So you looked came across a prop firm competition and are looking for way to win? Look no further. Here are 5 tips that will help you win, or at least place high in a prop firm competition.
Our 5 tips to a forex prop firm competition.
Tip 1: Don’t change your trading strategy
Traders have a bad habit of changing their strategy to try and pass a test. They suddenly forget that their profitable strategy already works for them. Traders that never used indicators are suddenly adding a plethora of them to their charts. Don’t fall into this trap! If it’s profitable, why change it?! All you need to do is make some minor adjustments, but there’s no reason to throw everything you know out the window.
Tip 2: Adjust your trading plan to fit the rules of the trading competition
Unlike changing your strategy, your trading plan is something you can and should change! There are rules towin a trading competition and it’s a good idea to make sure your trading plan fits these rules. Read this article for some ideas on how to adjust your plan.
Tip 3: Find your strengths
The main goal of the competition will be to have the highest % return in your forex trading account. This is the perfect time to look over your trading journal and really identify which types of trades and which pairs are your biggest winners. You might notice that your swing trades are the most profitable trades you take. Focus on these trades to help you win the trading competition.
This doesn’t mean you should only be taking swing trades, remember: don’t change your strategy! It just means you should amplify the parts of your strategy that really work well for you.
Tip 4: Risk management is key
Risk management is the difference between being disqualifed from the trading competition and going on to win or place high. If you don’t usually spend much time on it you’ll really benefit from doing this now. One of the ways you can do this is by paying more attention to how your trades are doing. It’ll eat up more of your time, but it is worth it.
Set up some simple extra rules that you wouldn’t necessarily have when trading with your own money. Things like taking profit at the halfway mark, or letting a trade hit target instead of extending it. All these small changes will help you lock in that profit to win the prop firm competition.
Tip 5: Keep your focus on winning the prop firm competition
If you’re renovating your office, you’ve agreed to help your dad fix up his garden and you’ve got to sort out your taxes then now is not a good time to try to win a trading competition. You want to be able to really focus on trading during this time. You’ll already be stressed enough, you don’t need any extra stress on top of that. See if maybe you can delay the office renovations or if you can ask an accountant to help sort out your taxes. Some competitions are daily, but many are one to several months long, so delaying a few things to help you focus on this won’t hurt.
Quick recap
Those were our 5 tips to help you win a prop firm competition! Here they are again:
- Don’t change your strategy
- Adjust your trading plan to fit the rules of the funded trading test
- Find your strengths
- Risk management is key
- Keep your focus on winning the prop firm competition.
Ready to try it for yourself? Trade in a free trading competition at BULLRUSH.TECH