Hey. I am looking for ideas on how to trade for a prop firm competition. For example risk management, margin level, techniques to trade etc?
I can’t lose more than 12%. If I pass the competition they would give me a real 50k account.
I know there will be many traders who will be trading allot.
What are the terms and conditions, the rules, of the contest? For example, is there a time limit, a maximum position size, a maximum number of positions, maximum holding period per trade…?
All competitions are lost by some players who fail to understand the rules.
Hi and welcome,
How long have you been trading (whether in demo account or live account)?
Relevant ideas useful to you will depend on your current level of knowledge and experience.
The way you have worded your question for “ideas” seems to indicate you have not been in Forex trading for long.
I have to agree with @Mondeoman here. You need experience and a reliable, proven strategy to even have a chance of passing any of these prop firms. They are not in the business of giving money away.
Hi. It’s a max drawdown of 12%. No daily drawdown.
Its a 1 month trading competition. From start January to end.
I have been trading live for about a year. Mostly doing testing on nasdaq 100. For now it’s cent accounts.
I have been involved in trading from 2015/2016.
I don’t mind hey. Any help is appreciated. I see you are using smart money as similar to Mr ICT right?
There would be only currencies to trade. No gold, nasdaq, oils etc.
They mentioned that I can’t go lower than 44k or 12%. Otherwise gains are fine even if there is a higher drawdown after making money it’s fine.
For example if I took the account to 80k and then lost 30k which makes the account still fine and not in breach. No limits to lot sizes and stuff.
Yes exactly! I used his techniques to pass my challenge. Which prop firm are you going for?
So, is the winner simply the entrant who makes more profit than anyone else?
That would seem a strange competition for a prop firm as the winner under that condition could theoretically run an enormous risk, not sustainable in the real world, and be very lucky and win. But what does that prove for the prop firm?
It’s a startup called ziphathe capital prop. I only joined as they have a free competition. It also gives me the opportunity to better myself. I started practicing already in a 50k account. It’s honestly not easy.
I just feel this pressure to perform. I prefer long term trading so now I’m looking at 15 mins and less and it means looking at charts regularly. Not a fan to be honest.
But it also tells me that I need more work. Or much more work on myself.
The word competition is something that I assume others will be making 30k points and more in a week and stuff and that’s my pressure.
I don’t know… It’s a start up. Yes the winner with most profit wins and then gets a funded real account.
Yeah I am concerned about the people who are good at over leveraging and stuff. I don’t like being restricted in what I trade. I like oil, nasdaq, gold etc
Though I still consider myself a learner, I can share with you what has been helpful.
Assign a reward risk ratio to your trades.
Determine your entry and exit points
Decide your stop loss.
Learn how to calculate expectancy.
Know your entry and exit points (Important)
Maintain a trading journal.
Risk only a small percentage and always backtest.