The entire “Canadian Futures Trader” identity started when I wanted to share my journey with the various futures funded trader programs. Below are some high level tips I can pass on as someone who has gone through many evaluations, passed a few, and managed to keep a few funded accounts. Learn from my mistakes and lessons learned, and hopefully these will help you pass Topstep, pass LeeLoo trading, pass Earn2Trade, pass OneUp Trader, pass Uprofit Trader, pass Apex Trader Funding, or pass whatever other program you join.
The Number of Days is Minimum, Not Maximum
I think everyone wants to finish as fast as possible, and that is usually 15 days. Keep in mind though there’s no extra points for finishing faster since you’ll still have to meet 15 days. And if it’s taking you longer than 15 days, no big deal. Keep in mind you’ll have to pay the subscription fee every month, which means roughly 22 trading days give or take. If you don’t want to pay another month, plan to pass somewhere between 15 to 22 days.
If you are at day 15 and you are for example only 80% of the way to the goal, don’t worry about it. Keep doing your thing and you’ll pass. Those 15 days are valuable, if you bust you’ll lose them and start on day 1. I’d far rather be on day 16 and 80% of the way to the goal, than at day 1 and 100% away from it.
Don’t Trade The Full Clip
The full number of contracts you are allowed to trade is often referred to as your clip. So trading your full contract allotment or clip can get you in trouble really, really fast. It’s great when a trade goes your way and you are in for 12 lots, but when a trade goes a few ticks against you, you’ll feel the pain quickly. Especially as new traders, I recommend easing your way in.
Find Your Product and Specialize
I see a lot of people who trade anything they can. They’ll trade the ES, CL, YM, NQ, ZB, etc. I am much more a fan of specialize in one product. Every product moves differently. Get to know your product inside and out. For myself it was the bonds. Even within the bonds, they move differently, although similar. The times I tried to trade another product like I trade the bonds, I got clobbered.
Most of the programs are 15 days, and those 15 trading days will feel like an eternity I promise you. Just be patient, both day by day with meeting your overall goal, and within a give trade or waiting to take a trade.
Trade Less Win More
When I first started trading, I just wanted to trade as much as I could. There’s a few problems with this. First you’ll be paying commissions on each trade, and they can add up quick. Second, you’ll be taking sub optimal trades. My recommendation is be patient and wait for premium set ups. Those premium trades will give you a better win to loss ratio, and you’ll reach your goal far faster. Think of it as doing the minimum amount possible to reach the goal.
It takes a lot to pass the trader evaluations. I’ve busted many myself, for various reasons. Most of those lessons learned are highlighted above. Good luck with your trading!
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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure:
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
You can read more here: Risk Disclosure
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