Firstly I would avoid Prop Firm “challenges” (eg FTMO 30 day and similar) as they are made in a way that is more of a gamble or luck due to the short time limit and rules. The time limit makes it hard for you to play your edge unless you are a really short-term trader, and even then you need a month or 2 of good market conditions for your strategy and style to be able to pass.
Focus on more long-term oriented Evaluation type programs in which you can focus on risk management and have 6 months or more to pass the profit rule. This will allow your edge to play out over time and enable to trade the same way during the evaluation than when funded, leading to a higher probability of keeping your funded account for the long term.
- Pre-evaluation make sure your backtested or practice stats can pass the evaluation in the given time. If you don't have stats or practice get that done before you attempt an evaluation.
- Focus on risk management and execution, the biggest failure point for most traders in evaluations is not profit targets but a violation of risk limits or risk rules.
- The rule of thumb for backtests is to assume your real-life Max Draw Down will be 1.5-2x as much as your backtest max Draw Down.
- For many people, there is a strong mindset factor when starting an evaluation or getting funded. Pressure or perception of the evaluation / being funded can affect how we react and follow our trading plans (this is a personal thing some people get more serious and follow their plan better than with their own money while others get scared / pressured to make profits and violate their trading plan more)
- Have a support team, if you have access to the Desire To Trade Community use it.
- If possible connect with another trader and do a buddy system to keep you compliant or accountable.
- Participate in the group chats, you can comment or share your experience and get feedback from the community on how to tackle some challenges.
- Sharing and being part of the community helps many traders keep focus from deviating too much while in an evaluation.
Hope this helps you.