Emmitt Smith returns to reveal how he grew a personal CFD account from $98K to $500K in 7 months, and why he is now completely against prop firms.
Full episode + show notes:
https://tradingnut.com/emmitt-smith-3/
Key moments
- [01:03] Flipping tiny accounts ($5 to thousands) is highly unrealistic due to margin limits.
- [02:41] Risking 5% to 8% per trade requires a massive psychological tolerance and acceptance of 'crash out' days.
- [03:29] Aim for a 1:3 risk-to-reward ratio with a realistic win rate of 45% to 55% to remain mathematically profitable.
- [05:13] A two-part breakout entry system: wait for the breakout, then wait for momentum beyond it, sacrificing 10-30 points to avoid fakeouts.
- [11:43] Prop firms squeeze traders with rules like consistency and trailing drawdowns, making it statistically harder to extract money.
- [13:53] If a $100k account has a 10% max drawdown, you only have a $10k account. Save up for your own $5k personal account instead.
- [15:13] If you only have $1,000 to trade, stay in the workforce and save more capital rather than risking emotional trading on tiny accounts.
- [19:21] Strategy must come first to build the data that eventually cures your psychological trading issues.
- [28:18] Move your stop loss to break even at 1.5R, then let it run to a fixed 3R target.
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