An Interview with The 5%ers Prop Firm

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#530: An Interview with The 5%ers Prop Firm

In this video:

00:27 – There’s a lot of interest in prop firms right now.

01:37 – What makes a trader a successful prop firm trader.

03:50 – You must be able to trade first. 

04:58 – Different account types with The 5%ers.

05:38 – What’s the payout performance ratio?

07:00 – What makes The 5%ers a better prop firm?

09:48 – Our clients have success with The 5%ers.

12:00 – Prop firms can remove emotions from your trading. 

13:37 – Contacting The 5%ers.

Andrew Mitchem

Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week's weekly video and podcast. Something different for you this week. I am joined by Saul who's the manager of the firm called the 5%ers. Welcome along.

Saul Lokier

Yeah, thank you, Andrew. Thanks for having me.

There’s a lot of interest in prop firms right now.

Andrew Mitchem

Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don't know and how traders can take advantage of using a prop from.

Saul Lokier

Yeah, good start. So basically we are recruiting. We're looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money.

Andrew Mitchem

Yes.

Saul Lokier

So we're doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that's the idea.

What makes a trader a successful prop firm trader

Andrew Mitchem

Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person?

Saul Lokier

It's the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US.

Saul Lokier

So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn't you be trading?

Saul Lokier

And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that's number one.

Saul Lokier

The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know,