#583: Why Most Traders Fail Prop Firm Challenges and How to Succeed

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Why Most Traders Fail Prop Firm Challenges and How to Succeed

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#583: Why Most Traders Fail Prop Firm Challenges and How to Succeed

In this video:
00:26 – Advantages and disadvantages of trading on a prop firm.
01:05 – People jump in too soon and then fail.
02:02 – Prop firm challenge example.
03:44 – Large gains for a small investment.
04:25 – Use a VPS and copier software.
05:24 – A free and LIVE webinar for passing a prop firm challenge.
06:16 – 17 minutes Masterclass and book a call with us.
06:27 – Blueberry Markets as a Forex Broker.

So you want to know how to pass a prop foam challenge and to make money by making commissions via prop firm. Let’s talk about that a more right now.

Hey there, traders! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 583.

Advantages and disadvantages of trading on a prop firm.

Today is about passing prop firm challenges, the pitfalls and the advantages of trading via a prop firm. Now, if you don’t know, all approximates, go and have a look online. If you do know what one is. Then you’ll know that they’re not always as easy to pass as you might think.

They look really good, and for a lot of people, they look to be a fantastic way of making some very, very good, substantial profits from trading. But with that, needing your own funds and that is the obvious advantage of them. But there are a number of things you have to be careful of.

People jump in too soon and then fail.

One of the most common issues that I see is that people jump into a prop firm way too soon. They should don’t know how to trade, and they just think they’re going to pay $500 to get $100,000 account. Pass a few demo challenges onto real money, make a fortune. The reality is that for most people, that’s not going to happen. And it comes back to, as I’ve mentioned, that they jump too soon. So for me, it’s really important that you look at a prop firm maybe as something maybe like 6 to 12 months from now.

So it’s a profitable first, get yourself profitable and have confidence in strategy and understand it on a demo account. Then a small live account and then maybe a larger live account. And at that point, with consistency and with the meeting, the rules of a prop firm. You can then go and successfully pass the challenge.

Now this printed out some, a prop firm challenge here. This happens to be from, blueberry funded. And they have one and two step processes. I actually really like the two stage process. The two step process. I’ll tell you what, because you have to prove yourself twice on a demo account before you go to live money. And what I like about it is because you have to prove yourself twice, and you will probably take a little bit longer to pass the demo, challenge or challenges.

Prop firm challenge example.

As a result of that, you get given a larger drawdown amount. And to me, probably the most, well, the biggest reason why people don’t pass prop firm challenges is because they get stopped at and they reached the drawdown criteria, and that means that they’re risking too much and they’re having too many losing trades, etc.. What I like with this idea is that you need to make a, a 10% gain, but also they allow you up to a 10% drawdown.

So there’s a lot more flexible in there. And so by going through a two stage process, having that bigger drawdown, ability, when you get on to the real account, things become a lot easier. You think about it, if you have the ability to have, let’s say, a 10% drawdown as opposed to maybe a 5 or 6% drawdown when it comes to real trading and real money.

It just gives you a lot more flexibility. So don’t just pick like the quickest solution or the cheapest solution. Pick one that’s going to suit you. And don’t be in a race to pass the demo challenge to get on to real money.

Large gains for a small investment.

When it comes to real money, if you think about things just in very basic terms, let’s say cost $500 to have a $100,000 account and you pass the demo challenges and then on the real money of 100,000, you have to get to, let’s say, 10%, and obviously it’s $10,000 or an 80/20 profit share means that you potentially could be on a an $8,000 profit every time you reach the, the next stage of their criteria.

So if your $500 investment sure might take you a little bit longer to get to the real money. But then when you’re off and rolling with that bigger drawdown criteria, you’re making some good amounts.

Use a VPS and copier software.

Don’t forget also, you don’t have to stick to one challenge or one broker or, you know, one prop firm. You can have multiple going. And what you could do and what I suggest you consider, if that’s the case, is you use a virtual server and a bit of copy service, to copy between accounts. So you just focus on your one, personal smaller account, knowing that the trades are being copied behind the scenes automatically according to the size of the account that you traded, and everything becomes automated.

It’s far easier for you to trade and focus on your one account. Let’s say $10,000 person live account. Knowing that the trades have been copied, then calculating your entry in your exit and your risk. Lot size, etc. on multiple accounts of various sizes. So focus on your one account, knowing that behind the scenes that get copied automatically for you.

A free and LIVE webinar for passing a prop firm challenge.

If you’d like to know more about how we can help you to pass a prop firm challenge, this, Thursday morning, my time, New Zealand time at 8:00 in the morning. I’m holding a free webinar, live webinar for the public who are interested in passing prop firm challenges. So if you’re in Europe/US, that’s going to be on your Wednesday afternoon, evening time, depending on where you live.

I’m going to put a link here. It’s this week. It’s the for me it’s the 3rd of April. Thursday 3rd of April. So it’s going to be your Wednesday afternoon and evening or early hours of Thursday, depending on where you live in the world.

Register so you can find out how we can help you to pass a prop firm challenge successfully, and to really elevate your trading and take it to another level and to gain substantial returns from your trading.

17 minutes Masterclass and book a call with us.

It all comes back to knowing how to trade that. So make sure you jump onto that webinar. Or if you’ve not been on to my, 17 minute on Demand masterclass, have a look at that. I’ll put a link to that as well.

If you’d like to jump on a call and have a chat with us to see how we can help you with your trading. I’ll put a link to that.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets. As mentioned, they also have Blueberry Funded, which is their prop firm. As well. But Blueberry Markets as a broker, fantastic brokerage. Lots and lots of different markets both Forex and Non-Forex, especially on the MT5 platform.

I’ll put a link to them as well. If you need any help with anything trading related send me an email [e-mail]. Be glad to help. Bye for now.

Episode Title: #583: Why Most Traders Fail Prop Firm Challenges and How to Succeed

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass