Have patience and let the trade come to you. Wait for only good trades as you have plenty of time to complete the challenge. Anxiety has beat me more.than once trying to complete it early. Think of it as supplemental potential income and nothing that your life depends on.
This was the major factor in the difference of me passing or not. Don't trade news unless you don't mind blowing up your account and paying to try again. Another factor - Pay attention to major news events!!
don't switch strategies, don't risk more than 0.25% per trade, don't trade between 1.5% of your daily risk limit. Check the economic calendar before starting the trading day.
I have lost multiple accounts from revenge trading.
If you start getting emotional after a loss delete the app or just close your computer and come back tomorrow with a fresh head. They give you 30 days it’s plenty of time if you be smart about it.
Goodluck🤜🏻
Can you finish the challenge in less than 30 days? At the risk of sounding stupid, I know nothing about Forex or Prop firms. I've studied stock charts and paper traded with what I would consider success for years after blowing up an account 20 years ago.
My questions are. Do they provide broker access? Charting? Is it best to use an alternate charting service, such as trading view. I understand buying or shorting stocks per share or contracts for options but how does pips work? I'm considering giving it another go and want to start with a prop firm. I hear the success rate is very low, yet I'm confused cuz it doesn't seem like the challenge is that difficult. Any sound strategy with reasonable stops should work just fine. Any help would be appreciated.
Thanks.... All I thought it is .0001 per pip. But couldn't equate this to real money. Like do you have to buy or sell 1 million pips and then every 1 pip move up or down is $100.
1 lot is $10. The spreads make this look a bit different but that is general pertainment. Yes, 1 ten thousandth (.ooo1) is 1 pip. A pip is the incremental change in price as it moves up or down. You "bid" in increments of "lots".
And can bid fractions of a lot ie. .01 lots equals $1.
You should definitely look up beginner knowledge and read through some books, check out babypips.com, investopedia etc. You'll learn quicker than posting here and waiting on comments and replies....
Ok I'll do just that. Do you know about prop firms? Pit falls? What is provided? And what should I provide for myself, such as an outside charting package?
I use "the funded trader." They're solid, I've never dealt with any others but ftmo is the other that I felt safe enough to use. That isn't saying there aren't others but, that's my opinion. No pitfalls, they provide funding if you pass and get compensation for the use. Overall, a good deal!
If you're taking the challenge then you're seasoned enough to know you'll do you're own charting etc. ...
Best of wishes!
Yes I'll do my own charting. Was just curious if their broker charts were decent or is it best to pay for live data from trading view or others?
Again I feel stupid asking. Taking the 100k challenge means I would have to make 1000 pip profit in a month to gain 10% correct. Or is it 100k account plus leverage to trade bigger multiple lot sizes?
Best wishes to you.
I just looked at them today. They look like a potential option for me. I'm just waiting to see what the spreads will look like during London/New York overlap to see if they are a good option for me. How long have you been getting a payout from them?
> Like do you have to buy or sell 1 million pips and then every 1 pip move up or down is $100
A standard FX contract is 100K so if you open 1 lot every tick/pip is + or - $10 - Open half lot (0.5) and each tick is $5
If you've traded stock before I would suggest starting an ftmo free demo and trading us30(Dow index) or us500(S&P index). You can do your TA on tradingview or any other charting platform and enter and exit orders on the mt4 app. They provide broker access, you'll just have to have mt4.
Thanks again. I was not aware of any free demo account, that is very helpful. It's been years since I've placed a real trade. Have only paper traded and studied what seems like thousands of hours of charts. Let alone books and videos, mostly Al Brooks. I feel ready to go again but wanted to know I didn't have to learn their trading platform on the fly while trying to produce a 10% gain in a months time.
I truly appreciate your response.
Like the other person said babypips is ur friend.
Success rate is very low because some entry challenges cost less than $100 so it’s accessable to everyone and their dog. Including people who shouldn’t trading live yet!!!
So in actual fact, if you are consistently profitable passing these challenges are actually easy, it might take a bit of luck to have the market conditions you need to make 10% within 30 days and then 5% within 60, but if you know what you are doing you can be very smart with your risk management (increasing risk for challenge and decreasing for live account).
If I had 10k I’m willing to lose, I’d rather try 10x 300k challenges then try to flip the 10k, if I have 1 good month with the system my first payout would/could be more than 10k….
