Prop firm stats show:
- Only around 8% of traders pass phases 1 & 2 to get funded
- <5% of those actually make it to pay out
This is the mistake most traders make BEFORE they even start their challenge ๐๐งต
- Only around 8% of traders pass phases 1 & 2 to get funded
- <5% of those actually make it to pay out
This is the mistake most traders make BEFORE they even start their challenge ๐๐งต
Traders pick their account size based on:
- How much money they would like to make
- The highest account size they can afford within their budget
Most traders don't ask themselves the most important question..
"What account size can I psychologically manage?"
- How much money they would like to make
- The highest account size they can afford within their budget
Most traders don't ask themselves the most important question..
"What account size can I psychologically manage?"
It's easy to become attached to the money when:
- You've blown your entire prop firm budget on one challenge
- You're thinking about how much your life will change once you're funded with X amount
- You've blown your entire prop firm budget on one challenge
- You're thinking about how much your life will change once you're funded with X amount
If you want to maintain a process-orientated approach, you're far better off starting with small challenges and working your way up.
Prove to yourself you have the ability to manage a certain level of capital before shooting for the stars.
Prove to yourself you have the ability to manage a certain level of capital before shooting for the stars.
Treat your venture with prop firms like a business, not a hobby.
Hobbies are activities that you pay for.
Businesses are run with the intention that they pay you.
Hobbies are activities that you pay for.
Businesses are run with the intention that they pay you.
Think about:
Money In
vs
Money Out
Business owners will put in an initial investment, and then let profits pay for business expansion.
Hobbyists will go all in on one challenge, blow it, and continue to pay for new ones out of their own pocket.
Money In
vs
Money Out
Business owners will put in an initial investment, and then let profits pay for business expansion.
Hobbyists will go all in on one challenge, blow it, and continue to pay for new ones out of their own pocket.
The challenge rules and account size all need to be picked carefully to ensure they suit you as a person.
Forget what account size everyone is trading online, focus on your development.
Forget what account size everyone is trading online, focus on your development.
Picking the right challenge from the start will make you less likely to become emotional in the short term.
Doing this improves your odds of success 10x.
This may be a slower path than what you'd like, but sometimes the longest route is the fastest way to the destination.
Doing this improves your odds of success 10x.
This may be a slower path than what you'd like, but sometimes the longest route is the fastest way to the destination.
Always remember, the goal isn't to get funded, it's to get paid.
The trader trying to get funded is gambling trying to pass the challenges.
The trader trying to get paid takes things slowly and plays the long game.
Which one do you want to be?
The trader trying to get funded is gambling trying to pass the challenges.
The trader trying to get paid takes things slowly and plays the long game.
Which one do you want to be?
If you enjoyed this thread, please:
1. Follow me (@TradingInTheNow) for daily tips on improving your trading psychology
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1. Follow me (@TradingInTheNow) for daily tips on improving your trading psychology
2. Retweet the 1st tweet below to share this thread
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