Pivot #14: I decided to join a prop firm competition this September 2023.
To spice things up with this substack post, I'll be sharing how I go with me joining a trading competition with My Funded FX. This post is in NO way, shape or form, a promotion of the said prop firm.
One of the things that I want to accomplish is to diversify my trading account/s i.e to have multiple trading stream. I thought that a good (and less harmful) way to do so is to utilise the offering from prop firm/s without risking too much of your real fund.
I would like to acknowledge that prop firm this week, particularly the My Forex Funds (MFF), has been put in the spotlight for the it being subjected to closure by US and Canada regulators. This definitely has shaken the industry and have left the prop traders and those who patronage it in a vulnerable position.
My decision to join this competition has been made before the news of MFF came out. Additionally, the competition I joined in My Funded FX is free of charge and the winner(s) will receive free challenge funds and cash prizes to those on top. The free challenge accounts will be awarded to top 50 in the competition out of the 26k + participants.
The rules to abide are:
The trader who will win the the top prize will be awarded a $1000 Cash + $300,000 challenge account, free of charge.
Sounds nice, right? I am not delusional to claim I will be victorious. The goal for me is to trade competitively and challenge my overall strategy. I will aim to atleast be in top 50 and remain in a net positive position by end of the competition.
I also thought to walk you through my journey in trading competitively in the global markets and learn together, as we navigate these uncertain times.
As starters I will share with you the game plan, so you can hold me accountable:
Risk first with focusing on sizing and $ risk approach.
Reduce entries to max of three on a given trading day.
To trade max of two asset classes / instruments throughout this competition.
I will use my day trading swing strategy using 1HR and 4HR timeframes.
I will target to trade in three hot zones.
Hope this will fall according to my favor. And hope you can join me in this journey of learning.
Let the games, begin!
