The Fundednext is a forex prop trading firm that offers 2 different models including the evaluation model and the express model, you can choose the one best suitable per your trading style. Both these models have different trading styles, and so are their trading rules; below mentioned are some of the fundednext evaluation rules that you need to look forward to.
Your goal in this evaluation model will be to show your trading aptitude in 2 stages with very realistic profit objectives. When you reach the goals, you will begin trading on FundedNext’s funded account with an 80% profit split. The profit split can be raised as far as possible up to 90 percent dependent on your outcomes. Once you have passed both the phases of fundednext evaluation model, you are now into the funded trader program.
Fundednext Evaluation Rules
The Evaluation rules that are needed to be considered while you seek to be eligible for having a real funded account:
5% Daily Drawdown
Fundednext offers a 5% daily drawdown in all the evaluation programs, for example, You have a $200,000 account, but you cannot get below the $190,000 equity, which is equal to having a $10,000 drawdown for that account.
10% Overall Drawdown
The program has an overall 10% drawdown, i.e. you cannot have equity lesser than $180,000 of your account for a $200,000 account. The overall loss is $20,000 for a $200,000 trading account. All this should comply within a trading cycle.
Profit Target
In order to make your way around with the fundednext funded account or pass the payout, you need to make your way around the profit targets, the phase 1 profit target will be 10% of your account size, whereas you have a profit target of 5% in the phase after successfully passing the phase 1.
No consistency rule is applicable to the evaluation model.
Use of EAs
Fundednext offers the use of EAs and Indicators, this also includes trade copiers, tools for risk management, and auto-trading bots. However some of the practices are not allowed which include the Use of Emulators, High-Frequency trading, Reverse arbitrage trading, Hedge arbitrage trading, Latency arbitrage trading, Copying trades from other traders, and Tick scalping.
News Trading
Fundednext evaluation model has made some changes recently in terms of news trading, Fundednext has recently started getting along with news trading.
You can do trading during news releases with no limitations in the assessment model’s stages 1 and 2. Nonetheless, once you acquire the genuine account, as the market is incredibly unstable during news times and likewise due to the fact that this is likely when slippages may occur, it is not permissible to open or shut any trade 2 minutes before and after the news.
Trading days and hours
You are given the freedom to trade whenever you please, 24 hours a day, 5 days a week. You may also hold your positions overnight and over the weekend if it suits you. However, bear in mind that if you do not perform trades for at least 5 days during the assessment period one, you will be disqualified from being granted a free retake.
Profit Share in Evaluation Model
The profit share starts at 80% but this profit share will increase to 90% after your first scale-up. In addition to that, you can also have a 15% profit share after you achieved a 5% profit in the real account (15% profit share of your phase 1 and phase 2 target). You can later make the withdrawals based on several payment methods offered by Fundednext.
Checkout Fundednext Review
