TOP 5 TIPS TO BECOME A FUNDED TRADER ( FTMO, MYFOREXFUNDS ETC)
TOP TIPS TO PASS PROP FIRM CHALLENGES (FTMO, MYFOREXFUNDS ETC..)
1. TREAT THE ACCOUNT AS IF ITS HALF THE SIZE.
For example; If the challenge is a 100k challenge, treat it like its a 50k challenge and enter your positions according to that.
That way, your losses wont be as big and if your strategy/analysis is good then you'll eventually pass the challenge.
Most prop firms have minimum trading day rules anyway so instead of passing it with 1-2 trades with big lot sizes and big profits, pass it with 4-5 trades with half the lot size.
2. DONT RUSH, PASS SLOWLY BUT SURELY.
As mentioned above you've got minimum trading days for most of these companies. FTMO's is 10 trading days minimum so rather than trying to pass it within the first few days and then end up having to wait for the minimum days to fill, spread the process to 10 days.
So dont try make the 10% within the first day or two, instead, make 1% a day and you'll be on 10% by the time you've filled the minimum trading day rule.
3. PLAN A TRADE, TRADE THE PLAN.
Plan your trade once you've analysed the charts and stick to it. If you see a slight retracement dont close your trade with the fear of loosing out the profit your at.
Remember, you've already analysed the charts and it might just be retracing just to form a higher timeframe candle stick.
4. DONT HOLD TRADES PAST YOUR INITIAL STOP LOSS LEVEL.
If it comes close your stop loss level, let it be. That pair may not have been analysed good enough or you may have missed something while analysing.
Also, economical data or news may have triggered the move to the wrong side.
When analysing the charts, choose your entry and stop loss carefully and try stick to it. The more you move your stop loss the quicker you'll get frustrated and this may cause major losses.
5. DONT JUST ENTER ANYWHERE.
Don't just enter a trade just because its on the move. Enter only at structure levels or important zones. This way, you wouldn't have a massive stop loss and your RRR would be loads better.
If its moved already, either wait for a retracement to a structure level or leave it and move on; their will always be more opportunities!
1. TREAT THE ACCOUNT AS IF ITS HALF THE SIZE.
For example; If the challenge is a 100k challenge, treat it like its a 50k challenge and enter your positions according to that.
That way, your losses wont be as big and if your strategy/analysis is good then you'll eventually pass the challenge.
Most prop firms have minimum trading day rules anyway so instead of passing it with 1-2 trades with big lot sizes and big profits, pass it with 4-5 trades with half the lot size.
2. DONT RUSH, PASS SLOWLY BUT SURELY.
As mentioned above you've got minimum trading days for most of these companies. FTMO's is 10 trading days minimum so rather than trying to pass it within the first few days and then end up having to wait for the minimum days to fill, spread the process to 10 days.
So dont try make the 10% within the first day or two, instead, make 1% a day and you'll be on 10% by the time you've filled the minimum trading day rule.
3. PLAN A TRADE, TRADE THE PLAN.
Plan your trade once you've analysed the charts and stick to it. If you see a slight retracement dont close your trade with the fear of loosing out the profit your at.
Remember, you've already analysed the charts and it might just be retracing just to form a higher timeframe candle stick.
4. DONT HOLD TRADES PAST YOUR INITIAL STOP LOSS LEVEL.
If it comes close your stop loss level, let it be. That pair may not have been analysed good enough or you may have missed something while analysing.
Also, economical data or news may have triggered the move to the wrong side.
When analysing the charts, choose your entry and stop loss carefully and try stick to it. The more you move your stop loss the quicker you'll get frustrated and this may cause major losses.
5. DONT JUST ENTER ANYWHERE.
Don't just enter a trade just because its on the move. Enter only at structure levels or important zones. This way, you wouldn't have a massive stop loss and your RRR would be loads better.
If its moved already, either wait for a retracement to a structure level or leave it and move on; their will always be more opportunities!
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Trading made stress free..
let 12 years of experience do the job for you, join the winning team!
t.me/FXSJGOLD
instagram: fxsjgold
Trading made stress free..