Having passed multiple Funded Challenges, here is my roadmap.
Follow these simple rules to pass evaluation accounts ๐งต
Follow these simple rules to pass evaluation accounts ๐งต
Firstly we have to think long term vs short term. It's tempting to go for a home runs and pass in a day..But the reality is now there is a plethora of challenges with unlimited time frames to pass. Ie @FundedNext. So why rush? $125 is 31k a year. You'll pass in 20 days.
Understand your trailing threshold. Put simply your account size is your trailing threshold. Ie, if you blow the threshold good bye 50k. Tweak your risk management to your trailing threshold, not total account value. To learn how to do this I've done a vid on Youtube.
Once we know our risk parameters, we apply that to the Micros. Use Micros and scale out of positions. Big wins small losses. Problem with the Mini's is it's hard to scale out unless you have huge risk or incredibly tight stops. Neither are preferable.
You'll end up either choking winners through lack of contracts, or getting chopped with incredibly tight stops.
Have a strict set of rules that govern how you trade each day. These should revolve around risk. For example 2 red trades per session. If you need to develop your trading plan I've created a free template here with a few examples here.
Itโs okay to take a losing trade. In fact itโs normal. What isnโt okay is if you move your stops and get reckless with it. Ultimately if you get in early and stopped out but your trade thesis hasnโt changed, why would you not re enter?
Use the 3 pd arrays broken and you are F'ked analogy. If you have a level and 3 pd arrays break in the wrong direction to your trade idea, youโre probably offside and should reconsider.
My rules state I can take two red trades per session. I do this so if I do get in early and get stopped out, I have one more shot at my trade idea. If that fails my bias is probably wrong and I wait for the next session.
Once you hit or go over your daily goal during a trade. You STOP TRADING! This is key to protecting your daily peak balance.
When you get close to passing, relax. Do not change the way you trade. Focus on A+ setups.
If you can then apply your trading models to the above, you will be in a much better position to pass. If you want a few of my models, you can find them here.
I'll do a post soon on how to get through the funded phase. Catch y'all soon!
If you're looking for a good broker use the link below and input code Tradex5 for a 5% discount on any account size. fundednext.com
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