June Community Update Blog
June Community Update Blog
Greetings Travelers, Traders, Knights, and Royals. April has come to a close which means it’s time for the June Community Update Blog!
We wanted to fill everyone in on what’s been going on here at The Funded Trader, so we are going to go over a few key points including Company Values, Product Releases, Team Expansion, Stats & Metrics, Survey, and finally the Good News Minute.
With every Community Update, we want to reiterate some of the values of the company because they are paramount to the success of our business.
Our mission has always been to offer world-class technology, and exceptional 24/7 support, and to become a top destination for top talent in the simulated trading industry. Our company values reflect this mission as we value integrity and transparency with every interaction, payout, and overall discourse within the community.
We are not without our issues, but we are working every day to improve on and correct what needs to be taken care of. We feel the need to give back to our community for this June Community Update.
We constantly strive to do giveaways, opportunities to express concerns, giving back to the surrounding world. We feel this is the best way to take advantage of this blessing that we have been given as we have such a great community full of outstanding people.
As a company, we are seeking to aggressively pursue excellence, and be the absolute best that we can be. Encouraging each other in the community while heading towards a common goal. Taking ownership of one’s self and developing self-mastery requires courage to look inwards at one’s faults, habits, and routines, and get into the right mindset. This is how we can create and achieve excellence.
Recent Server Issues: 8eightcap
We officially launched our new Broker partnership with Eightcap in April. This however came with its own set of challenges and problems.
There was a particular day that an eightcap technician made an error by changing a setting within the broker thus disrupting our service. There has been a large amount of Correspondence between EightCap and ourselves on what updates and features we wish to see implemented.
Additionally, in this June Community Update, we recently implemented a new project management system with eightcap to track all requests and keep designated tasks aligned and organized.
This issue took about two hours to resolve due to the nature of the error, our teams immediately and effectively began working while having support through Discord and intercom, and more. We have established a much more efficient manner of communication so our community will stay up to date as well as our teams so that we can rectify the issues as they present themselves.
We have installed tighter protocols for server issues moving forward. Internal discussions between eightcap and the funded Trader have continued in the efforts of providing us with the flexibility, quality, and reliability that we wish to give to our community. As well, we have been exploring the options of establishing our own server, however, these discussions are still ongoing. Eightcap did officially apologize as they sent over an apology letter stating what the issue was and how they understand the impact of errors like this.
The Royal Challenge
After Careful consideration and identifying Community feedback we implemented the Royal challenge, our newest challenge with a brand new set of rules and parameters.
Three of the most frequent requests we received were to enable EAs, lower the designated virtual profit Target, and established no lot size limits.
Although we did Implement these three requests the funded Trader is a business that requires adjustments when implementing parameters such as these.
Our internal leadership teams concluded that in order to manage these new parameters we have to re-identify the process in which drawdown is calculated.
Moving forward the drawdown for the Royal challenge will be calculated based on the highest equity watermark.
For further information and a more detailed description of the royal challenge and the parameters associated with it please watch this video How does the Royal Challenge drawdown work? | The Funded Trader.
Vulnerability Disclosure Program
In addition to the annual penetration, for this June Community update, we wanted to test the vulnerability disclosure program is a security measure that the funded Trader has implemented. This program enables us to crowdsource any vulnerabilities that are discovered from clientele, members of the funded Kingdom, or any outside organization/individual who happens to find a vulnerability within our firm.
Thefundedtraderprogram.com/security is the avenue by which individuals can submit their findings in relation to this program. If an individual, member or not, identifies a vulnerability and submits it through this program The Funded Trader teams will begin a triage process. If this vulnerability is found to be legitimate there will be a rewards system to accommodate the person who identified the vulnerability. Although this program is a significant help from the community and outside individuals the funded Trader conducts its own screening and penetration tests annually which uncovers the vast majority of any vulnerabilities. One mission that Matt and the subsequent support teams have dedicated to the community is that of security and providing peace of mind for the members of the funded Kingdom. You build your Kingdom, we will provide its security!
June Community Blog Product Updates
With the Royal challenge coming out we have transitioned the standard and Rapid challenges. By calculating the drawdown off of the balance we were enabling traders to significantly over leverage their accounts which led to us not being able to match them strictly due to a risk association. The new updates to our standard swing account allow you to hold over the weekend, EA’s are Disabled, daily drawdown is 6%, Max drawdown is 12%, and the leverage offered is 1:60 for the challenge and 1:30 for funded accounts.
