If you're an aspiring trader looking to enter the world of trading challenges and prove your skills, the Rocket21 Challenge Funding Program could be the perfect opportunity for you. With its unique approach to evaluation and funding, this prop firm offers traders the chance to showcase their expertise and potentially secure funding for their trading endeavors.

Challenge Details and Asset Classes

The Rocket21 Challenge Funding Program is designed to assess and fund traders across various asset classes, including Forex, Crypto, and Indices, on popular trading platforms like MT4 and MT5. It's a platform that aims to provide opportunities for both experienced traders and newcomers to demonstrate their trading skills and achieve success.

Types of Challenges

The program offers two distinct challenge types: the Two Phase Challenge and the One Phase Challenge.

Two Phase Challenge

The Two Phase Challenge consists of two evaluation phases with specific time limits:

1. Phase 1 (Unlimited): In this phase, traders are tasked with achieving a profit target of 10% within the 30-day time frame.
2. Phase 2 (Unlimited): Successful completion of Phase 1 allows traders to progress to Phase 2, where the goal is to achieve a profit of 5% within the subsequent 60-day time frame.

One Phase Challenge

On the other hand, the One Phase Challenge offers a single phase for traders to demonstrate their trading prowess:

• Phase: Traders aim for a profit target of 9%, with a daily drawdown limit of 3% and a maximum drawdown of 6% (relative). There's a minimum trading requirement of 3 days, but no maximum trading days limit. Expert Advisors (EA's) are allowed, as is news trading.

Please Note: Drawdowns are based on Balance or Equity, whichever is higher

Funding Capital and Rule

The Rocket21 Challenge Funding Program provides varying levels of funding capital for both Two Phase and One Phase Challenges.

Two Phase Funding Capital

Traders can choose from a range of funding capital options, including:

• $5000
• $10000
• $25000
• $50000
• $100000
• $200000
• $300000

One Phase Funding Capital

For the One Phase Challenge, traders can select from the following funding capital options:

• $10000
• $25000
• $50000
• $100000
• $200000

Scaling and Rules

The program also offers the opportunity for traders to scale their accounts based on their performance.

• Scaling Rule: Account size increases by 25% for every 8% profit made over a complete 3-month period.
• HFT (High-Frequency Trading): Not allowed.
• Copy Trading: Not allowed.
• Hedging: Allowed.
• EA (Expert Advisor): Allowed.

Drawdown Calculation and Leverage

Drawdown management is a crucial aspect of trading, and the Rocket21 Challenge Funding Program takes this into consideration.

During both the Evaluation and Funded Phases, traders must adhere to a maximum daily loss (drawdown) limit of 3%, calculated based on the previous day's ending balance or equity (whichever is higher). This limit is recalculated daily at 5:00 pm EST, taking into account the higher value between the two.

For example, if a trader's account starts with $100,000, the maximum daily loss will be capped at $3,000. If the day ends with an equity of $105,000, the daily loss limit equity level will be set at $102,000, the point at which the account would breach the limit. It's important to note that profits earned during the day do not impact the daily loss limit equity level; instead, they serve as a buffer for that day.

Leverage and Commission

The program offers leverage for different phases and asset classes:

Evaluation Phase

• Forex: 1:30
• Gold and Commodities: 1:10
• Indices: 1:5
• Crypto: 1:1*

Funded Phase

• Forex: 1:30
• Gold and Commodities: 1:10
• Indices: 1:5

*Note: Crypto instruments are only allowed during the Evaluation Phase.

Additionally, there is a commission of $5 per lot on all instruments traded.

Time Requirements and Account Inactivity

The Evaluation Phase allows traders an unlimited time period to complete the challenge; however, a minimum trading requirement of 3 days must be met. After meeting the conditions and targets, traders can move on to the funding stage.

In the Funded Phase, there are no specific time requirements.

It's crucial to note that if a trader's account remains inactive for more than 30 days, it will be disabled, requiring them to contact support for reactivation.

Customer Support and Restrictions

Rocket21 Challenge Funding Program offers multiple customer support channels, including Discord, Live Chat, and Twitter. However, it's important to be aware of restrictions. Traders from Russia are banned, and certain trading strategies such as news trading are restricted based on the challenge type.

Conclusion

The Rocket21 Challenge Funding Program Prop Firm provides traders with a unique opportunity to showcase their trading skills across different asset classes and platforms. With its structured evaluation phases, scaling possibilities, and drawdown management, the program aims to support traders in their journey towards successful trading careers. By adhering to the program's rules and guidelines, traders can work towards securing funding and taking their trading aspirations to new heights.