Become A Funded Trader—But How To?
When you become a funded trader, you should treat your funds like your own. Despite the fact that you do not own the money, you should still manage your risks and control your emotions. Funded traders often retain most of their profits. Successful ones use proper risk management and control their emotions.
Rules For A Funded Trader
If you are a funded trader, you are bound by rules set by the company you are trading for. These rules will guide you in the business and risk management practices of the company. They will also stipulate payment policies. As a result, it is vital to follow these rules to avoid losing your money. One up Trader, for example, has rules that are aimed at protecting its clients’ money. Traders using the platform will need to follow their guidelines and go through an evaluation process. This knowledge will help them stay within their funded trading requirements and achieve their profit target. Furthermore, they will be able to avoid losing their money on a daily basis.
The rules for the funded trader are similar to those of the Evaluation Challenge. They include daily stop losses, which are set at $500 in the beginner program and $1000 in the advanced program. Each account will also have a maximum trailing drawdown, which is set at $1500 in the beginner program and $3000 for the advanced program. If a trader violates one of the rules, the company will terminate the account and allow the trader to start fresh.
Traders can choose a range of risk levels to suit their trading style. They can choose to maintain a margin account with a small initial balance, or they can open a larger account and increase their capital. FTMO allows traders to hold trades overnight, or they can use EAs to increase their profits. This proprietary firm was established in September 2015 and has a bi-weekly payout schedule. Unlike most other brokers, FTMO does not require traders to hit a profit target before they can withdraw their profits.
It Offers A Free Trial Challenge
The FTMO Challenge is a free trading contest offered to traders by FTMO. The goal of the Challenge is to meet a set profit target within a set trading period. The challenge is free to join, but you must meet certain requirements in order to participate. Those requirements include trading within your account’s limits, achieving your profit target, and maintaining a minimum balance. The free trial challenge is designed to identify trading talent, and it lasts for 14 days. During this time, you can practice your skills and refine your trading strategy. Profit targets are based on risk levels, and you can choose between a 10% or 20% profit target.
The FTMO Challenge is especially useful for traders with limited capital. This trading contest requires you to use your skills, talent, and discipline to win the challenge. If you succeed, FTMO will fund your account with up to $200,000 to start executing trades. Then, you’ll receive free education applications, account analysis, and a performance coach checking FTMO review.
FTMO is a proprietary firm with its headquarters in Prague, Czech Republic. The company offers up to $2 million in capital, a 90 percent profit split, and a direct market access execution model. Its trading platforms support trading in almost all financial instruments, with 100-to-one leverage on all accounts. Traders may also access educational content to increase their trading knowledge.
Wrapping It Up
As part of its challenge program, FTMO offers traders the opportunity to become successful traders. Its challenge program gives traders a funded account that can be used to copy profitable trades. Traders who are successful in this challenge receive an account balance of $200,000 and a performance coach to help them become successful traders.