I am saving to buy a prop firm account

Beginner Questions
1

Any advice for someone trying to get started with a $6000 prop firm account? and plans to trade SMC?

2

How much trading experience do you have? Do you have a proven strategy that makes consistent profits?

If you’re not consistently profitable then you are just throwing your money away. For some reason there is this common belief that trading through a prop firm will solve everyone’s problems and help them trade better.

You would be better off putting some money into a live account and seeing if you can manage that first. Or, even do a practice run through that prop firm.

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3

I can’t speak to your trading style since we don’t know if you’re consistently profitable with SMC. I would read the fine print before paying. You would hate to blow the challenge over a rule that you might not be aware of.

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4

Three main suggestions -

  1. Don’t pay for it until you’ve “passed” it under exactly the same rules a couple of times on a free demo account, so you’re confident you can do it

  2. Read all the fine print very, very carefully, being aware that these firms make all or almost all their income from the fees of people trying and failing

  3. Research the company very, very carefully indeed before starting, because the whole forex-prop-firm industry’s in really major turmoil at the moment, with big changes week by week, maybe even day by day

I think SMC might be better and more hopeful than what most people try. It has kind of stood the test of time since Wyckoff was first discussing and recommending it over 100 years ago (in spite of Huddleston/ITC trying to cash in on it much more recently - as with so many other things!).

“$6,000” is a strange amount? Not $5,000?

5

Just focus on mastering your SMC strategy, manage your risks well, and stay disciplined. Keep learning and be patient with your trades. You’ve got this!

6

It is a step in the right direction provided you are already quite profitable using Smart Money Concept in a different trading environment. Also, conduct a research on a reliable prop firm to use. Many suspicious prop firms are rising in their numbers. I’m assuming you understand how to trade, otherwise, discount what I have just said and continue to trade using a demo account till you are confident enough to trade a prop firm account.

NB: ignore the “school of pipsology graduate badge”. It is a cosmetic appearance on my username.