AscendX Review: The Easiest Forex Funding Challenge

AscendX Review: The Easiest Forex Funding Challenge 0

Recently, I decided to do a little Google search to see if I could find a prop firm with one of the easiest possible profit targets, while still maintaining a gratuitous drawdown allowance. 

I also wanted to make sure that the firm offered minimal rules on both challenge accounts and funded accounts.

And I think I just found one of the best possible prop firms to meet this criteria.

Here is AscendX. 

The prop firm is operated under the directorship of Scott Flook, a former investment banker, who has significant professional experience with markets. The firm is relatively new, as it was filed for incorporation in October of 2023. Scott Flook

In this article, I’ll cover AscendX’s challenge rules, funded account features, and other important facts about this prop firm that can help you decide if you want to pursue a challenge with them.

As always, be sure to review the prop firm’s homepage, FAQ section, and reach out to customer support before starting any prop firm challenge.

<<Receive 10% Off of Your AscendX challenge with coupon code “DFX”>>

One of the things I appreciate most about AscendX is that they have a very detailed and lengthy FAQ section, providing many details about their program, while other prop firms may hide such information behind terms, conditions, and contractual documents.

AscendX $100k Funding Evaluation Features

I’ll be using their $100k account funding evaluation option to help exemplify their evaluation rules. There are also options to pursue a $10k, $25k, $50k, and $200k account. Traders can hold up to $400k worth of funds.

ascendx prop trading challenge

  • 7% Profit Target For Phase 1

Offering one of the lowest profit targets in the industry, with only a 7% profit target for the first part of the challenge. The second phase is the standard 5% often seen with other verification round.

  • 10% Drawdown Allowance, 5% Daily Drawdown

Matches industry standard drawdown. No trailing drawdown. With a drawdown that’s bigger than the profit target, there’s ample room for managing risk along the way.

  • No Time Limit

There is no rush to hit the profit target in a short amount of time. Traders can scalp, day trade, or swing trade and risk their capital appropriately in order to meet the profit target.

  • Minimum 3 Trading Days

For traders who do scalp or can return high reward for their risk, AscendX has a low minimum day requirement – which means a trader could become funded in a little over a week.

  • News Trading, Weekend Holding, & EA’s Allowed

No need to worry about closing trades due to rules and not market conditions. There’s also freedom to utilize EA bots.

  • 2 Minute Rule

It’s important to note that this firm does require all trades to be held longer than 2 minutes. If a trader breaches this rule, they won’t lose their challenge, but they will need to restart their challenge.

  • $5/round Lot Commission

Reasonable commission and beats most Forex brokers.

Managing a Qualified Trader Account (aka Funded Account) with AscendX

Sometimes prop firms will give a lot of freedom to trading rules during challenge rounds but then add (often unadvertised) conditions to the funded account, such as with requiring stop losses or requiring a minimum number of trades taken per week. 

AscendX is clear about its Funded Account rules – there isn’t much difference from the challenge phases, but there is a max lot size allowed at a time. However, this amount is reasonable and prevents overtrading or overrisking on a single trade.

For example, for a $100k account, there is a maximum allowance of 40 lots. It is unclear from the FAQ alone, however, as to whether this is a total of 40 lots per pair or for all trades total.

Conclusion

Overall, AscendX offers a competitive trading option for Forex traders who wish to manage six-figures in funds but do not want to strive for a large profit target. I believe this firm shows a standard of professionalism and is offering one of the easiest possible challenge requirements in the industry. 

<<Receive 10% Off of Your AscendX challenge with coupon code “DFX”>>

How to Trade Any Prop Firm on Trading View in 5 Steps

How to Trade Any Prop Firm on Trading View in 5 Steps 0

Have you ever traded a prop challenge before?

If so, then you’re probably familiar with the limited selection of trading platforms that are offered by the firms with which you’ll need to trade.

Most prop firms offer the meta trader MT4 and MT5 as their sole offering for trading with the firm.

While this platform is the most ubiquitous in the market and there are many additional tools that can be installed unto Metatrader, much of its UI and UX design are a bit…outdated.

This isn’t much of a problem except when it comes to needing to use unique indicators, additional options on an order form, or to be able to take fast trades while scalping. 

There are a limited number of indicators already available on Metatrader – others need to be installed and require a multi-step process to do so. It can be difficult to calculate and manually enter orders by price (rather than pips) when trading as that’s the only input available for an order form. Trying to rely on a 3rd party position size calculator and typing in orders manually can be tedious and disadvantageous when trying to scalp.

In many ways, Trading View, which is one of the most useful trading platforms available, is the superior tool when analyzing charts and taking trades. Their order form allows you to automatically set your position sizes based upon the percent you’d like to risk and to set stop loss and take profit targets in pips on the same form. It takes a fraction of the time to set a trade on Trading View than it does Metatrader. This can make a big difference in profit or loss when scalping.

Trading View offers the easiest trading experience – and when applying a strategy and maintaining optimal psychology is already a difficult task, we don’t want to have to run into issues or delays with our platform and order entry as well.

Thus, it would be a boon to your prop trading career to be able to trade with Trading View and not have to worry about using the prop firm’s (suboptimal) platforms.

And it’s possible to do so!

Here I will show you, step-by-step, how you can trade with any prop firm on trading view.

Objective: Use a trade copier to trade prop firm accounts off of a demo account we can access on Trading View

We’ll achieve this in five steps:

  1. Setup a demo account with Oanda
  2. Sign up with a trade copier (TradersConnect)
  3. Use a prop firm login info to link that account to the Oanda demo
  4. Sign onto Trading View
  5. Test to make sure the connection is successful

For the purpose of this example, I will be demonstrating how I am connecting my Funded Trading Plus $50k challenge account to my Oanda demo account in order to take all of my trades off of Trading View.

<<If you’d like to take your own Funded Trading Plus Challenge, use coupon code “DFX10” at checkout for 10% off of your fee>>

Step 1: Sign up with Oanda for a demo account

First, we’re going to use one of the brokerage firms that can access Trading View as a platform. The best one that allows us to use a free demo account for our purposes is Oanda.

Google “Oanda” and pull up their homepage. It should look something like below (assuming you’re doing this in 2024):

oanda

You’re going to click a button to sign up for a free demo account. You’ll likely need to supply an email address, and identification information, and create a username + password, but you will not need to provide banking information or pay for anything.

Once you’re signed up, log into your demo account on the Oanda homepage and access the account dashboard by clicking the “Oanda Web Platform” button:

oanda dashboard

Then, select your “My Account:” button on the top of the screen to access the account dashboard.

