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Everything About The Funded Trader Rapid Challenge Evaluation Program

TheTrustedProp
Date: May 11, 2024

In the world of trading, gaining access to funded accounts can be a game-changer. It not only provides traders with the necessary capital but also offers an opportunity to earn substantial profits. One such avenue for traders is "The Funded Trader Rapid Challenge Evaluation Program." In this comprehensive guide, we will delve into the details of this program, shedding light on its various aspects and how it can benefit aspiring traders.

The Funded Trader Evaluation Programs

Rapid Challenge Details

The Rapid Challenge is a two-step evaluation program that offers a remarkable opportunity for traders to kickstart their trading journey. What sets it apart is the possibility of earning your first payout in as little as 20 days! Here's a closer look at the key elements of the Rapid Challenge:

Account Options

Traders can participate in the Rapid Challenge using simulated funds from accounts with different capital sizes - $5K, $10K, $25K, $50k, $100k, or $200k. You have the flexibility to choose the amount of simulated funds you wish to manage.

No Minimum Simulated Trading Days

Unlike some evaluation programs that impose minimum trading day requirements, the Rapid Challenge gives you the freedom to trade at your pace. There's no pressure to meet specific trading day quotas.

Profit Split Eligibility

Once you earn your simulated funded account, your first virtual profit split becomes eligible after just 14 days. This means you can start reaping the rewards of your successful trading relatively quickly. Additionally, the program allows you to scale your simulated profit split percentages with each corresponding payout.

Retries and Account Changes

It's important to note that retrials are not provided for the Rapid Challenge, specifically for accounts purchased after October 6th, 2023. These accounts are eligible for unlimited simulated trading days. However, if you move to phase 2 or get a retry for accounts purchased before October 6th, you will have unlimited days on those accounts.

Objectives

Rapid Challenge Phase 1

  • Aim for an 8% simulated profit target.
  • Maintain a maximum simulated 5% daily drawdown (which includes daily floating loss and closed loss).
  • Keep the simulated initial deposit drawdown below 8%.
  • There's no minimum requirement for simulated trading days.

Rapid Challenge Phase 2

  • Achieve a 5% simulated profit target.
  • Limit daily drawdown to a maximum of 5%.
  • Maintain the simulated initial deposit drawdown below 8%.
  • Similar to phase 1, there's no minimum requirement for simulated trading days.

Simulated Funded Accounts

The Rapid Challenge Simulated Funded Accounts operate without a specific profit target. Here are the key parameters:

  • Maintain a maximum simulated 5% daily drawdown, including daily floating loss and closed loss.
  • Keep the simulated initial deposit drawdown below 8%.

Payouts

Traders who select the Rapid Challenge can receive 80% of their simulated profits at the end of every 14-day period, counted from the first trade after the last withdrawal. If you purchased an account with a special profit promotion, your account's simulated profit split will remain at the promotional percentage for all subsequent withdrawals.

Scaling Plan and Enhanced Profit Split

Scaling Plan Eligibility

Funded Rapid Challenge accounts become eligible for a scaling plan if the trader generates over 10% of the account's initial demo simulated balance in one simulated profit split. This calculation is based on net simulated profit and excludes bonuses and challenge refunds.

Scaling Your Account

Traders can continue to scale their account by making at least 10% on the account's demo initial balance. For instance, if the initial demo simulated balance is $100k and the trader makes 10%, their new demo account simulated balance will be $110k moving forward.

Eligibility for 90% Simulated Profit Split

To qualify for a permanent 90% simulated profit split, you need to meet the 10% scaling requirement in 2 out of 3 months during any 3-month period.

Rapid Capital Access

Wondering how quickly you can access simulated capital with the Rapid Challenge? The process is designed to be swift:

  • Upon meeting the simulated profit target for Phase 1, you'll receive your Phase-2 account within 6 hours.
  • Once you meet the simulated profit targets for Phase 2, you can start verifying your documents and signing the agreement to receive your Rapid Challenge Simulated Funded Account.
  • In total, you can start managing your Rapid Challenge Simulated Funded Account in as little as 3 trading days, depending on document processing time.

Understanding Drawdowns

Drawdowns are crucial aspects of trading, and the Rapid Challenge program has clear guidelines regarding them:

Simulated Maximum Daily Loss (5%)

Your account's daily drawdown must not exceed 5% of the initial demo balance in one working day. This includes the impact of both open positions and positions closed on that day, including simulated commissions. The daily drawdown resets at 5:00 PM EST daily.

Simulated Maximum Total Drawdown (8%)

The maximum simulated total drawdown is set at 8%. This means your account's equity, both for open and closed positions, should not fall below 92% of the initial demo account balance, considering simulated commissions and simulated swaps.

Violations and Consequences

Any violation of the rules mentioned above can lead to the termination of your simulated trading account, making it crucial to adhere to the program's guidelines.

Regular vs. Swing Account Types

At TFT, you have the option to choose between two distinct account types: Regular and Swing. Each type comes with its own unique characteristics, including leverage and news trading allowances.

Leverage

Here's a summary of the leverage distinctions between Regular and Swing accounts:

Regular

  • Challenge Phase: Forex (1:100), Gold & Commodities (1:40), Indices (1:20), Crypto (1:2)
  • Simulated Funded Phase: Forex (1:100), Gold & Commodities (1:40), Indices (1:20), Crypto (1:1)

Swing

  • Challenge Phase: Forex (1:30), Gold & Commodities (1:10), Indices (1:5), Crypto (1:1)
  • Simulated Funded Phase: Forex (1:30), Gold & Commodities (1:10), Indices (1:5), Crypto (1:1)

News Trading

News trading is a significant aspect of trading strategy, and it's important to know where it's allowed:

Regular Rapid Challenge Account

  • News Trading Allowed: Phase I & Phase II (Yes)
  • News Trading Allowed: Simulated Funded (No)

Swing Rapid Challenge Account

  • News Trading Allowed: Phase I & Phase II (Yes)
  • News Trading Allowed: Simulated Funded (Yes)

Lot Size Limits

In the Rapid Challenge Evaluation Program, there are no lot size limits imposed during any phase of the program. This means you can trade with the flexibility and freedom you need.

Benefits

The Rapid Challenge Evaluation Program offers several advantages to traders, including:

  • The potential to achieve your first payout in as little as two weeks.
  • The opportunity to compound your winnings with balanced-based drawdown.
  • No minimum simulated trading days, allowing you to progress at your pace.

In conclusion, The Funded Trader Rapid Challenge Evaluation Program is a valuable opportunity for traders to access capital, hone their skills, and potentially earn substantial profits. With its flexible terms, swift access to capital, and clear guidelines, it's a program that can benefit both novice and experienced traders alike.

FAQs

To participate, choose the amount of simulated funds you'd like to manage from the available options and meet the trading objectives during Phase 1 and Phase 2.

Violations may lead to the termination of your simulated trading account, so it's essential to adhere to the program guidelines.

No, there's no minimum requirement for simulated trading days, giving you the flexibility to trade at your own pace.

Depending on your performance, you can start managing your Rapid Challenge Simulated Funded Account in as little as 3 trading days.

No, there are no lot size limits imposed during any phase of the program, providing you with trading flexibility.

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The Funded Trader


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