My Prop Firm Log – Traders with Edge

Traders with edge

Funding Model: $5k Turtle Challenge

Initial thoughts: Traders with edge is a new prop firm which as far as I can tell started in 2022. I was a little hesitant to try this firm considering there’s no proven track record and no Trustpilot reviews. However, I reached out to live chat who seemed friendly and quick to respond, their website looks well presented and the content seems consistent with the prop firms we see today. 

So with that in mind, I opted to try their cheapest challenge which worked out at just $44 (after the discount code given for completing the survey pop-up) 

Rules: The rules for my particular challenge are:

(bear in mind these are based on the “turtle” challange, the “hare” challenge offers slightly more relaxed rules at the expense of a lower time limit)

  • Single Phase – with this model only one phase must be passed before being given a live account. 
  • Profit Target – The profit target is pretty standard at 10%
  • Max drawdown – The max overall drawdown is 5% which is on the lower side but it should be manageable with proper risk management. This is a trailing drawdown also which I’m not particularly a fan of.
  • Daily Drawdown – The daily drawdown is 2.5% which resets at 9pm (GMT) This will restrict certain trading styles but with a bit of planning it shouldn’t be too much of an issue. 
  • Minimum/Maximum Trading days – The time limit on this plan is 365 days, so no issues there. The minimum trading days is 10, and unlike other prop firms such as FTMO they do not allow you to fill these days with “token” trades e.g. 0.01 lots briefly open and closed. 
  • Profit split – The profit split is the standard 80/20.
  • Leverage – The leverage on the account 1:10 which is suitable considering the lower drawdowns. 
  • Other rules – The company seem quite clued in on how people try to abuse the system and have a number of specific rules designed to counter this. I have had a look through them and none should affect the honest trader (Just read over the minimum trading day rules). 
Signup Process: Very quick and simple. A few minutes after paying for my challenge I had an email with my dashboard login and MT5 Login as well as a helpful email from the broker.

My Game plan and Log

I plan to take my time and keep focus on my risk management plan. I am currently focusing on my live account at the moment, but I will keep an eye out for the best trades to take on this challenge. I plan to risk no more than 0.5% per trade, this is especially important considering the tight daily draw down.  

Week 1.

At the end of week one I have completed around 20 trades. My account is now sitting at $5195 which I’m particularly happy with.

The first couple of days I slipped up and let my emotions get the better of me, this led to me to make a few crushing losses, one in particular was a $86 loss which is well over 1% risk. 

The latter part of the week however I knuckled down and followed my strategy to a T, which led me to win 8 out of my last 10 trades, with both loses under 0.5% risk. 

Overall, I’m feeling positive for this challenge. There is clearly plenty of time and as long as I follow my strategy and implement my risk management, I feel I should pass without issue.


Week 2

Wednesday (1st June 2022): I have been taking it slow with this account (Been busy blowing up my live account). I have stuck to my general plan though, taking the very best of trades with proper risk management and this seems to be paying off. I am now up to $5295, around 6% profit. I might avoid this account tomorrow until I establish whether I am in the correct mindset for trading (I took a lot of losses on the aforementioned live account today). If I feel okay, I may take a trade or two and try and hit $5350 to close the week.

Thursday (2nd June 2022): Just a quick update for today. I only took two trades on this account today, one win and one loss, breaking even for the end of the day. I didn’t feel 100% confident on many trades today, but I traded them on my live account and had a lot of success. I’m taking a few days away from the screen now, I plan to return on Sunday to analyze my trades from the week before and try to find areas to improve. 

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