My Trading Journey to get a funded account

I’m trying to get a funded account.
I will share my results here.

I am planning to start on Monday. First I will be entering a contest to get a discount to go through the selection program.

Best of luck. However, you’re restricted at an initial 2% risk first day, and less on the following days, following a first day loss. This is hard to claw back.

If I was competing, I’d risk 1% ($500) days one and two, aiming to get higher than $50k choosing high volatility pairs. Once you have a larger account size you can up your lot size for the same risk.

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Thank you,
Yeah, that’s pretty much my plan.
I only trade the Nasdaq index. This instrument is very volatile.
You can take a move of 200-400 pips on this instrument.
1 pip = $5
This is a contest, to qualify for prizes you need to take higher risks.

Which is the fast track to losing. I am (NOT) surprised by this PROP firm’s moral standards in holding a ‘get rich quick’ funding challenge, but I hope you get lucky on Nasdaq. Did you pay an entry fee?

Looking forward to the results, please.

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When should a trader consider trying a prop firm?

No entry fee is required to participate in the contest.

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When a trader can afford a £199 fee to trade an evaluation $5k account, live. CTI offer this at 5% ($250) drawdown loss maximum, to make a $350 profit.

Which means you’re initially trading a $250 account. Which means keeping a tight rein on risk exposure at the beginning while you’re (hopefully) growing the account. Even if you gamble and double the 5K to 10K, you’re still only trading a $500 account. The upside is you have a year to make $350 with a minimum target of 30 days trades.

It’s tough - I blew this prop firm’s account in just under 2 months (with 49 day trades). I would try it again, but their MT4 platform needs updating - it’s archaic - and while the FX price spreads are reasonable, the broker firm they use also charges commission on top. Which I HATE, as every trade starts off at a loss, most likely for several minutes.

Other considerations - a precursor is to trade live beforehand even if it’s a mini account. Whether you win or lose it’s a great learning lesson for you.

Prop firms can be tough to pass. I’m funded through FTMO. Two accounts. And working on another.

But the 10% in 20-22 trading days can be tough. Especially when your max drawdown is capped at 5% of account size any given day. And most you can lose is 10%

Which I understand why and you do learn how to manage risk and money while going through it. But if someone’s a brand new trader, then prop firms can be very difficult to pass.

So once you have a good strategy in place and has been backtested and you’ve had a taste of emotions that come with live trading then I would say give it a go.

Like @steve369 said, trade live with a small account. Even if it’s a $100 and be prepared to lose that money. But you’ll kinda get a sense of what’s it like to have those emotions. The biggest one I had to fight was fear.

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When you will share the results of your trading?