439: Secrets To Get Funded 6-7 Figures in 2024 - Michael Toma

Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders

Secrets To Get Funded 6-7 Figures in 2024

In episode 439 of the Desire To Trade Podcast, we will be listening to the recording of an interview with Michael Toma and he shares secrets to get funded 6-7 figures in 2024. Listen to experienced traders discuss things you need to know about prop firms this year.

The video is also available for you to watch on YouTube.

>> Watch the video recording!

Topics Covered In This Episode

• 00:00 Introduction
• 00:54 Where are you with prop firms these days?
• 02:21 Knowing when you’re ready to scale up
• 03:46 How to figure out if you’re good enough to pass the challenge
• 04:55 Key pillars in risk management
• 06:31 Thoughts on the moving average strategy
• 07:41 Going above and going below is a bit unreliable
• 08:30 What about drawdowns?
• 09:47 Difference between options for drawdowns in prop firms
• 10:55 How do you fix it when you fail a prop firm challenge?
• 13:14 Common mistakes people make
• 14:34 Picking the right timing
• 16:52 Michael's opinion on backtesting
• 18:55 The future of prop firms
• 21:13 Difference between private capital and prop firms
• 22:47 Risk-reward - 1:1 vs 5:1
• 24:23 Higher win rate builds confidence
• 25:44 How to become Michael's student (link below)
• 27:05 Expert advisors (EA) trading
• 29:34 What is the best place to convert my strategies into algos?
• and much more

What did you like best in this podcast episode? Let's talk in the comments below, or join me in the Facebook group!

Desire To Trade's Top Resources

• DesireToTRADE Forex Trader Community (free group!)
• Complete Price Action Strategy Checklist
• One-Page Trading Plan (free template)
• Recommended brokers:
  • EightCap (preferred Crypto and FX Broker)
  • AxiTrader (use our link to get a special bonus)
• Desire To TRADE Academy

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What one thing will you implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Where to find Michael Toma

• DesireToTrade.com
• Desire To Trade Ultimate Prop Firm Trading Program

What one thing will you implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!