Can being a funded trader make you rich? - Honest opinion
Summary
TLDRThe speaker, a funded trader with $600k capital, discusses the potential to become rich through trading with prop firms. They define 'rich' as having a significantly higher income than expenses, allowing financial freedom. Emphasizing the importance of consistency, strategy, and living below one's means, they advise on managing capital and suggest having multiple income streams. The video aims to provide realistic insights into trading and wealth-building, encouraging viewers to focus on skill development and smart financial management.
Takeaways
- 💼 Being rich is defined as having a significantly higher income than expenses, allowing for financial freedom and choice.
- 🌍 Location impacts the feasibility of becoming rich through trading, with higher costs of living in cities like London or New York making it more challenging.
- 💡 Consistency in trading is key to becoming rich, which requires a solid understanding of one's trading strategy before joining prop firms.
- 🏦 Living below your means is crucial, especially in high-cost areas, to ensure a surplus of income over expenses.
- 🌐 In countries with a weaker local currency, a funded trader can live comfortably on a smaller amount due to currency strength.
- 💰 Being funded with $50-$100K and receiving 2% payouts can lead to significant earnings, especially when withdrawn in a stronger currency.
- 🚫 Avoid wasting money; spend on valuable experiences and milestone rewards, not on unnecessary items.
- 🔄 Diversify capital across different prop firms and alternate payouts to maintain consistency and reduce risk.
- 🏡 Having more than one income stream is advisable, as it can supplement trading profits and provide additional financial security.
- 💼 To become wealthy, one needs to move beyond prop firms to managing larger investment capital, such as hedge funds or real estate portfolios.
- 🌱 Building wealth takes time and patience; focus on skill development and capital management for long-term success.
Q & A
What is the speaker's current capital in the trading firm?
-The speaker currently has 600k in capital.
What is the speaker's definition of being rich?
-The speaker defines being rich as having a significantly higher income than expenses, which allows one to have choices and walk away from undesirable situations.
How does living in a high expense area affect the potential to become rich through trading?
-Living in high expense areas like London, New York, or Miami makes it more difficult to become rich through trading due to higher living costs, requiring a slower approach, learning the skill of trading, and living below one's means.
What is the importance of consistency in becoming rich as a funded trader?
-Consistency is crucial for becoming rich as a funded trader because it allows for steady payouts and the ability to withdraw funds without depleting capital.
How does the speaker manage their finances to maintain a higher income than expenses?
-The speaker manages their finances by splitting their capital into different segments, alternating payouts, and living below their means.
What is the significance of knowing one's trading strategy before joining a prop trading firm?
-Knowing one's trading strategy before joining a prop trading firm is significant because it reduces the risk of losing money and increases the likelihood of becoming rich.
How does the speaker suggest using milestones to manage spending?
-The speaker suggests buying significant items like cars or watches only as milestones, meaning they are purchased after reaching certain financial goals.
What is the speaker's advice on having multiple income streams?
-The speaker advises having more than one income stream, such as trading and another skill or job, to build wealth and provide financial security.
How does the speaker view the role of personal accounts in wealth building?
-The speaker sees personal accounts as a way to take higher risks with a set amount of capital, knowing the system and potential drawdowns, which can contribute to wealth building.
What is the difference between being rich and becoming wealthy according to the speaker?
-The speaker differentiates being rich as having a higher income than expenses, while becoming wealthy involves owning significant investment capital, managing larger funds, and potentially having a diversified portfolio including real estate.
What is the speaker's stance on the importance of character and morals in wealth building?
-The speaker emphasizes that character and morals are the most important aspects of wealth building, as they form the basis of one's legacy and should not be compromised for financial gain.
Outlines
💼 Becoming Rich Through Funded Trading
The speaker, a funded trader with $600k capital, discusses the possibility of becoming rich through funded trading. They define 'rich' as having a significantly higher income than expenses, which allows for financial freedom and choice. The speaker emphasizes the importance of consistency and strategy in trading, as well as living below one's means, especially in high-expense areas like London or New York. They also highlight the benefits of being funded with a smaller amount in areas with a weaker local currency, as the same amount can go further. The speaker shares their personal experience of managing capital and building a strategy that has allowed them to have a substantial income from prop firms.
💰 The Path to Wealth and the Importance of Financial Discipline
The speaker elaborates on the journey to wealth, which is different from simply becoming rich. They stress the importance of saving and investing the money earned from trading rather than spending it frivolously. The video targets viewers who are at a stage where earning a significant monthly income from trading would be life-changing. The speaker also talks about the need for financial discipline and having multiple income streams, sharing their own experience as a data analyst alongside trading. They discuss the concept of living below one's means and investing in milestones rather than unnecessary luxuries. The speaker also touches on the idea of using the skills and capital management experience from prop firms as a stepping stone to managing larger investment funds in the future.
