\n<\/p>\n
Are you an Economic News trader? \u00a0Some Prop Firms don’t allow this. \u00a0Do you need to keep Swing Trades open over the weekends? \u00a0Many firms stop this and insist on all trades being closed before the Friday Close. \u00a0 Are you accustomed to trading with a reduced level of Leverage of say 10:1 or even 5:1? \u00a0If not then try trading like this, because you will be restricted by the Prop Firm Rules.<\/p>\n
Are you used to trading with a minimal drawdown % because a Prop Firm will likely impose 4 or 5% either Daily or in total or both.\u00a0 Get used to it.<\/p>\n
The point is you need to be familiar and happy with the likely restrictions or rules that will be placed upon you and your trading before you start an Evaluation and then adapt to them and manage yourself and your trading accordingly otherwise the likelihood of passing the Evaluation is slim.<\/p>\n
You want to be under the least pressure possible during your Evaluation period, so perhaps choose a Prop Firm that doesn\u2019t impose a time limit on your Evaluation period.<\/p>\n
Trading Large Sums of money IS<\/strong> emotionally different to trading a smaller account so if you haven\u2019t done so before, why not select a smaller to medium sized account instead of the Prop Firm\u2019s largest one on offer. \u00a0You need to grow accustomed, in an incremental fashion, to trading larger sums of money. \u00a0If you trade well in a smaller sized account and meet your targets for a payout then the Prop Firm will likely increase the size of your trading account by the same %, typically 10% increments.\u00a0 This will allow your mind to slowly become accustomed to trading larger sums of money.<\/p>\n Once you have signed up and setup your Trading Platform, typically MT 4 or 5, \u00a0there is no rush to make money and particularly if you haven\u2019t traded for a while then just watch the markets and get in the zone or groove and then if you see an opportunity and it passes all your filters then take it and see it through to its\u2019 natural conclusion. \u00a0Just note that there may be time limit due to inactivity in your account, maybe 30 days, so yes you can have a holiday!<\/p>\n Only Risk 1% or less on any one trade, use Robust Risk and Money Management and in the first instance until you have gained some confidence trade at 0.5% Risk or less.\u00a0 Once you are in the groove then you can consider increasing your Risk up to 1% per trade.\u00a0<\/p>\n If you really want to pass the Evaluation don\u2019t be self-destructive and trade like a \u2018Child in a Sweet Shop\u2019, keep it one or two trades open (Max) at any one time, this will protect you to some extent from hitting your Drawdown Limit (which means Evaluation is Over!).<\/p>\n Just think Slow and Steady, rather Fast and Furious. \u00a0If you are desperate to make a quick buck then go and do something else, as it will add pressure and often will work against you, impairing your trading decision making.<\/p>\n Read all the Prop Firm Rules then get your head comfortable with them and think how you will stay within those boundaries and what trading behaviour that requires. \u00a0Try trading your own Live or a Demo account using your selected Prop Firm Rules first and see how you get on as this will give you an indication of whether you are ready or not.<\/p>\n Above all, approach it like a business and be Professional.<\/p>\n Good Luck! \u00a0But then you shouldn\u2019t need luck IF<\/strong> you are ready in all respects for a Prop Firm Evaluation.<\/p>\n<\/div>\n