Who better to speak to about my My Forex Funds (one of the largest prop firms of its time) being frozen by the regulators than prop firm CEO of Blue Guardian, and sponsor of the Trading Nut podcast, Sean Bainton.
In the first part of the show I grill Sean on all things MFF related, so you get a crystal clear view of what’s going on behind closed doors in the industry.
Sean being one of the most connected prop firm owners in the industry gives you an in-depth look at the impact of the regulators on prop firms, and the fall out of My Forex Funds for the rest of the industry.
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[26:30] If a company is doing something completely out of ordinary like a 5% profit target on phase 1 and 10% max drawdown, it just doesn’t look right.
[28:09] There are lots of firms out there, they kind of trading against the trader. They want them to fail.
[40:47] Every trader thinks on this unlimited time is going to be so much better to themselves but 90% of traders actually fail their evaluation in the first few weeks.
[41:44] Risk management is a massive side of trading.
[43:12] Traders need to sit back, take a deep breath and just relax and workout.
[44:46] These traders that have discipline to continue trading no matter how emotionally it might get, are the most successful.
[46:26] Make sure that you’ve got your structure, you back tested it long enough, you demo tested it and not a prop firm account.
[47:34] Only you are the one that know your result actually works.
[47:47] Do your best and just trade what you know.
[48:25] Keep doing what you’re doing, don’t give up and you will get there eventually.