Is it good for a newbie trader go for prop-firm - page 2.

Lanatsa

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

Possible but it would be that hard for a newbie to pass up the challenge. It will really be requiring up 0.5% risks and having that 5% drawdown as i have based on experienced.
10% will be that needed up on phase 1 and 5% on phase 2 gain. This is on forex trading prop firms and you can test out some challenge on 10k account for the price of $100.
You would definitely be able to pass up if you do have that good trading experience and skills on which it will be that recommended that before you do try to have that challenge then make it sure that you will be knowing that risks management because prop firms will really be that strict when it comes to terms and conditions.

You can check out their objectives sample:
https://ftmo.com/en/#trading-objectives-table

I havent tested out on cryptocurrency exchange platforms if ever there's some prop firms that handles out crypto trades or challenges.
So far based up on experienced then i do only been wary about on forex prop firms.

Perfectbaby

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Quote from: Hatchy on January 19, 2025, 07:49:45 AM

You can but you would have to understand the basics of trading and at least have a working strategy. Prop firm challenges will give you an advantage as a newbie trader to practice more with real account and have same felling as a live trader. I'll advice you that if you have little knowledge on trading, for now stick with demo and understand the basics first.. then when you get more experience you can buy a prop firm and try out challenges..

Demo practicing is actually good and anyone using demo to trade can boost and enhance their trading experience, provided that such person is not in a haste to make profits or go into live account as I believe that what makes most people lose while trading is lack of patient as well lost of focus while trading, Op should develop himself more better using demo before he can extend to any form of trading he may want.

Hyphen(-)

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

Are you a newbie to the forum or to trading?

If you are a newbie to trading, then it is not advisable to go for such a challenge as a start, because you might not have enough knowledge about Bitcoin/crypto trading which can lead you to a lot of regret because you will definitely lose money.

But if you have good knowledge about crypto trading, then why not? You can go ahead.

Note that crypto trading is risky, and that is the main reason why many of us here are asking you to learn first before you start trading in order to minimize your losses.

Zigabel

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

I want to put a question to you, with what knowledge are you going to trade the prop account? Or you just want to throw some funds to the property firm because that's most likely what you will be doing, as a newbie, you don't have a business with a prop account except you have some funds you are willing to throw to thin air, if you must try your hands on trading at that point, you could get a Demo account and try out all that you have learnt on the demo account.

It's high time newbies get to understand that trading isn't gambling and shouldn't be seen like one, and so you need to have throughly studied and have good knowledge to be able to trade profitably and not to think you can be able to depend on luck or gamble trades and stay profitable, even if you do, in the long run it will not be sustainable and may lead to you crashing out of trading sooner probably as a result of bankruptcy or blowing of your accounts.

tvplus006

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge?

It makes no sense to contact a Prop firm if a beginner does not have enough knowledge about trading. It should be understood that a Pro firm can offer internships to selected participants, and those with more experience will have priority and subsequently generate profits after completing the internship, receiving about 5-7% of the income as a reward.

lixer

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

Of course not. Why should a newbie take on such a challenge when they don't have enough knowledge about trading? I've never done it myself, but I have heard and read about it that a prop firm would ask a trader for an upfront fee for taking the challenge, and if the trader fails, the fee is lost. This is why I wouldn't recommend a newbie taking on such a challenge.

A newbie should gain as much knowledge about trading as possible after they want to become a trader. After gaining knowledge, they should try their skills with demo accounts and fake money, and if they think they have got enough knowledge and trading skills, then they can think of taking on such challenges.

No one needs to waste their money uselessly. Earning money is not a joke.

dimonstration

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Prop firm is risky and not meant for newbie since you are trading with restrictions from the prop firm that you join. You will more pressure on your trades compared if you DIY trade on exchanges that gives you freedom to learn and enjoy profit on your own.

Newbie entering this kind of trading is just making their trading journey complicated. Exchange offers leverage and margins if the issue is just low capital in trading.

I think you should consider seeking that path if you have already good knowledge on trading but has limited capital to trade.

Mpamaegbu

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Quote from: Alphakilo on January 20, 2025, 05:50:40 AM

Quote from: Mpamaegbu on January 20, 2025, 03:52:08 AM

~

There are prop firms that are scams and subscribing to them means a loss of their money.

I know of someone who after passing his prop firm realized the same main account assigned to him was also assigned to another person. He got to know that when he discovered certain trades he didn't take appeared on his trading app and account history. Some of them were live trades when the thing was happening. I literally laughed my head off when he told me what he was faced with. I laughed at him because I had earlier warned him not to buy a prop firm. You know how it's with people not telling you again when they want to go against your advice? That's what happened. He bought the prop firm account for $250 and it went with the wind because the firm kept posting him whenever he mailed support, assuring him it would be resolved. That went on for months until it dawned on him that he had been played.

Alphakilo

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Quote from: Mpamaegbu on January 20, 2025, 03:52:08 AM

I don't think it's a good idea for a newbie to subscribe to a prop firm. Newbies need to have basic skills before aiming to make money. I agree quite alright that money is the name of this game but it shouldn't be a priority. No one buys a prop firm to learn, they do that to get more funds and earn higher than ordinarily their capital won't get for them. Why not practice on a live account of yours with the amount you're buying a prop firm with? That's what I would do.

