How to Get Funded
The funding process is one of the most challenging parts of forex trading; this is why a good community and patience are critical in your trading journey. Consistency can be achieved, but it might take a while with good trade management, planning, and a working strategy.
Many traders don’t become profitable immediately because of inconsistency and impatience, but with consistency, you can be among the few successful traders out there. The first few months of your trading journey must involve a lot of learning. Education about all the processes, plans, and strategies you’ll employ when you begin real trading. You will learn the process of trading through demo accounts.
Demo accounts allow you to test your trading skills on virtual money. Through the demo account, you’ll learn about your mistakes, correct them and understand the workings of the strategy. The demo account is exactly like the real one, so learning how to navigate is very important.
Your understanding of the demo account will help to reduce problems for you when you start working with the real trade account. In the beginning 1-3 months, you will start your practice with 2 pairs, but from the 3rd month, you should have gathered enough data from your backtesting and developed a trading plan. After three months of practice, you should also have a solid checklist for about 4-8 pairs; once you’re done with all of that, the next step is forecasting.
During this stage, every trade you have taken in your demo account and those that you have taken on real account will be entered into your trade journal. You will record every trade you take in your journal and broken down into the littlest detail. This is when you will spot the little mistakes you may have overlooked during your demo trading process.
Funding can only come when you pass a challenge at the prop firm you’re applying for funding from. To pass the challenge, there are some steps you have to follow:
- Rehearse with the demo account by attempting the process at least 3 times, with 2 times being successful.
- Memorize your plan and strategy
Achieve the firm’s target on the demo account twice successfully to boost your confidence.
During your practice sessions, be careful not to let your emotions get in the way of your intellect. Emotions have no place in the decision-making process when it comes to forex trading; everything has to be practical and well thought out. Even the demo practice process is demanding and requires much focus. If you haven’t learned to curb your emotions from the demo trading sessions, it can cause an issue when you begin the real thing.
Learning the psychology of forex and emotional control takes time, but it is doable. With consistent practice, you should be able to maneuver and control it. This is where having a community comes into play because you’ll be able to share your challenges and gain deeper insight.
Why Prop Trade Companies?
The possibilities are endless when you work with a prop trade company as a trader. You get access to bigger capital leading to bigger profits. The key to success is learning to devote yourself to work, educate yourself and be ready to work. Once you have your emotions on lockdown and learn to trade, the money will start to flow in.
In the first stages, the best thing to do is to focus on your trading skill; once you have sharpened your skills, you can start using your knowledge to bring results. Many traders fear trading with big capital because of the risk involved. But to become the professional trader you want to be, you must move beyond the basics.
All you have to do when you trade with a prop company is follow a trading plan and trade according to your checklist. Fear will find its way into the picture because we are all humans, so fear is inevitable. Fear shouldn’t deter you once you’ve set your mind to it.
One of the surest ways to strengthen your resolve and better your psychology is with markups and Lazars Recep. This will help you develop a stronger mindset; before you know it, there will be no difference between $10k and $100k in your eyes.
Many prop companies will give you unlimited free repeat, meaning they can allow you to repeat the challenge if you’re in profit, it can be even one cent profit. They want you to be able to give them twice the profit over time. Many prop companies don’t calculate the challenge starting date until you open the first trade, so you don’t have to rush in. The good thing about this is that you can take your time, and wait for a few weeks until the opportunity for an HP trade comes.
Prop companies will require that you select particular days for trading; this is so that they can track your trades and results. The moment the challenge begins, you can open with a 0.1 lot daily so that you can close early and get another day to trade.
As soon as your account gets to the target profit, you have to close the trade manually. There might be temptations to go further, but following the trade plan brings continuous success. Having faith in yourself is key to staying confident as you trade because you will face some challenges as you go, but they will pass.
Stick to the plan until you get your capital and hit your trading goals. Every successful trader you see today started as a novice, but their consistency and practice took them where they are today. You can also get there! Stick with a great community and follow in the footsteps of your forex mentors; you’ll see massive growth.
