<p>You need money to make
money as a trader. Leverage only gets you so far. Prop firms that offer funded
accounts to retail traders fill a critical role, providing traders capital to
grow. </p><p>But they won’t hand
over their money to just anyone. They want you to prove your trading chops.
Each company requires something different.</p><p>So, how do you choose
the right prop firm partner?</p><p>Many traders seeking
out a funded trading program look at the cost of entry as a primary criterion,
but that’s the last thing you should worry about. The devil is truly in the
details, as each firm has their own set of trading rules and characteristics.</p><p><a target=“_blank“ href=“https://www.surgetrader.com?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>SurgeTrader</a>,
for example, offers a one-step funding model, where traders take an Audition
with simple rules and no time restrictions. </p><p>Upon completion of the
evaluation, traders receive funding — up to $1 million — and keep 90% of the
profits they earn. The SurgeTrader program represents a significant departure
from other similar firms in several key areas.</p><p>Funded with Real, Live
Capital</p><p>SurgeTrader funds
accounts with real money, aligning the interest of the trader and the firm.
Most other firms do not fund accounts with actual capital, and instead keep
traders on a demo account, only paying out the winners. </p><p>This creates an
inherent adversarial relationship, where payouts are often delayed or avoided.
SurgeTrader stands by their traders with their own money as a cornerstone of
the program.</p><p>Simple Trading Rules
& Only One Phase </p><p>The SurgeTrader <a target=“_blank“ href=“https://surgetrader.com/surgetrader-audition/?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>funded trader program</a> features just a few simple trading rules and only one phase.
Pass the evaluation and you’re in. Many firms feature programs with several complex
rules, so make sure you understand them before partnering with a prop firm. </p><p>Not only that, but many
funded trader programs feature a multi-phase evaluation process. Traders
succeed, only to have to do it all over again to receive a funded account. </p><p>No Time Limits</p><p>SurgeTrader believes
that traders should have all the time they need to let their strategy develop. </p><p>At SurgeTrader, retail
traders can pass the Audition at their own pace — whether that’s in 30 minutes
or 30 months. Often, other prop firms require that traders comply with stringent
time restrictions to qualify. </p><p>Traders must, for
example, trade for at least ten days and pass within thirty days, while making
a minimum of fifteen trades. Make sure to check the fine print.</p><p>Incredible Customer
Support</p><p>The extent of customer service
at SurgeTrader goes above and beyond competitors. Whether by phone, chat or
email, traders can speak to a live person, nearly around the clock. Traders, by
nature, work on rapid timelines and want answers fast — and SurgeTrader serves their
traders on that short timeline.</p><p>10 Questions to Ask a
Potential Prop Firm Partner</p><p>For retail traders out
there, it’s helpful to understand what questions you should be asking of a
potential prop firm with whom you are considering working. But which questions
should you ask?</p><p>Lucky for you,
SurgeTrader is sharing their experience with you and pulling back the curtain
to reveal ten questions you should ask any potential funded account firm.</p><p>(At SurgeTrader, the
answers to all these questions and more are available in their <a target=“_blank“ href=“https://surgetrader.com/faqs/?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>FAQs</a>.)</p><p>What exactly are all the trading rules I need to follow?</p><p>Almost without
exception, prop firms require traders to undergo an assessment from the outset.
Each firm has their own set of trading rules. These “rules” form the bedrock to
any evaluation, and they boil down to a few key elements:</p><p>· Time – Is there a minimum or maximum number
of trading days?</p><p>· Target – What is the profit
target required to pass the evaluation?</p><p>·
Drawdowns – How much can you incur for a daily, weekly, or total drawdown?</p><p>But beware of other
trading rules and fine print outside of those core components. </p><p>What portion of profits am I entitled to once I’m funded?</p><p>While prop firms
provide the capital, traders do the heavy lifting. Traders can find all
different levels of profit split — from 50% all the way up to 90%.</p><p>Can I get quick customer service?</p><p>Even with the best-laid
plans, issues can and will arise. Whether it’s the market, the broker or the
trading platform, there are often curveballs when you least expect it. </p><p>Nothing is more frustrating
than trying to reach customer service and waiting on a call-back, especially
when the situation is serious. </p><p>Customer service can
and should be available during regular business hours to handle your questions,
whether it’s rules compliance or ensuring your account is funded.</p><p>When I pass the audition, I get a real money trading
account funded, right? </p><p>As we mentioned above,
not every prop firm drops you into a real account once you pass your evaluation.
