Preparation is 70% of your success. A prop firm challenge isn't just a trading test, it's a test of discipline, risk management and psychology. This guide will give you all the keys to maximize your chances of success on the first try.
Traders who succeed in their challenge on the first attempt have one thing in common:they prepared meticulously. Here's how to do the same.
Mental and Psychological Preparation
1. Develop the Right Mindset
Goal: Pass, don't impress
Aim for the minimum required (8-10%), not exceptional performance
Traders who fail often aim for 20-30% instead of 10%
Extreme patience
You have 30-60 days, use them all if necessary
Not rushing = 80% more chances to succeed
Emotional detachment
It's a demo account, not your personal money
Treat each trade as an exercise, not an investment
2. Stress and Pressure Management
Relaxation Techniques
- • 10 min meditation before trading
- • 4-7-8 breathing between trades
- • Regular breaks every 2 hours
- • Daily physical exercise
Routine Anti-Stress
- • Trading at the same hours
- • Environnement calme
- • No excessive caffeine
- • Emotional trading journal
⚠️ Warning: 90% of failures are due to emotional decisions. If you feel frustration rising, STOP trading for the day.
Technical Preparation
1. Platform Configuration
MetaTrader 4/5 (Forex)
- ✓ Install all your favorite indicators
- ✓ Configure chart templates
- ✓ Set up hotkeys for quick orders
- ✓ Enable price alerts
- ✓ Install a risk management EA
NinjaTrader/Tradovate (Futures)
- ✓ Configure ATM strategies
- ✓ Set DOM settings
- ✓ Install volume profile indicators
- ✓ Configure workspaces
- ✓ Test data feed connection
💡 Take Profit Trader offers the Tradovate platform for futures trading!
2. Backtesting and Validation
100+
Minimum trades
60%
Minimum win rate
1:1.5
Minimum Risk/Reward
Validation Checklist:
Trading Plan for the Challenge
Conservative Strategy (Recommended)
Phase 1 (30 jours)
Phase 2 (60 jours)
✅ Advantages: 95% success rate, minimal stress, large margin of error
Sample Week 1 Calendar
| Day | Session | Target | Action |
|---|---|---|---|
| Monday | London/NY | +0.5% | 1-2 trades max |
| Tuesday | London | +0.3% | 1 quality trade |
| Wednesday | NY | 0% | Observation only |
| Thursday | London/NY | +0.5% | 1-2 trades max |
| Friday | London | +0.2% | 1 trade, close all |
| Weekly Total | +1.5% | 5-6 trades | |
Strict Risk Management
The 10 Golden Rules
Quick Position Size Calculation
Simple Formula:
Position Size = (Account × Risk%) / (Stop Loss in pips × Pip Value)
Forex Example (10K account)
- • Risk: 1% = $100
- • Stop: 20 pips
- • Pip value: $1 (mini lot)
- → Position: 0.5 lots
Futures Example (50K account)
- • Risk: 0.5% = $250
- • Stop: 10 ticks
- • Tick value: $12.50 (ES)
- → Position: 2 contracts
⭐ With Take Profit Trader, trade up to 20 contracts on a 150K account!
15 Fatal Errors to Avoid
Starting the challenge on the same day as purchase
Almost guaranteed failure
Trading without a detailed written plan
Almost guaranteed failure
Aiming for 20% instead of 10%
Increasing size after a loss
Almost guaranteed failure
Trading all pairs/instruments
Ignoring consistency rules
Trading during economic announcements
Moving stop loss in the negative
Almost guaranteed failure
Opening multiple simultaneous positions
Not keeping a trading journal
Copying other traders' trades
Changing strategy mid-course
Trading when tired or emotional
Almost guaranteed failure
Neglecting daily drawdown
Almost guaranteed failure
Rushing phase 2
Ultimate Checklist Before Starting
Preparation (1 week before)
D-Day
Each Trade
📚 Essential Resources and Tools
Free Tools
- • TradingView: Technical analysis
- • Myfxbook: Track record
- • Forex Factory: Economic calendar
- • Babypips: Position size calculator
- • FXStreet: Real-time news
Support Communities
- • Official Discord of your prop firm
- • Reddit r/FundedTraders
- • Telegram prop firm groups
- • Specialized YouTube channels
- • ForexFactory forums
Templates and Documents
Trading Plan Template
Word/PDF Document
Excel Journal
Automatic tracking
Risk Calculator
Spreadsheet
Optimal Preparation Timeline
1 Month Before
Develop and backtest your strategy. Minimum 100 historical trades.
2 Weeks Before
Trading on demo account with the SAME rules as the challenge.
1 Week Before
Finalize the plan, configure platform, review the rules.
Challenge Eve
Complete rest, no trading, mental preparation, early bedtime.
Ready to Dominate Your Challenge?
Use our tools to maximize your chances of success