Parable007:
1. Trading with low capital... please say that one too.
2. FOMO: fear of missing out. Most people don't even know how to trade at best they still gamble
3. Impatience you want to make $10k with $100 in one month. How?

rossoneri:
Many people are not willing to put in the time to learn to trade. People will see your life and ask what do you do, they hear trading and say please teach me thinking they can learn everything in 2 weeks!! Its like telling a doctor to teach you how to be a doctor, its ridiculous!

100% of traders want to become millionaires but no one wants to plan, follow rules, trade, win, lose every day for 5-7 years.

Everything you have said is on point except for the online prop firm thing. Truth is they do make money from loosing traders,a lot of it cause no matter what, most traders will fail and it's never prop firms fault. Them giving traders live account will actually be impossible ,imagine giving traders $10k real money and them blowing most of it how is the prop firm suppose to make profit. They do give demo acct and if you pass the challenge,u receive payout in real money,simple as that.

Prop firms are for experienced trades,traders who are patient and those who have been profitable over a long period. Blame the traders not the firm. And the notion of using 500k to make 10m is not what you think it is. Most traders fail and those traders money are being collected by prop firms which leave the 1% successful ones who actually make profit from those prop firm accounts

Traders fail because they don't finish getting the knowledge, they have no patience, they want to get rich quick, they can't control their emotions, they can't stick to one strategy, they can't ignore the noise, they are always following someone. Mediocrity is not for trading!

Low capital isn't really a problem for a patient trader, compounding has serious power!! If you can't think in probabilities and don't understand risk managment, it doesn't matter how much capital you have you will still lose it eventually. 80% of traders lose because they focus on going from 0 to 100. 20% win because they focus on going from 0 to 10, then 10 to 20, then 20 to 30 until they get to 100.

The get rich quick mindset is a serious problem and that's why online prop firms are making money from inexperienced and ignorant traders. No online prop firm ever funds anyone and they never will. Real prop firms don't look for traders online and you can't pay to join them or trade their capital. But traders want to be rich in 1-3 months so they waste all their funds on prop firm challenges. They never bother to think, if both the challenge and simulated funded account are demo, how can demo generate payouts? How can you earn real money from metatrader demo? There are enough movies and tv series on trading that give an idea of how actual prop firms operate in the real world. If you watch Billions for example on Showmax, it gives an idea of how traders get to trade funds for a company and its definitely not by paying to sign up or winning giveaway. Can you give a naija bank N500k in order to trade their N50m? Can you use a bicycle to collect N10m from a bank? Real prop firms hire traders many times fresh from school and train them then pay salaries. Anyways common sense will never be commonly available!

There are perhaps 4 trading stages if you learn right, each stage comes with emotional rollercoasters (it is not for the weak):
1) Analysing charts - this is where you find your edge and choose your pair.
2) Executing trades - this is where you learn patience and learn to follow your rules. This is where you understand trading psychology!
3) Compounding money - this is where you learn how to lose and how to think in probabilities. 1 trade is meaningless! 10 trades are meaningless! 100 trades is learning! 1000 trades thats becoming a trader! You understand RR.
4) Freedom - you have given 10,000 + hours and 10,000 trades. You know risk managment like your palm! You have only 1 pair, 1 edge and/or pattern, you trade only 1 session.
There is so much more though....

Any new trader that can't go through the entire Babypips curriculum is probably not ready for trading.

Trading is probably the most difficult thing a person can try to master but it is the best and most rewarding business in the world! If you can give it 5-7 years, your older self will thank you!

rossoneri:
Many people are not willing to put in the time to learn to trade. People will see your life and ask what do you do, they hear trading and say please teach me thinking they can learn everything in 2 weeks!! Its like telling a doctor to teach you how to be a doctor, its ridiculous!

100% of traders want to become millionaires but no one wants to plan, follow rules, trade, win, lose every day for 5-7 years.

Traders fail because they don't finish getting the knowledge, they have no patience, they want to get rich quick, they can't control their emotions, they can't stick to one strategy, they can't ignore the noise, they are always following someone. Mediocrity is not for trading!

