I have started a Prop firm challenge. I purchased the $20k challenge from The 5%ers. It's not my first challenge, having eventually failed all of them, so by now I think I have worked out what it takes for me to pass, and continue to make money from trading. Believe me, it's been a challenge.
I have decided to share my trading journey publicly, in the hope that someone out there will benefit from my experience, and some tidbit of knowledge will assist them to getting funded as well. Also it may help me stay disciplined.
The First Lesson
Don't expect to become ultra rich. I can't stress this enough. One of the main reasons I have failed so many Challenges, is that I was trying to get rich quick. Most Prop Firm Challenges have unlimited time to pass - so no need to rush.If your Prop Firm isn't unlimited time , change to one that is. Set realistic goals. For example, on my $20k Challenge, once I make $300 a day (or lose $200) then I close the Charts. My experience has found that the longer I stay in the market, the higher chance of loses.
Background
I have been trading since 2013 (Wow 10 years) Since starting to trade I have spent around $60k of my own money looking for the "get rich quick system", buying Trading Bots, and Programs and Trading systems that were meant to make money. Unfortunately none of them worked. 2022 was my break through year when I stumbled upon The Scruffy Trader, and ICT. Both Mentors stressed lot size and getting in and out of the Market quickly - not over trading. Both taught how to trade and not rely on indicators.
Now, I trade my version of ICT's Silver Bullet (London Session). I think this is a key for newbies, find a setup, learn and practice on a Demo account, get familiar with it so you can recognize when its forming and trade just that set up. Don't keep changing systems.
I started this Challenge 20 Nov 2023 and immediately over Traded and lost money (no discipline). In bed that night I castigated myself for being so stupid again, and swore to myself to lower risk, and if I make my daily target of $300 to get out of the market and close the charts. Since that revelation, I have made back funds lost and are back to square. I will try to update daily and assist anyone I can by answering questions. Please subscribe to this thread and follow my journey. If I stuff up- let me know. I must keep disciplined, just knowing others are watching the journey will help me stay focused and disciplined.
I have decided to share my trading journey publicly, in the hope that someone out there will benefit from my experience, and some tidbit of knowledge will assist them to getting funded as well. Also it may help me stay disciplined.
The First Lesson
Don't expect to become ultra rich. I can't stress this enough. One of the main reasons I have failed so many Challenges, is that I was trying to get rich quick. Most Prop Firm Challenges have unlimited time to pass - so no need to rush.If your Prop Firm isn't unlimited time , change to one that is. Set realistic goals. For example, on my $20k Challenge, once I make $300 a day (or lose $200) then I close the Charts. My experience has found that the longer I stay in the market, the higher chance of loses.
Background
I have been trading since 2013 (Wow 10 years) Since starting to trade I have spent around $60k of my own money looking for the "get rich quick system", buying Trading Bots, and Programs and Trading systems that were meant to make money. Unfortunately none of them worked. 2022 was my break through year when I stumbled upon The Scruffy Trader, and ICT. Both Mentors stressed lot size and getting in and out of the Market quickly - not over trading. Both taught how to trade and not rely on indicators.
Now, I trade my version of ICT's Silver Bullet (London Session). I think this is a key for newbies, find a setup, learn and practice on a Demo account, get familiar with it so you can recognize when its forming and trade just that set up. Don't keep changing systems.
I started this Challenge 20 Nov 2023 and immediately over Traded and lost money (no discipline). In bed that night I castigated myself for being so stupid again, and swore to myself to lower risk, and if I make my daily target of $300 to get out of the market and close the charts. Since that revelation, I have made back funds lost and are back to square. I will try to update daily and assist anyone I can by answering questions. Please subscribe to this thread and follow my journey. If I stuff up- let me know. I must keep disciplined, just knowing others are watching the journey will help me stay focused and disciplined.
Respect the inescapable certainity of Math