📈 Consistent Trading and Building a Financial Future
In this paragraph, the speaker encourages viewers to focus on skill development and consistent trading to achieve financial success. They dispel the myth of getting rich quickly through scams or unrealistic trading strategies, advocating for a steady and disciplined approach to building wealth. The speaker shares their personal happiness derived from having a structured financial plan with more income than expenses, allowing for a comfortable lifestyle without excessive materialism. They conclude by inviting viewers to join their free Discord community for support and accountability in trading and financial goals, and they express their commitment to providing valuable content in future videos.
Mindmap
Keywords
💡Funded Trader
💡Capital
💡Payouts
💡Strategy
💡Consistency
💡Income vs. Outcome
💡Prop Firms
💡Wealthy
💡Currency
💡Milestones
💡Disciplinary
Highlights
Can you get rich as a funded trader?
Definition of being rich is having a much higher income than expenses.
Funded trading can make you rich if you're consistent and have a solid strategy.
Living in high expense areas like London or New York makes it harder to become rich through trading.
Living in countries with a favorable exchange rate can make funded trading more lucrative.
Consistency in trading is key to becoming rich.
It's important to live below your means to accumulate wealth.
Having a diversified income stream can contribute to wealth accumulation.
Spending money on milestones rather than wasteful expenses is a smart financial move.
Having more than one income source is recommended for financial stability.
Wealth is not just about money but also about character and helping others.
Becoming wealthy requires more than just prop firms; it involves managing larger investment capital.
To become wealthy, one must own real investment capital and have a diversified portfolio.
It's important to save and invest the money you make from trading to build wealth.
Having a second income or skill can help you scale your financial success.
Funded trading provides valuable experience for future investment fund management.
Discipline in spending and saving is crucial for becoming rich through trading.
Avoid scams and focus on building wealth legitimately.
Joining a free Discord community can provide support and accountability in trading.
Transcripts
so the question on everyone's mind is
can you get rich as a funded Trader can
funded trading make me Rich you know how
much money can you make a lot of people
want to know and this is coming from a
funded Trader myself I'm currently with
600k in capital and as you a lot of you
know me is for my consistency for my
payouts for my you know the the fact
that I've been on podcasts and doing all
these things
and still keep it real because that's
what we're going to doing this video so
I'm going to keep you guys I'm going to
tell you guys the truth of can you be
rich from prop firms and can you do that
now everyone has their own definition of
being rich that's the that's the thing
that's the little Nuance but I'm going
to tell you my definition of being rich
and I want to know if you guys agree
with me so my definition of being rich
is when you have a way bigger income
than your outcome and then that allows
you to
have your own choices you can walk away
from situations you don't like that's
being rich so that's uh being rich in
life in general you know you're grateful
you're making more money than you have
expenses by a long shot maybe 2 or 3x so
your income's maybe two or 3x at least
than your outcome can you do that by
fund being a funded Trader yes however
it's going to be different for different
people for example if you live in uh the
UK if you live in London New York y City
Miami these sort of um High expense
places it's going to be way more
difficult because your expenses are
going to be way higher so you're going
to have to treat things a little bit
differently take it a bit slower and
learn the
skill of trading and just you know rely
on that and live below your means you're
going to have to live below your means
whereas if you live in another country
uh in you know some parts of Asia Africa
place like that where the currency of
the pound and the dollar that you're
going to be getting from his Prof Firs
is much stronger than the currency
you're in you can actually live a great
life by getting 50 100K funded but the
thing is you have to be consistent and
the way to be consistent is to just know
your strategy know have that before you
come into prop firms because if you
don't have that before you come into
prop firms you're going to lose money
and you're going to not become rich
you're going to become broke see that's
the difference now if you know what
you're doing when you come into prop
firms you have now allowed yourself to
be in the realm of getting more Capital
to allow yourself to be rich now you can
get 50 100K
funded and you know get say 2% payouts
and just keep withdrawing them and take
it and it's going to be a lot more in
the currency that you're in now that is
going to help you guys become rich in
your area right rich in your in your
area now if you're in London
whatever you're going to have to do what
I do and that's going to help you become
wealthy now one thing is actually don't
waste your money I believe it or not you
I know you see me go on holidays and
this and that but I spend money on
certain things that I find Value from I
find Value from going on holidays it
opens up my mind you know you have to
live life as well but I don't waste
money on dumb stuff I'm telling you I'm
I'm always tell you guys that I live
technically still below my means you
know I have a car and things but I buy
these things as a Milestones so if I buy
a nice car I buy as a milestone if I buy
a watch I buy as a milestone cuz I've
reached a milestone if I don't reach
that Milestone then I don't need to buy
these things and the way I do it is I
have capital and I split them out so I
have like 100k here 100K here 100K here
200k here 100K here and then I'll
alternate the payouts 2% here 2% here 2%
2% because I'm a consistent Trader I
know I've done all the hard work the
backbone to
build my
discretionary to build my strategy and
then to build the discretionary
intuition that I have on top of that to
really get me that edge um is a blessing
and it's it's taken very you know hard
work for that but that's what has
