Challenge Accounts are a SCAM - Funded vs Challenge
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- Опубликовано: 20 май 2024
- A comparison between challenge accounts and live funded accounts of prop firms.
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Развлечения
This week I was 0.2% from passing my Phase 1 but now I am back at -5%
I'm down 1.5% after going 4% in the first week, greed always wins me
How the hell did that happen 💀
I was trading gold and needed just a small push to pass. But it went totally against me during news
@@jaanisz were u trading without a stop loss? How much were u risking
I assume because of the news release yesterday
Biggest takeaway is the frase of "everybody wants break even" it reminds me of the concept of homeostasis and how the body always wants equilibrium. The mental volatility is the biggest hurdle to get over. Thinking in terms of quarters instead of weeks really helped me adjust and accept losses. Thanks for the videos youre advice and motivation really helps.🤩
🤩 My biggest takeaways are that risk management and self control are the most important. When it comes to funded accounts, there's a mental shift that we have to stay on top of so that we don't get greedy or over confident. When it comes to personal accounts, we have to be especially mindful with risk management bc it's our own real money. Greed/or fear can rob us of our profits. It takes a lot of self awareness to be successful on either side.
Wow perfect timing for this video! I just passed my first challenge on a 10,000 account. Now, I'm preparing my self mentally for the funded part. Your video teaches me that I really have to keep my emotions in check. I did a good job of that during the first part however potential money gains wasn't in play. Love your videos, very informative. 🤩
just being aware of it isnt going to be enough sorry. you need experience blowing the account. you'll get it. but hopefully you get at least one payout first
Great insights into the nuanced approach needed for both challenge and live accounts. Your journey from initial challenges to becoming a seven-figure funded trader is inspiring. I appreciate your emphasis on treating each step as a strategic game, managing risks wisely, and acknowledging the emotional aspects of live accounts. The distinction between challenge and live accounts is crucial, and your approach of treating funded accounts like personal funds while not scaling too quickly is a valuable lesson. Looking forward to more wisdom in your future content! 📈 #TradingWisdom
It's about realising the difference in style you need to have to be able to trade prop firm accounts as compared to your personal account. Especially keeping your risk management in check whilst being disciplined to control emotions. I remember having to play the 200k on MFF only to lose it because of how afraid of being in drawdown from those huge numbers when at the end of the day, it was only 1%. That said, it became similar to like you said, a breakeven mindset rather than having a profitable mindset where I was chasing to bring my account back and even if i did, the cycle repeats itself. It is such a relatable video which i believe is easy to listen and watch but to put it into practice really requires the time and experience. Cheers for always producing these informational videos especially being transparent in the prop firm industry 🤩
Love how Kimmel gives a probabilistic approach to tackling Prop firm challenges. Content on this channel just keeps getting better by the week. Keep up the good work bro.
All "7 figures" trader doing that - pasquale, jade cap etc- but the trouble is that you need decent money to have faith to blow chlwnf after challenge - I have been there ( earned 4x50k account and blown them)- now struggling to get money for small one account - i would rather trade small and tach 3-5 Month for challenge ( it built enormous confidence in your system) than treating like a game. Once I got enough money I migh play that game but not now. + image if these industry going bust- are you going to trade the same way your own money- or will gaming it? And you cal always learn to increase risk slowly
🤩🤩Its seems like everything you said from passing the challenge and blowing it
to not following the rules and getting greed control over you I am facing everything in my journey right now but I am learning and growing 🙏🤩🤩
Thanks for the valuable videos,
Do you copy from another prop account or your own personal real/demo broker ?
And do you only have on the prop you mentioned in the links or have other ones too that allow copy ? 😊
Wow! Great video. 🤩
I really relate to the point that taking far too long to pass a challenge can be frustrating. Depending on the way you trade either live or funded challenge.
🤩This video was very informative and helpful for anyone who wants to trade with prop firms. The biggest takeaway for me was the difference between challenge accounts and live accounts, and how to treat them accordingly. I learned that challenge accounts are just a game of probabilities, and that I should not risk more than I can afford to lose, or take too long to pass them. On the other hand, live accounts are where I can make money, but also where I can face more emotions such as greed and fear. I learned that I should treat live accounts as if they were my own funds, and use proper risk management and discipline. Thank you for sharing your journey and insights.
