Prop firm challenges offer exciting opportunities, but many traders fail due to avoidable mistakes. Understanding these common errors can improve your chances of success.
Not reading or misunderstanding the challenge rules often leads to disqualification. Always study the rules carefully, including profit targets, loss limits, and trading restrictions.
Trying to hit profit targets quickly by taking too many trades can lead to mistakes and big losses. Patience and selectivity are key.
Exceeding the recommended risk (usually 1% or less) can wipe out your account fast. Keep risk low and consistent.
After a loss, some traders take impulsive trades to recover quickly. This “revenge trading” usually leads to bigger losses.
Skipping stop-loss orders increases the chance of large, uncontrollable losses, risking violation of daily or overall loss limits.
News events cause volatile price swings that can break your risk limits. Avoid trading during major economic announcements.
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