If you are an aspiring Forex trader looking for a funded trading account, then the tips mentioned below will help you in making an informed decision.
You are probably thinking that, nowadays, being a funded forex trader is easy. Just go to your search engine of choice and look for who offers funded trading accounts and sign up.
It is not that simple. Otherwise, you would see many funded forex traders from LOTS of different funded trading accounts providers. The fact is that many of these companies start up and go broke quickly. In fact, you will find many of them do not pay their traders when they do. City Traders Imperium started showing proof of payment to reassure our traders that we make our payments.
How do we know? Because when many of these companies go bust, especially the ones that have been around for a year or two, we get flooded with their CVs. But we choose not to associate with people that work for companies that do not have their fund traders’ best interests at heart.
These are our guiding principles.
Now, why is this all relevant to you as an aspiring funded forex trader? because it is not easy to look for a provider of funded trading accounts. You want to make sure the company is authentic and actually has your best interests in mind. That is, they will benefit from you being profitable.
While it is easy to get entranced by the company’s growth plan, you have to ask yourself an honest question. Can you trade under their conditions? do their conditions realistically allow them to fund forex traders with your trading style? Are there other forex traders with funded accounts on their team with your trading style?
A great way to gauge this is through certain rules, notably: how long you have to reach your target during your trial and if there are any rules around when you have to close your position.
Rather than simply listing these rules, I will let you know how to interpret them:
One year generally means the provider caters to all trading styles and appreciates that longer-term traders can take longer to meet the target while shorter-term targets can potentially meet the target more swiftly. However, any shorter than a year, such as 6 months, or 3 months, then one could argue that signals providers generally want shorter-term traders on board.
A potential objection could be if you say you spoke to a provider that had a deadline shorter than 1 year and they said they were happy to make an exception. However, you will find there are conditions attached such as you will need to be more active than you would usually be which goes to my initial point.
This can vary around different funding providers, but it will give you an insight into whether or not the funded trading account provider is a fit for you as a funded forex trader.
Rules akin to City Traders Imperium signal that traders of varying backgrounds and abilities are welcome. However, when the rules are restrictive that is also another signal that the funding trading account provider wants a particular type of trader.
For instance, if the provider has restrictions such as you are not allowed to have overnight positions, or that you are not allowed to have positions over the weekend. That suggests they have a strong preference for intraday traders.
If they say they want you to close your positions before a high-impact fundamental event, or that you are not allowed to open one until it passes, then that tells you that they do not want macro fundamental traders.
Why aren’t there signs saying what specific funded forex traders they want?
That is something we wondered too hence why at City Traders Imperium, rather than letting out traders running a blind hamster wheel of going through a trial several times, we consult a trader in a scenario where they do not succeed.
This is because we regard ourselves as a responsible provider and we also want genuinely want every prop trader that seeks funding with us to succeed. If they go through and do not do well, we consult the trader early on to discover weak points to come up with an action plan which may include a course, or them to work on their strategy prior to trying again.
In fact, even if a trader succeeds and passes, we will also talk to them and go through their plan and give them key advice and potential advice to help them excel at the next stage because at City Traders Imperium, we benefit when you benefit. Also, it is within our core principles to help the trades most serious about their prop trading careers to get the leg up that they deserve.
If the funded trading account provider is legitimate, they will put their money where their mouth is and proudly show off people passing their trial often, for example, every week. And if you contacted this such a provider they would happily put you in touch with other funded forex traders so you can ask them how it is going. Ideally, you could see a trading community, some of which would include funded forex traders.
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