So you want to be a Trader?

What’s on the roll today:

• Is trading actually worth it? 📈📉

• Prop firms’ pros and cons. 📕

• The best-ranked prop firms right now October 2024 🥇

Is trading a career worth pursuing?

I am sure this is a question many of you have asked yourself this question; after all, it’s only human to contemplate our decisions and life choices.

To be a successful trader requires sacrifice to get where you want to be, the sacrifice of time, money, relationships, and a bit of sanity. But it is totally worth it, all hard yet worthwhile things in life require change and sacrifice.

This question goes deeper, it all comes down to the individual and what your goals and values in life are. Trading is the perfect one-man/woman business, and yes you can be a lone wolf and make it big.

The upside of all this is when you do have your aha moment, the freedom it offers you is limitless, you can begin exchanging money for time rather than time for money.

Now the question is how can one achieve this, what opportunities are available to traders these days that offer a sort of shortcut to those with the skill set? The answer is prop firms.

Prop Firms, it’s not about just making money but how much! 💲

The barrier to entry to be a trader has never been lower than it is in 2024, brokers allow small deposit amounts with 1:100 to allow account flipping (not entirely recommended for beginners)….. but the money makers are prop firms, using other people’s money to make you rich. A classic. It’s like when a property investor wants to buy a house and do a flip, most of the time they will get outside funding either in the form of private equity or a mortgage, do the renovation, flip the house, and keep the profit margin after paying off their debtors. Prop firms are like that but with a much much lower barrier to entry as you don’t even need a credit check!

The fact that today you can exchange $450-$500 for a $100 000 account with leverage is insane and something every skilled trader should look to exploit in their career.
So the secret sauce is more leverage. 👨‍🍳

Let’s go through how this prop firm leverage can actually help you.

Quick Math 📐

Trader 1: 

• He’s got $1500 to trade with

• He made a great % return of 25% in 3 months, a decent quarter in any trading firm.

Now this is awesome, he made a nice $375 on his account! 🎉

However, this is 2024, not 1960 times have changed and the beast of inflation has struck over the decades, making this, is not even enough to fund a month of expenses.

Unless you are account flipping and risking large percentages this type of account cannot work in today’s world, however, account flipping is a skill that can be learned in trading. Some will fight us for saying that but there is evidence to support this claim, for another time perhaps. 👊

So, what is the solution?

It’s sure not to give up, but follow what this girl does.

Trader 2:

• Takes that same $1500, minus some, and buys for $1000 a $200,000 account with a prop firm.

• She is a skilled trader and is using appropriate risk management to pass the challenge and verification without rushing.

• Now like trader 1, her % return was a whopping 25% in this quarter!

The difference? She just made herself $ 50,000 🤯

And here lies the major lesson: Unless you’ve got piles of cash lying around (we’re talking to you, trust fund babies), your best shot at big returns is through prop firms.

So, focus on leverage. Focus on getting funded. With even a small percentage return, you can make a phenomenal amount of money. 🚀 

The best prop firms to work with, in 2024

One of the more comprehensive lists that goes into details about the validity of prop firms, a great read! Pip approves!

Meme Surfing 🏄