🚨 BREAKING - Another Major Broker Launches Prop Brand

Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for July 4, 2024

🗞️ TODAY’S PROP TRADING INDUSTRY NEWS

1. Another Major Broker Launches Prop Brand

2. DXtrade Adds Copy Trading

3. MyFundedFX Adopts 50% Consistency Rule

4. Alpha Capital Changes Gold News Trading Restrictions

5. Funding Traders Brings 5K Accounts Back

6. Funder Pro Extends Free Trial Challenges in 2 Weeks

✂️ LATEST PROP FIRM DISCOUNT PROMOTIONS

• Axi Select First FREE Funded Trader Program

• APEX Trader Funding Save 80% Off Evals

• MyFundedFX 25% OFF ALL Plans

• Oanda Prop Trader 25% Off

• Blue Guardian 25% off Everything

• Goat Funded Traders 15% Off 72 Hours Only

• Funded Trading Plus July 4th Sale 15% Off All Evals

• the5ers 5% Exclusive Discount

📌 PASS THE PROP TRADING TIP

LOOK FOR PRICE, PATTERN & VOLUME CONFLUENCE

Confluence is like assembling the ultimate tactical team for your trades. It's about finding multiple factors that align perfectly to support a specific trade direction or level—think technical indicators, volume patterns, and prior highs or lows. When these elements come together, they create a powerful signal that boosts your confidence and helps you decide whether to go big or play it safe. It's like the stars aligning for a perfect trade! 🌟

Let's break it down with an example on the Nasdaq:

• Significant Price Level: You spot a key support level around 14,000, a level that's held firm in the past. 🔍

• Hammer Candlestick Pattern: A bullish hammer candlestick forms right at this level, signaling a potential bottom. 🔨

• Volume Spike: There's a significant volume spike, indicating strong buying interest. 📊

When these three factors align—the supportive price level, the bullish hammer, and the volume spike—it's like hitting the trading trifecta. 🎯 This confluence suggests a high probability of the price bouncing upwards.

In this scenario, you might:

• Jump into a long position with confidence, knowing these signals are in sync. 💪

• Use confluence to cut through market noise and focus on prime opportunities. 🎯

• Consider increasing your trade size because the odds are in your favor. 📈

Confluence is your secret weapon to making smarter, more confident trades. It’s like having a tactical advantage that helps you spot those golden opportunities where everything just clicks. Stay sharp and trade strong! 💪📈🔥

📋 BROKERS OFFERING PROP

1. Axi Select

2. Oanda Prop Trader

3. ICFunded

4. Hantec Trader

5. Think Capital

6. Traders Trust

🎓 PROP TRADING TERMINOLOGY

What is End of Day Drawdown? 🌅 

With firms that have end of day drawdowns, your max daily loss will reset at the end of each day.

EXAMPLE 1: Let's say you're participating in a trading challenge with a starting account balance of $250,000. Your max daily loss will reset at the end of each day. Initially, your max daily loss is set at 4%, which is $10,000. 💼

If you end the day with a $15,000 closed profit, your account balance will now be $265,000. Consequently, your max daily loss for the next day will be recalculated based on this new balance, which is $255,000. Your account will be breached if your equity falls below $255,000 at any point throughout the day. ⚠️

EXAMPLE 2: Imagine your account is in a $100,000 challenge, and you have an open position that is $7,000 in profit when the new day starts at 5pm EST. Following the reset, the drawdown would be calculated as $107,000 - $4,000 = $103,000. If your equity dips below $103,000 at any point during the day, you have violated the max daily drawdown. 📉

⚡ PROP FIRM FEATURE

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🔥 TRADING TIPS

📈 TRADER PSYCHOLOGY

Trading is Not a Business

When trading gurus tell you that you should treat trading as a business, they couldn’t be more wrong. Trading is a business the way screenwriting is a business, the way painting is a business, the way poetry is a business. 🎨✍️📜

Trading is nothing like making donuts 🍩 or cars 🚗 or even planning weddings 💍. There is no set formula. There is no physical certainty of food chemistry, metallurgy, or any other science whose laws are inviolable and repeatable. There is not even the general certainty of sociology, which operates under the premise that people want status, thus making the business of planning weddings relatively predictable.

Speculation is observation, and while human nature may be broadly the same from Homer to Shakespeare to Balzac to Roth, it is just different enough that we need new literature to capture the uniqueness of each generation. 📚✨

That’s why writing a trading plan is much more like writing a novel than it is like writing a business plan. There is no “addressable market.” There is no “demand.” There is no “supply.” One day it’s massive, the next day it disappears altogether. And certainly, there is absolutely no “value proposition.” 📈❓

The market is perhaps the purest commercial expression of every flawed human impulse that art has struggled to understand ever since man could record his ideas. There is no measured reason. There is only pain, pleasure, braggadocio, despair, deception, and power plays. And all of it happens every single day. 😨😃🎭

Furthermore, in trading more than any other daily activity, there is a perpetual feeling of uncertainty. The knowledge that no matter how many times you’ve taken the step before, you never quite know if the ground below you will crumble on the very next move you make. 🌪️❓

That’s why approaching trading with all the imagination of a bookkeeper is absolutely wrong. Bookkeeping is vital to understanding the basic mechanics of money management, but in and of itself, it is of little value in mastering the skill. Trading is an art, and like all art, it is driven by curiosity, discovery, and most importantly, the process of trial and error. 🎨🔍🔄

How many sketches did Picasso make? How many drafts of “Catch-22” did Joseph Heller write? Don’t bother looking that up. These are rhetorical questions. 🤔🖌️

It is amusing that newbie traders try a strategy for a week, attempt a few tentative trades, and the moment it incurs losses, they quit. If every writer, every painter, every inventor had that attitude, where would we be as a civilization? 🚀🌍

The statement: “treat your trading like a business,” doesn’t even begin to explain the true nature of the activity. "Treat your trading as a lifelong art project and use your business skills to stay in the game" is not nearly as pithy but is certainly more accurate. 🎨.

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