Hey buddy
Can You please tell me should we analyze the HTF to enter to orders for NY Session ? If yes please do a video from beginning from HTF to 1m
Ana please tell what should learn for a beginner to trade in Judas swing. Thanks man
🤩 My biggest take away is something that we have been thinking about for a while now. The same as you say you should look at the thing like a game with probabilities and the prop challenges bc if you lose 3 accounts and win the 4th then you're still profitable. And choosing a challenge you can afford. It takes away so much stress! Then when you said you were trading at 25% bc you're not in the flow; that is solid virtue!!! Great video, great sentiments for thought and applications !! Sharing this with our group! Love the content and the realness man! Keep it coming!!🤩
🤩 Thank you! I have the same problem!
Im so glad youtube show me your channel. Bless you!
Question!! 🤩I think this is exactly what I’ve been thinking… so basically (once we know we’re profitable and once we do not risk what we can’t lose
1. Treat it like a game to pass it, aka trade ur plan but don’t be afraid to risk a bit more bc our time is valuable and we wanna PASS THE THING (ex. Risk .5-.75 either pass or lose and repeat)
2. ONCE PASSED, risk .25% for longevity
The last one I did not understand, you trade .25% for personal and .7% on funded? I didn’t understand
Biggest takeaway is that trading a challenge and a funded account should be approached differently most especially risk Wise thus the funded should be more of conservative trading while the challenge should be traded with a little bit of aggressiveness so one doesn’t spend so much time trying to pass a challenge even though he/she is profitable.
Also risking am amount one can afford to lose in prop firms is paramount. Trading is a game of profitability and one should have a edge to be profitable it even though things go south, it’s just a small amount risked which shouldn’t affect the trader emotionally and financially.
That’s all I learnt Kimmel
I would say you always should manage your risk based on the DD limit, your amount of setups identified in the day/week/month, your higher/lower probability setup if you have a strategy on that, if you are in profit/negative during the period. You could go either agressive or conservative both on the challenge or funded based on your situation. I go for 0.5-1% based on the stronger or lower setup. 🤩
I go for 1-0.5% risk based on how far I am with losing the account, I already determined my win/lose ratio so I already know what is normal and what isn’t. That way I can determine whether I’m in a losing streak so I should be more careful taking less trades or lower my risk.
I have multiple accounts where I take different trades so I don’t have to lose all accounts at the same time if it were to happen, I also had a terrible week but I stopped trading, I saw multiple promising set ups but decided to stick to my plan and after those trades played out I couldn’t be happier. I would have lost my account by now😂
Influences leave out many things. You should know your edge and trading plan in and out, knowing how many Rs you are gonna put out a month on average, how long losing streaks then risk accordingly
dude i just slap a few bad trades hopping for a big win on BTC
But get off the trade pretty quickly once it turns south
i second this. the more capital u have the less u need to risk in order to make great returns. 1% a month for instance from 1mill fund account(s) is 10k. and it makes it easier and less stressfull to get out of DD when u are risking less. i found that the psichology of it all and the emotions are what screw over most traders, not the strategies. cheers 🤩
The tagline for this video hooked me right in. You are turning into a great marketer! Great video! Always fascinating to see the different approaches others take to prop challenges
Great video, I love watching your contents. I got something important today that I'm going to use next week and that is reducing my risk exposure when I'm not in the flow, thank you❤
🤩 my biggest takeaway is just because you passed the challenge doesn't mean you are sucessful you can ruin it any time if you don't follow the rules
You should always keep greed in check it can ruin you whole account if you don't 🤩🤩
nice editing, and animations 👑
🤩
My biggest takeaway from the video is that basically slow and steady wins the race, we are in the best position when we trade our live accounts with care and don't aim to reach for the skies with a single account. Thanks for an amazing video and more grace to your elbows
Your videos are always unique and out of the box, you cover some topics that I've never seen someone cover
before. Muito obrigado 🤩
🤩
I have just recently found your channel and have binge watched many of your videos and learned a lot about trading from them but from this specific one I learned about risk management and how to treat challenge accounts and live accounts differently.
