The Forex League and VVS Academy shared the same founders as The Funded Trader. They established this prop firm to deliver the precise solutions needed by their community.
A proprietary company called The Funded Trader was established on May 12, 2021. They have a US-based office and allow their traders to work with capital that can total up to $1,500,000 in balance and up to 90% profit splits. As their brokers, they have agreements with Eightcap and Purple Trading Seychelles.
Their main office is 14001 West Highway 29, Suite 102, Liberty Hill, Texas 78642.
Truth About Prop Firms by a Prop Firm
The Funded Trader uploaded another YouTube video titled ‘Truth about Prop Firm.’
The host started, ‘How many days do traders believe it takes, on average, for someone to fail the challenge?’. This is the first statistic that reveals the truth about prop firms. Traders have 35 days to complete Phase One, 60+ days to complete Phase Two, and a retry. It is observed that 74% of traders fail their challenge within the first week.
The second week saw 14 traders fail their challenge because of this. Therefore, nearly 90% of traders fail their challenges within the first two weeks of receiving training. Most traders want to get funded as soon as possible. But putting pressure on their systems to produce results quickly almost always leads to traders failing their challenge.
The Funded Trader explains each drawdown type because it’s crucial for traders to comprehend them as they take on the challenges. Calculated based on the balance or equity, whichever is higher at the end of the day.
This indicates to funded traders that people aren’t using risk management plans and aren’t setting their trade risk using tools like risk calculators and indicators. Traders are overleveraging their accounts and are ultimately setting themselves up to fail the challenge because they’re not abiding by all the rules.
Factors that influence Trading
They also discussed factors that influence whether traders keep or lose their accounts. One of the reasons people don’t lose their funded account because they only take on three percent of the account’s value on any given day. As a result, they constantly employ a risk management strategy that prevents them from ever failing the daily drawdown.
Another distinguishing trait of these traders is that they avoid and do not include highly volatile news events in their trading strategy. These traders take withdrawals fairly frequently; once they receive their first withdrawal, they become eligible for biweekly withdrawals. They take as much money as possible, which the funded traders believe to be very important.
Among all those challenge types in recent months, all the Standard, Rapid and Royal challenges, 31 of the traders made it through phase one and now take other factors into account.
In the second phase, funding trader accounts and receiving payouts are given. There are many other factors to consider. Since 31 traders have passed phase one, they want to share that information with all the traders. Now that all the statistics are in, the traders must make a tough decision. They have two options: either accept the challenge or write it off as a loss, stop trading immediately, never purchase a prop trading challenge again, and forfeit the chance to be funded and paid out.
You can also get a 10% off of this prop firm by using our discount code (FOREXPROPREVIEWS)