🛑 Another Prop Firm Shuts Down, Who is Set for Comeback

Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for July 6, 2024

🗞️ TODAY’S PROP TRADING INDUSTRY NEWS

1. Another Prop Firm Shutters

2. Which Prop Firm is Planning a Comeback?

3. GFT Launches Challenge with 12% Max DD

4. Alpha Capital Trader Journey Details

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📈 TRADER PSYCHOLOGY

What Can Make the Best Trader Lose

A CBOE options market-maker once said something that you should remember forever. "Take any athlete you know," he said, "and I bet I can make them miss. Suppose you are playing with a great golfer, and he is about to putt for par. Now, before he makes a move, tell him that you'll pay him $10,000 if he sinks it, but he will have to pay you $10,000 if he misses."

"Most people," said the market-maker, "will miss because they stop thinking about the shot and start thinking about the money." 💵 The market-maker was simply expressing the truth about financial markets that is almost always overlooked. Amongst all the talk of strategies and tactics, statistics and backtests, everyone forgets that none of those things matter once money comes on the line.

Every single mistake we make (not the mistakes we make on individual trades, but rather structural mistakes such as changing the stop, lifting it altogether and trading unprotected, or adding to a position beyond your strategy limits -- all those mistakes -- are always the result of money playing games with our psyche.) 🧠💰 The bigger the money, the bigger the games. 🎲

That is, of course, what makes trading such a challenge. It's not just the need to find an edge on the market, but it's also the will to ignore the minute-by-minute pressures of watching your money rise and fall. 📉📈 Even if we master the first part, the second part usually takes years to perfect. ⏳

That’s where prop really helps you out. By trading virtual money, the pressure is relieved somewhat (though not fully), and we can focus on “making the shot” rather than the “money”. 🎯🤑

📌 PASS THE PROP TRADING TIP

Tips for Passing Your Prop Trading Challenges 📈

1. Keep Your Orders Small 🧐📉😀 

   • Why: Large positions can lead to significant drawdowns, increasing the risk of breaching loss limits.

   • How: Start with small orders and gradually increase your position size as you gain more confidence and experience. This approach minimizes risk and helps you stay within the allowed drawdown limits.
     

2. Avoid Taking Too Many Trades 🛑📊😀 

   • Why: Overtrading can quickly deplete your account, especially if you hit a losing streak. Building your account gradually gives you a better chance of long-term success.

   • How: Focus on high-quality trades and be selective. Patience is key. Allow your profits to accumulate slowly, providing a buffer for days when the market doesn't go your way. This extra buffer gives you more flexibility to handle losses without jeopardizing your account.
     

3. Withdraw Profits but Maintain a Cushion💰🛡️:

   • Why: Withdrawing profits is essential, but maintaining a cushion in your account is crucial to absorb potential losses and avoid breaching your stop limits.

   • How: Regularly withdraw a portion of your profits, but always leave enough in your account to cover potential drawdowns based on your lot sizes. This strategy ensures you have the necessary funds to continue trading effectively while also enjoying your earnings.

By consistently following this disciplined approach, you'll establish yourself as a professional trader funded by an organization, capable of generating steady profits. Stay focused, be patient, and manage your risk wisely to achieve long-term success in prop trading. 🚀📊

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