Low capital isn't really a problem for a patient trader, compounding has serious power!! If you can't think in probabilities and don't understand risk managment, it doesn't matter how much capital you have you will still lose it eventually. 80% of traders lose because they focus on going from 0 to 100. 20% win because they focus on going from 0 to 10, then 10 to 20, then 20 to 30 until they get to 100.

The get rich quick mindset is a serious problem and that's why online prop firms are making money from inexperienced and ignorant traders. No online prop firm ever funds anyone and they never will. Real prop firms don't look for traders online and you can't pay to join them or trade their capital. But traders want to be rich in 1-3 months so they waste all their funds on prop firm challenges. They never bother to think, if both the challenge and simulated funded account are demo, how can demo generate payouts? How can you earn real money from metatrader demo? There are enough movies and tv series on trading that give an idea of how actual prop firms operate in the real world. If you watch Billions for example on Showmax, it gives an idea of how traders get to trade funds for a company and its definitely not by paying to sign up or winning giveaway. Can you give a naija bank N500k in order to trade their N50m? Can you use a bicycle to collect N10m from a bank? Real prop firms hire traders many times fresh from school and train them then pay salaries. Anyways common sense will never be commonly available!

There are perhaps 4 trading stages if you learn right, each stage comes with emotional rollercoasters (it is not for the weak):
1) Analysing charts - this is where you find your edge and choose your pair.
2) Executing trades - this is where you learn patience and learn to follow your rules. This is where you understand trading psychology!
3) Compounding money - this is where you learn how to lose and how to think in probabilities. 1 trade is meaningless! 10 trades are meaningless! 100 trades is learning! 1000 trades thats becoming a trader! You understand RR.
4) Freedom - you have given 10,000 + hours and 10,000 trades. You know risk managment like your palm! You have only 1 pair, 1 edge and/or pattern, you trade only 1 session.
There is so much more though....

Any new trader that can't go through the entire Babypips curriculum is probably not ready for trading.

Trading is probably the most difficult thing a person can try to master but it is the best and most rewarding business in the world! If you can give it 5-7 years, your older self will thank you!

Piroty:


You are actually right for most of your write up except for the online prop firm thing. I actually would advice you read very well on how they operate and why it's actually difficult to pass their challenges and use that so called "500k to get 10m"

rossoneri:


So what i wrote is not about the difficulty of passing their challenges. The challenge being difficult or not is irrelevant to my points. My write up is for inexperienced traders to understand that online prop firms are more or less a ponzi scheme! The online prop business model is a scam. Just like a typical ponzi scheme were those who get in first always cash out, online prop firms pay out profitable traders from funds of the sale of challenges. Thats their real business, selling challenges. They don't fund anyone and they don't copy any trades. There is no real actual capital anyone is trading, its all simulated or demo if you like. New traders need to understand this. It is deceitful and unsustainable and you cannot build a trading career based on online prop firms. Ask any forex trader who has been trading for at least 15 years!

Piroty:


I do understand your point very much,yes many prop firms have failed and all that and yes they do profit from inexperienced traders but do you blame the prop firm or the trader. Prop firm give you unlimited time to pass a chanllenge and you want to use 1 day to do so, after loosing you turn around and blame the firm's dd rule and all that. Truth is prop firms will come and some will go but they are here to stay. Some will stay for long,some are basically here to scam too so it's a dicy situation. I use prop firms and i actually advice experienced traders to do same.

rossoneri:


That's fine.

I remember when BSC was new and every crypto trader was launching their own token daily across the globe. People were rushing in and of course getting rug pulled. Till it all went burst. Same with wonder banks! There are so many other examples.

The online prop space is a bubble and it will burst eventually like all get rich quick schemes and/or ponzis. Remember this conversation when that happens.

Parable007:
1. Trading with low capital... please say that one too.
2. FOMO: fear of missing out. Most people don't even know how to trade at best they still gamble
3. Impatience you want to make $10k with $100 in one month. How?