How do I get my first deposit with a Prop Trading company?
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In today's realities, "finding a deposit" is one of the easiest aspects of trading. Everyone has already heard about prop companies that provide a deposit from $5,000 to $500,000 for management. This is an ideal solution for those traders who do not have their desired deposit to trade with in a sufficient amount.
Or in other words, the so-called challenge. To pass the first stage, you need to deposit 8% to your trading account.
To pass the 2nd stage, you need 5%. After successful completion of the challenge, you will be able to receive your first deposit for management.
But is it really that simple?
Most traders have problems with their attitude when completing a challenge. "It's only 8% and then 5%, I'll do it quickly" - that's why such phrases ruin a large number of traders.
In the vast majority of cases, self-control, management of one's own trading system, and psychological aspects are the main reasons for failures in prop companies.
Fear. Greed. Anger. The desire to go through everything as quickly as possible.
If you are interested in getting started with a prop company, you will have to follow a few steps before you get access to the management of financial resources.
Make a one-time payment that allows you to access your account to participate in the contest. The cost of this fee depends on the amount of the deposit you are trying to get. For example, if you are trying to get a $10,000 account, you should pay $100, and for a $100,000 account, you should pay between $500 and $1,000, depending on the company that provides the capital.
After successful payment, you will receive an email with login credentials for your MetaTrader 4\5 terminal.
You have 30 days to complete the first phase. These days will start from the moment you open your first trade. To successfully pass, you need to make +8% to your deposit. The risk per day, i.e. the funds you can lose per day, is 5%. The risk per phase, i.e. the funds you can lose per phase, is 11%.
You have 60 days to complete the second phase. These days will start from the moment you open your first trade. To successfully pass, you need to make a +5% deposit. The risk per day, i.e. the funds you can lose per day, is 5%. The risk per phase, i.e. the funds you can lose per phase, is 11%.
After successfully completing both phases, you become Funded. You will receive documents to fill out and send back to us. After that, you will be provided with login details to your Live account. Payouts of earned funds can be made in different formats: payment to a bank account or in cryptocurrency.
Payments are made every two weeks in the ratio of 85\15 in favor of the trader.
If only everything were so simple... Obviously, there are a huge number of problems and difficulties that every trader will have to face in this business. The vast majority of traders want easy money and they think that they can get funding pretty quickly without putting in much effort.
Traders try to take every movement they see on the chart without having a clear plan of action. A "mess" appears in the head, which gives rise to new problems. As in any business, you need to think through your actions clearly to achieve maximum results. Otherwise, trading turns into a casino. And relying only on luck in trading is a wrong approach.
A trading strategy is a must-have for every trader. This applies not only to prop.
A trade journal is a record of all actions. By recording your losing and winning trades, you can clearly see your actions from a distance, which will allow you to see your strengths and weaknesses, which will further help you optimize your Trading Strategy.
A trader who knows how to control himself and his emotions is more likely to be profitable at a distance. Trades opened on emotions are more likely to be unprofitable because the analysis was made based on the trader's desires, not on what the market says.
A huge number of traders "drain" the challenge because of the 5% daily risk. After the next stop order, a person receives a huge dose of negative emotions that push him or her to rash actions, completely ignoring the Trading System.
Risk management is the most important part of any trader's work. You have to clearly fix the risk per trade, risk per day, risk per month.
What you are willing to risk to achieve your goal. First of all, you must preserve the capital that you have been given, and only then think about its growth.
Giving in to emotions, a trader ignores risk management in an attempt to recoup losses, thereby driving his account into a loss, which leads to a complete failure of the challenge.
The training system is designed in such a way that every "pain" that worries the trader will be solved.
We provide and optimize the Trading Strategy that has already demonstrated its efficiency at a distance, completely for the trader.
We also provide a template for a trading journal, where you can record all your actions for fixation and further verification by mentors.
We show not HOW it works, but WHY it works
