The Best Scalping Strategy for a Prop Firm — Transcript

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1. 0:00I'm up over $1,000 on a funded account
2. 0:03after being down almost $2,000 in
3. 0:06drawdown. In this video, I'm going to
4. 0:07recap the account, how I got into
5. 0:09drawdown, and what I've been doing since
6. 0:11then to get myself back out. So, if
7. 0:13you're in a position on your funded
8. 0:15account where you're in drawdown, this
9. 0:17video is for you. All right, so as you
10. 0:18can see, I have a Funded Pro Instant
11. 0:21Funded account. So, no challenge or
12. 0:22anything, just straight into a normal
13. 0:24account. Now, I started the account and
14. 0:25I was trading manually, just a couple of
15. 0:27trades here and there to get the account
16. 0:28warmed up and into profit because when I
17. 0:30have an account that is in profit, I'm
18. 0:32more likely to feel comfortable and
19. 0:35taking the risks that I need to take
20. 0:36while day trading. And then, I had a
21. 0:39automation, a bot running on the side on
22. 0:42a different account, and it was doing so
23. 0:44well. So, I decided to put it on full
24. 0:46risk on this account. And for the first
25. 0:49few trades, it did all right. And then,
26. 0:51it went from $500 in profit all the way
27. 0:54down to right here. I was at $98,558.
28. 0:59That's when I decided to turn off the EA
29. 1:01because it wasn't going to get me profit
30. 1:03on this account, put that automation on
31. 1:05the back burner, and I started doing
32. 1:07what I do best, and that's RSI
33. 1:09divergences, Fibonacci retracements,
34. 1:13and Tokyo range breakout trading. This
35. 1:16was also the start of the 30-day
36. 1:18challenge that I proposed on this
37. 1:20channel and have been sharing almost
38. 1:22daily trades on my Telegram group.
39. 1:24Basically, the strategy looks like this,
40. 1:26where we draw a box around the Tokyo
41. 1:28session, and then on the 5-minute chart,
42. 1:31if we get a breakout below, we sell. If
43. 1:34we get a breakout above, we buy, and
44. 1:36that basically forms our bias for the
45. 1:39day. Now, you might notice I have a
46. 1:40Fibonacci retracement tool on here, and
47. 1:42that is because our bias is now bearish.
48. 1:46So, every time we get a pullback, we
49. 1:48look for a pullback into a Fibonacci
50. 1:50gold zone. So, taking our Fibonacci tool
51. 1:52here, drawing from the top of the move
52. 1:54to the bottom of the move that broke the
53. 1:57previous structure, you can see we
54. 1:59retrace to the Fibonacci gold zone and
55. 2:01then continued down. Now, currently, we
56. 2:04have retraced again to the Fibonacci
57. 2:06gold zone and are headed down. I don't
58. 2:09know if it will continue, but I'm still
59. 2:11in a trade. And basically, what we're
60. 2:12looking for when it comes to RSI
61. 2:14divergences is our exit point of this
62. 2:17strategy. Let's say this continues down
63. 2:20and makes another lower low. But,
64. 2:23looking at the RSI, let's say it comes
65. 2:25down to make this lower low, but stays
66. 2:28within the 70-30 range and then goes up.
67. 2:30That's going to be our exit point for
68. 2:32this trade, where we're no longer
69. 2:34interested in taking shorts because our
70. 2:37bias is now null and void because we've
71. 2:40gotten that divergence. That's the basic
72. 2:42premise. And minus this week right here
73. 2:44where I was on vacation, I've been
74. 2:47trading almost every single day, and
75. 2:49I've gotten the account up to $1,029
76. 2:53in profit. Now, I'm not doing 1% risk
77. 2:56and 2% reward on this account. I'm
78. 2:59risking like $200 to try to make $300.
79. 3:03It's like a 1:1.5 risk-to-reward ratio.
80. 3:06So, super low risk, but when I made my
81. 3:09first video on this, I told you guys I
82. 3:11would give you an update when we had
83. 3:12surpassed the cost of the funded
84. 3:15account, which we already have done.
85. 3:17Now, I just got to wait to hit my
86. 3:19consistency rule, get my first payout,
87. 3:21and I think what I'm going to do,
88. 3:23because I went on vacation during this
89. 3:25thing, is actually use my first payout
90. 3:27for a family vacation after the winter's
91. 3:29over. Or maybe a ski trip. That's
92. 3:31actually a good idea. Anyway, if you
93. 3:33guys want to get an instant funded
94. 3:34account, instead of clicking the buy
95. 3:36challenge where you have to go through a
96. 3:38one-phase or two-phase challenge, just
97. 3:39click the go instant button. It's more
98. 3:41money, but you get straight into it. You
99. 3:43don't have to pass a challenge. Or if
100. 3:45you don't have enough money for a
101. 3:46challenge, just go to funderpro.com/tma
102. 3:50and you can get a $1,000 funded account
103. 3:53challenge for a single dollar. I really
104. 3:55appreciate all you guys that engaged
105. 3:57yourselves in that 30-day challenge.
106. 3:59Everybody did super well. We ended the
107. 4:0130 days at 10% in profit. Really gave a
108. 4:05lot of new traders a lot of confidence
109. 4:07that they need when trading. Thank you
110. 4:08so much for watching. Share this video
111. 4:10with a friend, and we will see you in
112. 4:12the next one.