There’s a lot to be considered when it comes to trading a funded account with a company. But whether you’re looking to trade a forex funded account or your personal trading account, the process is the same. Although there are many ways to trade, you need to make sure that in whatever way you are going to trade, you are doing it effectively.
So, here are a few suggestions that can help you to trading a funded forex account the right way:
Have a Plan
Most traders start without even having a plan. They think that if they traded profitably on their own, they could achieve the same success trading the funded account. I'm not suggesting to change your trading strategy completely. What I'm suggesting is tweaking your risk parameters to fit the risk parameters of the company you are trading for.
Check the requirements to become a qualified trader and make sure you don't violate the company risk limits. In fact, one of the best with minimal requirements is provided by City Traders Imperium.
Start Small
Starting small is always best to win at trading. You don’t ever want to dive into it head-first and then lose all of your trading capital because of a mistake, misjudgement, or miscalculations. You are much better off taking your time and taking little risks in the beginning. That way, you can see what results can you achieve and whether you can simulate the same results of your testing phase. That way, you will develop confidence and consistency to achieve growth. Then, you’ll find the best way for you to be more comfortable when you decide to take more significant risks in the future.
Think Long Term
One of the biggest challenges for forex traders is that they lose money because of risking too much on a few trades. The problem is that they look to make the most money in the quickest period possible. This will often end up in a tragedy because they don't think long term.
Let me ask you, is it better to make a lot of profit in 1 week and then losing it in the week after? Or is it better to make less profit, but consistently growing an account over a more extended period?
If you gradually build your way up over a longer period, your money will compound and grow exponentially. For example, if you can achieve 6% every month, which is achievable by most traders, you will be able to double your money in 1 year more than. And this is more than enough to grow your account with City Traders Imperium's forex funded account.
If you can make 12% every 2 to 3 months, CTI will fund you up to $1.28m with a trading capital to trade and split the profits with you. So, if you prepare yourself for the big time and get ready, you could get some awesome results.
But before you start, you want to be sure that you’re doing the right thing and that you are thinking long term. You need to think of your long-term success as a trader.
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