If you’re considering joining a funded trading program, or re-enrolling, there are a few things you need to know. Funded traders should treat their funds the same way they would their own, and they should retain most of their profits. Trading is still trading, whether or not you’re using your own money, as the process is the same. So, how do you become a successful funded trader?
Steps to becoming a funded trader
Before you can become a funded trader, you must first show that you have the skills to manage risks. Some of the funded trader services have specific trading platforms, which you may need to learn. You should also be able to consistently produce profitable trades, as the companies who fund these accounts will want to see consistent results from their investment. Failure to achieve your trading rules or profit targets can lead to your account being terminated. Regardless of which trading platform you choose, you must be able to consistently produce consistent results.
When it comes to FX trading, the first step is learning. Prop traders are usually required to spend a great deal of time learning the industry. Their time is spent on developing their skills and learning trading strategies. There are many platforms available for forex funding, and you’ll need to select one that fits your requirements and is reliable. Make sure to consider the fees and payout terms before selecting a platform.
Steps to re-enrolling in a funded trading program
If you’ve recently decided to re-enroll in a funded trading program, you may be wondering how to re-qualify. While most companies have an evaluation process, you must still prove your abilities during this time. Depending on the program, some companies may provide you with immediate funded accounts, while others require higher participation fees. Funded trading is a great way to learn how to trade while also using someone else’s money. Unlike traditional trading, it also allows you to trade against the best traders without putting up any money.
Usually, you must make at least a 10% profit for 60 days after enrolling in a funded trading program to be eligible for its rewards. Normally, you should not have more than a 5% account drawdown or a 4% loss for any given day. But if you do pass the assessment, you will be eligible for bonuses, which can amount to as much as $1 million!
Benefits of a fully-funded forex account
Having a fully-funded forex account has many advantages for day traders and home traders. Unlike a demo account, you don’t need to invest your own money to start trading. Moreover, with a fully-funded account, you can be free to invest your trading capital the way you see fit. As an outcome, you can focus on making money instead of worrying about whether your trading strategy is working or not.
Funded accounts work with accelerated growth. They can double your initial capital after reaching a milestone. In fact, a ten percent profit can quadruple your initial capital. Consequently, in the second period, your capital will increase by PS70,000. By the fourth and sixth periods, you could end up with PS1,000,000! You can even make money on your vacations without leaving your desk.
A fully-funded forex account also eliminates the need for an initial trading exam. As a prop trader, you can earn 50% of the profits, which is approximately PS50,000. If you make profits on your account, you can use the funds to fund other expenses and make trading your primary source of income. Some prop trading firms will provide you with a fully-funded account, but the criteria vary from firm to firm.