$100K PROP FIRM FUNDING
Understanding how Prop Firm works and how to leverage on them to raising your trading capital.
Prop Firms have become a popular name among forex traders. Around Mid 2020, I first heard about prop firms and since then, I desired to ensure I got funded
Prop Firms are designed to help disciplined traders get funded with higher capital. Technically, they give you a leverage in the $6 Trillion market.
You can get from as low as $5k to $1m funded on these prop firms. The question here is how to get them
First, let us talk about the prop firms that I know of
There are more you can research on. However, I trade both FTMO funded and MFF currently in challenge and they are both awesome.
To take their challenges, you pay a challenge fee
This fee depends on the account size you are applying for. EG, the $5k account on MFF (My forex funds) is $49, while the $50k account is $299, the $20k challenge is $139. Affordable right?
Every prop firm has a standing rue and pricing to their challenges that must be followed
Before a live account is given to you, you will have to pass a 2 stage challenge. FTMO requires you make 10% of the purchased account and 5% for the second stage. While MFF requires 8% for the 1st stage and 5% for the second stage.
If these stages are failed, your reg fee is gone
However, when you scale through and get your live account, you get refunded your registration fee plus the profit split for the month.
Well, some prop firms allow that you have an extension on your challenge if you dont meet the target of 8% or 10% in 30days. So, no rush
After passing the challenge, what next?
You get a login for your live account and you can start trading at your own pace. Do not rush at this point or you could love your live account out of excitement and flout the rules. Yes, there are still rules after getting your account
These rules are:
You cant lose 5% of your account in a day and cannot lose 10% in total or 12% in total for MFF. These rules apply to your challenge phases(1&2) as well as your live account. Only difference here is that your live account does not have a time & trading days limit
On your first month of trading your live account, you are now ready for your first payout. Most of these prop firms pay you 80% of every profit you make as well as your reg fee refunded. Subsequently, you get paid same 80% bi-weekly. So, you technically now earn every 2 weeks
Beautiful right? I know. The 2 phase challenge can be difficult to pass. That is why you have to ensure you sharpen your skills very well before attempting it at all.
You can start building your portfolio from MFF's $5k account and scale up from there
The essence of a prop firm account is not to keep trading prop firms. It is to raise trading capital for yourself. In 12 months, with resilience and dedication, you can achieve all your dreams.
Even OG traders lose accounts too but because the skill and psychology is intact, they can easily take a prop firm account of $100k and move up in a couple of months quickly. You see? Your psychology and skill must be on point.
My advice for those who want to take a prop firm account now, go for MYFOREXFUNDS (myforexfunds.com/?wpam_id=95862
Their prices are cheaper and they have more challenge friendly options than others and they also have the $5k challenge
You can get a 5% discount when you pay for an account with this link
Create an account and go for the evaluation phase. Select the account size you want to purchase & go for it.
You can pay via crypto if you are in Nigeria or debit card if you can
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