambling rather than trading. Open a personal 4K account and risk 100% max draw down. Plus if you have some loosing trades it will take more and more leverage if you want to risk up to max 10 lots on 4K account.