Trading a funded account is not that same as personal account!
Start with a small account if you are not used to trading with a large account size to get used to the size and lots
The rules of the funded account mean that you have to be extra careful with your trades so you do not breach your account and fail the challenge
Plan how you are going to trade your funded account:
What strategy will be used
What lot sizes will you use
How risk will be managed
Strategy
To pass a prop firm challenge you'll need a proven strategy that either has a good risk to reward or high win rate
By the time you start trading with a prop firm you should have AT LEAST a 3 month record of consistency with your chosen strategy
Risk Management
1% risk per trade - most prop firms have a 5% - 6% daily drawdown for their phases so ideally 1% risk per trade is the best risk. I usually trade up to 1.5% risk per trade and stop at 3% maximum loss for the day
Keep losses small - reduce your losses where possible to protect your account and lose less than planned
Stick with the same risk - some people like to reduce their risk when they are coming close to the max overall drawdown.
I stick to the same risk for win/loss for consistency as my RR is usually at least 1:1. Using 0.5% per trade will reduce the time it would take for me to get out of drawdown
TRUST IN YOUR STRATEGY!!!
Psychology
Focus on the process: follow your plan and dont deviate from it
Try not to focus on the profit or chase money: this will lead to trading with emotions and mistakes
Take account off pedestal: try not to think about what the account will do for you. It will increase the pressure
Reach a decent percentage and stop trading account until you are eligible for withdrawal
PROP FIRM FACTS + STATS
Traders lose their live account within 14 days - 3 trading weeks
3% make it to withdrawals
Become one of the positive statistics. Good luck!!
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