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.
We can tell because when a lot of these companies fail, especially the ones that have been around for a short while, we receive a ton of resumes from their employees. However, we prefer not to associate with individuals who work for companies that don’t prioritize the well-being of their funded traders.
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.
Though the company’s growth plan may be enticing, it’s crucial 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 may come across certain conditions, such as high trading activity requirements. This aligns with 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 example, if the provider has limitations like not allowing overnight positions or weekend positions, it indicates a strong preference for intraday traders.
If they tell you to close your positions before a major fundamental event or restrict you from opening new ones until it’s over, it means they aren’t interested in macro fundamental traders.
Why aren’t there signs saying what specific funded forex traders they want?
We had the same question in mind, which is why at City Traders Imperium, instead of having traders go through multiple trial runs without guidance, we consult with them if they don’t succeed in a scenario.
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.
When a trader succeeds and passes, we take the time to discuss, review their plan, and provide valuable advice to help them continue succeeding. At City Traders Imperium, we thrive when you thrive, so it’s in our best interest to assist those who are truly dedicated to their prop trading careers and give them the support they deserve.
A legitimate funded trading account provider will back up their claims. They love showcasing regular success stories, such as traders passing their trial on a weekly basis. If you contact them, they will gladly connect you with other funded forex traders who can share their experiences. It would be ideal to join a trading community that includes funded forex traders.
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