You will not be able to connect your accounts to the v20 main account number. It must be a MT4 account. If one is not there, you will need to create it/add it to the account.

In order to move onto the next step, you’re going to need the demo mt4 account login information provided here. Click on the dots to access the account information. This should provide you with the MT4 login number and allow you to update the password for this MT4 account. 

Note your:

  • v20 MT4 Demo Account Login
  • Password
  • MT4 Server

We’ll need this to connect our accounts on the trade copier and to log into Trading View

Step 2: Sign up with TradersConnect to access a trade copier

Next, you’re going to need to purchase access to a trade copier. There are few major trade copiers on the market, but I suggest using TradersConnect, as they have a smooth service and a very easy-to-use design. 

Unfortunately, it’s not possible to demo copiers so you will need to sign up for a monthly subscription or yearly subscription in order to access a copier.

With Traders Connect you can pay for the number of accounts you wish to connect. You’ll need a spot for each account, including the Oanda demo account.

TradersConnect is often a cheaper option from other trade copies if you only want to link one or two accounts to the Oanda demo account.

Follow the directions for signing up with TradersConnect or your chosen trade copier. Once this is set up, you can add your accounts: the Oanda demo account and your prop firm account(s).

Step 3: Connect the accounts

Next, you’re going to connect the accounts. Notice that these are two separate steps – you need to first add your accounts to TradersConnect and then connect them as “Master-Slave” accounts. (Personally, I really wish they would use other terms, given the horrific connotations of this type of relationship in history, but the trading industry generally doesn’t seem to care about such things. For example, consider the term “scalping”…)

Under the accounts section, add your accounts one at a time and enter information concerning the account login ID, password, server, and brokerage.

Once all of your accounts are added, next, you’ll go to the “Trade Copier” section and select the button to add a new master copier.

You’ll need to connect each account one by one by using the “Add slave” button on the master account. Provide the details needed to set up how you want the trades to copy over to the slave account. I personally like to use the option to copy lot sizes, and will usually ensure that if I am trading with 0.5% of my account on the master, then I also want the slave to execute 0.5% of its account as well.

For example, my Oanda demo is set to about $200,000 (I have other $200k prop firm accounts that I want matched). Since I want to risk 0.5% on both the $200,000 and the $50k Funded Trading Plus account, I set the lot multiplier to 0.25. That means the lot size on the $50k account should be ¼ of the Oanda account, since $50k is ¼ of $200k. Thus, my risk percentage on each account should be the same.

You can also change the size of the Oanda demo account to match your other account by “withdrawing” or “depositing” simulated funds to your MT4 Oanda account on the Oanda site.

Once you’ve set your master and slave accounts, it’s time to log onto Trading View.

Step 4:  Sign into TradingView

For this step, you’re going to use Trading View’s Trading Panel to log into your Oanda Demo account.

If you don’t already have a TradingView account, sign up for one. You should be able to use the Oanda account with a free Trading View account, but there are so many added benefits to having a subscription that I recommend checking out their services.

You’ll need to access a Trading View chart and click to show the Trading Panel near the bottom of the layout.

Select the Oanda login option and make sure you select the “Demo” login panel on the right. Sign in with your MT4 login and password that you used to set up your TradersConnect master account. 

You may need to give permission through your Oanda account in order to sign in.

Once you’re logged on, you should see your Oanda account balance and all other information concerning your demo account. As long as you followed all of the above steps successfully, the account should be ready to trade.

Step 5: Test to see that the copier is working

Lastly, you’ll want to make sure that the account is properly connected to your prop firm account and that the position size conversion amount is correct.

First note that you can ONLY TRADE WITH OANDA CHARTS. When you access a chart or create your watchlist, make sure they are the pairs or securities offered by Oanda. 

I recommend creating a watchlist of Oanda pairs you like to trade so that you can quickly access them.

Select a pair you want to use for testing. EUR/USD is a good choice, given its low spread.

Select the TRADE button and you should see an order form pop up on the chart. Pick a small enough lot size that your prop firm will accept – since I was trading ¼ the size of my Oanda account, I needed to be sure to test with at least a 0.04 lot in order for Funded Trading Plus to accept the trade.

Once you place the order, you should see an open position on your Trading View dashboard. Next, go to your TradersConnect dashboard. Sometimes it may take a minute, but shortly after you enter the trade, you should see an open order on both your Oanda demo and prop firm account.

Success! You can now trade your prop challenge off of TradingView!

However, if you run into problems with connection, try troubleshooting with one of these ideas:

  • Check whether your login information for all of the accounts are correct – make sure you’re using an Oanda MT4 demo account (not the primary v20)
  • Check your master-slave multiplier
  • Check whether you’ve risked enough for the order to be valid for the prop firm account
  • Consider reaching out to TradersConnect support if it’s a network issue on their end
  • Check/change your Oanda MT4 password
  • Attempt to log off/remove accounts off of TradersConnect or TradingView and attempt to log in again

Overall, I hope you can see how useful this is for your trading, especially when trading with multiple prop firm accounts while using Trading View for analysis.

As always, best of strength and luck with your trading!

My Plan for Swing Trading Funded Trading Plus’ $50k Challenge

My Plan for Swing Trading Funded Trading Plus’ $50k Challenge 1

As 2024 rolls along, the number of resilient prop firms seems to continue to dwindle as more regulatory fears are changing the online prop trading industry as we know it.

One of the most professional and respectable firms I’ve ever traded with is Funded Trading Plus (FT+) and I am seeking to test a simple and objective higher time frame strategy to see if it’s able to withstand the trading conditions of the Experienced Trader challenge.

Full disclosure: I am an affiliate with FT+ and have voluntarily chosen to be so after I thoroughly vetted the firm for its trustworthiness and reliability. I cannot emphasize enough just how much I believe this is one of the very few professional firms that I have ever traded with.

If you’d like to receive 10% off of your FT+ challenge, use “DFX10” at checkout.

In this article, I want to share with you:

  • Why I chose this particular firm to test this swing strategy
  • The conditions of the Experienced Trader challenge
  • Some of the fundamental aspects of the swing strategy I will be using
  • My risk management plan for this experiment
  • Some final notes on trading psychology while trading a challenge

Why Funded Trading Plus?

As I mentioned earlier, I believe Funded Trading Plus is one of the most reliable and sophisticated firms available. They are based in the UK, and the founders have a handful of years of experience trading and running a business in the Forex industry. 

