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I know to qualify for funding one has to trade 10 days minimum. Once one is funded, is there a requirement oh how many days a month you have to trade? Any minimum profit amount per month?
@emini2000 Thanks for reaching out, you do need to trade 10 trading days in 60 calendar days. There is no minimum profit requirement in the Funded Account. Trade well!
I am a funded trader with you guys. I know Hoag is no longer with the company, but I have a question about the statement he made quoted above.
I wholeheartedly agree with Hoag's recommendation made bold in the above quote. It is in line with the money management strategy I wished to employ: Achieve an account minimum of $4.5K-$5K in my $150K funded account, then take out 2/3 of my profits made since the previous withdrawal on the 15th and last day of each month. This allows room for typical fluctuations, as well as account growth to scale up position sizing.
My question is, why is the funding team forcing me to withdraw funds before I have come even close to a profit equal to the amount of the allowed drawdown? This is opposite of the company's own advice. I am just 4 days into my 150K account with $1600 of profit and I'm already being asked to withdraw.
Not only does this not make any sense for the trader, it doesn't make any sense for the company. Why would a trader want to effectively diminish the allowance for drawdown? If the company's only risk is the initial drawdown allowance, then why would it want to back a trader up before the risk is covered?
To speak clear about the funded account, if you want to remain in the funded account you have a minimum profit to remain funded, and need to be bigger than 0 but if you are up 40$ in the day 10, and in the next trading day , you lose 50$, you will be out of the funded account and going again to a combine.
Has all the sense for the company. If you are a funded trader, you are a risk for the company. The fast you go out, the better for them. Has clear that the bussiness is the combine, not much far than these
@gatortick, first off congratulations on earning a Funded Account and your success to date. Your question is a good one. The reason we recommend taking a small withdrawal when traders show early success is because we’ve found it helps them trade better in the long run.
In our experience, when traders take a check early, even as little as 10%, they are able to realize the reality of the money they’re trading with. Their account no longer becomes a fluctuating P&L number, but actual dollars and cents. Taking profits has positively impacted our trader's psyche which has directly contributed to better performance.
So although we agree a cushion is smart, we will always advocate to realize wins whenever possible, no matter how big or small.
As an aside, Hoag is back full-time and is currently putting together some killer trading education that we’ll be releasing in the new year! Stay tuned for updates.
@ignacio90, thanks for your comment. The rule you are referring to is that funded traders must maintain a balance greater than $0 after 10 trading days. So technically the “profit minimum” would be $1 after 10 trading days. It is worth noting, the future of this rule is currently under review.
I'm happy to hear that. If you want traders to trade, you need to give them room. I think it's very frustrating for a trader, that was working hard to be funded having room to do it, and in the funded account be eliminated with no room. Why a trader can't remain in the funded account if the balance don't hit the maximum loss for the account, like the combine, or the funded trade preparation, after 10 day?