Trading Tip for New Prop Traders: Start with Smaller Size Challenges 🚀

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Trading Tip for New Prop Traders: Start with Smaller Size Challenges 🚀

Here’s a key tip for passing your prop trading challenge: start with a small challenge not a big one. 💡

Many new traders jump into high-cost challenges, hoping to get funded with large sums right away. However, prop firm challenges are designed to find the best traders, and their objectives, though they might seem simple, are quite tough. 💼📈

Research shows that 80% to 99% of traders fail. With prop firm challenges, it’s not just about winning or losing; you need to be profitable and meet specific trading goals, making success even harder. Less than 1% of traders who take these challenges actually pass and get funded. 📊❌

A smarter approach is to invest in several smaller challenges. Instead of going for a $200K challenge, try five $10K challenges. These smaller challenges cost less and give you more time to prove to yourself, not just the prop firm, that you’re ready for bigger stakes. You can tackle these smaller challenges one after the other or all at once. Then when you pass a challenge, use the funds from a successful $10K challenge to finance a bigger one. 💰🔄

The strategy is to buy a $10K challenge, pass it, and get funded. Use your first payout to fund a $200K challenge. If you don’t pass on your first try, you’ll still have the funds to try again, without risking as much as you would on a single $200K challenge. This method reduces your risk and builds your confidence and skills step by step. 🏆💪📉