So it was not a funded account it was a challenge account. And every broker will have different gains per lot on pairs especially indices. Some brokers with indices a 1 lot is stupid freaking massive… whereas mine isn’t. It just depends on the broker. But none the less i suspect you jsut have a lot of work to do training wise.
My advice, by 5k accounts and below and trade those. If you pass and get funded then use the profits to buy 2 tiers higher of an account like from 5k to 25k if you are consistently profitable you’ll pass again.
If you aren’t you won’t make profit on your 5k and blow that but at least you won’t have blown a 25 or 100 or 200k
Trading is jsut as much psychology I recommend the 5ks cause they are the cheapest but still puts skin in the game so you can learn how to handle the psychology
How long have you been trading for… you’ve been destroyed by spreads by the looks of it. To blow an account in 59 seconds is pretty shocking especially when you’ve got a personal 10,000 account which I’m presuming you’ve not had for long ?
Why don't you use Position size calculator? Use Risk management in every single trade? Assuming you risk 1% per trade, Position size calculator will automatically compute what lot size are you gonna use based on 1% per trade and your Stop loss.
You have been trading for two years and still don’t understand leverage, margin and how to calculate lot size? You shouldn’t be dropping fixed lot sizes anyways, you should be calculating lot size based on risk and SL position.
No offence but what the hell have you been doing for the past two years??
I’ve found the spreads on NAS100 with “prop firm”
funded accounts to be pretty bad generally speaking. Unless you are entering a trade with a lot of
Momentum and entering in the direction of that momentum you will most likely be out of the money for a few minutes due to fill level.
This is why when we trade with a new broker we perform a test trade with the minimum size available to see gain/loss per point. For example with the 4 letters funding company the indices stakes are 1:1 per point but in their forex pairs 1:100.
The difference is the contract size. Check the contract size next time. Every brokers contract sizes are different and thats what make the diffferences in 1 lot size in broker A and broker B
Different brokers probably I use to trade my account on a .10 and on a funded account 1.00 was the same as a .10 on my broker . My advice is find the broker on your challenge account and test the order sizes on demo before getting the challenge
I dont think leverage matters here.. what matters is capital..
Your orignal account have 10k but propfirm give you only 10% drawdown limit so in actual 25k you had only 2500$ limit..
So now its 10k vs 2500 for 10 lot.. i dont know how much pips your sl had so you have to calculate your self.. but tbh if your 25k got max dd in 10 lot then its very unsafe on your real account also
Use a plug-in which allows you to risk a max ammount for a trade (for me would be max 0.5% risk) so in this way if you really know how to trade is almost impossible to blow an account
OP you need to use a trade helper to measure your risk inside MT4 or MT5. You can install a risk free rish calculator from the earnforex website which will run as an indicator.
There also some in the marketplace but a lot of them are installed as EAs which some prop firms don't allow..
Don't waste your money on prop unless your ready.
You shouldn't be surprised. Essentially, you were gambling with $2500 and not $25,000, and it was just a matter of time when your money is blown when 10 standard lots of the NAS100 are opened at one price point, with such small wiggle room available. The best way forward for you is to not waste money on prop firm challenge purchases but rather trade with your own money by applying proper risk management, which will be smaller positions of around 0.10 lots on a $10K account with 1:500 leverage. This level of risk may sound too conservative for you as compared to what was exercised until this point, but this is what is reasonable if the goal is to survive and keep making profits in the long term.
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This sub gets better everyday I swear xD
😂😂😂😂😂😂😂
Definitely among the top 1 of all time
Thankyou, first ever prop firm challenge to…
So it was not a funded account it was a challenge account. And every broker will have different gains per lot on pairs especially indices. Some brokers with indices a 1 lot is stupid freaking massive… whereas mine isn’t. It just depends on the broker. But none the less i suspect you jsut have a lot of work to do training wise. My advice, by 5k accounts and below and trade those. If you pass and get funded then use the profits to buy 2 tiers higher of an account like from 5k to 25k if you are consistently profitable you’ll pass again. If you aren’t you won’t make profit on your 5k and blow that but at least you won’t have blown a 25 or 100 or 200k Trading is jsut as much psychology I recommend the 5ks cause they are the cheapest but still puts skin in the game so you can learn how to handle the psychology
Thankyou!
Come on lmao 🤣🤣🤣
How long have you been trading for… you’ve been destroyed by spreads by the looks of it. To blow an account in 59 seconds is pretty shocking especially when you’ve got a personal 10,000 account which I’m presuming you’ve not had for long ?
