🛑 Which Popular Prop Firm Shuts Down & Plans Futures Launch?

Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for July 15, 2024

🗞️ TODAY’S PROP TRADING INDUSTRY NEWS

1. Funded Engineer Shuts Down - How to Spot Red Flags

2. Which Major Prop Firms is Teasing a Futures Launch?

3. CVC Capital Puts Oanda Up for Sale

4. Funding Pips Reassures Traders They are Here to Stay

✂️ BEST JULY PROP FIRM DISCOUNTS

• Axi Select First FREE Funded Trader Program

• APEX Trader Funding Save 80% Off Evals

• MyFundedFX Save 25% Off

• The5ers 5% Exclusive Discount

• Funding Traders 30% Off

🔥 FE SHUTS DOWN - HOW TO SPOT RED FLAGS

📌 PASS THE PROP TRADING TIP

HOW BEING A COMPLETE JERK CAN MAKE YOU A GOOD TRADER

A while back, an article in Institutional Investor reported that money managers actually generate alpha and outperform the market. In other words, just like in other areas of life, research and hard work pay off. However, almost all of that alpha is squandered because money managers fall in love with their positions. ❤️📉

“Active managers... can generate alpha of 1.2 percent annually, on average, at the portfolio level. That’s enough to beat their benchmarks after an average fee of 75 basis points (0.75 percent),” the consultant found.

After evaluating about 10,000 “episodes” — full cycles of a given position from first entry to last exit — across 43 portfolios over 14 years, Essentia Analytics found that “alpha starts out strong and fades sharply with age.” According to the report, “Investors often hold on to positions too long (a consequence, we believe, of the endowment effect), diminishing or eliminating whatever excess returns they were able to generate early on.” 📉⏳

The endowment effect is a nice sounding academic term, but I believe it masks what’s really going on.

From childhood onward, we are taught the following things:

- Love those around you. ❤️

- Be loyal to your friends. 🤝

- Forgive and forget the errors of others. 🙏

- Always give everyone a chance. 🌟

If we are any kind of decent person, these are the values we hold. They are so ingrained in us that we don’t even realize how they permeate our life and affect everything we do.

Trading, on the other hand, requires the exact opposite set of beliefs. It requires you to be a complete jerk.

- Don’t marry your position. 💔

- Cut your losers. ✂️

- Press your edge and annihilate those on the opposite side of the trade. ⚔️

Trading requires a mercenary and transactional mindset that on some deep level is very much the opposite of how we perceive ourselves to be. That’s why the pep talk we constantly give ourselves inside our head never works. 🤯🗣️

Successful trading requires you to be ruthless. And the person you need to be most ruthless to is... YOU. 💪🪓

Until we stop making excuses for lifting stops, taking out-of-setup trades, trading way beyond our risk sizes, and chasing trades after the signal has passed, we will never master the game.

So here’s to being a total jerk in the markets while trying to be a decent person in real life. 🥂🔪

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Prop Trading Tip: The Power of Base Hits ⚾️💡

Many successful prop traders talk about the value of base hits because in the world of prop trading, it is far more effective to pursue consistent profitability over occasional big wins. This is where the concept of "base hits" comes into play. Just like in baseball, where consistent small hits can win the game, in trading, aiming for modest, regular gains can lead to long-term success.

What are Base Hits? 📈

Base hits in trading refer to small, consistent profits that are achieved through disciplined and strategic trading. Instead of risking large portions of your account on single trades with the hope of a big payoff, you aim for smaller, more achievable gains that accumulate over time.

Why Focus on Base Hits? 🤔

Reduced Risk: By aiming for smaller gains, you inherently reduce the risk associated with each trade. This helps in preserving your capital and avoiding significant drawdowns. 🚫📉

Consistency: Regular, small profits add up and provide a steady growth curve for your account. This consistency can be psychologically reassuring, helping you to maintain discipline and avoid emotional trading. 📊😌

Compounding Effect: Small, consistent gains can compound over time, leading to significant account growth. This approach leverages the power of compound interest, where your returns generate their own returns. 📈🔄

Improved Win Rate: Strategies aiming for smaller targets often have higher win rates. This can boost your confidence and help you stick to your trading plan. 🏆👍

Implementing a Base Hits Strategy 🛠️

Set Realistic Targets: Instead of aiming for home runs, set realistic profit targets for each trade. For example, aiming for 1-2% gains per trade can be more sustainable. 🎯📉

Use Tight Stop Losses: Protect your capital by using tight stop losses. This ensures that any losses you do incur are minimal. 🛡️🔒

Stick to Your Plan: Discipline is crucial. Stick to your trading plan and avoid the temptation to chase larger gains. Trust the process and let the small wins accumulate. 📅📋

Review and Adjust: Regularly review your trading performance and make adjustments as needed. This helps in fine-tuning your strategy and improving your edge. 🔄🔍

By focusing on base hits, you can build a strong foundation for long-term profitability, reduce your risk, and maintain a disciplined trading approach. Remember, it's not about hitting home runs, but rather, consistently getting on base that leads to winning the game. 🏅⚾️

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