They were the first prop firm to offer a “no-time-limit” challenge and have always done so since they were established. Their motto is that they wanted to “create a challenge that, as Forex traders themselves, would want to trade.” Their trading rules are realistic, they offer news and weekend trading, and there are no hidden rules around lot sizes or the use of stop losses.

So too, they are transparent about utilizing demo accounts as part of the simulated trading experience – this is particularly important for the current challenges that are arising in the prop trading industry. Many government regulatory bodies are looking to crack down on the availability of online live prop firm accounts and the trading of Forex CFDs to retail traders. It’s no secret that many prop firms use simulated accounts as part of their challenge experience – however, when firms like MyForexFunds failed to disclose this information, they were sued and shut down.By offering a simulated challenge, FT+ is protecting them (and us traders) from losing accounts over regulatory changes. 

What is the Experienced Trader Challenge?

The Experienced Trader Challenge is Funded Trading Plus’ 1-phase challenge. This means that traders only have to hit one simulated profit target of 10% in order to qualify for a funded account.

It’s important to note that the max relative simulated loss is 6%, their daily max loss is 4%. If you want a quick explanation of what is meant by relative drawdown, click here. EA’s, weekend trading, and news trading are all allowed.

After receiving funding, FT+ also has a generous scaling program with an increase in funding granted at 10% profit.

My Higher Time Frame Swing Trading Strategy

Timeframe: D chart

Assets: Majors & a couple of popular minors

Time of day for order placement: 5pm EST (New York Close)

Order types: Market and limit order (retracement)

Time spent trading each day: 15 minutes

Main entry criteria: engulfing candle at key levels

daily chart forex strategy

While I won’t be sharing all of the indicators and rules involved in my strategy, I’ll list for you some of the main features that give this strategy an edge and why I’ve chosen to apply this style of trading.

For over two years, I’ve been working on formulating a strategy that could be easily utilized by people who have a full-time job and very little time to trade. I find that the daily chart offers great opportunities for getting a good vantage point of what the market is up to.

Trades taken on the daily chart also allow for large enough stop losses so that the trader doesn’t have to waste a lot of money on commissions or be at risk of getting taken out due to market noise seen on lower time frames.

Price action trading is a fairly popular style as it helps paint a picture of how market players respond to certain price levels. Engulfing candles, on the daily time frame in particular, tend to show how both the high and low of the previous day were tested and the direction of the close engulfing candle won out in favor (Bullish when closing near the high and bearish when closing near the low). The daily open, high, low, and close holds a lot of weight in the eyes of bankers. 

The market rarely moves in a straightforward line. Instead, price tends to pulse and retreat in waves. When engulfing patterns occur at certain levels, such as just past a whole number, among other areas, this gives emphasis that price reached a certain limit and is ready to retrace back to a previous price.

Taking a market order and then leaving a limit order at some part of the retracement of the engulfing daily candle gives two possible opportunities to get in on the trade with the market having a slightly lower risk-to-reward than the retracement order.

By checking the daily charts once a day, Monday through Thursday, there are often opportunities to get in on a trade with my particular setup at least twice a week. Often these trades return between 1.4 and 3 R with a profitable outcome.

My Risk Management Plan for Funded Trading Plus

For this particular challenge combined with this particular strategy, I am looking to risk no more than 0.5% of the initial account balance per trade idea (0.25% for the market order, 0.25% for the retracement order – sometimes only one order of the two is hit).

I intend to use this precise risk amount for the entirety of the challenge, except when the account falls into drawdown.

When the balance falls below 2% of the initial balance, so in this case, to $49,0000, I will cut my risk in half to 0.25% of the initial balance (0.125% for market order, 0.125% for retracement order).

When the strategy can recover half of the drawdown (so when the balance is back to $49,500 or higher), I will return to 0.5% risked per trade idea.

However, should a losing streak continue to unfold, I will reduce my risk by half again. Thus, when price reaches $48,000, I will risk 0.125% of the initial account balance per trade idea. I will return to 0.25% risked per trade when the balance is $48,500. 

While this can make for an extended challenge, such a risk management approach helps me stay level-headed during a time when the trader feels the most fearful. Reducing risk can significantly reduce the pressure placed on oneself during a drawdown.

I have yet to meet a trader who wins 100% of the time. More often than not, even the best strategies can undergo a losing streak for a few weeks, a month, or longer. Thus, this risk management approach prepares for the losing streak in advance.

Due to the nature of the trailing drawdown, I will not increase my risk beyond 0.5% per trade should the account reach higher in profit.

A Final Note on Psychology

There is something about prop challenges that can make a trader more emotional than just trading one’s own funds. 

Perhaps it’s the mix of more restrictions plus the hopes of a greater account size than anything that could personally be saved for in cash.

It’s important to remember that it’s okay to lose a prop challenge, oftentimes that’s part of the process of learning how to manage this style of trading. Thus, be sure to buy a challenge that doesn’t break your break – risk only the funds you are comfortable losing. For many, that could be the cost of a $50k challenge.

I want to also note that I have addressed psychology through choosing a higher time frame to trade and using a very algorithmic approach to limiting losses in drawdowns through my risk management strategy. 

When trading the daily time frame, I am merely setting an order. During the New York close, the market is barely moving. There is nothing to chase. I merely follow my rules and if all the box marks are checked, then I take a trade. If not, then I patiently wait for another day to offer a setup. 

It is all very rudimentary and securely…boring.

Higher Time Frame or Swing Trading can be quite methodical and relieving especially after many long mornings of scalping. It’s also nice that I have the option to continue to scalp (with other accounts) while letting this account do its thing in its own time.

More importantly, I’m going into this challenge with no expectations for how long it will take. I’m not in a rush, and it’s likely that it could take multiple months to reach 10% in profit. I’m okay with that. 

I think between taking less than 15 minutes to trade each day and risking very small amounts of funds helps make this a calm experience. With a calm mindset, I trust that I will continue to show up, follow the rules, and let the process take care of itself.

Conclusion

Overall, this is my plan for taking this FT+ $50k challenge while using a swing style strategy. I recommend checking out the complimentary video for more information and to subscribe to the DisciplinedFX channel or the newsletter to receive updates as this experiment unfolds. Again, if you’d like to take a Funded Trading Plus challenge with me, be sure to use “DFX10” at checkout to get 10% off of your challenge. 

As always, I wish you all nothing but the best of strength and luck!

 

  

This is the Only Safe “Prop Firm” for US Traders

This is the Only Safe “Prop Firm” for US Traders 0

We’re only two weeks into the beginning of 2024 and the first major prop firm change for the year is already upon us.

