After 28 days, 64 trades and over $2200 in commission, I've completed the challenge phase. The best part is, over $9150 was made in the last 24 hours 😅. Now onto the verification phase

Prop Firms
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after-28-days-64-trades-and-over-2200-in-commission
after-28-days-64-trades-and-over-2200-in-commission487×846 31.4 KB

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Congrats. What prop firm?

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Timber said:
Congrats. What prop firm?

5%ers

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Ali said:

Timber said:
Congrats. What prop firm?

5%ers

Is 5%ers good? I wanna try my first prop firm challenge. I have like a 150ish CAD budget and I wanna trade NQ and ES. Is going for a 5%ers account a good idea?

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@Joss
Yes. 5%ers is one of the top firms. Not sure if they have NQ, but they mainly have all Forex pairs. Check their page and see if indices you are after are there. I’ve seen NAS100, US30, etc.

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Ali said:
@Joss
Yes. 5%ers is one of the top firms. Not sure if they have NQ, but they mainly have all Forex pairs. Check their page and see if indices you are after are there. I’ve seen NAS100, US30, etc.

Yeah, I practiced on TV with NAS100 for a long while. That’s just fine for me too.

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Nice bro! My advice would be to risk less, this way you won’t blow your account.

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Zayden said:
Nice bro! My advice would be to risk less, this way you won’t blow your account.

Sure, thank you.

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Congratulations!!!

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Tate said:
Congratulations!!!

Thank you.

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Nice, great job.

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Jordan said:
Nice, great job.

Thank you.

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I don’t know what your drawdown is, but let’s say it’s 4000. This is really all you can lose before you blow up. Therefore, 1000 is 25% risk in actuality. The high balance is just a facade that makes people blow up faster.

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@Marin
Well, for a 100,000 account, $1000 is actually 1%, right?

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Ali said:
@Marin
Well, for a 100,000 account, $1000 is actually 1%, right?

They’re saying you don’t actually have a 100,000 account. The account size you actually have is the amount of your max drawdown before the account is blown, $4000 in this example. So if you really only have $4000 before you lose the account, then risking $1000 (1% of $100,000) is really like risking 25% of $4000. Realistically, you should be risking 1% of your max drawdown or $40.

If you lose 4 trades in a row risking $1000, then your account is done for. But if you risk $40 per trade, that’s 100 trades before your account is blown and gives you more of a chance.

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@Tory
Exactly! I personally risk around 5-800 on an account with a 4k drawdown. To me, that means I have 20% max risk, but my win rate is pretty high. However, I feel it’s important to realize the significance of this risk. What you do with it is your own prerogative, of course.

Also, I scale down my risk significantly the moment I go below my 4k buffer.

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@Marin
Ok. My drawdown is $5000. Daily, I take max 2 trades if it’s a losing trade.

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Ali said:
@Marin
Ok. My drawdown is $5000. Daily, I take max 2 trades if it’s a losing trade.

That’s great! Really good to have that kind of discipline. Good luck!

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Marin said:

Ali said:
@Marin
Ok. My drawdown is $5000. Daily, I take max 2 trades if it’s a losing trade.

That’s great! Really good to have that kind of discipline. Good luck!

Thank you.

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@Tory
I have been learning about Forex for slightly under 24 hours and even I know this.