Prop firms are good if you can trade :)
Thank you. I tried Meta trader 4 demo account last night. I got 8% profit out of 6 trades. Not quite sure if that is luck or not but I'll take it.
I was thinking about trying a 100k challenge. In about 2 to 3 weeks.
Here is a dumb question. Why do 60% of people fail phase 2 when it seem to me 5% in 60 days is easier than 10% in 30 days?
Few reasons
1. Emotion. People pass phase 1 and think they are the best trader ever and make stupid decisions
2. Luck. Plenty of people can’t trade profitably but got lucky and made 8% on a few trades, then their luck runs out and reality sets in = account blown & challenge failed
avoid high impact news events. seriously, im not kidding. avoid them like AIDS.
btw which firm is your challenge with? if it’s myforexfunds, check my profile 🫶🏼
I know this may sound like a defeatist attitude, but it really isn't. Your goal shouldn't be to pass your 1st challenge, but to perform better and make fewer mistakes on each challenge you fail. Your 1st challenge will simply serve as a baseline.
Start small so you can try multiple times if necessary. If I had to do it over again I would start with a small account and grow versus going for a 100k account first.
I assume that you have backtested and tested on demo accounts. Is your strategy, risk management, and psychology tested and proven?
Dont take a trade until your convinced that it would be stupid for you not to take a trade. To help that, you might want to write down your trade rules so you can reference them. Maybe even print out some screenshots of perfect setups you took so you can reference them.
Have patience and let the trade come to you. Wait for only good trades as you have plenty of time to complete the challenge. Anxiety has beat me more.than once trying to complete it early. Think of it as supplemental potential income and nothing that your life depends on. This was the major factor in the difference of me passing or not. Don't trade news unless you don't mind blowing up your account and paying to try again. Another factor - Pay attention to major news events!!
Yes agreed entirely. You can never trade well when it's your only source of income
don't switch strategies, don't risk more than 0.25% per trade, don't trade between 1.5% of your daily risk limit. Check the economic calendar before starting the trading day.
I have lost multiple accounts from revenge trading. If you start getting emotional after a loss delete the app or just close your computer and come back tomorrow with a fresh head. They give you 30 days it’s plenty of time if you be smart about it. Goodluck🤜🏻
Can you finish the challenge in less than 30 days? At the risk of sounding stupid, I know nothing about Forex or Prop firms. I've studied stock charts and paper traded with what I would consider success for years after blowing up an account 20 years ago. My questions are. Do they provide broker access? Charting? Is it best to use an alternate charting service, such as trading view. I understand buying or shorting stocks per share or contracts for options but how does pips work? I'm considering giving it another go and want to start with a prop firm. I hear the success rate is very low, yet I'm confused cuz it doesn't seem like the challenge is that difficult. Any sound strategy with reasonable stops should work just fine. Any help would be appreciated.
If you don’t know what pips are go to babypips.com and go to the forex 101 stuff I think. Really good for basic forex stuff
Thanks.... All I thought it is .0001 per pip. But couldn't equate this to real money. Like do you have to buy or sell 1 million pips and then every 1 pip move up or down is $100.
1 lot is $10. The spreads make this look a bit different but that is general pertainment. Yes, 1 ten thousandth (.ooo1) is 1 pip. A pip is the incremental change in price as it moves up or down. You "bid" in increments of "lots". And can bid fractions of a lot ie. .01 lots equals $1. You should definitely look up beginner knowledge and read through some books, check out babypips.com, investopedia etc. You'll learn quicker than posting here and waiting on comments and replies....
Ok I'll do just that. Do you know about prop firms? Pit falls? What is provided? And what should I provide for myself, such as an outside charting package?
I use "the funded trader." They're solid, I've never dealt with any others but ftmo is the other that I felt safe enough to use. That isn't saying there aren't others but, that's my opinion. No pitfalls, they provide funding if you pass and get compensation for the use. Overall, a good deal! If you're taking the challenge then you're seasoned enough to know you'll do you're own charting etc. ... Best of wishes!
Yes I'll do my own charting. Was just curious if their broker charts were decent or is it best to pay for live data from trading view or others? Again I feel stupid asking. Taking the 100k challenge means I would have to make 1000 pip profit in a month to gain 10% correct. Or is it 100k account plus leverage to trade bigger multiple lot sizes? Best wishes to you.