FTMO has announced that it will no longer be accepting new US clients – based upon the fine print, it sounds like current accounts held by US customers are unaffected but all new and future challenges are for non-US clients only. However, this is not explicitly stated in the written announcement and any questions current US customers have should be brought up with a FTMO representative.

This update comes a few months after one of FTMO’s major competitors, MyForexFunds, was shut down by US regulatory bodies in the fall of 2023.

It seems like the prop firm industry is currently going through a shake-out process. Legal definitions of what an online prop firm is, the transparency and trust of firms, and other boundaries surrounding the sale of challenge accounts are coming under vast scrutiny in some of the largest nations that allow the sale of these products.

In some ways, this regulatory shake-out may mean better transparency and protection from firms that are solely out to make money from failed challenge accounts. But in others, it may mean that certain nationals may be barred from the prop trading experience altogether.

As we move forward from yet another hurdle to overcome in the prop firm industry, US traders especially may be wondering if it’s even worthwhile to trade with a prop firm if there is a risk of the company going under once one is funded.

While the future of this industry is unknown, for the time being, I believe there is one prop firm in particular that is taking extensive measures to present the opportunity for successful traders to earn a cut from their skill while also protecting themselves from regulatory upheaval. 

This is the only prop firm I have extensively written about because, from the get-go, it is one of the few prop firms that behaves in a profoundly professional manner: Funded Trading Plus, aka FT+.

The reason why I believe this is one of the safest trading experiences available to traders who do not have substantial capital of their own is that FT+ is not, technically speaking, a prop firm and therefore not subject to regulation of prop firms. They offer opportunities for traders to exhibit their skills on demo accounts and win money from what is essentially a pool of funds. Legally, they are differentiating themselves from this industry so as to avoid regulatory issues.

funded trading plusThis business is also dedicated to better understanding trading strategy data that it collects to differentiate strategies that are effective and exhibit a high probability of success over the long run.

I’ve written about the high professionalism and benefits of this firm in other posts and recommend checking out these articles for a further breakdown of why this firm is one of the best choices.

Also, you’ll get the most up-to-date information and most accurate answers to your questions by checking out FT+’s homepage. If you’re interested in getting 10% off of your challenge, use coupon code DFX10 at checkout.

This is a trying time for us traders who seek to earn side income from resources that allow us to overcome the barrier of limited capital. Hopefully, at the end of this, we will be left with truly trustworthy firms.

Best Forex Prop Firms for the Rest of 2023

Best Forex Prop Firms for the Rest of 2023 2

Last month, one of the biggest and most popular prop firms, MyForexFunds (MFF), was shut down by US regulatory agencies. [Above is a screenshot of the $200k challenge I passed, and have (sadly) lost through the shutdown.]

MFF is not the first firm to meet its demise due to regulatory or financial troubles. Other firms like The Prop Trading in Australia and Traders Central in Canada are examples of other short-lived prop trading enterprises that faced such difficulties (although The Prop Trading was able to survive its inquisition and launch its website again after a few months of shutdown).

More than ever before, it’s becoming increasingly important for prop firm traders in 2023 and beyond to do a thorough research of a prop firm before deciding to take a challenge.  

And it’s not only important to research the rules of a challenge, whether it fits your trading style or not, and whether its rules are meant to prevent fair funding or not, but also whether the firm shows signs of being sustainable for the long-term.

When you’re looking for prop firms that are responsible with their business activity and have a likelihood of staying unaffected by regulatory or financial issues, consider choosing one that has these features:

  • Publicly displays who the owners and operators are (as seen on an “About Us” page or similar featurette)
  • Ensure that the owners and operators have experience in finance or with running a medium-to-large business. (A popular YouTube channel is not valid evidence of experience in finance)
  • Ensure that the owners and operators are NOT in their young-20’s or at least have members on the team who are older and more experienced
  • Ideally operates outside of the United States and Canada – these two countries tend to have more strict laws regarding the operation of small financial institutions
  • Exhibits proof of payout
  • Has a reputation of being a popular and reliable firm

The Best Prop Firms for 2023 and Beyond

Given these recommendations, I believe the following are some of the best prop firms you can choose from as 2023 comes to a close and 2024 begins:

  1. FTMO

Location: Czechoslovakia

FTMO is one of the most popular and long-standing prop trading firms around. This year, the firm removed its time limit requirements on its challenges and continues to offer one of the most reliable 2-phase challenge on the market.

As an example, here are the Key Features of its sole offering:

  • Two Phase, Challenge Phase  10% target, Verification Phase 5% target
  • 4 minimum trading days
  • Daily loss up to 5%
  • Total loss up to 10%
  • Refundable fee with first payout
  • Can scale account by 25% every 4 months if meet target
  • Swing and regular accounts available
  • Restrictions around trading during news and weekends, depending on account type

 

  1. Funded Trading Plus

Location: UK

FTP is one of the most respected prop firms in the industry, with an experienced and reliable team that are available for email and chat whenever you need. They were the first firm to offer no-time-limit challenges and they continue to offer the best scaling program you can find. Their accounts are also appropriate for traders who wish to hold over weekends and news events.

[Use affiliate coupon code “DFX10” to receive 10% off of your challenge]

funded trading plus

As an example, here is their Experienced Trader Program:

Its Key Features are:

  • Single Phase, 10% target, no verification phase required
  • Daily drawdown: 3%
  • Maximum Relative Drawdown: 6%
  • 10% Profit Target for scaling-up the funded account
  • No stop-loss required
  • Able to hold trades overnight and over weekend
  • Additional $12.5k option

Now here is the Advanced Trader Program:

Key Features:

  • Two-phase: Assessment #1 (10% target) and Assessment #2 (5% target)
  • Daily Drawdown: 5%
  • Maximum Relative Drawdown: 10%
  • 20% Profit Target for scaling-up the funded account
  • Stop-loss required for each trade
  • Do not hold trades over weekend

Both programs cost the same for their individual account sizes. Both offer MT4/MT5 accounts, they each offer an 80/20 profit split, allow for maximum 1:30 account leverage, and allow EA bots.

 

  1. The 5%ers

Location: UK, Israel

The 5%ers have also been around for a considerable amount of time. They offer a multitude of challenge types and products, placing emphasis on rewarding traders for their long-term growth rather than the ability to scalp quick profits. They often offer low-cost small accounts that are meant to be scaled over time as the trader builds equity.

