Forex Prop Trading Firms for Beginners (2024)

The journey to becoming a professional prop trader may not be easy, but it will be worth it in the end. The good news is that several proprietary trading firms for beginners offer endless opportunities.

Unfortunately, not all these prop firms may be suitable for you, and that is why this article is here to help you understand what prop firms are, the risk of joining one, how you can make money, and the best prop firm to join.

Most people have heard of prop firms but are unsure what exactly they are. A prop firm is a company offering prop traders an opportunity to use their skills to trade for them.

The company provides traders capital that they can use to trade stocks, commodities, futures, derivatives, and currencies. This means that you have the freedom to choose what you want to trade as a trader.

Audacity Capital is one of the best prop firms for beginners to join as it has a good reputation. We also ensure that you have enoughleverage you can use to trade. Apart from that, beginners get an advantage to learn new trading skills and strategies from professional traders who have been trading for our company for years.

Unlike other trading companies that allow traders to start with a demo account, proprietary trading firms do not use demo accounts. They also hire prop traders to trade for them by giving them a certain amount of capital depending on their skills. When the trader makes profits, the company will deduct its amount depending on the agreement made.

The agreement between the company and traders usually varies from company to company. Some companies like ours (Audacity Capital) prefer to share a 50/50 profit split with our traders. Other companies may give you a profit split of 25-30% depending on so many things like your skills.

However, most prop trading firms have a “desk fee.” This fee caters to utilities, terminals, trading software, and personnel wages. It is up to you to decide the preferable prop trading firm to join.

Reading charts and currency pairs correlation table is also crucial as it helps understand how correlation functions. A reading that is less than -70 and more than 70 means a strong correlation.

On the other hand, if a reading ranges in -70 and 70, it means that currency pairs are not strong or less correlated. The formula below explains well how the correlation coefficient is calculated.

As mentioned earlier, prop firms provide traders with the capital to trade. But even so, traders have to put in the effort to ensure they make enough profit for the company.

Thankfully, many prop trading firms provide traders with enough resources to multiply their money.

If a trader fails to make a profit for the company, there is nothing much that can happen because prop firms understand that losses are part of trading.

However, the trader may fail to get their account doubled. With Audacity, we always ensure to double all trading accounts once they attain a target of 10%.

Looking at the company’s reputation is one of the most crucial things a trader should do. This is because reputation determines how the company performs in terms of finances, among many other things.

A reputable prop firm is most likely to pay high wages to its traders and increase them as time goes by. The best way to check this is to use apps like TrustPilot and check customer reviews.

How much does it cost to join prop trading firms? This is one of the most common questions beginner prop traders usually ask. Many prop trading firms typically charge a monthly subscription fee of $150 to $25000.

It is essential always to compare the fees and the benefits the company offers before joining one.

Does the proprietary trading firm you are choosing have a growth plan? A good prop firm should have a growth plan for its traders to allow them to grow financially. This is one of our top priorities.

We ensure that all traders enjoy consistent growth when they reach the required target, and that is why Audacity is one of the most trusted prop trading firms available today.

Also, while looking at the growth plan of the prop trading firm, we expect you to look at the company’s expectations. The truth is that some companies have very high expectations, which is why they only hire professional traders.

If you know you cannot meet the company’s expectations, avoid signing up until you are sure you can meet all their expectations.

When you trade for a proprietary firm, their work is to give you capital for trading, but it is up to you to ensure you make profits. While trading as a beginner prop trader, you have to know there as so many risks you might face depending on what you are trading.

One of the most commonrisks traders faceis market risks. If you are not keen on how the market moves, you might fail to catch up and lose all the money you have been funded. Other risks may include opportunity, concentration, inflation, and slippage risk.

While there are so many risks involved with prop trading firms, there is nothing to worry about because Audacity ensures its traders have all the necessary resources they need to execute their trades. Almost 72% of our traders make money.

Becoming a prop trader is one of the best decisions you can ever make, and the best part is that becoming a prop trader is not as hard as you think. You first need to learn how to trade, set up a reliable trading strategy, applyrisk management skills,practice then join a prop trading firm to get funded.

If you find the process long and tiring, do not worry because Audacity Capital ensures the joining process is more straightforward and effortless.

We have a Hidden Talents Program that allows all beginner prop traders to join and achieve success. Our unique program guarantees to fund your trading account, and we will also offer you an innovative training approach that is purely driven by experience to ensure you have the right skills to trade for us. Here is a step-by-step guide of how you can join our program;

Step 1: Apply for A Position

The first thing you need to do is apply for our Hidden Talents Program position. We will ask you some basic questions like your name, education level, and skill level. We will also give you a few logic questions to answer. After you are done with all the questions, you can submit your response to us.

Step 2: Interview

We always hope to meet all our traders in person, but we can conduct our interviews through a reliable communication platform if that is not possible. We always do this to all our traders, whether professional or beginner, to gauge their trading skill level.

Step 3: Get Your Funding

Depending on your answers, we will decide whether you are a good fit for our company and then notify you if you have qualified. If you are a good candidate, we will provide you with your account details, including the necessary funds.

Step 1

You apply for the Program by filling up the form, we will ask some questions about your trading experience and strategy. you canapply here.

Step 2

We invite you for a face to face interview in our trading floor if you are based in London or phone interview to find out more about your trading experience.

Step 3

Within 24 h you’ll get the results if you are approved, we send you the contract to sort out the paper work, we send you account details , we credit for you the account, et Voila will be ready to start trading.

Apply Now