DFX Student Peter Passed His Funded Trading Plus Challenge!

Funded Trading Plus is one of the few prop trading firms that offer a no-time-limit challenge model. That is, you are required to hit their profit target without hitting the max daily loss or max drawdown, but you are allowed to complete this objective with as much, or as little, time as you need. Compared to popular firms, like FTMO, which require a hefty 10% profit target reached within 30 days, a challenge without a time limit helps prevent feelings of overwhelm or the need to over-leveraged on each trade.

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Peter, one of our Disciplined FX Scalping Course and Strategy students, recently passed his first-ever prop firm challenge using the strategies and lessons taught in the modules. 

As with many other traders I’ve spoken to who have acquired prop firm funding, Peter has been trading in Forex for some considerable time – just about 5 years. (I’ll note that I’ve yet to meet a trader who has passed and maintained a funded status with less than 1.5 – 2 years experience)

Prior to coming to trading our scalping strategy, he has experienced both profits and losses, although the latter would tend to outweigh the former. 

Peter, who has been in correspondence with me since he first joined DFX, kept me up to date on his outcomes. He’s one of the most active community members in our Discord and always provides so much kind enthusiasm and critical thinking to analyzing trades and market conditions. 

He takes the strategy seriously and prioritizes process and system over meeting targeted profit outcomes. Oddly enough, this plays a big part in staying consistent. In many ambitious endeavors, like trying to become a NFL football player or an elected politician at the presidential level, focusing on numbers can help design a strategy. With trading, however, oftentimes there is a lack of control over meeting a specific, measured target, like a 10% profit return each month. Instead, as the saying goes, if you focus on the routine/strategy/following your plan – the results will take care of themselves. 

So, to get a better idea of what led Peter to this milestone success, I e-mailed him to find out what his prop trading experience was like. 

In his own words, Peter explains what’s worked for him and why a mechanical scalping strategy has been useful in passing the Funded Trading Plus challenge. 

What has your trading experience been like before trading the DFX Scalping Strategy?

Over the years I have had mixed results, overall losing money though.

What do you like about the DFX Scalping Strategy?

There’s a number of things I like both, directly and indirectly, related to the system.

* Firstly, I like that it works. Goes without saying, but 60% roughly win rate with >1:1 risk to reward means the system will make money.

* I like following a mechanical system with clear rules to follow. Though I do apply some discretion as to when I take trades. Having clear rules to follow allows for simplicity and consistency when trading and is quite simple to back-test.

* Further to the previous point, being able to back test the system and my chosen parameters/nuances, gives me confidence that a loss is irrelevant and I know across a week I will be profitable.

* Having a specific small set of currencies and specific windows means I’m focused and not monitoring charts and not jumping across 28 pairs plus other markets. I trade 2-3 pairs at the start of London and NY, which I have back tested so I know they work. I think this is a major retail trader mistake to have too many markets on the radar. I have all my 3 markets visible in one window and can easily see the status of a setup.

Can you describe what your trading routine is like?

About 10 minutes before London and NY open I open the charts and watch for setups. I do also have some alerts set to let me know when certain things line up. If a trade opens, I do generally monitor the trade to completion. On the weekend I backtest the week just past and compare my trades taken against the backtest results.

Have you traded a prop challenge before? What led you to decide to trade with Funded Trading Plus?

This is my first attempt at a prop challenge. I wasn’t aware of this at all until I followed the discussions in the DFX Discord. As Andrew and some of the others have experience with it I went off their advice on choice of company and to even decide to do it at all.

Describe your prop firm experience in as much (or as little) detail as you like!

I have passed the first two evaluation phases and now into a live account with FTP. 

What do you think helped you the most with passing this challenge?

As with my trading in general, confidence in the system and my implementation. Consistency in taking the correct entries as they come. Patience in waiting for entries and also waiting for the trade to complete – though occasionally I do step in.

What are your long-term trading goals/lifestyle goals you hope to achieve with trading?

My goal is to retire from 9 to 5 in the next 3 years and trade full time. My thought with the prop firm concept is to build the account(s) big enough that I can live off and build wealth through the profits.

What do you think traders need to consider or know before taking a challenge? What advice would you give to someone who has never passed a challenge before?

Ensure that you can be consistent with your trading execution and results with a personal live account with real money. Gain confidence and get used to your system(s) of choice. Then do realise there are constraints with prop firms that you could impose on your personal account to start with.

Additional note: Every weekend I backtest the past week and compare the backtest results with my trade log. It should take about 5 min a pair for two sessions a day. This has a few benefits: You can see what mistakes you may have made on trades You can see what trades you missed and why The results will give you confidence for the next week’s trading that if you follow your plan, you will get good results Be unemotional about lost trades Most importantly is to be consistent. Follow the same processes and rules every day.

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Peter shares some highly insightful and cogent points on the matter of routine and execution. Like I mentioned before, he’s highly consistent in being committed to the process of planning, executing, reviewing, and tweaking anything that can help keep the machine working smoothly. Patience and simplicity lie at the root of this system.

I’m so proud of the discipline and consistency Peter embodies and I can’t wait for his email, one day, telling me he’s experiencing the financial freedom he envisions!!

If you aren’t enrolled already, I welcome you to join us on your Forex journey by signing up for the Disciplined FX Scalping Course today! It would be an honor to provide you with a simple system and framework for your success in these turbulent times!