Secrets To Get Funded 6-7 Figures in 2024
In episode 439 of the Desire To Trade Podcast, we will be listening to the recording of an interview with Michael Toma and he shares secrets to get funded 6-7 figures in 2024. Listen to experienced traders discuss things you need to know about prop firms this year.
The video is also available for you to watch on YouTube.
>> Watch the video recording!
Topics Covered In This Episode
- 00:00 Introduction
- 00:54 Where are you with prop firms these days?
- 02:21 Knowing when you’re ready to scale up
- 03:46 How to figure out if you’re good enough to pass the challenge
- 04:55 Key pillars in risk management
- 06:31 Thoughts on the moving average strategy
- 07:41 Going above and going below is a bit unreliable
- 08:30 What about drawdowns?
- 09:47 Difference between options for drawdowns in prop firms
- 10:55 How do you fix it when you fail a prop firm challenge?
- 13:14 Common mistakes people make
- 14:34 Picking the right timing
- 16:52 Michael's opinion on backtesting
- 18:55 The future of prop firms
- 21:13 Difference between private capital and prop firms
- 22:47 Risk-reward - 1:1 vs 5:1
- 24:23 Higher win rate builds confidence
- 25:44 How to become Michael's student (link below)
- 27:05 Expert advisors (EA) trading
- 29:34 What is the best place to convert my strategies into algos?
- and much more
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Where to find Michael Toma
What one thing will you implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!