Prop trading lets you trade with a firm’s capital after proving your skills. As a prop firm trader, you keep most of the profits while the firm covers the losses. Many want to become a prop trader for low risk and high rewards. This plan guides you through 10 weeks to build skills and pass evaluations. It focuses on crypto, where a funded crypto trading account gives access to large funds. Bitfunded offers crypto-focused challenges with clear rules and fast scaling. Start with basics, practice, and refine strategies. By week 10, aim to join a firm and trade live. This hands-on approach takes you through real steps to help you succeed.
What is Prop Trading?
Prop trading means trading assets with a firm’s money. You pass a challenge to get funded. Firms offer crypto accounts up to $500,000. Benefits include no personal capital risk and profit splits up to 90%. Drawbacks involve strict rules on drawdowns and targets. To become a prop trader, learn markets, risk management, and discipline. Crypto suits prop due to volatility and 24/7 access. Pick firms with transparent rules and reliable payouts.
Selecting the Right Prop Firm
Choose a prop firm based on fees, profit splits, and supported assets. Bitfunded stands out for crypto with low entry costs and quick scaling. Check payout speed and support quality. Avoid firms with hidden fees or poor platforms. Ensure the firm offers a funded crypto trading account. Compare challenge types: one-step or two-step. Bitfunded’s one-phase challenge simplifies entry. Read the terms on maximum drawdown and daily loss limits. Test demo accounts first.
Preparing Your Mindset and Tools
Build a strong mindset. Accept losses as part of trading. Set daily routines for analysis. Use tools like TradingView for charts and CoinMarketCap for data. Install secure wallets and exchanges. Track trades in a journal with entry, exit, and reasons. Allocate time: 2 hours study, 2 hours practice daily. Avoid overtrading; focus on quality setups.
Week 1: Learn Core Concepts
Study crypto basics. Understand blockchain, tokens, and exchanges.
- Read free resources on Bitcoin and Ethereum.
- Watch videos on candlestick patterns.
- Set up a demo account on Binance or Bybit.
- Practice spotting support and resistance levels.
- Note daily market news impacts.
Aim for 10 hours of learning. Avoid jumping into trades yet.
Week 2: Master Risk Management
Focus on protecting capital. Learn position sizing and stop-losses.
- Calculate risk per trade at 1% of the account.
- Use calculators to set lot sizes.
- Practice on the demo with different scenarios.
- Study the drawdown effects on accounts.
- Create rules: no more than 3 trades open.
This week builds habits to survive evaluations.
Week 3: Develop Trading Strategies
Pick simple strategies. Start with trend following or breakout.
- Backtest on historical data using TradingView.
- Define entry: price above the moving average.
- Set exits: trailing stops or fixed targets.
- Test on 50 past trades.
- Adjust based on the win rate above 60%.
Document everything in your journal.
Week 4: Practice on Demo Accounts
Apply strategies in a real-time demo.
- Trade during peak hours, such as the London-New York overlap.
- Log 20 trades with analysis.
- Review winners and losers for patterns.
- Simulate prop rules: 5% daily loss limit.
- Use alerts for key levels.
Build confidence without real money.
Week 5: Analyze Performance
Review four weeks of data.
- Calculate metrics: win rate, risk-reward ratio.
- Identify weak areas like impulsive entries.
- Adjust strategies: tighten stops if needed.
- Seek feedback from trading forums.
- Set goals for the next phase.
Use spreadsheets to track progress.
Week 6: Tackle Prop Firm Challenges
Sign up for a challenge at Bitfunded.
- Choose account size: start small, like $10,000.
- Follow rules: hit 10% profit target.
- Trade conservatively to avoid violations.
- Monitor drawdown daily.
- Pause if emotions rise.
This tests real pressure.
Week 7: Refine Under Pressure
Continue challenge trades.
- Focus on high-probability setups only.
- Use journaling to spot mental slips.
- Practice scaling: add to winners.
- Review mid-week performance.
- Adjust time frames if needed.
Aim to pass or learn from failures.
Week 8: Scale Strategies
Once comfortable, scale up.
- Test larger positions in demo.
- Incorporate news events carefully.
- Diversify pairs: BTC, ETH, altcoins.
- Backtest multi-pair strategies.
- Ensure compliance with firm rules.
Prepare for funded accounts.
Week 9: Build Consistency
Trade daily with discipline.
- Stick to the plan: no revenge trades.
- Track weekly profits.
- Simulate payouts and taxes.
- Network with other prop firm traders online.
- Update the journal with insights.
Consistency leads to funding.
Week 10: Secure Funding and Go Live
Complete the challenge and get funded.
- Verify your account at Bitfunded.
- Start live with small risks.
- Withdraw profits monthly.
- Continue education.
- Scale account as per firm rules.
Celebrate but stay focused.
Ready to Become a Funded Prop Trader? Start with Bitfunded Today
Join Bitfunded today to start your journey as a prop firm trader. Challenges start at $79. Get a funded crypto trading account with up to 80% profit share. Our two-stage evaluation lets you prove skills and trade live sooner. Community support through leaderboards and tools for over 100 crypto pairs helps you scale. Turn skills into income with payouts within 24 hours. Bitfunded supports crypto enthusiasts who want consistent funding. Take action and fund your future.
Frequently Asked Questions
1.What skills do I need to become a prop trader?
You need market knowledge, risk management, and discipline. Practice on demos to build these over the weeks.
2.How does Bitfunded support crypto traders?
It offers low-fee challenges, up to 90% profit-sharing, and fast payouts for crypto traders.
3.What is a funded crypto trading account?
It’s firm capital for crypto trades. You keep profits after passing evaluations, with no personal risk.
4.How long to pass a prop challenge?
Most take 4-8 weeks with practice. Focus on rules like drawdown limits to succeed faster.
5.Can beginners become a prop trader?
Yes, with dedication. Start with the basics and demo trades before challenges.
6.What if I fail the challenge?
Learn from mistakes, retry. Many firms charge a fee for resets.