While the 5%ers offers many different challenges, here is an example of their Hyper-Growth program:

  • $10,000 account for $260
  • 10% evaluation target
  • 6% stop-out level
  • 3% daily pause level
  • Unlimited time
  • Double your funded account on every target

As always, I highly encourage you to do your due diligence and review these prop firms, their products, their FAQs, their rules, and never fail to ask questions of the staff, no matter how trivial! 

 

Prop Trading is not dead, it’s going through a shake-out process. 

I believe it’s best to have accounts from multiple firms as to avoid losing all of one’s access to trading capital in case of shutdowns or bankruptcy. Use the above suggestions to make the best possible decisions.

Best of strength and luck with your trading!

Is This the End of MyForexFunds?

Is This the End of MyForexFunds? 0

Prop firms, which grant capital to traders who can pass a challenge within a given set of trading rules, are often a beneficial resource for profitable traders who do not have access to large accounts otherwise. In many ways, they are a boon to Forex retail traders, but not every prop firm is trustworthy and the industry, itself, is subject to change and regulatory interference. Therefore, prop trading is inherently risky.

MyForexFunds has been one of the most reliable firms with realistic rules and many perks for prop firm traders.

It comes as a great shock that all MyForexFunds accounts are currently frozen while this firm is under investigation by United Sates and Canadian regulatory bodies.

If you attempt to visit their site, you will receive the below message:

While the court date is set for September 11, it’s uncertain whether accounts will even be available by then or whether they may be faced with closure.

This is not the first time a prop firm has gone under investigatory review by a regulatory body. 

Another case, with The Prop Trading, occurred last year. The firm went under review by regulatory bodies in its home country of Australia. It took a few months, but they were able to resume operations.

For now, it’s uncertain what MyForexFunds’ fate will look like in the coming weeks and months. If you were affected by this freeze, like myself, I empathize with your frustration. I also want us to remember that with great reward often comes great risk. 

Luckily, there are still other trading options. I believe using a non-US/Canadian prop firm may be the smarter choice for the time being.

I recommend Funded Trading Plus, which is based in the UK. FTMO is also based in Czechoslovakia. Both are highly reputable and reliable firms.

Review of the Premium Trader Program by Funded Trader Plus

Review of the Premium Trader Program by Funded Trader Plus 0

July 2023 marks the beginning of a new era of prop firm challenge features. With the leading firms FTMO and MyForexFunds removing their time-limits from all challenge phases, firms who already offer no-time-limit challenges will need to “sweeten the pot” in a different way in order to attract clients to their programs.

Funded Trading Plus, one of the first firms to offer challenges without a time limit, announced on July 18, 2023 that they now offer a new “Premium” program for their 2-Phase challenge. Given the timing of this release, it seems this offering is a competitive response to the major change in prop firm time limit standards.

In this article, we are going to explore what the Premium Account is, how it compares to FTMO, and who this account benefits the most.

First, if you haven’t heard of Funded Trading Plus before, this firm came unto the prop firm scene around 2021, although the organization grew out of Trade Room Plus, a company live trade room that started in 2013. It is founded and run by professionals (no college-drop-outs in their young 20’s, here). I have immense respect for FTP because of their professionalism, transparency, and reliability. They have a kind and hard-working team who are happy to answer your questions quickly.

Funded Trading Plus has offered no-time-limit challenges since their inception. It was one of their main appeals and distinguishing factors. Now that the industry is shifting, it will be interesting to see how this firm differentiates itself in the coming months and years.

[PRO TIP: Use “DFX10” for a 10% off  coupon code on your Funded Trading Plus account!]

What is FTP’s Premium Account?

The Premium Account is a new, 2-Phase trading challenge, with a 8% profit target in the first phase and a 5% profit target in the second phase. 

The relative drawdown for the Premium Account is 4% daily and 8% overall.

There are no restrictions on when you can trade, you don’t need to use stop losses, and you can hold your trades over the weekend. 

Once funded, the profit split is 80% for you and 20% for the firm, with the option for weekly payouts.

funded trading plus premium program

One of Funded Trading Plus’ greatest features is its scaling program. As long as you hit 10% profit of your funded account, you’ll qualify to scale up. Most other firms require a waiting period, such as hitting 10% over 4 months (FTMO), but with FTP you can achieve this and scale at any point in time.

The Premium Account stands alongside Funded Trading Plus’ original 2-phase option, the Advanced Program, which has a profit target of 10% and 5% for the first and second phase, respectively. The Advanced Program has an overall drawdown of 10% and a daily drawdown of 5%, so if you like to work with more drawdown, the Advanced Program may be a better option.

The program is described as being designed with Smart Money Concepts traders in mind

[If you want a prop-firm passing, rules-based SMC strategy, check out my Scalping Course!]

They also offer one of the quickest scaling plans you can find.

For instance, you can scale up to once a day for a max total of $2,500,000. As long as the scaling target of 10% is in your account, you can scale. FTMO and MFF ask traders to achieve an average of 10% over a couple of months before scaling is even considered as an option.

The Premium Trader Program vs FTMO

FTMO, in comparison, still has the highest profit target at 10% for Phase-1 and 5% for Phase-2 even though they just discontinued their time limit requirement. 

They also have strict funded account rules regarding trading around news, needing to close your position to avoid holding it overnight or holding over the weekend. You can avoid these rules by switching to a “Swing Account” but you’ll need to use 1:30 leverage and the fees and missed order fills for scalping can get pretty costly.

Thus, if you’re a scalper or a day trader who enters around news releases, you’ll want to consider a firm like Funded Trading Plus over FTMO. 

Who is the Premium Trader Program For?

The following types of traders may want to pick FTP for their prop firm challenge:

  • Scalpers
  • Smart Money Concept Traders
  • News traders
  • Traders who are aiming to scale their accounts
  • Anyone who has been burned by their prior experiences with FTMO or MyForexFunds 

 

Overall, the Premium Account is one of the best offerings Funded Trading Plus has posted to date. If you’d prefer a one-phase challenge, check out their Experienced Trader Program or if you want to avoid challenges altogether, check out their Master Trader Program.

Remember, do your due diligence, look up their FAQ pages, and don’t be afraid to ask the help desk questions! FTP’s staff is highly reliable, quick to respond, and very helpful.

 

The New Era of No-Time-Limit Prop Challenges

The New Era of No-Time-Limit Prop Challenges 0

Mark it on your calendars – July of 2023 is the beginning of a new era of prop trading experiences. 

From now on, everything we’ve known about trading challenges is about to change.

This past week, FTMO finally let go of their time limit requirements on prop challenges. (The 30-day time limit for Phase 1 and the 60-day time limit for Phase 2 are both gone)

Within a day, MyForexFunds announced that they are dropping the time limits on their challenges, as well.

