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In episode 439 of the Desire To Trade Podcast, we will be listening to the recording of an interview with Michael Toma and he shares secrets to get funded 6-7 figures in 2024. Listen to experienced traders discuss things you need to know about prop firms this year.

The video is also available for you to watch on YouTube.

>> Watch the video recording!

Topics Covered In This Episode

  • [00:00] Introduction
  • [00:54] Where are you with prop firms these days?
  • [02:21] Knowing when you’re ready to scale up
  • [03:46] How to figure out if you’re good enough to pass the challenge
  • [04:55] Key pillars in risk management
  • [06:31] Thoughts on the moving average strategy
  • [07:41] Going above and going below is a bit unreliable
  • [08:30] What about drawdowns?
  • [09:47] Difference between options for drawdowns in prop firms
  • [10:55] How do you fix it when you fail a prop firm challenge?
  • [13:14] Common mistakes people make
  • [14:34] Picking the right timing
  • [16:52] Michael’s opinion on backtesting
  • [18:55] The future of prop firms
  • [21:13] Difference between private capital and prop firms
  • [22:47] Risk-reward – 1:1 vs 5:1
  • [24:23] Higher win rate builds confidence
  • [25:44] How to become Michael’s student (link below)
  • [27:05] Expert advisors (EA) trading
  • [29:34] What is the best place to convert my strategies into algos?
  • and much more

What did you like best in this podcast episode? Let’s talk in the comments below, or join me in the Facebook group!

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Where to find Michael Toma

What one thing will you implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!



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