The only way a newbie can go for a prop firm and escape getting burnt is if they've a mentor who holds their hands firmly or they've trusted persons who give them signals. Otherwise, newbies should steer clear off prop firms.

I was going to respond to this yesterday but I for slept-off and this reply is in line with what I was going to add to the discussion.

A newbie going for a prop firm is like wanting to run when you haven't learned to walk yet. And we know what how disastrous it is going to end for him. Subscribing to a prop firm is for experienced traders. The experienced and wise traders know that even for prop firms, it is a trap because the profit made is not 100% theirs.

Newbies should also avoid prop firms unless they understand how it works. There are prop firms that are scams and subscribing to them means a loss of their money.

Mpamaegbu

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Quote from: fikrett on January 20, 2025, 03:55:56 AM

Quote from: Mpamaegbu on January 20, 2025, 03:52:08 AM

~snipped~

Agreed.
And to the contrary - without proper guidance, a newbie's depo would be gone after a blink of an eye.
There are lots of other ways around to learn and know much more.

To be frank with you, I've never liked the idea of a prop firm. Maybe that stems from my perspective of not rushing over things, not looking over my shoulders constantly to make sure I'm not out of line and coupled with the fact that I don't like sharing profit with anyone 😏. I like to keep whatever profit I make to myself and for myself.

With prop firm, all those stuff I mentioned I hate are present. There are rules to adhere to with prop firm. It doesn't matter whether one is recording more wins than losses; once one breaks any rule (it could be on drawdown, trading time, lotsize and what have you) one is punished for it. Whereas, those stuff are actually not bad as they're what practical traders face.

TheUltraElite

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So anyway, I applied as a merit source :)

How I have learnt is through observation and then putting money in the market. This is back some years ago when I saw the stock market go up and down. Never thought of Propfirms or going for them - bare bones approach. However for today's newbies, I suggest dummy trading as a better method to start off and not some firm that gives you some money to burn.

So it can be good and it can be bad depending on how good the newbie is at learning something new. I like to play solo and I have own style, it will not fit with another trader.

Ziskinberg

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

You'd be rather cautious in doing this. Tried to think that you are just about to learn an entry to such a deal, although it gives you some learning and experience, but I was suggesting you OP to learn trading first, at least basic knowledge. At least you prepared yourself because it already involves money, and even if we say you are relying on them, that is not absolutely okay to have no idea about trading.
This is what I wanted to say: don't rush and think carefully.

fikrett

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Quote from: Mpamaegbu on January 20, 2025, 03:52:08 AM

Quote from: ? on January 19, 2025, 07:37:51 AM

please I need an opinion from you thanks.

I don't think it's a good idea for a newbie to subscribe to a prop firm. Newbies need to have basic skills before aiming to make money. I agree quite alright that money is the name of this game but it shouldn't be a priority. No one buys a prop firm to learn, they do that to get more funds and earn higher than ordinarily their capital won't get for them. Why not practice on a live account of yours with the amount you're buying a prop firm with? That's what I would do.

The only way a newbie can go for a prop firm and escape getting burnt is if they've a mentor who holds their hands firmly or they've trusted persons who give them signals. Otherwise, newbies should steer clear off prop firms.

Agreed.
And to the contrary - without proper guidance, a newbie's depo would be gone after a blink of an eye.
There are lots of other ways around to learn and know much more.

Mpamaegbu

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Once a man, twice a child!

Quote from: ? on January 19, 2025, 07:37:51 AM

please I need an opinion from you thanks.

I don't think it's a good idea for a newbie to subscribe to a prop firm. Newbies need to have basic skills before aiming to make money. I agree quite alright that money is the name of this game but it shouldn't be a priority. No one buys a prop firm to learn, they do that to get more funds and earn higher than ordinarily their capital won't get for them. Why not practice on a live account of yours with the amount you're buying a prop firm with? That's what I would do.

The only way a newbie can go for a prop firm and escape getting burnt is if they've a mentor who holds their hands firmly or they've trusted persons who give them signals. Otherwise, newbies should steer clear off prop firms.

bettercrypto

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Quote from: ? on January 19, 2025, 07:37:51 AM

Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

I don't see anything wrong with a newbie joining a prop firm because it can really help them, honestly speaking, especially if the newbies have some idea or knowledge of trading.

Then if that's where you feel comfortable, then follow what feels right to you, just don't join if you have any doubts.

Hatchy

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You can but you would have to understand the basics of trading and at least have a working strategy. Prop firm challenges will give you an advantage as a newbie trader to practice more with real account and have same felling as a live trader. I'll advice you that if you have little knowledge on trading, for now stick with demo and understand the basics first.. then when you get more experience you can buy a prop firm and try out challenges..

?

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Hello I want to ask is it advisable for a newbie on trading go for a propfirm challenge? please I need an opinion from you thanks.

Topic: Is it good for a newbie trader go for prop-firm - page 2. (Read 323 times)