In order to give yourself the best chance of succeeding, you need to make sure you pick the best remote forex proprietary trading firm that will work well with your personality and trading style.
If you end up choosing a firm that doesn’t line up with your needs and strengths, the goal of success will become even more difficult to achieve.
Trading is hard work. From tireless preparation to extensive education and practice, top traders work just as hard as any other professionals to reach the pinnacle of their professions. For those looking to become prop traders, this tireless work level can be even more intense.
When prop traders trade remotely, they give up the existing structure which brick and mortar firms provide. Gone are the set hours and rules required by employers. For a prop trader to succeed, self-discipline is absolutely necessary and a strong mental game is essential.
That’s why we’ve put together this useful guide to help you find the proprietary trading firm that’s right for you. With some thorough research and self-understanding, you’ll be in an ideal setup in no time.
Let’s check the main points that need to be looked into when deciding which prop firm we should trade-
While most prop firms allow traders a great amount of flexibility, some have more restrictions than others. Therefore it’s important to make sure that whatever the restrictions are, they align with your unique trading strategy. If the restrictions don’t fit with your trading plan, will you be able to modify your strategy to fit in with the fund’s rules?
Pay close attention to restrictions about trading the news, or hold trades overnight or over the weekend since it could affect your trading style and strategy.
Today every self-respecting prop firm has reviews on Trust Pilot, you can check their rating (just beware, a lot of new props firms that copy models of successful firms, make manipulations, you can identify it if suddenly within two weeks they have dozens of reviews of five and four stars ratings).
Youtube – In addition, you can find quite a few YouTubers who have already done reviews and even those who have already managed to advance in the firm’s program.
Forums – In the forums you will find a lot of information about the firms (try to filter out trolls who like to defame and focus on those who trade with the firm).
support – One of the most important things is tolerant and quick support, I believe that after you do your research and go over what I have suggested above, you will already have an opinion about the firm support, of course, you have to check it out yourself and contact the firm for a first hand impression.
Today with funding companies, not only can you trade on a big account, if you prove yourself as a trader you can increase your trading account. it is very important that you check if the company has a growth plan.
Fund companies want to keep professional traders and it is both parties’ interest to have a growth plan, so both parties have the potential to enjoy increased profits.
Every firm has its own way of checking if you are suitable as a trader for their programs.
There are firms that will test you on a demo account and there are those who will test you on a real account, which basically means instant funding.
In addition, you need to check what the firm requires from you as a trader, what profit they expect you to gain and in which time period. How many steps are there? Are there only one stage or two stages that need to be passed?
Like almost everything necessary to capitalize on an opportunity, there’s usually a financial cost. Some prop firms are more costly than others, while some have hidden costs that are not easily seen.
Bundle all of these elements together and you should be able to identify the best remote prop firms according to your needs.
Weigh all of the trading restrictions along with costs and find a subscription model that works best for your financial situation.
If you can find the sweet spot between these three key elements, you’re well on your way to trading with a firm that is right for you.
When researching firms, you’ll generally find 4 models regarding subscription costs:
For all firms with a high reputation, you do not have to worry about payment, as long as you meet their terms, you can get paid by PayPal or Skrill.
But there is something very important you need to check, Does withdrawing money damage your growth. Whith some Proprietary firms you will have to choose whether to withdraw the profit or not, so you can increase your funded account, on the other hand, there are Proprietary firms where you can withdraw the money but still enjoy the growth, so you will not interefere your growth and enjoy an increased account.
Prop firms offer much more than a funded account, such as an advanced dashboard, where you can see where you stand and get statistics that you can use.
There are firms that offer one on one support to their traders, there are those who trade themselves and you can see them in a live trading room, Some of them have an active blog where you will find quite a bit of material about forex, trading, and trader’s life.
Before you start trading with a prop firm, try to find out what added value you get for your registration besides the funding.
Prop Firm Advanced Dashboard
Today there are quite a few prop firms that offer funds for traders, every day we see more firms popping up online, those firms copy the models of an existing prop firm, but as you understand there are several points that need to be considered before choosing a proprietary firm.
It is always better to use a well-known prop firm that has already established its reputation in the market, beware of the new firms that only copy models, but do not actually give an extra addition to it.
Companies that copy models, show the inability to think for themselves and build something of their own. These are not the prop firms I would trust with my money.
Real account – The5ers is the first prop firm on the market that conducts the level 1 phase with real money and not a demo account. This means that if you pass level 1, all the money that you earned during that first phase will go back into your account.
Trading Flexibility – At The5ers, we allow continuous trading 24/5. You can hold trades overnight, over the weekend, and even hold through economic news releases. This allows our trader’s freedom to engage in almost every trading strategy.
Easily reached milestone targets – From day one with The5ers, you’re given easy and achievable trading targets and objectives. This means that you can progress faster within the program and not worry about unattainable goals.
Instant Payment guaranteed – There is no fine print on this one. Request a payout anytime, as often as you want, with no minimum or maximum threshold.
Non-deductible – Payout is not deducted from milestone growth, get paid for profits while keeping your account growth.
Fastest growth plan – Double your account every time you hit a 10% growth in the risk manager account, or 25% Double your account every time you hit a 25% growth in the aggressive account.
One-time fee – After that, there are no further costs ever.
Affordable – The5ers offer the lowest participation fee in the industry.
Support – Fast and efficient human support every time you need it.
Resources – The5ers is the only prop firm owned by experienced Forex traders, the only firm where you can join a live trading room and watch them trade.
You can even schedule a one-on-one appointment with an experienced portfolio manager. You can participate in The5ers webinars on a regular basis on the largest platforms today such as FXSTREET, INVESTING, etc …
We have an active blog and YouTube channel, where you will find quite a bit of quality material about trading.
Traders community – Get access to The5ers community and share ideas with other successful traders.
No time Pressure – all you need is to gain 6% in 6 months with the risk manager program, or 12% within two months with the aggressive programs.
Now that you’ve gone through this guide, you should have a good idea as to what to expect when you trade for a remote prop firm.
If this sounds right for you and you’re ready to enjoy all the freedom that the least restrictive prop trading firm offers we suggest you take the next step towards joining a remote proprietary trading Firm.
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The5%ers let you trade the company’s capital, You get to take 50% of the profit, we cover the losses. Get your trading evaluated and become a Forex funded account trader.Get Your Forex Funded Trading Account