🤔 So You Want to Make $1,000 Day Trading Each Day?

Hey Prop Traders, here’s what is buzzing in the prop trading June 15, 2024

🗞️ TODAY’S PROP TRADING INDUSTRY NEWS

1. TopStep Introduces Personalized Daily Loss Limits

2. MT4 Back for Goat Funded Trader

3. MyFundedFX Launches VIP Program

4. MPFunds Launches Membership Reward Program

5. FundedNext Launches New Trading Journal

6. Blue Guardian Accepts Pakistan & Vietnam Customers

✂️ LATEST PROP FIRM DISCOUNT PROMOTIONS

• BEST Fathers Day Deals from Prop Firms

• Axi Select First FREE Funded Trader Program

• APEX Trader Funding Save 71% Off Evals

• Blue Guardian 40% Off Everything

• The5ers 5% Exclusive Discount

• MyFundedFutures 20% OFF ALL Evals

• MyFundedFX 10% OFF ALL Plans

• Oanda Prop Trader Exclusive 25% Discount

📈 TRADER PSYCHOLOGY

So you want to make $1,000 day trading each day? 💰📈

The question you need to answer is: How do you actually go about making money every day? 🤔

Here are a few things to keep in mind.

Comfort Capital 💼

Functionally, you may need no more than $5000 dollars to make your system work. If you trade only 1 or 2 contracts, that will be enough capital to cover the intra-day margin. But of course, what’s mathematically optimal can often be psychologically destructive. You need both a mental and a financial “cushion” because you will inevitably “veer off” your path by trading a bigger size when you get behind. So you may need as much as $20,000 to get started. Or you may have the opposite view and decide to trade with just $5000, treating it as “burn capital.”

Regardless of the approach, know your comfort capital - it’s actually more important than you think.

Trade One Product Only 📊

Are you a “parallel” or a sequential thinker? If you hate multitasking and are a strictly do-A-then-do-B type of person, you must focus on one product only. The SP 500 (ES in futures) is the perfect middle ground of high liquidity and moderate volatility.

Commissions Will Kill You if You Let Them 💸

It’s astounding how quickly commissions can add up. (If you are trading CFDs or FX you are still paying them via spread - so be under no illusions). A good rule of thumb for what is the maximum tolerable level of expense on a daily basis is to keep commission costs to 25% of the profit target. So if you are trying to make $1000/day, commissions should be no bigger than $250. If they are consistently bigger than that, then you are overtrading. That is actually an excellent metric to gauge if you are trading properly or not.

Define What Day Trading Means to You 📅

Are you comfortable trading up to 20 times/day? That’s basically 4-5 times in Asia, 5-6 times in Europe, and up to 10 times in North America, scalping for 1-3 ES points all day long. You are pecking at the market like a pigeon. 🐦 So your P/L run looks like something like this: 50.00, 62.50, -260.00, 130.00, 125.00, 62.50, 75.00, 37.50, 25.00, 12.50, etc. If that holds no appeal to you, then making $1000 CONSISTENTLY is actually very hard. If you are someone who just wants to lay down 2 or 3 trades per day, then your P/L will look much more like this: 250.00, 250.00, -500.00, and you will have many scratch or negative days.

First, if you trade fewer times, both your stops and targets will need to be bigger. Secondly, as intuitive as it may sound, the less you engage with the market, the less likely you will be able to quickly recoup the losses. (This is pretty much the mechanics of the HFTs, who trade so many times per day that they allow the law of large numbers to tilt the odds their way). So you may still be positive - in fact, you may be a lot more positive than me on a gross profit basis - but you will not be nearly as consistent. Your P/L will look something like this: 250.00, 250.00, -500.00, 250.00, 250.00, -500.00, 250.00, 250.00, 250.00 - and you will need to assess its effectiveness on a weekly or even monthly basis.

Consistency requires failing a lot and then quickly recouping your losses. That’s why trading for income is a very different game than trading for return. 📊

🔥 TRADING TIPS

📌 PASS THE PROP TRADING TIP

Prop Trading Tip: Master the Rules to Get Funded

When you're gearing up to pass a prop trading challenge, the first thing you should do is dive into all the rules and guidelines the prop firm has set. 📚 A lot of traders skip this step, and it ends up costing them big time. Think of it like being a detective—you've got to go over every term and condition with a fine-tooth comb, especially the ones that tell you what you can't do. 🕵️‍♂️ Make sure you understand how they handle drawdown, whether it's relative or absolute, and know your limits on maximum loss. Check out if there are minimum trading days and whether your strategy fits within their guidelines. 📅 Love scalping or swing trading? Double-check that these methods are allowed. And don't forget about rules on things like dollar cost averaging.

Imagine how satisfying it will be to have a trading plan that fits perfectly within their rules. 🏆 Understanding the ins and outs of leverage, position sizing, trade frequency, and risk management is crucial. Treat this challenge like a game where knowing the rules gives you a winning edge. 🎯 Embrace the process, and you'll not only boost your chances of passing the challenge but also build a solid foundation for your trading journey. 🚀🌟

⚡ PROP FIRM FEATURE

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🎓 PROP TRADING LINGO

Trailing Drawdown

Definition: A trailing drawdown 📈 is a dynamic loss threshold that moves up with the account's peak equity 📊 but does not move down if the equity decreases. The drawdown limit increases as the account's peak equity increases. It is based on the highest account equity achieved. Once the drawdown limit is increased, it does not decrease with declining equity. As long as the maximum drawdown is not breached, the trader can continue to trade. 🔒

Example: A trader with a $100,000 account and a trailing drawdown set at 10% sees their account grow to $120,000. The new drawdown limit is $108,000 (10% of $120,000), meaning the account must not fall below $108,000. If the account peaks at $130,000, the new limit becomes $117,000 (10% of $130,000). ✅

📋 PROP FIRMS WITH IN HOUSE TECH

1. Axi Select (Axi Group Co. is Global Broker)

2. FTMO (4.8 ❇️ Trustpilot)

3. The5ers (4.8 ❇️ Trustpilot)

4. Funded Trading Plus (4.8 ❇️ Trustpilot)

5. E8 Markets (4.6 ❇️ Trustpilot)

SPONSORED BY AXI SELECT

TRADE PROP WITH REAL FUNDS, LIVE ACCOUNTS

✅ Designed to Help Prop Traders Succeed
✅ First 100% Free Funded Trader Program
✅ No Demo or Virtual Funds. Live Accounts, Real Funds
✅ No Registration or Monthly Fees
✅ Earn Up to 90% of Profits
✅ Trade up to USD $1 Million
✅ You Can Trade the $500 Broker Account Deposit & Withdraw
✅ Unrestrictive Trading Conditions, EAs & News Trading Welcome

 TRADE PROP WITH REAL FUNDS AT AXI SELECT