In fact, some NEVER do! So, make sure you find out EXACTLY how you are funded
once you pass your audition.</p><p>Which assets are tradable?</p><p>Prop firms and their
brokers provide access to different tradeable products — like forex, crypto,
indices, stocks and more. The firm you pick should match your specific needs. This
may be easy if you specialize in just one forex pair. </p><p>However, if you utilize
cross-asset strategies for hedging and risk management, make sure you select a firm
that carries enough products for you to work effectively and take advantage of
new trends.</p><p>How fast does the firm pay my profits on a withdrawal?</p><p>For those who earn a
living trading, regular, timely withdrawals are an essential part of their
business. </p><p>Some firms can take
weeks to pay out your money and require substantial documentation. Reputable
companies provide multiple methods of withdrawal and can send you money quickly.</p><p>How long does it take for me to get a funded account after
I pass?</p><p>Once you pass your
audition, you want to begin trading as soon as possible. </p><p>Any company with enough
liquidity should be able to get your account set up and funded within a few
days at the most — with the quickest firms taking 24-48 hours or less.</p><p>Is the fee for the assessment a one-time fee or a monthly
subscription?</p><p>Fees should be
transparent and easy to understand. You should know going into the evaluation
what you need to pay and when. Some firms charge monthly fees while others put
you through multiple steps or ‘challenges’ as part of their evaluation process.
</p><p>Is there a discount for a repeat assessment if I don’t
pass?</p><p>Not everyone succeeds
at their first audition. You’ll typically find companies will offer discounts
on future assessments or a limited number of retries. Understand what happens
if you miss the mark on the evaluation and if there is a goodwill discount for
retries.</p><p>Is there a time window in which I must pass?</p><p>Although we touched on
this earlier, it’s a key point of differentiation. Many firms restrict traders
to complete their assessment within a month or some other set time. </p><p>This can force traders
to make questionable decisions to meet the deadlines, something traders should
try to avoid.</p><p>Ultimately, every
trader is on the hunt for an edge — in the markets and with whichever prop firm
they might choose. </p><p>Make sure you understand
the small differences in the funded trader programs available, because the
small differences can have a huge impact on your trading, strategy, and your
likelihood of achieving your objectives.</p>
money as a trader. Leverage only gets you so far. Prop firms that offer funded
accounts to retail traders fill a critical role, providing traders capital to
grow. </p><p>But they won’t hand
over their money to just anyone. They want you to prove your trading chops.
Each company requires something different.</p><p>So, how do you choose
the right prop firm partner?</p><p>Many traders seeking
out a funded trading program look at the cost of entry as a primary criterion,
but that’s the last thing you should worry about. The devil is truly in the
details, as each firm has their own set of trading rules and characteristics.</p><p><a target=“_blank“ href=“https://www.surgetrader.com?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>SurgeTrader</a>,
for example, offers a one-step funding model, where traders take an Audition
with simple rules and no time restrictions. </p><p>Upon completion of the
evaluation, traders receive funding — up to $1 million — and keep 90% of the
profits they earn. The SurgeTrader program represents a significant departure
from other similar firms in several key areas.</p><p>Funded with Real, Live
Capital</p><p>SurgeTrader funds
accounts with real money, aligning the interest of the trader and the firm.
Most other firms do not fund accounts with actual capital, and instead keep
traders on a demo account, only paying out the winners. </p><p>This creates an
inherent adversarial relationship, where payouts are often delayed or avoided.
SurgeTrader stands by their traders with their own money as a cornerstone of
the program.</p><p>Simple Trading Rules
& Only One Phase </p><p>The SurgeTrader <a target=“_blank“ href=“https://surgetrader.com/surgetrader-audition/?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>funded trader program</a> features just a few simple trading rules and only one phase.
