In this funded trader interview, we will introduce Jagmeet Singh, our recently funded Trader who ended up blowing the $ 50,000 funded account that he got from Forex Prop Firm after completing his funding challenge. Please read below to learn his story, how he completed the challenge, what made him lose his funded account, what he thinks he did wrong, and recommendations from traders who want to become funded traders with Forexpropfirm.
Introduction to the guest
I’m Jagmeet Singh Moka, residing in India. I’m currently completing my final year of bachelor’s in Information Technology.
I’ve been trading for the past one year. Initially, I had been earning decent profits, but recently, I’ve been blowing my accounts.
Recently, I came to know about Prop Firm accounts, and then I researched Forex accounts and was interested in investing in the $50,000 two-step challenge account. It was a good start for me, and the profits were huge.
I was an intraday trader, so I used to look for setups early in the morning, and then I used to enter the market depending on the liquidity. Then, I used to wait an entire day to book my profit. After my mid-funded account journey, I started to scalp and directly enter a 1.00 lot, which gave me ten pips, so I used to book profits every 5 to 7 pages to get 50 to 70 dollars profit.
Difference between trading for The Forex Prop Firm and yourself
The main difference between trading for The Forex Prop Firm and yourself is the risk of over-trading and the difference in decision-making power and strategy. These things would either end up blowing up your account or winning a huge amount in a single trade.
Experience with The Forex Prop Firm
My experience with Forex Prop Firm was great as I received a 10% discount on the original cost of purchasing my first challenge, including a 20% profit split from the evaluation pages and a 90% profit split from the main account. This was quite interesting as I had to invest something around $200 or $250, and after investment, I was receiving about $5000.
Why choose The Forex Prop Firm
Basically, I was impressed by the profit split percentage, the discount codes, and the 24/7 support offered by Forex Prop Firm.
Suggestion to other traders attempting The Forex Prop Firm Challenge
My suggestion to other traffic attempting the Forex Prop Firm challenge is to stay within their regular drawdown account, keeping the same lot sizes. Moreover, you should also avoid trying new things if you are a beginner, as the risk is higher, and you might end up blowing your account like me.
I only trade in gold XAU USD; that’s my favorite pair.
Advice to a new trader
I took some risks, which were the main reasons behind blowing up my account. I didn’t stick to my trading strategy and started looking for setups that’d give me more profit. One should avoid scalping and using bigger lot sizes to minimize risk and loss.
Risk management plan
I don’t have a specific risk-to-ratio award, but if the entry gives me 50 to 70 profit, I book my profits and do not hold it and close it up. For intraday, I follow the 1:1 or 1:2 award, complete my challenge within the given time limit, and complete my target. I prefer ending my day once I’ve achieved my target.
Recommend to starters
Make a decent strategy that could be more profitable but at least gives you daily decent profits, like $200 for a $ 50,000 account. Always have confidence in your setup and have good decision-making.
Online helpful resources
Fomc and online speeches are always helpful for trading tips and strategies.
Why trust The Forex Prop Firm
I trust Forex Prop Firm because it has no time restriction for trading, and users can also enjoy the instant funding feature.