I have been trading for quite some time. Some personal problems happened in between; however, I have decided I am going to buy a challenge and get a good payout. I have a strategy which I back-tested and forward-tested. I have all the confidence in my strategy. I just want some advice on determining which prop firm to choose, how prop firms work in general, and what things to consider when choosing different types of challenges. In general, I really need some insight!
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Same position.
FTMO or 5ers.
Don’t buy a prop firm challenge/ponzi scheme. Trade with a live account instead since you can have a max drawdown of 100%. You can also withdraw anytime with a live account from a trusted broker.
Xavi said:
Don’t buy a prop firm challenge/ponzi scheme. Trade with a live account instead since you can have a max drawdown of 100%. You can also withdraw anytime with a live account from a trusted broker.
Terrible advice.
Prop challenges are a great way to gain trading capital. Once you understand trading and have a proper risk system in place, there is no better way to get capital…
Thinking you have 100% drawdown available is such a wrong thing to do… If you get anywhere close to that drawdown you are insane and should quit trading.
300k in funded capital, 0.25 or 0.5% risk per trade, aiming for 10-20% per annum is incredible and actually doable. Stop spreading whatever it is you are spreading.
Xavi said:
Don’t buy a prop firm challenge/ponzi scheme. Trade with a live account instead since you can have a max drawdown of 100%. You can also withdraw anytime with a live account from a trusted broker.
You clearly have no clue what a ponzi scheme is 
It’s always funny when you hear people who failed prop firm challenges call them a scam 
It’s not their problem you can’t trade, mate. I live off of prop firm accounts; I’ve got nothing bad to say about them. Rules can be a bit tricky, but I don’t care as long as they are providing me with funds.
Practice on the cheapest 10k challenge accounts first to see if you’re able to pass it, then move on to the bigger accounts.
FTMO or 5ers are the best/most reliable. If this is your first time doing a challenge, and regardless of your skill level, I recommend doing the free challenge on FTMO first just so you can get a feel for how these challenges work. If you can pass that, then you can’t go wrong with either company. Just pick the one with the challenge that best suits your goals or budget.
Your mistake is wanting a GOOD payout.
Greed and unrealistic expectations will kill your prop game.
I might be wrong and your idea of a good payout is 1%.
Good luck, anyway.