How I Would Pass Goat Funded Trader in 7 Days – Trading A Prop Firm Challenge Till Payout Review
How to Pass Your GoFundMed Challenge Account in 7 Days
Introduction to the Strategy
- The speaker introduces a step-by-step blueprint for passing the GoFundMed challenge account within seven days, based on previous successful strategies.
- Emphasizes that this method is practical and can lead to better results in profile trades.
Overview of Goodfunded
- Goodfunded is highlighted as one of the largest prop trading platforms, with over $50 million in payouts and 250,000 traders.
- New traders can choose from various account types: one-step (single evaluation), two-step (two evaluations), three-step accounts, and instant accounts (no challenge required).
Choosing an Account Type
- Instant accounts allow immediate funding after payment; however, many prefer challenge accounts due to lower costs.
- For example, a $5,000 two-step challenge account costs only $17.
Understanding Rules and Targets
- Importance of understanding platform rules before purchasing a challenge account to avoid blowing the account due to ignorance.
- For a $15,000 account, phase one requires hitting an 8% target ($1,200).
Risk Management Strategies
- Phase two requires achieving a 4% target with strict daily drawdown limits: maximum loss of $600 per day during phase one.
- Overall maximum loss across both phases is capped at $1,200; exceeding this results in losing the account.
Proposed Trading Plan
- The speaker suggests risking only 1% ($150 for a $15,000 account) per trade and limiting trades to two per day.
- If both trades are lost in one day, no further attempts should be made that day to prevent revenge trading.
Trading Strategy Overview
Daily Trade Goals
- The speaker targets two trades per day, with a risk-to-reward ratio of 1:2. This means risking $150 to potentially gain $300 on each trade.
- By risking 1% to make 2%, winning both trades in a day could yield $600. Even if one trade is lost, the net profit would still be $150.
Understanding Profit Accounts
- To engage in profitable trading, one must treat their own money seriously and not rely solely on demo accounts. A profit account indicates that the trader has sufficient knowledge and experience.
- Realistically, winning every trade is unlikely; thus, the speaker suggests aiming for nine trades over several days, where winning six out of nine can still lead to profitability.
Calculating Potential Earnings
- Winning six out of nine trades results in approximately $1,800 earned while losing three trades incurs a loss of about $450. This leaves a net profit of $1,350 after four days of trading.
- The goal for phase one is to achieve at least $1,200 in profits within these four days by maintaining the two-trade daily limit.
Phase Two Trading Strategy
- For phase two, which should be completed within seven days, the target is set at 4% or around $600 from a starting capital of $15,000.
- Achieving this target requires only two successful trades. If phase one is passed successfully, passing phase two should also be feasible.
Preparation Before Trading
- The speaker emphasizes understanding trading fundamentals before engaging with profit accounts. Personal trading experience is crucial before considering external funding options.
- It’s advised to practice through demo accounts until confidence and skill levels are adequate for real trading scenarios.
This structured approach provides clarity on how to effectively manage risks and expectations while pursuing profitability in trading activities.