This is Why You're Failing your Prop Evaluation Challenges as a Trader
A Thread🧵🪡 !! •Ep1
A Thread🧵🪡 !! •Ep1
Forex prop challenges may come as no surprise to many into the forex space today as alot of young traders are making a fortune from the unearthed opportunities & leverage Proprietary firms possess
But to the most majority, it's a long road of depression !!! Dare to Trail ?
But to the most majority, it's a long road of depression !!! Dare to Trail ?
Now there's alot of misconception today that has made many believe that once they purchase a prop evaluation account they're automatically made for life, this in itself is untrue !
There's one thing to passing your evaluation challenges with ease & another to making money off it
There's one thing to passing your evaluation challenges with ease & another to making money off it
Disclaimer ⚠️
If you're not already an above average trader you shouldn't consider trading prop firms except you won them through Giveaways
So let's begin !!
Shall we ??
It's more going to be a talk session !
If you're not already an above average trader you shouldn't consider trading prop firms except you won them through Giveaways
So let's begin !!
Shall we ??
It's more going to be a talk session !
I had a discussion with @Alh_Myke1 sometime early this year about starting to trade prop firms & migrating to fx
He was also interested about the idea
So we started together (goal driven team)
This isn't the point I want you to pick from this particular story anyways
He was also interested about the idea
So we started together (goal driven team)
This isn't the point I want you to pick from this particular story anyways
He mentioned something that I believe is more psychological than it is logical
He said and I quote
"If I start with a demo for practice, my psychology & skill wouldn't be tested, I'd be deceiving myself in a guise that I'm actually learning"
So he bought the lowest acc size !
He said and I quote
"If I start with a demo for practice, my psychology & skill wouldn't be tested, I'd be deceiving myself in a guise that I'm actually learning"
So he bought the lowest acc size !
This was about $50 for a $5k account
Luckily as an idan wey he be
He passed it & got funded😅
Let's drive point one out of this !!
1) Many of you today loose your prop evaluation accounts because you didn't pay to purchase them
Your intentions are not full in it
Luckily as an idan wey he be
He passed it & got funded😅
Let's drive point one out of this !!
1) Many of you today loose your prop evaluation accounts because you didn't pay to purchase them
Your intentions are not full in it
I know lots of friends who begged me to help them secure accounts when the twitter prop Giveaways hype just begun, every single one of them today lost the account
Lmaoooo
But I still have my Maven trading account I got alongside them since last 2 months !!
Lmaoooo
But I still have my Maven trading account I got alongside them since last 2 months !!
When you work without an alternative you tend to take careful measures as to not mess up !!
2) Alot of your Risk Management is bad !!
I don't want to go deep into this because I've created an ultimate Risk Management Thread coming after this one !
What is Risk management ??
2) Alot of your Risk Management is bad !!
I don't want to go deep into this because I've created an ultimate Risk Management Thread coming after this one !
What is Risk management ??
The core purpose of Risk management is not to help you make money
But it is to keep & sustain you in the game for a longer duration of time
Many of you take lump Risks & trade with careless amounts of uncalculated lots size
And at the end of the day you want to stay safe ? Lol
But it is to keep & sustain you in the game for a longer duration of time
Many of you take lump Risks & trade with careless amounts of uncalculated lots size
And at the end of the day you want to stay safe ? Lol
3) Trading News !!!!
In as much as the news brings in the volatility and pushes price to its suspected direction quicker
Trading during news days can be quite risky as spreads & broker fees can go up crazily !!
Many of you do not even know the effect of spreads on your trade
In as much as the news brings in the volatility and pushes price to its suspected direction quicker
Trading during news days can be quite risky as spreads & broker fees can go up crazily !!
Many of you do not even know the effect of spreads on your trade
On a normal day @kingsolomon4lyf was flexing 3 open positions on EU 😅
News came & unfortunately price went against him
His calculated loss was supposed to be about $30
$10 on each position
But he was charged $150 as SL which made him breach his accounts Daily DD
News came & unfortunately price went against him
His calculated loss was supposed to be about $30
$10 on each position
But he was charged $150 as SL which made him breach his accounts Daily DD
On a normal day he'd be sailing freely but that day news came & spreads doubled, fee added extra amounts of $$
These are unforseen things that could happen to us anyways
But why we often warn to close open trades before a high impact news such as CPI or NFP is due to things lt
These are unforseen things that could happen to us anyways
But why we often warn to close open trades before a high impact news such as CPI or NFP is due to things lt
4) Over Risking & Revenge trading
Is an enemy of a progressive equity curve !!
