306 · Michael Katz - Prop Goes the Trader

In this episode of Chat With Traders, Tessa interviews Michael Katz, CEO of Trade The Pool, an online funding prop firm, to discuss the firm's operations and the broader landscape of prop trading. Michael shares his background in brick and mortar prop firms and explains the evolution towards online funding models, highlighting the benefits of accessing large capital with limited risk. They discuss misconceptions about prop firms, the importance of education and community, and the nuances of simulated versus real trading accounts. Michael reveals that Trade The Pool uses a hybrid model, taking some traders' orders to the live market based on risk profiles. The conversation covers trader statistics, the psychology of trading with prop firms, and strategies for success, emphasizing the importance of consistency, risk management, and patience. They also touch on the types of instruments traded, payout policies, rule adjustments, and upcoming features like copy trading and algo trading.