
#531: 2023 Trading Year Review
12/17/23 • 5 min
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#530: An Interview with The 5%ers Prop Firm
An Interview with The 5%ers Prop Firm Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Visit The5%ers Website. Click here! #530: An Interview with The 5%ers Prop Firm In this video: 00:27 – There’s a lot of interest in prop firms right now. 01:37 – What makes a trader a successful prop firm trader. 03:50 – You must be able to trade first. 04:58 – Different account types with The 5%ers. 05:38 – What’s the payout performance ratio? 07:00 – What makes The 5%ers a better prop firm? 09:48 – Our clients have success with The 5%ers. 12:00 – Prop firms can remove emotions from your trading. 13:37 – Contacting The 5%ers. Andrew Mitchem Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week's weekly video and podcast. Something different for you this week. I am joined by Saul who's the manager of the firm called the 5%ers. Welcome along. Saul Lokier Yeah, thank you, Andrew. Thanks for having me. There’s a lot of interest in prop firms right now. Andrew Mitchem Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don't know and how traders can take advantage of using a prop from. Saul Lokier Yeah, good start. So basically we are recruiting. We're looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money. Andrew Mitchem Yes. Saul Lokier So we're doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that's the idea. What makes a trader a successful prop firm trader Andrew Mitchem Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person? Saul Lokier It's the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US. Saul Lokier So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn't you be trading? Saul Lokier And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that's number one. Saul Lokier The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know,
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#532: Making 2024 The Year You Become a Successful Forex Trader
Making 2024 The Year You Become a Successful Forex Trader Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now #532: Making 2024 The Year You Become a Successful Forex Trader In this video: 00:26 – Why you need to make this year your trading year. 01:28 – Australian employment figures crash. 02:09 – Give yourself plenty of time and seek help. 03:33 – Joining a community and start on a demo account. 04:32 – Start with the basics. 05:18 – Trade through Blueberry Markets. 05:35 – Attend my Masterclass and book a call with us. How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let's talk about that and more. Right now, Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532. Why you need to make this year your trading year. It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all? This is the year for you to do it. How are you going to do that? Well, have a look around the world and I'm going to show you why you need to do it first. You know, you have a look at what's happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight. Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they're living on really poor, low nutritious food because that's all they can afford and sugary drinks and things like that. You know, it's everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can't afford to pay staff. People aren't going to restaurants. Australian employment figures crash. There's all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world. So put all that together and everything else that's happened over the last few years and the craziness that's going on in the world. And, you know, you realize you're kind of on your own. You're fighting for yourself. So event doesn't give you motivation to go. You know, this year I'm going to learn how to trade. Then I can't help you. Give yourself plenty of time and seek help. So let's start sensibly. Let's give ourselves time. While it's not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I've got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing. You know, I get these crazy questions all the time. You know, those people aren't real. Now, the important thing is, is with anything that you're learning to do is to seek help from people that are successful in that field and also to start slow. Don't rush. Do the groundwork properly. If you've ever done any form of painting inside your house, let's say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny. Yeah, that's the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we're not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world's still surviving just while we're at that stage. Use this kind of lower pressure time and say to yourself, I'm going to dedicate this year to learning how to do this properly.
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