The standard regular account does not allow holding over the weekend, EA’s are disabled, daily drawdown is 6%, Max drawdown is 12%, and the challenge leverage offered is 1:200 while the funded accounts offer 1:100. The rapid swing account allows you to hold over the weekend, does not allow EA’s, 5% daily drawdown limit, 8% Max drawdown limit, and the leverage offered during the challenge is 1:30 as is the funded account leverage (1:30). The rapid regular account does not allow holding over the weekends, does not allow EA’s, 5% daily drawdown limit, 8% Max drawdown limit, and the leverage offered during the challenge is 1:100 as is the funded account leverage (1:100).
For this June Community Update, our company initiatives are essentially the tasks and changes that we are implementing currently and what is to come for the funded Trader. Security testing is an initiative that we have had in the past and one that we will continue to pursue in the future. establishing vulnerability resolution and disclosure programs such as the one previously stated our goal is to complete penetration tests and ensure the security of our platforms. Additionally, we have the funded Trader NFT collection. After initiating our test run of the NFT collection we sold about 300 which is roughly 25% of the total, with these NFTs you get access to a $10K challenge, permanent 90% payouts, discounts, access to private chats, and access to premium support. We envisioned that in the next year the funded Trader will have a full NFT collection with utility tied to our community. Our internal teams have collaborated in the attempt of creating a dashboard hub for the consolidation of WordPress and dashboard through one login. The newly-created dashboard has been reviewed and approved end will be initiated as of July 2022. The funded Trader has been collaborating and initiating elements of updated web design. we have partnered with leading design firms to enhance our brand performance and interactivity of our website. Although the current website is certainly a significant improvement from the original we want to provide the highest quality service end experience for our members. While establishing our new website design we are taking into careful consideration the operating speed and putting forth the effort to improve it. As our collaboration continues we are expecting the new and improved website design to be finalized and implemented by September 2022. As the community initiatives portion of the June update comes to an end Angelo recommends listeners and readers watch for the new funded Trader dashboard breakdown video to be released.
Stats and metrics
Our current number of funded trader payouts is $7,809,760 which is up over $2.9M from $4,831,175 in May. Particular trends and movements within the market in recent weeks have created favorable conditions for traitors allowing them to create this exceptional Virtual Profit generation. If we take a look at the macroeconomic events in the world today we will see hikes in interest rates.
The continuous war between Ukraine and Russia, and rising fuel prices all factoring in on creating large and sustaining trends or shifts in the markets. Next, we will cover specific payout data, although the average payout is about $7,000 our top earner from this month procured a virtual profit of $93,900. The following top four earns took home $61,700, $56,200, $55,800, and $44,200 just last month! With this in mind, we must understand that the top 10 to 20 traders take up 50% of the payouts that go out on a monthly basis. Moving on to other statistics related to our challenges Angelo clarifies the fact that the pass rate of perspective-funded traders is much higher than the common conception.
Payouts To Date
We’ve been growing our total payouts per month since we were founded in 2021. As we continue to grow our aim is to empower more traders to become profitable and receive payouts. While we are excited about our payouts growth rate, we are even more excited to grow this number well beyond where we are during the second half of 2022. In the entirety of 2021, we paid out just over $800,000 to traders, In just the first quarter of 2022 (Jan through March) we paid out $1.96M, in the second quarter (April through June) we paid out $4.97M. Providing the data procured from payouts to date is not only to convey transparency to our community but is used as a metric to measure our growth both in the past and moving forward. The growth of our company is a testament to our community, the exceptional environment of our Discord combined with the integrated Community standards has allowed us to establish a flourishing company-end environment for every member.
Accounts To Date
As we near 3000 funded accounts (2,986) We established an additional 668 accounts in the month of June. As the communities have requested we will be sharing statistics such as what percentage of people who get funded accounts fail, What percentage of people who make their first payout fail before their second payout, and what percentage of people make their second payout but fail before their third and so on. As Matt begins his portion of the accounts to date he mentions the fact that we had an increase of 540 funded accounts in May versus the 668 in June thus showing yet another metric of growth throughout the funded trader.
