Your life has never been easier and harder at the same time. The dawn of prop firms while it democratizes access to new sources of passive income via profitable simulated trading, prop firms are also losing their reputation and credibility to payout traders with many new prop firms that emerge regularly! There is no way around this, but being an informed decision maker. There are several prop firms that have robbed traders off their earned payouts despite following all the rules and guidelines. Isn’t that a scary situation to be in? To avoid prop firms like true forex funds or my forex funds, you need to simply be a more aware and informed decision maker. Here are the prop trading entry-level tips and guidelines when picking out your first prop firm account!
Our capital, your skills
Weed out the bad: Reviews, Reviews, and more Reviews! Use the vast internet to scout and research reviews on the first page of your search engine. Start with the social media handles of the prop firm you wish to trade with, then select a prop firm based on its C-suite experience in Business as prop firms need to be cash-rich and are heavily reliant on failed challenge fees to payout traders. Prop Firms like Axe Trader are the best for you beginners out here, as its team has over 100 years of cumulative experience in running several ventures globally.
Selecting Model Type & Account Size: Say you have narrowed down to Axe Trader as your choice of prop firms you trust to pay you out! Now you’ll need to decide on your budget, how much time you would like to spend in getting funded, and how much you usually like to risk per trade. As a beginner to prop firms, I’d always recommend going with the Double Axe Two Step Model with Axe Trader, as you pay once, try twice, and most importantly you have higher Daily Drawdown (DD) and Max Drawdown (MD) with two step accounts. With Axe Traders' double axe two step prop firm model the DD is 5% and the MD is 10%. Plus you have two chances to pass the evaluation phases (1 & 2) in case you fail either phase. Based on your monthly budget for trading, Axe Traders double axe two step challenge fees ranges from $98 to $1698, with account sizes between $5,000 to $250,000.
Voila! You have now purchased your first prop firm account and are now a prop trader. Now you need to keep it simple while you trade so here are a few more tips.
The three most important takeaways while trading are risk management, forex trading psychology, and risk to reward. Risk 0.5% OR 1% OR 2% of your account size per trade, do this over your next 100 trades. If you decide to Risk 1% per trade make sure you do not deviate from this risk management even when you receive a funded account. Risk to Reward should be a minimum of 1:2, and let your trades either hit your stop loss or your take profit every trade. Do not sell early by taking profits early or do not sell early for fear of losing more on each trade. Do not average down on a losing trade. Finally, cap your losses at two trades per day regardless if you win or lose for that day.
So, are you Ready to take your trading to the next level? Traders get the funding you need with Axe Trader. Follow us on our socials to keep upto date with promos, and new updates to our business operations. Here’s all our Axe Trader social handles:
X: https://x.com/axetraderhub?lang=en
Discord: https://discord.com/invite/axetrader
Instagram: https://www.instagram.com/axe.traderhub/
Facebook: https://www.facebook.com/AxeTraderHub/
Linkedin: www.linkedin.com/company/axetraderhub/
Take advantage of our extensive resources, expert support, and a trading environment designed for your long-term success.
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Begin your journey towards becoming a successful trader with Axe Trader: Assume Zero Risk - Keep upto 100% of the simulated profits!
Axe Trader Ltd. offers fee-based assessment services and facilitates connections with third parties for Potential Traders who meet specific criteria defined by Axe Trader (“Eligible Traders”). Our services involve evaluating the simulated trading performance and results of Potential Traders in certain virtual off-exchange foreign currency instrument pairs (“Forex”) and/or selected virtual contracts for differences (“CFDs”). We conduct data analysis based on simulated trading activities in demo accounts traded by Potential Traders through Axe Trader’s platform, utilizing data provided by a third-party broker. Our methods and techniques are established and maintained by Eligible Traders.
Axe Trader grants access to a third-party’s simulated trading platform, related demo accounts, and simulated trading information for the purpose of conducting data analysis and assessment services. This third-party offers Eligible Traders a simulated trading environment and an opportunity to earn a share of virtual trading gains generated in demo accounts, as specified in their agreement with the Eligible Trader.
Additionally, Eligible Traders acknowledge and agree, as outlined in their agreement, that the third party has the right to collect and use the data obtained from Axe Trader for their own benefit, including the option to replicate trading activities based on this data. The third party also retains the right to incorporate any information received from Axe Trader regarding Eligible Traders into actual live market trading, which they will conduct for their own account and at their own risk.
Theoretical performance outcomes should not be considered as reflective of real trading experiences and are typically formulated with the advantage of historical knowledge, which may either overstate or understate the influence of specific market factors such as limited liquidity and price fluctuations. Moreover, since theoretical trading does not carry financial risk, it cannot fully encompass the impact of various risk-related elements, including an individual’s or advisor’s capacity to manage losses or adhere to a specific trading strategy when confronted with trading setbacks.
