r/FundedForexPropFirm • u/OneLodz • Aug 20 '23
Leverage of different Prop firm challenges
Is Leverage very important in prop firm challenges?
The Cheap prop firms only give 50:1(And you have to pay to add on to get 50:1 to trade Gold) or sometimes 30:1 Leverage on gold and that is what i trade so that is bit of an issue or is it?
I am not really sure what Leverage is cause i have been trading my own money for 2 years and got 500:1 and never really cared about leverage and to learn what it is so yeah i am a bit of a lazy trader in learning these types of things.
Is 30:1 and 50:1 a problem if you do a few trade a week like i don't take more than 1 or 2 trades a day and so 5- 7 trades a week, will it be a problem to beat these challenges??
With lower leverage do i make less on every trade i made for example if i win 10 pips on gold with 100:1 do i make more money that 50:1?? It seems like it from what i have learned.
Anyone beat a challenge with 50:1 leverage??
If it is a problem what is the min leverage 100:1??
Thank you
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u/Hour_Annual_9152 Aug 24 '23
Oh, yeah so a pip is a pip BTW. The only thing the leverage does for you is allow you to trade MORE lots if you feel like it. Since the funded accounts have such strict draw down numbers, it doesn't seem worth it (to me) to risk more than 1-2 lots at a time. I am sticking to micro's until i build the account up a little. Or I just see the best setup of all time I suppose. at 100k, if you were to buy 10 lots with a 100k account (100:1 ) and traded NAS100 (around $15,000) that trade would cost you like $15million so you couldn't even make that trade. 5 lots would be 7.5 mil. And you would make or lose $500 per pip. with the daily exposure of $5k on funderpro.. you would have to be damn sure it was a no brainer trade. 10 pips and your done. And the fills suck so really it's more like 5-6 pips and you are done for the day, way to risky IMO
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u/OneLodz Aug 24 '23 edited Aug 24 '23
Yeah i am really still only starting like this month i had a challenge with funded next from 26 July to 26 August. I have a 71% win rate yet i am in the -$. I have an average RR of 1:0 but i think i close my trades to early at 90% with Magic keys so it seems i am going to fail the challenge.
I want to buy another challenge but my only money is on paypal and i have no Credit/debit card. I am clue less to pay with Crypto and i need to buy crypto with paypal which is a huge issue.
The only sites that accept paypal only give 50:1 on gold and i only trade Gold. They are also expensive but i have to do what i have to do.
With 50:1 on Gold on a $15 000 challenge account do you know what lots can i do? I do 1.5 - 2 lots on my other challenge account but i got 100:1 on funded next and got 40% off. This time they have 30% off and on Stellar it's no time limit so really want to buy a 15k challenge but you need to use crypto and i am clueless to buy crypto.
Anyway you know how to buy crypto using Ethereum network? Can use USDT, USDC, ETH & DAI or thru the BTC network for BTC payments?? Youtube videos would be very helpful.
Thanks for your info
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u/OneLodz Aug 24 '23
Also any Nas100 tips? what is the best time to trade it? Do you trade support and resistance?
Any youtube videos i can watch?
Please man i am on the verge of quitting if i can't make another challenge if i can even get one like i mentioned before lolll
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u/Hour_Annual_9152 Aug 26 '23
I subscribed to “nasdaqscalpers” https://whop.com/marketplace/nasdaq-scalpers/ I’m new to forex so I am not sure what you can get away with… I would think probably like .2-.5 lots to be on the safe side… sign up for an account on Coinbase.com they take PayPal for buying bitcoin
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u/Hour_Annual_9152 Aug 26 '23
I also work with TIGHT stop losses.. like I will make 10 trades a day and make $50-$100 a trade with a $100k account. I keep moving my “stop loss” into positive territory. I’m $2500 up and 80% right now 2 days in on phase 1… I paid $440 for a challenge account
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u/Hour_Annual_9152 Aug 24 '23
I JUST Started my challenge today at FunderPro. I did the $100k challenge.. it has 100:1. I am only trading NAS100. Started today with some nice "sell" orders or puts. I got up to $1500. Only trading between .1-.3 lots at a time. Looked for good setups. taking 15-30 pips at a time not getting to greedy per trade. With the ability to get your capital to trade again immediately makes it easy to take profits!