Thank you! Waiting for the challenge! 🤩
That part where u mentioned that you knew you were profitable so didn't understand why you were always in drawdown hit me hard cos that's me right there .. i think the magical solution I had from this video is to understand that passing a challenge isn't when I have to stop following my plan .. i will always follow my plan .. Thanks Kimmel🤩
It's important to emphasize that as long as you start trading, you must think in terms of R multiples and not dollar values, so the money does not get in your head, especially when you're managing a lot of capital. Also, focus on getting more capital to manage using prop firms, and no matter what happens, you must protect the capital you already have, trading it as you would trade your own personal account. By the way, as always, another great video! 🤩
It's hard to explain how helpful your videos are. Every time I learn like one more stone for the perfect wall. It all comes together like a puzzle. I am way more confident inn my own way and I like how un-VIP you appear and bring very important steps to the crowd.
def saving ppl money with this advice. Not many ppl talk about these subjectes. KEEP GOING! 💪🤩
In my The5ers prop challenge trading, I use a support and resistance breakout method while applying price action for confirmation
🤩🤩🤩 Wow I can’t believe I have a journey like yours, I’m at the break-even stage, frustrated I can t make it to payout. I never thinked at the trade copier idea, definetly gonna apply it to improve. Thank you!! ❤
Interesting take 🤔 I personally trade exactly the same (challenge vs. live) so I don't have to make any adjustments to my trading plan, risk, or management.
I like the thought process behind risking more to pass quicker knowing that live = payouts but for me personally it protects my mental capital and helps keep the ship steady on all fronts.
I don't think there is a one size fits all but if you are gamifying prop challenges be sure your well equipped to deal with the failed challenges also. On average in takes 3.1 I think challange attempts to reach a first payout..perhaps linked to this approach.
PS production upped 📈 who's editing your videos. Class work.
I came to understand your risk management strategy when first came across you during the riz podcast after I blew a few funded accounts due to lack of patience until I went to go back demo trading. Thank you for the lessons and I can't wait to learn more from you and profitable traders.
Your method and rules are the right way to go. Thanks for sharing, will definitely take your advice going forward.🤩
Insightful video! Understanding the distinction between challenge and live accounts was a game changer. Appreciate the advice on risk management. Thanks!🤩
can i short stocks in funded trader account? What does the process from Challenge to Funded Account look like? Do I need to pay more to get funded?
Thanks for sharing your knowledge. I really appreciate it. 🤩
🤩 thank you for sharing this great knowledge for me I want to start risking small percentage like 0.5
quality production mass value. Youve done it again bro
Muchas gracias por el video. Como siempre, excelentes consejos 🤩
🤩My biggest take away was seeing the prop firm challenge as a game, as it resonates with a consent i have learned witch is dropping the importance/significant of things and results.
Thank you Kimmel.
🤩Really enjoyed this video! It was enlightening to learn about the differences between challenge and live accounts in prop trading. The advice on treating challenge accounts as a game of probabilities and live accounts with the seriousness of personal funds was particularly impactful. Your insights on managing risk and emotions in live accounts were invaluable. Thanks for sharing your journey and wisdom with us! ✨
Recently passed The5ers 1 phase challenge and I often price action and
S&R
you're always helping us
🤩
Thanks for that info. Currently I am still risking 0.5% on my challenge accounts. Maybe in the future I can scale it up. But I am taking it slowly right now. I know that this is a marathon and I will make sure to win it in the long run!
Correr contra o tempo geralmente e ponto chave do insucesso dos Traders, obrigado pelo conteudo mano Kimmel pelo conteudo, tens me ajudado tanto e a muita gente ca em Mozambique🤩
🤩
My biggest takeaways from this one are :
Risk management, this cannot be stressed enough.
And management of fear and greed.
That is something i struggle with and especially when i am very close to passing a challenge and or when I’m funded.
