In today’s episode, we are going to be discussing the reality of online prop firms and getting funded as a trader. Do you need to get funded to succeed? When should you consider this option? When to avoid external funding, and how to succeed if you choose to take outside money.
Choosing to get funded is a deeply personal choice, and most traders make their decision without knowing the full information. All online prop trading firms will put you in a simulator trial at first, and charge you for it on a monthly basis. You are paying to trade on a demo account, so it’s important to create an action plan.
In this episode, George unpacks the following topics & more:
- The online prop firm business model explained
- Advertised amount of money you get can be misleading
- How your fees will increase 1,000% for market data
- Story of a trader who grew a $500 USD account into over $100,000 in 18 months
- The real solution to low funding – the money you have is likely already enough!
- 9 recommendations if you choose getting funded is the right decision for you
At the end of the day, choosing whether to try out an online prop firm is a very personal decision.
Are you going for it? What did you decide?
Thanks for listening, I hope you enjoyed the show.
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