allowed me to pull in a decent amount of
income from these prop firms and I also
trade personal account so I have a
personal account where I I put a certain
amount of money in that I'm willing to
risk R higher on and just risk a little
bit higher on it because I know my
system I know how much draw done I'm
going to go in I've been here I've done
everything I've done all the DAT I know
everything about my system so that
allows me to do that and with that you
can make a good income to be rich you I
this is why I suggest people have more
than one income SO trading don't get me
wrong you can make great money from
Trading prop firms this is this video is
about just funded accounts if you want
to go hedge fund route Capital that's
definitely going to make you rich like
once you got to that level but there
Step One everyone probably watching this
video is not on that level yet you're on
the level where you want to first get
that feeling of getting 10K a month 20K
a month like wow like it's going to
change your life it's only going to
change your life if you save this money
do you get me because now that's going
to build a buffer and now you're going
to think clearer you're going to be
ready for opportunities that come if you
just make your first 5k in trading and
you spend the 5K straight away on random
not investing back into Prof F
firms or I'm seeing random then bro
like you're me you're mentally not ready
to become rich to become have your
income way higher than your expenses
because you're not doing the right
habits you're not doing the right things
so you need to fix that you need to
spread your risk across these PL firms
you got alternating capital and another
thing is you have to to be honest if you
live in UK Miami you know UK America
whatever Canada your going to probably
still need another income and it's
always good to have another income
because it actually feeds into your
trading more you know for me I was doing
uh data like I'm a data analyst so I was
doing data analyst you know like work on
the side because it was remote and I
could do that trade make money here
money there all money's coming into my
account saving it investing it making
more money crypto making more money
that's how you build that and I also
live below my means like I told you so
yes funded trading can make you rich if
your definition of rich is just having a
way higher income than expenses now to
become
wealthy it's a completely different
story I'm not wealthy yet like I'm
taking you guys on this journey on my
channel and I hope you guys enjoy this
because the realness I tried to teach
you from things that I have been through
myself but to become wealthy that is the
next level that is when you own you know
real investment Capital like not just
prop firms you are taking in investors
millions and you're managing 10 m under
assets you know 20 M under assets you
got a hedge fund you're working for this
you're that you got this investment that
real estate portfolio across different
areas of the world that is how you
become wealthy and that takes time so
there's no rush for that okay you just
that well being wealthy will take time
if you want to do it their legit way
like we want to do it we don't want to
do but by scamming by doing the wrong
immoral things because at the end of the
day there's more to life than just you
know money and you can make money by
scamming people but you're not going to
be able to take that with you when you
die and the morals with you it's just
that's your character is the most
important thing because that's just what
we're here for right to be a good
character and to help others and spread
positive energy now yeah to be
wealthy you will need other means other
than prop firms it's not going to make
you wealthy but the skill that you can
do you can build by doing these prop
firms and managing this capital is still
good and you know you're managing
Capital you there a practice for the
future when you want to manage
investment funds and build that track
record and you know really scale your
life if you want to become a Trader
full-time if you don't you can make
couple six figures from funded and then
you can go invest it into your other
skill like I said I always recommend
somebody having another income or skill
or if you save your consultant or
something you can build your own
consultancy with the now the new funds
that you go you got you can hire other
people you can delegate
tasks whatever you do man funded are a
great way to give you that experience
and yeah man just stick to the Grind
focus on the skill and you can make
great money right you can make great
money from Trading if you save it right
if you spend it right and don't you know
be stupid go on holidays here and there
that doesn't cost that much if you know
make you make a certain amount and yeah
just scale reinvest and you can make
some good money from this it's forget
about the scamers trying to make tell
you you can make 100K in a day that's
probably not going to happen just yet
until you get to that uh investment
Capital Area but yeah I hope you guys
enjoyed this raw Talk video again from
me directly as a funder Trader to you
guys to give you inspiration to tell you
guys the real facts about trading and
how to make money and what to do and
what I personally do that makes me very
happy I wake up every day very happy
because I have structured my finances in
a way that I have a lot more coming in
than I have going out and I you know I
get to go do my things I get to go gym
happy do get holidays dinners whenever I
want it doesn't phase me um yeah I don't
need too much material things to be
happy and you shouldn't either and
that's going to allow you to become rich
quicker because our definition of rich
was to you know have a higher income
than your outcome so I hope you guys
enjoyed this video If you enjoyed it
drop a like comment let me know what you
want to see in any other videos um I'm
going to be uploading every week well I
do upload every week anyway usually uh
but I'll keep on the ball with this and
yeah if you want to join my free Discord
I have a free Discord Community there's
no pressure you could IND you just come
in join we talk about life trading
General chat you can post your
milestones in there and we can keep each
other accountable in that free Discord
or free Telegram and yeah I'll catch you
guys in the next video peace peace
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