There is some sort of a shift that occurs where i am not reading the price anymore but rather am going in there swinging thinking i have it all figured out and then I’m humbled.
It happened to me this past week where i was 50$’s away from passing a 50k account and then i thought i have got it all and didnt focus on price action and then that trade didnt pan out and i ended up going on a tilt and ended up down 3% on the day.
This is something i struggle with from time to time.
And knowing i am not the only one and that you have been to something similar. Gives me hope that i too one day will be among the group of good people like yourself.
I really appreciate you taking time to make these videos for budding traders like me. God bless.
thanks very informative!
🤩 Great content... Key like you said is to treat everything as funded/live/your money... You risk automatically becomes better managed... Awesome stuff Kimmel
Key takeaways from this video
1) Don't believe you're just gonna start being profitable right after passing your first account.
2) Having a secondary source of income will help overcoming some of the bad habits like greed, revenge trading etc as you won't be on a timeline
3) Follow your plan
4) Adjust your risk as you increase your AUM
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🤩
It's a really interesting reflection what you said about the fact that when you're a profitable trader your time counts, and so do your skills, so you can't commit that much time and energy to make 13 percent only to not get paid for it.
As in trading also to conquer props you have to make yourself a strategy so that you have a positive RR return.
Focusing on price action and S&R helped me to funded from my The5ers prop firm.
🤩 kimmel, first off I’d like to say great educational video. Best takeaway would have to be not taking too long on challenge account by understanding my edge and letting it play out. This has helped me with doing the same thing with live accounts as it helps me remove my emotions from the trades. Me seeing my challenge account as a live also helped me prepare for when I got a live account as now it wasn’t a matter of now I got money but a matter of stick to what I was doing
🤩My biggest takeaway is risk management something that I should really work on in 2024 to make sure I am not risking more than I should. Thanks so much for this very insightful video.
The main takeaway is to approach challenge and live trading with distinct strategies. Understanding that challenge accounts are a stepping stone, viewing them as a numbers game, and implementing proper risk management. For live accounts, maintaining a professional mindset, controlling emotions, and avoiding impulsive decisions are key to long-term success.
Its true but it depends what typ of person you are i risked 0,25% but because it was not much money i was not afraid to take a trade that was not after my rules so i risked 0,5% and now it all works cause i don´t do stupid trades.
🤩my key takeaway is that diverfication is needed.. that way you can easily keep your risk small and gradually grow your different accounts.
Also its essential to keep in mind that a live account is exactly as your personally account in a sense that its gotta be respected as such. Gradual growth
🤩 My biggest take away is that you should spend only that which you can afford to lose, selecting the correct account sizes within those parameters and then employ efficient risk management for both the challenge and the funded stage.
Every word was on point 🔥🔥🔥. Love it
🤩Great video! The key takeaway for me was the difference between challenge and live accounts. It’s all about managing risk and emotions. Thanks for sharing your insights
🤩 Hey bro! My biggest takeaway was that you're really right! I've blown up 2 live 100k accounts because of the "greed and fear" aspects you mentioned. You were so accurate. You first are really excited now that you're trading 6 figures and you'll finally get rich 😄, and then you risk too much, completely ignoring your initial plan, and suddenly, there it is, all you're doing now is struggling not to lose the damn account, that shit is PAINFUL man!!
Twice, I've gone through that, so now I'm being disciplined and trying to make a plan that gives me an edge, so I won't blow it up again.
People don't realize it, but when you've got funds and trade live, emotions really kick in, so you really need to work on a way to keep yourself in check.
Your 0.25% approach was an eye opener and the fact that, like you said, you're not really trading 6 figures, just 10% of that. So that's something I'll be implementing in my plan now.
Thanks so much, bro, or as we say in portuguese, Obrigadão man! 🙂
Keep up the great work!
