What is the Royal Challenge
What is the Royal Challenge?
The Funded Trader has become one of the most recognized forex prop firms in the world. From 2021 to 2022, the Funded Trader has experienced significant growth and we have gone out of our way to truly give back to our community.
One of the ways that we want to help traders grow and prosper is by adding another challenge. Our newest challenge is called “The Royal Challenge”, but along with this new challenge there will be some minor changes to our old challenges.
Changes to the Standard and Rapid Challenge
Regular Accounts on Standard and Rapid Challenge
Every standard and rapid challenge will now have regular accounts. On the Regular accounts, you will NOT be able to hold trades over the weekend. If you have trades open then they will be closed automatically at 4:30 pm est and you will be notified via email. This action will not result in a breach of our terms of service.
Swing Accounts on Standard and Rapid Challenge
On the swing accounts, you will be able to hold trades over the weekend. Also, the leverage is lowered on these accounts (1:60 Standard & 1:30 Rapid).
Introducing our New FX Challenge called “The Royal Challenge”
Drawdown on the Royal Challenge
One of the biggest changes from the other challenges is the drawdown. The drawdown is different from the other challenges because you must make 5% without hitting the max daily loss or total loss of 10%. Remember, during the challenge you can use EAs, hold over the weekends, and hold overnight. You have a leverage of 1:200.
Example of Drawdown
The drawdown is based on your equity or balance. Let’s say you are floating 10% and the day turns over becoming 5pm, the drawdown resets for the day. It will base your daily losses on the floating virtual profit on the floating equity balance.
Since the maximum total drawdown is 10%, then the equity of the account must not fall below
90% of the initial account balance both for open and closed positions, including commissions and swaps.
For example, if you start with a $100,000 account your max daily loss will be set at 5% ($5,000). If you end the day with a $4,000 closed virtual profit your account balance will now be at $104,000. Your max daily loss now is set at $99,000. Your account will be breached if you fall below $99,000 in equity at any point throughout the day.
Scaling Plan for Royal Challenge
The scaling plan for the Royal Challenge is similar to the scaling plan of the standard challenge. After 3 months, you are evaluated and you have to hit a certain percentage. The max allocation for your accounts in the Royal Challenge is $400,000.
Evaluation Period for FX Trading
The evaluation period for the Royal Challenge will begin as soon as you place your first trade. Remember that any violation of the rules will result in the termination of your simulated trading account and you will not be eligible to move forward in the program with that account.
Merge other FX Challenges
The beauty of all of our challenges is that you can merge multiple challenges including multiple Royal Challenge accounts together once they are passed and funded. Royal Challenge accounts are only eligible to be merged when they are both at their starting balance. In order to merge a Royal account before receiving your funded account, then you must reach out to our support team for assistance: [email protected]
Try our other Funded Trader Challenges
Even though we are introducing our new Royal Challenge, you can still try our standard and rapid challenges. All of our challenges are fun, competitive, and can lead to a funded account. There are slight variations, but one challenge might suit your simulated trading style better than the other challenges.
Standard Challenge: Our Standard Challenge ranges from $50,000 to $400,000 with the entry price being slightly higher than the Rapid Challenge. Try our challenge, CLICK HERE.
Rapid Challenge: Our Rapid Challenge ranges from $50,000 to $200,000. All of the leverage, daily losses, trading days, and virtual profit splits range between the different challenges. It is up to you to decide which one works best for you. Try our challenge, CLICK HERE.