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Overview of TradeWaveFunding: Prop Firm of 2023?

TheTrustedProp
Date: May 10, 2024

 TradeWaveFunding, launched in July 2023, has quickly gained attention and generated various controversies in the trading community. In this article, we will explore the TradeWaveFunding program, its challenges, profit targets, maximum total loss, trading options, and more.

Introduction

TradeWaveFunding is a program designed to provide traders with the opportunity to become funded traders. By meeting specific profit targets and trading parameters, traders can access a funded trading account. The Prop Firm was launched in June of 2023.

Two-Phase and One-Phase Challenge

The TradeWaveFunding program offers both a two-phase and one-phase challenge. Traders can choose the challenge that suits their trading goals and preferences. The challenges are as follows:

Two-Phase Challenge

- $10,000
- $25,000
- $50,000
- $100,000
- $500,000

 

One-Phase Challenge

- $10,000
- $25,000
- $50,000
- $100,000
- $500,000

Minimum Trading Days Requirement

There is no minimum trading days requirement in the TradeWaveFunding program. Traders can progress through Step 1 and/or Step 2 at their own pace, without any specific time restrictions.

Are EAs and Copytraders allowed on TradewaveFunding?

TradeWaveFunding allows the use of Expert Advisors (EAs) to enhance trading strategies. Traders can set up and utilize EAs that align with their individual trading styles. Additionally, Trade Copiers are also permitted, offering traders the convenience of replicating trades between accounts.

Profit Target for TradeWaveFunding

The profit target is a key trading objective in the TradeWaveFunding program. By reaching the profit target and adhering to all rules and trading parameters, traders become eligible for a funded account. Let's explore the profit targets for both the two-phase and one-phase challenges.

2 Step Challenge Profit Targets for TradeWaveFunding

- Step 1: Reach a 6% profit target anytime without violating any rules and trading parameters.
- Step 2: Reach a 6% profit target anytime without violating any rules and trading parameters.

1 Step Challenge Profit Targets

- Reach a 10% profit target anytime without violating any rules and trading parameters.

Maximum Total Loss

The maximum total loss allowed in the TradeWaveFunding program depends on the challenge phase. Here are the maximum total loss limits for both the two-phase and one-phase challenges.

2 Step Challenge Maximum Loss

The maximum total loss allowed in your account is 8%. Let's consider an example using a $100,000 account:

- Max total loss: 12% of your initial balance = $12,000.
- Your account equity, including unrealized/floating positions, must not drop below $88,000.

1 Step Challenge

The maximum total loss allowed in your account is 10%. Taking the same example of a $100,000 account:

- Max total loss: 10% of your initial balance = $10,000.
- Your account equity, including unrealized/floating positions, must not drop below $90,000.

Max Lot Limit

TradeWaveFunding does not monitor the amount of lots traders place. There is no specific limit on the number of lots that can be traded.

Copy Trading

TradeWaveFunding offers traders the opportunity to manage multiple accounts and engage in copy trading. Here are the details regarding copy trading:

- Copy trading is allowed between TradeWaveFunding accounts.
- Traders can copy trades from Funded to Evaluation accounts and vice versa.
- Copy trading is also allowed between TradeWaveFunding accounts and external accounts.

Allowed Strategies

TradeWaveFunding permits various trading strategies to suit individual preferences. The following strategies are allowed:

- Hedging: Traders can engage in hedging positions.
- Martingale: Traders can utilize the Martingale strategy.
- No Stop Loss: Stop loss orders are not mandatory.

Leverage Of TradeWaveFunding

TradeWaveFunding provides different leverage options for different trading instruments:

- Fx: 1:100
- Indices: 1:20
- Gold & Commodities: 1:20
- Crypto: 1:2

Tradable Instruments on TradeWaveFunding

Traders can access a range of instruments through the TradeWaveFunding program. The following instruments are available for trading:

- FX
- FX Exotics
- Indices
- Gold & Commodities
- Cryptos

Spreads & Commissions

All TradeWaveFunding accounts offer ECN spreads, starting as low as 0.1 pips. Traders are charged a commission of $5 per lot.

Daily Drawdown Max Limit Reset Time

The daily max limit for trading resets at 5pm EST. Traders should consider this timing when planning their trading activities.

Conclusion

In conclusion, TradeWaveFunding provides traders with an opportunity to become funded traders by meeting profit targets and adhering to trading parameters. With flexible challenges, no minimum trading days requirement, and allowances for EAs and trade copiers, traders can develop and implement their trading strategies effectively. The program supports various trading instruments, offers competitive spreads and commissions, and allows for copy trading among different accounts. By understanding the guidelines and opportunities within the TradeWaveFunding program, traders can take their trading journey to new heights.

 

FAQs

To participate in the TradeWaveFunding program, you can visit their website and follow the registration process. Once registered, you can choose the challenge phase and begin your trading journey.

Yes, TradeWaveFunding allows traders to use their own trading strategies. Whether you prefer hedging, Martingale, or other strategies, you have the freedom to implement them within the program.

If you violate the trading parameters, you may not be eligible for a funded account. It's important to carefully adhere to the rules and guidelines set by TradeWaveFunding to maximize your chances of success.

No, TradeWaveFunding does not impose limitations on the number of trades you can execute. You have the flexibility to trade according to your strategy and market opportunities.

Traders can reset their trading progress as needed. However, it's essential to consider the impact of resetting on your overall trading goals and objectives.

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