It’s been almost a year since I put out my original Tips to Pass Trader Evaluations. With time we all become wiser, and while the original article had some sage advice, since I’ve passed several more evaluations since I thought it was time to put up a new list of tips and tricks to help out traders in passing these evaluations. I’ve done it, several times! You can too!
In the past year I’ve also had the opportunity to talk to lots of other traders in trader evaluations. Some with great success, others with frustration. It’s pretty clear some of the differences in mind set towards funded trader evaluation programs between the successful people and people having a tough time.
Which Funded Trader Programs I’ve Passed
You might say “hey buddy, ease up there, what makes you the expert on these funded trader evaluation programs?” Well, let’s rattle off what I’ve passed: Topstep, Uprofit Trader (2 accounts) Apex Trader Funding ($300K account), LeeLoo Trading, and Oneup Trader, as of October 2021. I’m currently working on a 2nd Apex Trader Funding $300K account, and a $150K Earn2Trade account. (Update: as of mid 2022 I’m funded with several additional companies as well. I have over $1 million in funding from the various companies).
I have lots of content on my site about all of these companies – reviews, deals and discounts and more. Be sure to explore.
Take Your Time To Pass – There’s No Rush
I think everyone wants to finish as fast as possible, myself included. Most programs are 10 or 15 days. More and more 10 days is becoming the norm. Keep in mind though there’s no extra points for finishing faster since you’ll still have to meet 10 or 15 days. The main thing to worry about is making good trades, the profit will come.
It’s worth while to remember though also you are on a monthly rebill, so if you can finish before 1 month you will save yourself some money. That said, if you are for example 75% of the way to the goal and the month is coming up to be due, it’s not worth rushing and possibly blowing all your progress to save a few dollars.
My recommendation is when you sign up, map out the trading days and know exactly when your rebill date is. Then trade a plan according to that.
Scaling Plans – Know What You Are Allowed To Trade
Funded futures trader programs fall into 2 categories, those with scaling plans and those with out. As well, some have scaling plans once funded, but not in the evaluation. Be sure to know what you are getting into. For example, if you have a $9,000 goal and 12 contract account, you might be starting with just 4 contracts until you reach a profit mile stone, so reaching that $9,000 will be slower at first.
As well, you don’t have to trade the max contracts. Just because you can scale up, or if you are allowed to trade the full amount of contracts from the start, you don’t have to. Some people say it’s impossible to pass trading small, I say quite the opposite. You could easily pass trading a fraction of the allowed contracts. It’s all about how you trade.
Find The Product That Speaks To You
I find most people gravitate towards the equity index products in funded futures trading programs – NQ and ES primarily. I think, could be wrong, the reason is that since so many people trade them they are the most talked about. As well people feel a little more comfortable with them since they are somewhat related to the stock market. Stock market up, index’s are up.
I encourage everyone to look into all the products available, explore and find what other options are available. Personally it’s no secret I trade the treasury products. I know others who trade metals, copper and gold. A few people I know trade agriculture.
It’s not just about being “different”. Each and every product trades in a different way. The profit per tick size, the volume, the range it trades in and more. If you like a wild ride, sure trade NQ. If you want a much slower product, trade corn. I’d also encourage you to go beyond just trading it. Learn about it, learn what the product contract represents, and what moves price.
Patience in Futures Trading
It is very tempting to want to pass in 1 day if you are allowed (some funded futures trading programs have a consistency rule which prevents this). I’d encourage you to focus on making great trades, nothing more. Stick within the rules, but don’t worry about hitting home runs, it’s the wrong approach I guarantee you. Become a great trader, the profits will follow. And part of being a great trader is being patient. Patient waiting for good set ups, patience in spending the 10 to 15 days to pass. In the big picture, 2 or 3 weeks is nothing.
Learn How To Lose
Losing is a big part of trading. Very few things in life teach you how to lose. Organized sports somewhat. But there’s no college course on losing. If you don’t handle losing well, trading will be tough. No one is winning 90% of their trades, I don’t care what people say.
You have to learn how to very quickly admit you are wrong, cut your loss and take it. Move onto the next trade. I hate to say it, but you really do have to get to the point of having minimal emotion in your trading. If each loss hurts you internally, it will be a very tough time for you trading.
Focus instead of learning to take those loses quick, and move on. Keep track of your statistics, and trust them. If you are winning 65% and losing 35% and winners are 5 ticks on average and losers 3 ticks, you know that is a winning recipe over time. So what if you have 1 or 2 or 3 losers in row. Your stats will play out long term.
The secret is being confident in them and not letting those 1,2,3 losers shake you.
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. I really a lot more people would have success if they can shake the bad habits nad bad psychology aspect of trading. The rules are clear with the funded futures trader programs, stick in the rules, trade well. 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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