Pass the evaluation and you’re in. Many firms feature programs with several complex
rules, so make sure you understand them before partnering with a prop firm. </p><p>Not only that, but many
funded trader programs feature a multi-phase evaluation process. Traders
succeed, only to have to do it all over again to receive a funded account. </p><p>No Time Limits</p><p>SurgeTrader believes
that traders should have all the time they need to let their strategy develop. </p><p>At SurgeTrader, retail
traders can pass the Audition at their own pace — whether that’s in 30 minutes
or 30 months. Often, other prop firms require that traders comply with stringent
time restrictions to qualify. </p><p>Traders must, for
example, trade for at least ten days and pass within thirty days, while making
a minimum of fifteen trades. Make sure to check the fine print.</p><p>Incredible Customer
Support</p><p>The extent of customer service
at SurgeTrader goes above and beyond competitors. Whether by phone, chat or
email, traders can speak to a live person, nearly around the clock. Traders, by
nature, work on rapid timelines and want answers fast — and SurgeTrader serves their
traders on that short timeline.</p><p>10 Questions to Ask a
Potential Prop Firm Partner</p><p>For retail traders out
there, it’s helpful to understand what questions you should be asking of a
potential prop firm with whom you are considering working. But which questions
should you ask?</p><p>Lucky for you,
SurgeTrader is sharing their experience with you and pulling back the curtain
to reveal ten questions you should ask any potential funded account firm.</p><p>(At SurgeTrader, the
answers to all these questions and more are available in their <a target=“_blank“ href=“https://surgetrader.com/faqs/?utm_source=forex-live&utm_medium=article-1″ target=“_blank“ rel=“follow“>FAQs</a>.)</p><p>What exactly are all the trading rules I need to follow?</p><p>Almost without
exception, prop firms require traders to undergo an assessment from the outset.
Each firm has their own set of trading rules. These “rules” form the bedrock to
any evaluation, and they boil down to a few key elements:</p><p>· Time – Is there a minimum or maximum number
of trading days?</p><p>· Target – What is the profit
target required to pass the evaluation?</p><p>·
Drawdowns – How much can you incur for a daily, weekly, or total drawdown?</p><p>But beware of other
trading rules and fine print outside of those core components. </p><p>What portion of profits am I entitled to once I’m funded?</p><p>While prop firms
provide the capital, traders do the heavy lifting. Traders can find all
different levels of profit split — from 50% all the way up to 90%.</p><p>Can I get quick customer service?</p><p>Even with the best-laid
plans, issues can and will arise. Whether it’s the market, the broker or the
trading platform, there are often curveballs when you least expect it. </p><p>Nothing is more frustrating
than trying to reach customer service and waiting on a call-back, especially
when the situation is serious. </p><p>Customer service can
and should be available during regular business hours to handle your questions,
whether it’s rules compliance or ensuring your account is funded.</p><p>When I pass the audition, I get a real money trading
account funded, right? </p><p>As we mentioned above,
not every prop firm drops you into a real account once you pass your evaluation.
In fact, some NEVER do! So, make sure you find out EXACTLY how you are funded
once you pass your audition.</p><p>Which assets are tradable?</p><p>Prop firms and their
brokers provide access to different tradeable products — like forex, crypto,
indices, stocks and more. The firm you pick should match your specific needs. This
may be easy if you specialize in just one forex pair. </p><p>However, if you utilize
cross-asset strategies for hedging and risk management, make sure you select a firm
that carries enough products for you to work effectively and take advantage of
new trends.</p><p>How fast does the firm pay my profits on a withdrawal?</p><p>For those who earn a
living trading, regular, timely withdrawals are an essential part of their
business. </p><p>Some firms can take
weeks to pay out your money and require substantial documentation. Reputable
companies provide multiple methods of withdrawal and can send you money quickly.</p><p>How long does it take for me to get a funded account after
I pass?</p><p>Once you pass your
audition, you want to begin trading as soon as possible. </p><p>Any company with enough
liquidity should be able to get your account set up and funded within a few
days at the most — with the quickest firms taking 24-48 hours or less.</p><p>Is the fee for the assessment a one-time fee or a monthly
subscription?</p><p>Fees should be
transparent and easy to understand. You should know going into the evaluation
what you need to pay and when. Some firms charge monthly fees while others put
you through multiple steps or ‘challenges’ as part of their evaluation process.
</p><p>Is there a discount for a repeat assessment if I don’t
pass?</p><p>Not everyone succeeds
at their first audition. You’ll typically find companies will offer discounts
on future assessments or a limited number of retries. Understand what happens
if you miss the mark on the evaluation and if there is a goodwill discount for
retries.</p><p>Is there a time window in which I must pass?</p><p>Although we touched on
this earlier, it’s a key point of differentiation. Many firms restrict traders
to complete their assessment within a month or some other set time. </p><p>This can force traders
to make questionable decisions to meet the deadlines, something traders should
try to avoid.</p><p>Ultimately, every
trader is on the hunt for an edge — in the markets and with whichever prop firm
they might choose. </p><p>Make sure you understand
the small differences in the funded trader programs available, because the
small differences can have a huge impact on your trading, strategy, and your
likelihood of achieving your objectives.</p>
This article was written by ForexLive at www.forexlive.com.