It is always great to hear from our traders and our traders speak to us regularly. One of the most common questions that we get is – How can I pass my evaluation easier?
We have put together this blog series to give you some ideas on what the traders who are passing evaluations are doing.
CONSIDER PROP TRADING A BUSINESS AND THIS IS YOUR START UP CAPITAL
All business needs startup capital and this is no different in trading. When you enter the world of prop trading or FOREX, Metals or CFD trading you should understand you are entering a business. When entering a business, you need to make sure you take it seriously.
My Forex Funds and prop firm funding in general is a giant “leg-up” to become a full time, professional trader who can make a living in the financial markets. We are the seeder fund, funding your business and helping you to grow. It is important that you are treating prop trading as a business and keeping records accordingly.
What does FOREX trading as a business mean?
What it means is that you are considering a trade a transaction made by your business. You are taking risks only that are for the betterment of your business. You are keeping accurate business records (Journal, statements etc.). You are doing top-down analysis of your business, where can you improve? Where can you cut costs? What is working and what is not. It is always maintaining all measurables and calculating every action before taking it to make sure it is for the businesses benefit
The Psychological benefits of treating FOREX trading as a business.
When you treat trading in the financial markets as if it were a business your psychology will change. Its no longer about your wallet and more about your business’s survival and future. It brings your mentality to a more serious place and hopefully (but not always) controls erratic and impulsive behavior in the market. Less erratic and impulsive behavior should lead to a smoother equity curve and ultimately access to more capital over time.
Keeping in line with all of our tips along this series, by taking your time and treating this opportunity as a business you are more likely to reach your end goal of profitability and sustainability.
Remember, trading is a marathon and not a sprint.
This concludes our tips for passing the evaluation. Stay tuned for more blogs with tips, tricks, company news, trader interviews and more!
Wishing you the best of luck on your evaluation journey.
The MFF Team