Each account should be treated with the idea of probabilities. Not every trade will be a winner. Depending on your experience, risk should vary and depending on account size would vary as well but in terms of percentage it will be similar. The key takeaway is to use proper risk management in order to maximise time as well as profitability and to not use money which is essentially your last. Do not use your last money to try and smash a big payout or hit a home run. Live accounts are way different to challenge accounts because you have the voice at the back of your mind (greed) telling you that if you make this set amount you will be set for life or if you just leave it longer you can make more. When you lose you fear entering another trade because you lost on your previous one. GLGT guys👊🏻❤️. Very informative and well structured video Kimmel, love this👌🏻
keypoints
patience pays more than a rush
Good Video! 🤩 It was very cool when you spoke in portuguese. Keep moving Forward!
Just felt something that so many forex gurus are not teaching how to survive in the game like this.they are just showing us the cars and jwelleries and telling us you can also do it and creating FOMO in us..this is so simple thing but much needed one and just no other tells us 🤩
🤩 for me it’s the long term. Being serious about your accounts and not trying to go fast. Like doing the highest challenge, risking a lot to get funded fast, risking a lot to get high payouts. Some people are in a mad rush or something…
🤩🤩🤩🤩🤩
Biggest takeaway
1. Use proper risk management
2. Not putting money that you can't afford to lose
3. You should not be trading a challenge account for six months' worth of time
4. Go first for a lower size account
5. Take a risk of 0.25% in the live account.
6. Don't be greedy after getting the live account.
🤩 Thank you for the video & all the hard work
Best youtube trading channel ik❤🔥
🤩my biggest takeaway is i should be conservative with funded acc and little bit aggressive om challenge acc , and i should only put the money in challenge which i can afford to loose,i should be really focusing on capital building than profits🤩🤩🤩🤩
🤩 The biggest take away from me is that when you enter a losing streak you don't force the markets to give you a move that you are not going to have. The best thing to do is slow down lower your risk, and when that perfect wave comes, you get back on the board and run it all the way to the shore! Basically had an aha moment in this video. Thanks!
🤩 My biggest takeaways are: "correr contra o prejuízo". It was me a while ago and a psychological work that has to be done daily to be remembered.
Interesting .. everyday is an opportunity to learn and grow.. And you watch Kimmel trading and you learn something new each time and the principle is proven.... not a lot of content creators can give you that.. awesome content man . Keep doing you . We learning a lot with each video
🤩my biggest takeaway is that i also have been struggling with keeping a funded account due to the change in my psychology after ive recieved the account ...im gonna employ this strategy of using a trade copier that way it will help in my psychology and hopefully im able to secure payouts ...greatt video i really enjoyed and learnt from it 🤩
🤩Im glad I watched this vid. I passed a 3 phase eval with a modified silverbullet strategy in 2 weeks with phase 2 having 100% winrate. Got a payout of 2% on the funded. after that idk what I did but since past 2 weeks im trying to bring the account back to breakeven. This video opened my eyes on how to do it
p.s it wasnt the strats fault i just became greedy and wanted bigger payout so i started trading random patterns i saw
Informative!! 📝📝
I have blown multiple account until I got funded this week and your video just popped up on screen and the information that you shared here is just amazing Kimmel 😊
thank u again for sharing all of this 👑🤩
Thanks for the Video
What I learned form this vid is that we should always be comfortable with the size of the challenge, have a solid risk management and have a proven edge.
Thanks for the videos i came for the giveaway and got a gem aswell appreciate it.
The secret about prop firms is as you said, no matter if they giving you a 100k account, the actual capital you have to trade is a 10% of it (or 5% if you go mad on a single trading day)
This means if you want to pass the account you need to risk 2% of drawdown they gave you. All make sure the prop fund doesn't have expiry date. All in all even if you are given all advantages what IAM sure of they will always give you a negative slippages .
my biggest takeaway is what you just described in this video, going from an extreme to another. thats why we also have to work a lot on ouselves. our trading is our reflection, period🤩
Key takeaways 🤩🤩🤩
1- Don't think you have holy grail after some trades are going in your direction because if you have winning streak that mean there can be a losing one too so be prepare for it.
2- Don't fall into trap of blindly following others but instead follow your plan and where you stand and what is your situation so dont go big challenges fast to prove yourself but instead start with small account sizes with proven strategy you already practiced in your demo or other accounts and go a little bit big on challenge account because it's not worth to stuck in challenge phases for months without any positive results.
