Kardec TraderFutures Trader. Creator of The Midas Touch. Mentor

Prop firms are useful IF you do this …

8 Nov 2023 · 1 min

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This is a short excerpt from a YouTube video by Kardec Trader ("Prop firms are useful IF you do this …", Nov 8, 2023). The speaker argues that prop firms can be a respectable way to trade if used correctly, but warns many traders misuse them by over-relying on firm capital. Core advice: withdraw profits regularly and build a personal account so you can trade without the firm’s restrictions; if you can make significant profits on firm capital, move those profits into your own account and trade that instead.

Chapters

If prop firms are used the right way and people do use it the right way, it's respectable and it's a great job. But I think most people kind of abuse it in a negative way and don't know how to manage it. And I think that's where it becomes really, really difficult. So even me saying, oh, people are saying they're managing million dollar, I don't care. It's not like, oh my God, he cares someone has access to a million dollars. It's more so like, hey, if you do have access to that or whatever the case may be, make sure you withdraw and build your own account. You have access to a million dollars, whatever the case may be, and you're able to make 100 grand, make sure that 100 grand is sitting in an account. Read trade. Like, why would you not trade that? Why would you want to trade a profitable account that has so many restrictions? In my opinion, if you're able to accumulate that amount of money.