Edition 5: Can I really turn $2,000 into a $4,000 monthly income?
| Welcome back to another sleek new edition of Chasing Candles, freshly laminated and ready to hang on your wall for future generations!
I can still smell that sweet burning laminatey smell... 🧃 Grab yourself a juice box & an environmentally friendly straw, and let's dive in. |
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Remember our friend Nathan from Edition 1, who barely had a few dimes to rub together when he started trading? He took a different route to scale his fortune using OPM by sourcing outside capital from prop firms. That's what we're going to crack into today. Recap of his story below 👇 : |
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🎯 Trading is a highly sought after skill. In some circles, trading is a cliche that your punter friends can't stop talking about, who recently upgraded their Sunday afternoon slot machine habit to now staying home placing crypto bets. Maybe you're on the opposite end of the spectrum, like I was, raised to believe: "the only way to earn a living is through hard work, blood & sweat". Whichever category you're in, a profitable trader is one of the most sought after high-demand skills in the marketplace, to the right organisations. Many try, most fail, and the few that succeed are compensated insanely well. Note: Virtually anyone can learn to trade with the right training, support and patience. Most give up because they dabble and never invest in their education. |
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FTMO: Are the largest and most renowned flag-ship prop firms out there. Website link |
Anyone, anywhere at any time can attempt a prop firm challenge, which if passed, you will be awarded a sizeable amount of capital to trade.
No degree, CV, or work experience required!
When awarded a live account with a prop firm you are not financially responsible for any of the losses on the account, and the typical profit split is between 70-90% in your favor.
Sounds too good to be true? Here's the catch...
Only a real trader will be able to pass the challenge.
The challenge requirements aren't overly difficult when you have the experience, but novice traders usually get tripped up if they haven't invested in learning to trade or risk manage properly before attempting to pass a challenge.
Many are wandering around taking shots in the dark, attempting to pass and hoping for the best. Some estimates are up to 96% of "traders" fail. Shocking, I know!
Most of whom I wouldn't personally consider traders, however, and it makes sense considering it's around the same percentage of "traders" who lose money in the markets and end up quitting before making a penny.
Remember though, of that 96% I would bet that at least 80% of them never invested in their education.
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A Prop Firm Challenge consists of usually 3 phases: Phase 1: 30 days to reach a high (but not unreasonable) profit target while staying within certain risk parameters. Ie. not losing more than $X in a day, or $XX during the 30 day period. Phase 2: Upon completing P1 you get a new demo account and do it all over again! The difference is your profit target is usually halved, and the timeframe is doubled to 60 days. Risk parameters are the same as P1. Phase 2 of course is much easier to pass, in theory, but if you fluked P1, chances are you'll fail P2. Live: This is where you're awarded a live account to trade, size dependent on whichever account you passed the challenge for. $100k is the most common. The 70-90% of profits is paid out every month thereafter. You will continue to trade for the prop firm until (if ever) you hit the drawdown limit, which is usually somewhere around the 10% mark. For example; if the balance of the $100k account ever reaches $90k, the account is frozen and you need to reattempt the challenge to get a new account. |
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Wanna know the best part? You can pass more than one challenge with each prop firm and they'll merge your accounts! Both FTMO and MFF allow up to 3 accounts, meaning if you passed 3 x $200k accounts you'd be awarded $600k capital to trade. Recapping earlier editions, a profitable trader's first milestone should be an average 5% monthly return. Quick math: |
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Impressed, excited, happy to know there is hope for your tiny piggybank to become a healthy bank vault? I sure was when I first learned this! Impatient and itching for me to cut to the chase? Most likely... |
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"Action steps! Give me the actions steps, man!" There are 2 ways you can go about this. 1. Swing for the fences & sign up to a prop firm. Depending on your exposure to trading, you may be tempted to try a prop firm challenge and see how you go, after all, $500 bucks is a small amount to risk in the chance for a slice of freedom! 2. Secure your future & join Pro Trader. Pro Trader's step-by-step institutional-grade trading education is built specifically to teach you the right skills & techniques to maximize your chance of passing prop firm challenges, consistently. Once you get the prop firm you also need to know how to trade it profitably and consistently. Though the odd punter may luck their way through P1 & P2, the consistently profitable part is what trips them up the following months. Does Pro Trader have a support group to help me when I'm stuck? ✅ Yep, we sure do! Does Pro Trader have live calls to help me identify opportunities before they occur? ✅ Absolutely, twice per week! Is this for real? How can I be sure that you can actually do what you say you can do? ✅ We have a once-per-quarter event where you join me live for 1 hour every day for an entire month. I take on a prop firm challenge live, documenting every trade & execution. Nothing hidden between the cracks here! |
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In summary, the opportunity is sitting on the table in front of you. It's up to you to commit or let another hope, goal dream, ambition fall to the wayside. Sign up for 7-day trial today! » Luke |
