How to Pass Prop Firm Challenges with Andrew Mitchem & Etienne Crete

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#596: How to Pass Prop Firm Challenges with Andrew Mitchem & Etienne Crete
In this video:
00:05 – Passing a prop firm challenge.
00:19 – Talking prop firm challenges with Etienne Crete.
00:45 – Horror stories from traders starting a prop firm too early.   
02:08 – How to start trading on a prop firm account.
03:13 – How to pick a prop firm.
06:10 – How much should you risk per trade.
08:10 – Treat a demo, a live and a prop firm account the same.
10:25 – Have a proven strategy first before getting on a prop firm account.
15:28 – Does the prop firm have the markets you trade available?
17:15 – How to find us and how to join us at The Forex Trading Coach

Passing a prop firm challenge.

Andrew Mitchem
If you're on a $10,000 prop firm, you know, you you're risking quite tiny amounts, but that's fine, you know? But just go very, very small because just don't get stopped out and you'll eventually, you know, if you're trading good enough, you'll eventually get to that profit target.

Talking prop firm challenges with Etienne Crete.

Etienne Crete
Sitting down today with Andrew Mitchem. we want to do an episode specifically about prop firms and what it takes to become a funded trader, but also kind of scale things up. And you get to the next level of performance to scale it up to, we can make more money trading with more capital. So Andrew welcome back on the podcast. Continue here.

Etienne Crete
Let's start with this. I actually get people who reach out to you and kind of ask you about prop firms and how they should go about it. What's your first train of thought into what is the right time to go for prop firm?

Horror stories from traders starting a prop firm too early.   

Andrew Mitchem
Okay, I find that so many people tell me stories. In that kind of horror stories, they jump in too quick. And I think people aren't doing it realistically. They jump in because they see it as maybe I don't have enough money myself. And it's a it's a good way of potentially earning funds and, and commissions, etc., but they don't have any, background into trading properly themselves.

Andrew Mitchem
You know, they don't have a strategy, the confident in them. And they have proven themselves first. And I think that's the pitfall that too many people jump into.

Etienne Crete
Definitely like trying to get capital before you are profitable trader.

Andrew Mitchem
Yeah. I mean, I just tell people maybe you look at it and, you know, 6 to 12 months time, be real about this. Yes, look prop firm can be absolutely fantastic once you know what you're doing. But spend some time upfront to learn the process of trading. Forget how much money you make. Don't even look at money.

Andrew Mitchem
Just understand the process of trading.