[However, with relaxed rules often comes new fine print on existing rules. We’ll talk about this soon..]

Since FTMO became popular in 2020, more prop firms established themselves and used tweaks in challenge rules, pricing, and funded status perks to help compete against the FTMO reign. 

My Forex Funds

FTMO

One way new prop firms made themselves more attractive than FTMO was by abolishing the time-limit requirement, a rule which can make for stressed-out and excessive risk-taking trading. Firms like Funded Trading Plus capitalized on this “no time limit” feature.

But now that FTMO has finally offered a new benefit that out-competes the smaller firms, it’s up to firms like FTP to come up with creative ways to make their prop challenges and funded accounts more attractive.

This all leads me to believe that we’re about to see a new wave of prop trading perks – perhaps in a way that genuinely funds responsible traders without setting them up with extra obstacles you wouldn’t normally see with a personal account.

For instance, just today, Funded Trading Plus announced the release of a new trading program, the Premium Trader Program. 

It’s a 2-Phase, no-time-limit challenge, 

with a 8% phase-1 profit target, 

a 5% phase-2 profit target, 

and a bumped-up drawdown allowance of 8% overall 

and 4% for the day.

The program is described as being designed with Smart Money Concepts traders in mind

[If you want a prop-firm passing, rules-based SMC strategy, check out my Scalping Course!]

They also offer one of the quickest scaling plans you can find.

Now, it may seem like this is just another MyForexFunds format, but with the introduction of no time limits, other aspects of MFF and FTMO have changed as well..

 

NEW FTMO AND MFF RULES

As a rule, whenever you see the announcement of relaxed prop firm rules or new perks, ALWAYS check the fine print for the addition of hurdles. The firms don’t want to make it TOO easy for you to pass..

After the announcement of the dropped time limits, I did a scan of each firm’s website to look for any new roadblocks.

It looks like MyForexFunds now has a new rule requiring at least 3 days of trading per week. This may not be a big hurdle for most day traders and scalpers, but it can be an added and unnecessary pressure for swing traders (who benefit the most from no time limits). It looks like they’re reducing the leverage on CFD’s as well (from 1:100 to 1:50).

As for FTMO, it doesn’t look like they’ve changed much, but they still have the highest profit target at 10% for Phase-1 and 5% for Phase-2. They also have strict funded account rules regarding trading around news, needing to close your position to avoid holding it over night or holding over the weekend. You can avoid these rules by switching to a “Swing Account” but you’ll need to use 1:30 leverage and the fees and missed order fills for scalping can get pretty costly.

 

WHICH PROP FIRM IS RIGHT FOR YOU?

Given the recent changes, here’s how I think you can strategize your best prop firm fit.

If you are a scalper: MyForexFunds or FTP (in that order)

Why?

Each has rules that can work well with scalping – you shouldn’t have to worry about meeting MFF’s 3 trading day requirement and both of these firms fill orders without hassle. I’ve had scalping trades that were loss on FTMO and MFF but hit for FTP. 

If you’re a day trader: FTP or MyForex Funds (in that order)

Why?

Day trading in Forex is not like day trading in stocks. It’s a lot slower-paced and sometimes you may not even get 3 trades in a week. Also, FTMO is not on this list because many day trades can turn into overnight trades, or get triggered around a news event, so we don’t want to get caught in missing opportunities on FTMO.

If you’re a swing trader: FTMO

Why?

Now that the time limit is gone, FTMO actually offers a really great model for swing trading, as long as you use the swing trading account type. 

If you’re looking to scale: FTP

Why?

MyForexFunds and FTMO both require a wait time over a period of months before you can scale. With FTP, this can be done in a day if you hit their 10% target. They have the best model for efficient scaling.

If you’re sick of challenges and want to just buy an account: FTP

Why?

They are one of the few prop firms that offers this type of account and combined with their scaling program, it can be a quick way to immediately grow and make funds off of your trading. 

CONCLUSION

It will be really interesting to see how the entire prop trading industry will change now that the biggest names in the field are going without time limits. I’m looking forward to building my account portfolio with new “slow and controlled” challenges. If you’re on the same journey, I invite you to be sure to do your due diligence and I wish you the best of strength and luck with your challenges!

How to Actually Pass Your FTMO Challenge in 2023

How to Actually Pass Your FTMO Challenge in 2023 0

Who here has lost a prop challenge before?

No really, raise hands – that’s right, we want full class participation here. 

Okay, so it’s your first year of trading, you’ve learned a few strategies, likely ones with indicators, likely from some 20-something college dropout on Youtube. And I know what you’re thinking – wait, isn’t this guy some YouTuber who’s in his 20-somethings, who also taught indicator strategies? Well you’re wrong, I’m actually in my early 30’s. And please don’t “yuck my yum” – indicators have actually served me really well. 

Anyways, we were talking about you. 

So you’re mostly losing money month to month, and you’re remembering so fondly the days of joy and ecstasy when you do actually make a little money, and you conveniently forget about all those other days when you pulled your hair, cried tears of sorrow and anguish, and you told yourself, “I’m never trading a prop challenge again”. 

But you still cling to hope. 

And you still keep showing up

And despite allllllll the evidence saying otherwise, you say to yourself, after only trading for five months, “Yeah, I think I’m ready for a prop firm challenge.” 

You know where this is going. 

You’re going to fail that challenge and the 4 others you’ll take after it. 

And I’m not actually not here to talk about that experience. 

Trading for a prop firm, before you’re actually profitable or ready, is the duh answer to the question of why people fail their prop challenges. 

Lack of trading experience is the “duh” answer and it’s not what this post is about. 

Instead, today we’re going to talk about 3 reasons why you with your years of trading and your experience and your hard work, are going to fail not one, not two, but multiple challenges. 

And likely lose your funded account as well. 

By the end of this post you’re going to become enlightened of the crux of what is preventing you from reaching this prop firm trader status and with each one I’ll share with you a few remedies, so that you can overcome and finally stop this vicious cycle.

And if you stick around long enough, you might just find a piece of treasure hidden in this post. 

So, I often speak with a positive and mostly academic way of presenting information on this blog, but today is going to be a little bit different. I want to tell it to you straight and with a healthy dose of humor to boot. 

If You’re Going to Prop Trade, You Must Understand This ONE THING

Okay, enough intro, let’s dive in. 

I think before anything else, we need to cover a ground rule. 

There’s something you need to understand before we talk about why most people fail challenges. 