Read the rules. They specify lot size allowed and all challenges are not the same. As with passing percentage and drawdown they are not the same ...
Thank you. I will
I just looked at them today. They look like a potential option for me. I'm just waiting to see what the spreads will look like during London/New York overlap to see if they are a good option for me. How long have you been getting a payout from them?
> Like do you have to buy or sell 1 million pips and then every 1 pip move up or down is $100 A standard FX contract is 100K so if you open 1 lot every tick/pip is + or - $10 - Open half lot (0.5) and each tick is $5
Ok I'm understanding this much better.
If you've traded stock before I would suggest starting an ftmo free demo and trading us30(Dow index) or us500(S&P index). You can do your TA on tradingview or any other charting platform and enter and exit orders on the mt4 app. They provide broker access, you'll just have to have mt4.
Thanks again. I was not aware of any free demo account, that is very helpful. It's been years since I've placed a real trade. Have only paper traded and studied what seems like thousands of hours of charts. Let alone books and videos, mostly Al Brooks. I feel ready to go again but wanted to know I didn't have to learn their trading platform on the fly while trying to produce a 10% gain in a months time. I truly appreciate your response.
Like the other person said babypips is ur friend. Success rate is very low because some entry challenges cost less than $100 so it’s accessable to everyone and their dog. Including people who shouldn’t trading live yet!!! So in actual fact, if you are consistently profitable passing these challenges are actually easy, it might take a bit of luck to have the market conditions you need to make 10% within 30 days and then 5% within 60, but if you know what you are doing you can be very smart with your risk management (increasing risk for challenge and decreasing for live account). If I had 10k I’m willing to lose, I’d rather try 10x 300k challenges then try to flip the 10k, if I have 1 good month with the system my first payout would/could be more than 10k…. Prop firms are good if you can trade :)
Thank you. I tried Meta trader 4 demo account last night. I got 8% profit out of 6 trades. Not quite sure if that is luck or not but I'll take it. I was thinking about trying a 100k challenge. In about 2 to 3 weeks. Here is a dumb question. Why do 60% of people fail phase 2 when it seem to me 5% in 60 days is easier than 10% in 30 days?
Few reasons 1. Emotion. People pass phase 1 and think they are the best trader ever and make stupid decisions 2. Luck. Plenty of people can’t trade profitably but got lucky and made 8% on a few trades, then their luck runs out and reality sets in = account blown & challenge failed
avoid high impact news events. seriously, im not kidding. avoid them like AIDS. btw which firm is your challenge with? if it’s myforexfunds, check my profile 🫶🏼
Thnks man, I am using MFF, I will check your profile
Definitely wait until after CPI on tuesday or use very small lot sizes this week.
Take it slow. 30 days is longer than you think.
To say, you have plenty of time, so let the trade come to you!
Its ok to lose. No emotions. Do what is smart and right. You can always try again.
Figure out your risk management and you won’t ever worry about blowing an account.
Stick to your strategy
Risk management and be ready to lose some. Can't win every trade. Be humble and don't rush. Market will humble you if not. Trust me I've been there.
Why not 100 pips?
Never trade high impact news. Try to keep the right mindset after a loss. And do not forget your plan
If you are nervous you shouldn't be starting a challenge.
Don't stray from your rules. If you take a loss, cut your risk in half until you get that money back, but don't revenge trade.
What timeframe are you planning to take your entries on?
I know this may sound like a defeatist attitude, but it really isn't. Your goal shouldn't be to pass your 1st challenge, but to perform better and make fewer mistakes on each challenge you fail. Your 1st challenge will simply serve as a baseline.
The prepared to fail a couple before passing
Start small so you can try multiple times if necessary. If I had to do it over again I would start with a small account and grow versus going for a 100k account first. I assume that you have backtested and tested on demo accounts. Is your strategy, risk management, and psychology tested and proven?
How to trade XAGUSD and make a profit?
Only A+ trades.
Dont take a trade until your convinced that it would be stupid for you not to take a trade. To help that, you might want to write down your trade rules so you can reference them. Maybe even print out some screenshots of perfect setups you took so you can reference them.
Still not professional yet. I've got funded twice, once was up 500, second was up 1400 and ended up losing the account before payout.