1. Learning How To Trade
Probably the most important part of trading, is knowing how to trade profitably.
I created my trading business by learning from some of the best index trader educators in the world. After seeing their consistency and profits compared with so many other educators (most won’t show you real results), I had to learn everything these guys taught… And it paid off!
Magnetic Trading Course –> Learn Index Trading From Professionals
The link above will take you to the most beneficial education I have undertaken, including a University Degree in Accounting and Graduate Certificate in Finance, plus it tops any other trading course I have experienced yet.
From their training, I am able to produce results with over 80% win rate in a 4 minute period per day (throughout 2022 to date), limited drawdowns, holding trades for short periods of time (i.e. often 2 – 5 minutes) and tight stop losses to minimize risk.
2. Gather Data
Using a ‘Fund manager account’ to run your trades through, in a real trading environment, but using only small amount of funds will help immensely in your long term trading psychology. You can also set up copy traders to copy to other accounts, and simply keep doing what you have been doing on the small account. You won’t even see the larger account or it’s swings unless you choose to go in and look. This takes a lot of pressure off the trader mentally when the heat is on.
By gathering data with a service such as MyFXBook or FXBlue, you can track all of your trading and filter by certain conditions such as day of week, time, market and much more. This will really help you to identify trends in your trading, what is profitable for you and how you might be able to improve your trading. It is also instrumental in helping with your trading psychology when you have consistent trading results to refer back to and calculate out what could be made compared to the smaller ‘fund manager account’.
3. Getting Funded and Earning Money
Smart Prop Trader – Cheaper than FTMO, easier targets. Just 7.5% target phase 1 PLUS 50 maximum days (almost double most other providers).
Apex Trading – Monthly fee, much cheaper up front, for futures traders using Ninja Trader. $85 reset fees to retry challenges.
FTMO – One of the most prominent and respected prop firms.
MyForexFunds – Offers instant funding, but also has challenges.
In order to pass, some people like to use tools that help avoid hitting limits and help show the targets required, find out more by heading to the funded account EA page.