Here, let’s sit down, I need to make sure you’re not standing for this in case you faint. 

So, make yourself ready to receive what I’m about to give. (That sounds weird)

So, make yourself receptive to what I’m about to say. 

 

Ready? 

 

Prop firms are designed to fail traders. 

 

(That kind of hurt your hope a bit, didn’t it?)

stop losing money in the marketsWell, don’t worry, I’m here to catch those tears when they fall. 

But before we move forward, it’s time to accept that trying to achieve an idea of being a“good enough” trader is not what it’s going to take to actually become funded. 

And if you get fed up with prop trading and decide to trade with your own account instead, you have not failed as a trader, you’re just making a choice that fits your preferred style. 

So please, please, please, please, please, everyone just take a deep breath, stop being so hard on yourself. 

Trading is hard, it comes with a ton of a failure, so if you’re failing, you’re just having a normal trading experience. 

When it comes to prop trading, it’s not about being some kind of professional-level trader, it’s about being a savvy prop firm trader who can play the game and play it well. 

Prop trading is a game and by the end of this video, you’re going to be well-equipped to play that game and get around its rules. 

WHY TRADERS FAIL FTMO CHALLENGES

Okay, now that we’re back to earth and grounded, let’s get started with the 3 reasons why most traders will fail their ftmo challenge and how to remedy these problems so that we can overcome them. 

Reason #1: Trading With Strategies Not Designed for Prop Challenges

Reason #1 that most people will fail prop firms is that they believe professional strategies will get them funded. 

So many people, logically and rightfully assume that using a professional-level strategy will get them to profit, right?

WRONG!

I want you to remember this advice instead: learn from people who have exactly what you want and we are placing emphasis on the adverb in that sentence.. 

Don’t know what an adverb is? Well, good thing you’re becoming a prop trader and not becoming an English teacher. 

If you want to pass a prop firm challenge, then you need to learn from people who have also passed prop firm challenges. 

So a reason that a lot of people may fail is that they’re using these professional-level strategies that are not actually capable of hitting the FTMO target of 10% in one month. Or they just have a lot of months that are low-income, break-even, or lose. 

So one way you could remedy this issue is to avoid FTMO altogether and instead take a no-time-limit prop firm challenge, kind of like Funded Trading Plus (plus there’s a nifty 10% off coupon to go with it – Use “DFX10” at checkout for 10% off). 

If you decide to go that route, then you don’t even need to read the rest of this blog. Here’s your solution to stop failing with FTMO, you’re welcome. 

But even if you search the ends of the earth for a prop firm with as few rules as possible, you’re still going to run into either a rule, or an ambitious profit target, that’s going to make it difficult to just walk right in and pass a challenge. 

Therefore, it’s likely that the highly professional strategy you learned from some seasoned former investment firm trader will not be durable enough to pass your FTMO challenge. 

You may need to learn a completely different strategy, use a different risk management tactic,  or learn a whole other trading style that you have never tried before. 

Speaking of new strategies.. 

What’s that.. Oh, look, a 50% off coupon for my own FTMO-passing strategy. 

[USE “FULLPRICESUCKS for 50% OFF the DFX Scalping Course]

A plug for my own course, how completely unexpected!

 I’ll just leave that right here, do with it as you will. 

 

Reason #2: Not Using a Manipulative Risk Strategy

The second reason why most traders fail their FTMO challenge even if they have a profitable strategy is that they’re not using a risk management strategy that will take them to the 10% profit target . 

This usually means that traders will either over-leverage on their risk or they’re not using a savvy enough of a risk management approach that can help them manipulate their wins. 

So FTMO asks the trader to hit 10% profit within 30 days. 

If you take out the Saturdays and Sundays that you can’t trade, then you are left with 23 to 25 actual trading days. 

Some of those days you might not even get a signal for your strategy. 

So overall this is not a lot of time to work through a strategy. 

If you wind up in a losing streak, it’s highly unlikely that you’re going to get out of it by the end of the challenge. 

Most people can’t get by and do this by risking only 1% per trade unless they have a really high win rate and a really risk-to-reward ratio. 

So the logical next step, may be to bump up the risk per trade. 

Some people will risk 2 or even 3 or 4% per trade. 

And this can be really exciting when this works but it’s hella depressive when it doesn’t. 

If you’re more of a swing trader, you may be able to get away with risking 2% per trade so long as you have a high win rate or high return. 

But the more trades you take each week the likelier that bumping up your risk will just hurt you over the long run. 

Believe me, I’ve been here too. I have passed a challenge using  2% per trade, taking 2 trades a day most days of the week, only to get into the verification stage and then completely be blindsided by a losing streak and lose that verification. 

It is completely natural that strategies have losing streaks. 

Instead, there’s another way you can approach tackling this big 10% target. 

Try risking more when you win and less when you lose.

The most common tactic for this I see around the world of forex prop traders is to make sure your strategy can achieve a 1:3 risk to reward and has a higher than 50% win rate and then when you win, you take that 3% you won and apply it to the next trade, where you’ll be risking 3 or 4%. If that trade wins, then you’ll have passed your challenge. If it loses, then you just return to risking 1% per trade. 

So all you need to do is focus on showing up and then just get two wins in a row. 

Bam! Challenge won. 

Another tactic that I see that I also like to use for myself, is to have a variable risk percent for each level of the challenge. 

So for instance, starting out the gate I might risk 1% on a trade when I’m at that break-even balance. If I win and go higher, like hit 3% return, then maybe I’ll bump up my risk per trade to something like 2%. And inversely if I were to lose and have a 3% drawdown on the account, then maybe I’ll risk something like 0.5% per trade until I can get back up to that break-even status. 

This fluctuation is really useful when there are a lot of winning streaks or losing streaks and it can help you keep a more strong psychological mindset and not be too dissuaded by any gargantuan loss. 

ftmo challenge passed resultsAnd when you DO get funded…

Now there’s another important point we need to touch on while we’re talking about risk- You need to know that the slimy tricks that you’re going to play while you’re trying to pass your challenge are not actually sustainable when you are funded. 

Not in this dumpster fire. 

The biggest reason why most people fail to keep their funded account is that they continue to trade the same way as they did when they were trying to get 10% in profit in one month. 

Granted, this doesn’t mean that you’re not capable of having these really big winning months I’m just saying for your sanity when you start prop trading as a fully funded prop trader, just aim for a realistic 2% in the month. 

Hit that win, get your refund fee for your challenge and keep that around just in case you lose your funded account so that you’re never paying for more than one challenge account. If you have to start over. Again. 