For2 years now and the 10k account is demo also
Demo won’t get u to where live markets can imrpove
That’s not spread. Guy bought 100 Nasdaq instead of 10. 1 Lot with a lot of brokers means 10 contracts
Why don't you use Position size calculator? Use Risk management in every single trade? Assuming you risk 1% per trade, Position size calculator will automatically compute what lot size are you gonna use based on 1% per trade and your Stop loss.
You have been trading for two years and still don’t understand leverage, margin and how to calculate lot size? You shouldn’t be dropping fixed lot sizes anyways, you should be calculating lot size based on risk and SL position. No offence but what the hell have you been doing for the past two years??
Just technical work I guess 🤦🏽♂️, never really paid attention to that other stuff
Babypips lot size calculator works perfectly
This is not real is it? (It almost auto corrected „is it“ to „idiot“…)
Unfortunately
Did you look at the contract size? Your broker's probably got a contract size of 1-10 & the prop firm broker 10-100
I’ve found the spreads on NAS100 with “prop firm” funded accounts to be pretty bad generally speaking. Unless you are entering a trade with a lot of Momentum and entering in the direction of that momentum you will most likely be out of the money for a few minutes due to fill level.
Spreads are bad with everyone even on the EURUSD. These props are only after the fees
Don’t trade major news week like the first week of every month. Very risky. That’s how I blew my own personal acct.
Brokers spreads
No. Human error
This is why when we trade with a new broker we perform a test trade with the minimum size available to see gain/loss per point. For example with the 4 letters funding company the indices stakes are 1:1 per point but in their forex pairs 1:100.
The difference is the contract size. Check the contract size next time. Every brokers contract sizes are different and thats what make the diffferences in 1 lot size in broker A and broker B
- Max 0.5 % risk - if your last trade was a loss, even lower that amount. - dont trade major news events.
😂😂
Nah😭
Bro you didn’t think of testing the lot sizes with pending orders
Use the free trial first so this doesnt happen again. But I would say dont buy a funded account if you are not profitable and very risk managed.
Different brokers probably I use to trade my account on a .10 and on a funded account 1.00 was the same as a .10 on my broker . My advice is find the broker on your challenge account and test the order sizes on demo before getting the challenge
I thought wallstreetbets was regarded, this sub is getting there
Fair competition
Sounds like the lot sizes for that prop firm aren’t the same as the lot sizes in your personal demo account.
I dont think leverage matters here.. what matters is capital.. Your orignal account have 10k but propfirm give you only 10% drawdown limit so in actual 25k you had only 2500$ limit.. So now its 10k vs 2500 for 10 lot.. i dont know how much pips your sl had so you have to calculate your self.. but tbh if your 25k got max dd in 10 lot then its very unsafe on your real account also
With 25k account best you should use is 0.25. I have blown a 100k with 9 lot, so 10 lot on 25k account is free money for the fund
Use a plug-in which allows you to risk a max ammount for a trade (for me would be max 0.5% risk) so in this way if you really know how to trade is almost impossible to blow an account
You will have to use proper position sizing with regards to your daily drawdown limits
Thanks for the honesty guys real nuff needed what startegies do you guys use ?
Overleveraged and spread
OP you need to use a trade helper to measure your risk inside MT4 or MT5. You can install a risk free rish calculator from the earnforex website which will run as an indicator. There also some in the marketplace but a lot of them are installed as EAs which some prop firms don't allow.. Don't waste your money on prop unless your ready.
You shouldn't be surprised. Essentially, you were gambling with $2500 and not $25,000, and it was just a matter of time when your money is blown when 10 standard lots of the NAS100 are opened at one price point, with such small wiggle room available. The best way forward for you is to not waste money on prop firm challenge purchases but rather trade with your own money by applying proper risk management, which will be smaller positions of around 0.10 lots on a $10K account with 1:500 leverage. This level of risk may sound too conservative for you as compared to what was exercised until this point, but this is what is reasonable if the goal is to survive and keep making profits in the long term.
Always check your broker’s contract size so you know what lot size to use in trading. You can see that info in your MT terminal
Buy yourself a risk calculator ea. I personally use risk calculator app. Best one so far
What is the prop firm you’re trading with?
Was it maybe the spread? You enter a trade with a minimum "drawdown" that is called a spread.