As a prop trader, you should know or have a specific amount of losses you can curtail for the day without necessary getting to your DD
Many neglect this & often double risk in order to cancel losses
Is an enemy of a progressive equity curve !!
As a prop trader, you should know or have a specific amount of losses you can curtail for the day without necessary getting to your DD
Many neglect this & often double risk in order to cancel losses
5) Incorrect lot sizing calculations
Download NASH market app now
Stop reading !!, download it now !!
Use it appropriately it'd help you a bunch
The position size is simple the lot size you'd input into your mt5 or mt4
Many of you use your brain for lot size calculations
Download NASH market app now
Stop reading !!, download it now !!
Use it appropriately it'd help you a bunch
The position size is simple the lot size you'd input into your mt5 or mt4
Many of you use your brain for lot size calculations
In as much as the brain can be considered a mega computer humans are prone to mistakes
6) Trading Hopes
Trader A caught an entry and rode with 10 lots to tp doesn't mean trader B would get similar outcome when he catches something similar to trader A
Many of you trade hopes
6) Trading Hopes
Trader A caught an entry and rode with 10 lots to tp doesn't mean trader B would get similar outcome when he catches something similar to trader A
Many of you trade hopes
Hopes are considered to be untested knowledge
Unrefined edges
Unapplied concepts
Overexagerrated TPs
Tight 1 pips SL
I want to ask you
Do you want to make money or do you want a tight stop loss ??
The ball is in your court
Unrefined edges
Unapplied concepts
Overexagerrated TPs
Tight 1 pips SL
I want to ask you
Do you want to make money or do you want a tight stop loss ??
The ball is in your court
7) Poor Psychology
Unfortunately many of us are suffering because we're betraying ourselves
There's no better person to teach you psychology than from your experience or through listening to or learning from successful traders
Many today want 100x results
With 10x efforts
Unfortunately many of us are suffering because we're betraying ourselves
There's no better person to teach you psychology than from your experience or through listening to or learning from successful traders
Many today want 100x results
With 10x efforts
8) Social Media is a Distraction !!
There's alot happening now
People showing they're making money with actually are not in real sense, this can create a fallacy easily !
Your mind is exploited to think it's as easy as they show when it's not
You're forced to undue acceptance
There's alot happening now
People showing they're making money with actually are not in real sense, this can create a fallacy easily !
Your mind is exploited to think it's as easy as they show when it's not
You're forced to undue acceptance
To facts and unconfirmed truths conceived by many traders out there, even the knowledgeable & the dummys
Narrow your focus
Tune the noise down
Filter filter filter !! And take everything with a pinch of salt
Trust me you're doing greater than you think !!
Narrow your focus
Tune the noise down
Filter filter filter !! And take everything with a pinch of salt
Trust me you're doing greater than you think !!
9) The Firms Factor
Today we've seen some malicious firms which have been exposed and brought to light to be caught purposely manipulating favorable conditions to trader so they'd loose their accounts & intermittently buy new ones at a discount from them in a hopes to breakfree
Today we've seen some malicious firms which have been exposed and brought to light to be caught purposely manipulating favorable conditions to trader so they'd loose their accounts & intermittently buy new ones at a discount from them in a hopes to breakfree
The Firms Factor is something that is there and predominant & its not going anywhere
High spreads
High swap fees
Creating gaps on charts
Brokers , Charts & entries !
Relative drawdown
Time limits
These firms don't want any good for you !!!!
High spreads
High swap fees
Creating gaps on charts
Brokers , Charts & entries !
Relative drawdown
Time limits
These firms don't want any good for you !!!!
More tips ????
Episode 2 is on the way
For now let's digest this down with a bit of the bitter truth ⬇️⬇️
Statistically only about 4% of traders who get to live trading make money off their accounts
Wether you believe it or not, that's how it is.
You need to understand
Episode 2 is on the way
For now let's digest this down with a bit of the bitter truth ⬇️⬇️
Statistically only about 4% of traders who get to live trading make money off their accounts
Wether you believe it or not, that's how it is.
You need to understand
That you're trading against a system that wants no good for you, against the most brilliant of minds out there and few odds are in your favour
To face this battle you need a bullet proof psychology & a Skill that is built off raw zeal
Unfortunately only very few people
To face this battle you need a bullet proof psychology & a Skill that is built off raw zeal
Unfortunately only very few people
With a Funding certification get to see a withdrawal certificate (hard pill to swallow)
No doubt prop firms can change your life. They provide you leverage power to put your dreams into your own hands
For this journey
You must be prepared
I ask again !
Dare to trail ????
No doubt prop firms can change your life. They provide you leverage power to put your dreams into your own hands
For this journey
You must be prepared
I ask again !
Dare to trail ????
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