3- So after funded account follow your plan and try not to go in drawdown so for that i personally follow a buffer zone rule where you can have a buffer with small lot sizes like you said 0.25% and then may be go a little big in size but still don't let go yourself in pit of greed and fear of losing. Treat your funded account like your real money so greed don't get to you.
As a professional trader one advice I give to is trading prop fund is not a smart move. You have way worse odds than trading with your own capital. The fact that you wanted to get funded is a clear evidence that you lack patience to grow your small account. Trading in demo is even worse because there no slippage.
Kimmel bro, there are many people out there on Twitter and RUclips, inspiring and helping others in different ways.
I have been following you from a long time. I must say, you are kind heart and what you tell or share on your vedios are your real life time experience.
Sharing your own experience is what matters.
Telling new beginners to prop firms what trading prop firms generally means is outstanding task.
Appreciate it man ❤.
I have learned from your vedios in the past.
Stay blessed young man 🙏
Well said kemmel.
I have learnt and realised so many knowledge from this video but the most important key point I realised is that funded account makes you to be disciplined which improves your psychology . Secondly you can get large amount of money by gaining small percentage of a big challenge account.✨️💰
you summed everything up 🤩
Nice video. For me it was probably the 0.07% thing. I never calculated my risk that way. Thanks for all your input! 🤩
🤩🤩🤩 personally I think Risk management is critical over an edge and physcology because it will make you survive longer on the markets. All of them are important though.
Funded accounts should be traded differently in terms of risk management so as to build a big equity base
This is the best thing I have learned on internet recently as everyone only show their profits and never teach about physiology, GREED and FEAR is faced by every trader enter into the prop firm industry. Risking only the amount you are able lose is a very appropriate way to remain calm during the trades.
I think I have the same mindset, i split the 10% DD in to 20 shots so that I can take 20 trades in a row without failing the challenge. I don't have A+ setup so my risk stays the same throughout the challenge and the funded phase, always risk 0.5% if I have a bigger account I will trade like you and risk 0.25% for now with my 5K challenge account I will stick with 0.5%
Awesome risk management that I have learned from u🤩
🤩🤩 You said "Running against prejudice" always happened this to me.
And the best take away for me - I should spend that amount which I can afford and apply correct risk management in both challenge and funded account.🤩🤩
is 1of1 funding legit and does it still have bugs with dashboard and shitty slipage.
🤩Desicion between how much you can loose on challenges and time you spend to pass them is key
🤩 great video brother as always.
Biggest takeaway - firstly before anything, you must have a strategy which you have proven to be profitable through back testing, demo or small live account. Secondly in this industry, psychology plays a major role. So try to purchase a challenge which you can afford to loose as it will greatly benefit you on your mental game. Thirdly have longevity in mind. The biggest goal is to accumulate as much funding capital so that you can risk less which will make it easier to control your emotions and sticking to your trading plan.🤩
This video came at the time when I needed this LESSON the most. I recently passed two evaluations and now I have two 10K accounts. I got my first live account in the first week of January and just one day before I won another 10K account in a giveaway. Then I thought that I would pass this evaluation first and then I'll trade both 10K accounts by using a trade copier. Now I'm thinking that it would be more appropriate if I trade both 10K accounts separately, not copying. What's your suggestion? By the way thanks for dropping this video at the time when I needed it the most
Challenge accounts really helped me work on my Risk Management, now that i have proper risk management I kinda see that trading is all about probabilities... Even a good setup can still be a loss and a bad one be profitable.
With a low winrate but good risk management you are already one foot in the door, you just need to improve the strike rate and you might just crack it (Advice from me to me).
Very good explanation on difference between Challenge account and Live account. Challenge account requires proper risk management but live account requires handling of emotion and greed. As u said risk only 0.25% per trade my suggestion is difficult to handle so as u suggest it is better to use trade copier in Live account so software will take care of emotional and great. Thanks for the great video🔥🔥🔥
5million in funding and making 5% a month would definatly change lives specially here in Africa. i appreciate your videos.
good day im a trader from south africa and i must say i'll try challanges and follow what you did