The prop firms vs live accounts debate is low IQ. If you set up a copy-trader you can just use both. I’ve done $220k in prop firm payouts and $130k in profit on my live account this year. There’s literally 0 reason to just use one or the other. You need to be using both.
Celebrated my first $10k payout by getting a private jet for me and my friends to go on holiday (empty leg, only cost $8k altogether). Huge waste of money and I obviously won’t be doing it again until I’m super rich, but it was one of the best experiences of my life and it motivated me to work hard and make it a normal thing. Always spend your first big payouts imo.
One of my boys introduced me to trading. He was making some payouts but he’s been in a big drawdown for the last few months. Meanwhile I’m doing way better than him ($70k in payouts in the last few months) and all I do is copy the trades of another streamer. Kinda feel bad that I’m seeing this success while he’s struggling, I can sense that he’s becoming jealous of me.
I work as a full time analyst for another trader. He’s a swing trader and I know everything about his model. My job is simply to message him when I see his trade appearing. It’s the perfect job for me since I love analysing the charts but I’m a terrible trader myself (always lost money due to issues with my psychology). I wonder how many other failed traders could also go down this path and be successful with it.
I heard that advice of “if you’re unprofitable, just start taking the other side of your trades”. Genuinely started doing that last month, whenever I wanted to enter a trade I would just do the opposite - I got my first payout of $1.7k doing this lmaooo. I will continue to do it as it is working clearly. I’m so bad at trading that I’ve become good.
I know a guy who basically full ports his account on yom kippur, barely touches his trading account for the rest of the year. He’s unironically one of the best traders I know.
I’ve made $5 million from trading. I’ve never cared about what the interest rate is, never watched a FED speech, don’t know anything about fundamentals. Technical analysis is all you need.
I read the new “Market Wizards” book lately - and one of the traders said that some people just don’t have what it takes to make it as a trader, he said “if you’re not tall you won’t make it into the NBA”. Then the author brought up Spud Webb, who was 5’7 and had a good NBA career, showing there’s always exceptions. I’m that exception for trading. Used to sell drugs, went to prison for 7 years. Came out in 2017 and realized that I had to change my life. Everyone told me to stay away from trading (even my mentor) because I was impatient person, but I kept going. Finally became consistently profitable in 2023 after 6 years of trading, now I do it full-time and I’m giving my kids a life I could’ve only dreamed of giving them. I was a bum and turned my life around and became a profitable trader - if I can do it, I promise you that anyone can!
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Trading a prop firm account with a payout cap is such a disadvantage
These are my personal favourite prop firms with NO payout cap:
- FundedNext
- FundingPips
- E8 Markets
- 5ers
- FTMO
Do you trade prop firms that have payout caps? Or do only trade ones that don't have it?
Let me give you the support you’ve never heard before: Trading is genuinely possible. I’ve been learning how to trade for about 7 years now. But even when I was learning I knew there was a very small chance I would make it, yet I believed in myself anyway. I became profitable after 4 YEARS of spending 3-4 hours a day on my trading (couldn’t put in more since I also worked a job). Since then I’ve just been investing 20% of my salary into my account every month. I’ve managed to build it to $1.2M in the last 3 years and I quit my job 2 months ago to go full-time into trading. Even though I’ve put so much work into this I’m still genuinely shocked that I was able to make this happen. Don’t listen to the doubters, keep working!
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I declined an academic scholarship to trade instead. 2 years into my journey and still not profitable, my family are losing faith in me but I know that I’ll get there! God bless to everyone on the trading journey.
Taught one of my mentorship students how to trade. Only wanted to teach a small amount of people so I could teach them properly and I didn’t want my strategy to lose it’s edge. Now he has 300 people in a paid discord community sharing everything I know lmao.
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