My biggest tip that your greedy mind will likely scoff at and probably ignore is to just aim for 2% a month and be done with it. 

Go for consistency in profit, not massive gain, at least when you’re navigating the first few months of being a prop firm trader. 

Hope for the best, expect the worst, and maybe wind up somewhere in the middle. 

Reason #3 Trading With Fear

And the last reason why traders will fail their FTMO challenge is that from the first trade of the challenge they are stuck in fear. 

I have never won a prop challenge while feeling scared. 

Inversely, every time I’ve won a prop challenge or have received a funded account or got a payout, I felt confident that month and I trusted my strategy. 

When you’re feeling confident, you’re less likely to break a rule or seek to revenge trade or play around and overmanage your trade. 

Confidence comes from having trust in your strategy, not from doing cocaine while you trade, that’s just straight-up toxic behavior!

(I don’t know why so many people find Wolf of Wall Street inspiring, he loses in the end! It’s not going to work out for you, it didn’t work out for him. )

Anyways, you build confidence when you actually understand that your strategy works.

You need to have evidence that it’s profitable. This ain’t some whoo whoo magic, I’m not asking you to perform trust falls with your strategy. 

And the best way to gain that evidence is to:

1) Backtest

2) Demo trade

3) Trade it on a very small live account. 

Basically, have some experience making money on your strategy before you take it to a prop challenge. 

And maybe keep a meditation practice so you stop being such a reactive person.  Capisce? 

Conclusion

Okay, you read the title of this video, and you knew it wasn’t going to be an easy answer to swallow. I don’t doubt that at least twice while reading this that you probably thought to yourself, “I’m not going to do that!” But seriously, if you’re losing challenge after challenge after challenge, then just stop. Stop! Go back, find something that resonated with you in this post, and do it, do it today. 

Try something different as suggested by someone who has actually passed prop firm challenges. 

[Oh look, here’s one of my certificates from passing FTMOchallenges] 

Maybe now you’ll take me seriously when I say, please, review, go back, and find one thing to do today you can use to make yourself a better trader. 

You really don’t need to lose three more challenges in order to finally take this seriously. 

Your bank account will thank you. 

Alright, I’m done here for today, thank you for reading, subscribe if you want more insights into prop trading, and I wish you all nothing but the best of strength and luck with your own trading. 

I’ll see you in the markets. 

 

Take care!

FTP Drawdown EXPLAINED in Less Than 5 Minutes

FTP Drawdown EXPLAINED in Less Than 5 Minutes 1

Funded Trading Plus is, in my humble opinion, hand’s down the best no-time-limit prop firm. I also believe, in my humble opinion, that this style of prop trading challenge is the most realistic for keeping your emotions calm and surviving losing streaks.

Their Experienced Trader program is a 1-phase challenge. Unlike 2-phase time-limit challenges like FTMO, with a strict 5% daily drawdown and 10% daily drawdown of the initial account balance. However, FTP’s Experienced Trader program has a 3% daily drawdown and a 6% relative drawdown. Once you are funded the total drawdown rules change a little – you have a max drawdown of 6% of the initial account until you hit at least 6% profit, after which your max drawdown stays at the initial account balance, even if you lose or withdraw money.

Does this sound confusing to you? If so, by the end of this article you will completely understand how this works and why it’s so simple.

And if you still don’t, then be sure to use this link to read more about FTP’s rules on their website. (If you decide to purchase a challenge, be sure to use the code “DFX10” for 10% off at checkout!)

So let’s break this down with plenty of real-life examples.

Daily Drawdown

So you are required to maintain a balance above a 3% daily drawdown and a 6% relative drawdown for the Experienced trader challenge.

This means that for the daily drawdown, it starts at 3% of your initial account size, and then once you start trading, it’s computed from the prior day’s balance when the server clock hits 23:59.

So if today you scalp with a $100,000 account, you start with a $3,000 daily drawdown limit. If you lose 1% of the account during your trading day between losses and commission, then the next day (as indicated by the server) your account balance is 99,000 and your daily drawdown limit is $2,970. If the day after that, you win 2% ($1980), your following day daily drawdown would be $3,029.40 for your $100,980 account balance. 

I fleshed out a whole scenario here because I want you to get a realistic picture of what this looks like in practice.

The daily drawdown is easy to understand, it’s pretty straightforward.

It’s of 3% of yesterday’s account balance.

Total/Relative Drawdown

As for the relative drawdown, your drawdown limit will change as your account grows. This drawdown amount is calculated from a high-water mark, that is, the highest amount you have achieved with your account balance (i.e. your balance plus closed trades).

The relative drawdown amount is 6%.

So if you start with an account that is $100,000, your initial drawdown amount is $6,000. However, let’s say you have a spectacular trading day and gain 6% in profit. Or even better, your first trade returns 6%. Your relative drawdown limit is now at the $100,000 mark and it will not go down from there. 

Funded Total Drawdown

Once you are funded with Funded Trading Plus, you have the same relative drawdown rules as your challenge account.

However, once you hit 6% in profit the drawdown locks at the initial account balance.

So for our example of a $100,000 account, you could make $6,000 through funded trading and your drawdown locks in at $100,000. BUT you must keep your funded account above drawdown, so once your $100,000 drawdown limit locks in, you can’t let your account fall back to that amount, even if it’s through taking a withdrawal of profit.

So if your account is at $106,000 and you take out a $3,000 profit, then you only have 3% or $3,000 left for your drawdown!

This is highly risky.

Funded Profit Withdraw

Therefore, you have two choices when it comes to locking in your first profit withdrawal.

You can either wait until you’ve accumulated the amount you want to withdraw as long as it allows you to keep the $106,000 in your account.

So if you want to withdraw $4,000 you will need to get your account up to $110,000. I like this amount because once you hit 10% return on your account you can also receive a full refund for your challenge fee.

However, I think there’s one other easier target you could try to hit – if you aim for a $107,000 target, then you can take out $1000, use some of it to cover your initial challenge fee and the rest as a reward.

Then you can aim for the 10% return and get your challenge refund and a bigger profit.

It is helpful to get paid and this can be a protection should you end up losing your account and need to start over, yet not have to dish out more money.

So what do you think, do you have a better understanding of how Funded Trading Plus’ drawdown model works?

Personally, I think it’s not that hard to understand, it’s something you get used to, and it’s worth the extra time and discipline with sticking to small risk on each trade. If you want to learn more, please check out the Funded Trading Plus’ homepage. I wish you all nothing but the best of strength and luck with your trading. Take care!

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