Join Our Cheap Prop Fund Challenge | Smart Prop Trader (2024)

FAQs

Is it hard to pass the prop firm challenge? ›

This is a popular way for traders to prove their skills and potentially secure funding from a prop firm. However, passing this challenge can be quite daunting and requires a lot of hard work and dedication.

In conclusion, passing a funded account challenge requires developing a solid trading plan, demonstrating consistency, managing your risk effectively, and being willing to learn and improve.

The article from Lux Trading Firm provides slightly different results. According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time.

Traders are required to complete several trading objectives to pass the funding challenge for example, maintaining the drawdown limit, completing the profit target etc. If one of them is violated during the assessment, trader cannot proceed further and they lose their account.

Apex Trader Funding is the best futures prop trading firm on this list for a variety of reasons, but most notably because it boasts the highest pass rate for its evaluation program out of all the futures prop firms on this list. It is also by far the most friendly option for beginner futures traders.

There is estimated to be a 90% fail rate of traders that take the FTMO challenge. The reason behind this is due to traders chasing the profit target with a time restriction in place. A trader doesnt know when a winning streak might occur, or when they may take a string of drawdowns.

Summary. You usually will not owe anything if you lose a prop firm's funds. When you trade with a prop firm, you are risking the fee you pay to attempt the challenge or open the account, while the firm risks the capital they have provided you to trade.

Which prop firms give a free trial? FunderPro, FTMO, UltraCap Trading are some of the best options for traders who want to join a prop trading firm that offers free trials or demo accounts.

How long does it take to pass a funded challenge? ›

In conclusion, it can take around 4-5 months to pass a prop firm trading challenge and become a funded trader. However, it can take much longer than that to become a profitable trader beforehand – which is a necessity.

Once the trader has completed the verification, it will take approximately 24-48 hours for FundedNext to provide them with their FundedNext Account. For more information regarding the required KYC documents, kindly click here. For more information regarding the KYC submission process, kindly click here.

In conclusion, it can take around 4-5 months to pass a prop firm trading challenge and become a funded trader.

Performance Track Record: Many prop trading firms require applicants to have a track record of successful trading, either through personal trading accounts or demo accounts. Demonstrating consistent profitability and low drawdowns can increase your chances of being accepted.

Account Funding and Scaling

Upon successfully passing a Prop Firm Challenge, traders may be required to fund their trading accounts with an initial amount. The firm may also have scaling plans that determine how much capital traders can access based on their performance.

In summary, succeeding in a trading prop firm challenge demands planning, risk management, adaptability, continuous learning, and emotional control. By adhering to these basic strategies, maintaining discipline, and increasing your chances of success in the challenge.