Giveaway Qualifying Details
The giveaway associated with the June community update was a $200K account, in order to be considered for this giveaway, you had to screenshot the “payouts to date” page on the slide that Angelo shared and post it to your Instagram story with a tag for the funded trader. Although the giveaway is initiated during the community update live feed the winner will be announced shortly after the conclusion of the update. At this point in time, Angelo and Matt Take a pause and allow the listeners to write questions in the chat. Angelo then goes on to elaborate on the two methods of qualification. Screenshot and post said screenshot on your Instagram story with The funded Trader tagged on the post, and write a question within the chat on the live feed community update.
We grow and succeed through profound tranquility! A relentless state of calm and focused while maintaining an unwavering and progressive work ethic while under intense pressure. The aspect of Tranquility that Matt references during this live feed are not one of temporary status but rather longevity. We must focus our minds and induce an environment of tranquil thought process, from clutter to clear your mind will become focused. As we strive to reach tranquility amongst our teams here at The Funded Trader we truly hope that all individuals, members or not can find this peace of mind and attain the mindset we all wish for.
Understand your own psychology, maintain emotional intelligence, and create a sense of self-awareness. Within every Community update including this June Community Update, we bring forth an intention that we may focus on and implement in the following month and this month is Tranquility! In association with the tranquility we wish to establish we must prepare for the worst and strive for the best, we must ensure we are properly prepared for adverse outcomes.
“That space between your ears – that’s yours. You don’t just have to control what gets in, you also have to control what goes on in there. You have to protect it from yourself, from your own thoughts. Because the mind is an important and sacred place. Keep it clean. Keep it clear.” We need to become the kings and queens of our own minds, this will create our reality and our success.
There is a lot to live for outside of work and outside of money at the end of the day. Tranquility isn’t only a mindset instilled in our daily tasks but a behavior throughout our daily life. If we wish to create the success we must first create a plan, maintain discipline, and prepare ourselves both body and mind for the seen and unforeseen challenges that lay ahead.
Questions and Answers
How big is the TFT team?
At the time of this video we had about 12 full-time W-2 employees however, our entire team is about 27 members strong!
When is TFT launching it’s own server?
Although we did have one attempt at launching a server a few months ago we were not able to establish it. Moving forward we are hoping to establish an actionable plan in Q3.
Is there an official merchandise shop for TFT?
There is no official merchandise shop YET! We are working and collaborating with outside sources to create merchandise.
Are there more events coming up like the FX summit?
We are hosting a scavenger hunt on July 22nd to the 24th (Actual hunt takes place on July 23rd Saturday). Our guests have been invited and anybody else who wishes to come is more than welcome to show up.
Where is the TFT office?
Angelo initiated a poll on Discord where members voted on the location of a potential office, either Miami or New York. The pole resulted in about a 10% difference. As of right now the establishment of and location for a TFT office is still under consideration.
Will direct payouts ever be available?
We are looking to integrate an automated withdrawal system. Purely as a hypothetical concept we are considering something along the lines of any withdrawal 10K or less is automatic and immediate while anything above 10K goes through a similar process to the current one.
Are there plans for a 10K challenge?
Although we are not considering a 10K challenge at this point we are considering a 25k or 30k challenge.
Can TFT handle a flash crash?
We internally have some new tools that are becoming available for us at the end of Q3 that are really going to help us from a risk perspective. We don’t know what is to come however we have taken many precautionary efforts any attempts of lowering our risk association. We are extremely confident in the measures that we have taken thus far to handle any situations that we are presented with.
Are there plans to partner with payment companies?
We won’t be integrating afterpay. Payment processors are a nightmare to gain approval for and we have established great systems to mitigate issues with payments processing. The new crypto provider we’re working with Has made a debit card type of system available, people who have wallets with them Can transfer from their Funded Trader accounts to their wallet and they can have debit cards from those wallets.
How about lower leverage across all accounts to help fight over leveraging?
The lower the leverage the more responsible you will be with simulated trading which is good for the community as it will help mitigate certain individuals from failing accounts. Best lower Leverage is beneficial to us as well because we will be able to match trades without going over a certain risk Association. unfortunately a lot of people prefer higher leverage capabilities as it suits their simulated trading style better.
Are you flying out more traders for the event?
For the upcoming scavenger hunt event we will be flying out to Traders however that is only due to the fact that the rest are already located in New York.
Have you considered deal?
We have already begun integrating deal into our simulated trading community, certain Funded Traders have already begun to receive their payouts through Deal.
Thank you all for reading! We greatly appreciate all of the support and effort put forth by our members, followers, and teams!