We calculate the daily loss limit based on the previous day’s end of day equity. This is calculated at 5PM EST, so ensure you know what time of day this is in your location.
All of this is calculated for you automatically inside your traders dashboard in real time, so you don’t need to calculate any of it, but you do need to understand it.
Example 1:
The day’s starting balance was $100,000. You open a position and it goes into $10,000 profit and you close the trade before the end of the day. At the end of this day your account equity is $110,000 which is carried over to the second day.
The second day your daily drawdown limit is reset with the new High-Water Mark being $110,000. If your daily drawdown limit is 3% on the Turtle account then the lowest your equity can reach is $110,000 – $3,300 = $106,700.
Example 2 (Violation): The day’s starting balance was $100,000. You open a position and it goes into $10,000 profit but you did NOT close the trade before the end of the day. Instead you moved your stop-loss to breakeven. At the end of this day your account equity is $110,000 which is carried over to the second day.
On the second day the trade goes back to breakeven and is closed by your stop-loss. Even though the individual trade did not lose from the balance, you have lost more than the allowable amount (3% on a Turtle account) on a single day and this will be a hard violation and the account will be closed.
The Maximum Drawdown is static, which means it is calculated based on the initial balance and not the equity.
For example:
The Maximum drawdown of a 100K Turtle account is 6% of the initial balance. This means that the Maximum drawdown level is always 100K minus (100K x 6%) = 94K.
If you violate this rule, the account will be closed.
The minimum time to complete the Turtle Challenge is 10 trading days. There must have been at least one trade opened on 10 different days to successfully pass the challenge.
A trader may not reach the profit target with one large trade, then use significantly smaller lots to pass the minimum trading days.
When the account is reviewed if there is a large difference in lot size used to pass minimum time rule the challenge will be failed.
Trades must be fully executed trades, they can not just be opened and closed. Pending orders do not count towards the total.
You can take as much time as you need to complete the Turtle Challenge, as there is no maximum time limit. You are free to trade at your own pace as long as you do not breach the inactivity period.
All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
Arbitrage.
Hedging between accounts.
Delayed or frozen data feeds.
Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
Allowing others to trade your account.
Copying others trades.
Lot size manipulation – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. – Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. – Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
You can add a customization to increase your daily drawdown to 6% and maximum drawdown to 12%.
We calculate the daily loss limit based on the previous day’s end of day equity. This is calculated at 5PM EST, so ensure you know what time of day this is in your location.
All of this is calculated for you automatically inside your traders dashboard in real time, so you don’t need to calculate any of it, but you do need to understand it.
Example 1:
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit and you close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
The second day your daily drawdown limit is reset with the new High-Water Mark being $106,000. If your daily drawdown limit is 5% on the Hare account then the lowest your equity can reach is $106,000 – $5,300 = $100,700.
Example 2 (Violation):
The day’s starting balance was $100,000. You open a position and it goes into $6,000 profit but you did NOT close the trade before the end of the day. At the end of this day your account equity is $106,000 which is carried over to the second day.
On the second day the trade goes back to breakeven and is closed by your stop loss. Even though the individual trade did not lose from the balance, you have lost more than the allowable amount (5% on a Hare account) on a single day and this will be a hard violation and the account will be closed.
If you violate this rule, the account will be closed.
You can add a customization to increase your maximum drawdown to 12% and daily drawdown to 6%.
The Maximum Drawdown is static, which means it is calculated based on the initial balance and not the equity.
For example:
The Maximum drawdown of a 100K Hare account is 10% of the initial balance. This means that the Maximum drawdown level is always 100K minus (100K x 10%) = 90K.
The minimum to complete each phase of the Hare Challenge is 5 trading days. There must have been at least one trade opened on 5 different days to successfully pass each phase of the Challenge.
A trader may not reach the profit target with one large trade, then use significantly smaller lots to pass the minimum trading days. When the account is reviewed if there is a large difference in lot size used to pass minimum time rule the Challenge will be failed.
Trades must be fully executed trades, they can not just be opened and closed.
All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
Arbitrage.
Hedging between accounts.
Delayed or frozen data feeds.
Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
Allowing others to trade your account.
Copying others trades.
Lot size manipulation – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. -Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. -Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
The profit target to reach the next stage of the Instant Standard Account is 10%. Traders are free to make withdrawals from their account which will not affect their profit target to scale.
For example, if you make 6%, make a 6% withdrawal from your account and then make another 4% profit, you are still eligible to scale to the next level.
Aggressive Account
The profit target to reach the next level of the Instant Aggressive Account is 20%. Traders are free to make withdrawals from their account which will not affect their profit target to scale.
For example, if you make 12%, make a 12% withdrawal from your account and then make another 8% profit, you are still eligible to scale to the next level.
The Maximum Drawdown for the Instant accounts are static. This means that no matter the profit you are in, your Maximum Drawdown limit is always calculated from the initial account balance after scaling.
For example, if you have a $80,000 account.
For the Instant Standard Account:
$80,000 – 5% = $76,000 is the lowest equity your account can reach before violating this rule.
For the Instant Aggressive Account:
$80,000 – 10% = $72,000 is the lowest equity your account can reach before violating this rule.
If you violate this rule, the account will be closed.
The minimum time to scale to the next level of both the Instant Funding Accounts is 5 trading days. There must have been at least one trade opened on 5 different days to qualify to scale your account.
A trader may not reach the profit target with one large trade, then use significantly smaller lots to pass the minimum trading days. When the account is reviewed if there is a large difference in lot size used to pass minimum time rule the Challenge will be failed.
Trades must be fully executed trades, they can not just be opened and closed.
All accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account from which you are paid.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
Arbitrage.
Hedging between accounts.
Delayed or frozen data feeds.
Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
Allowing others to trade your account.
Copying others trades.
Lot size manipulation – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5. – Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay. – Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay. – Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000. – Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the Demo environment.
Traders cannot trade digital currencies over the weekend to pass the minimum days.
Traders may place an average of up to 10 trades per day.
A Trading day starts from 00:00 GMT +2 (+3 depending on daylight savings) and ends at 23:59 GMT +2 (+3). This is the time that is displayed in your Platform 4 / Platform 5.
The stop loss needs to be placed before the order is placed, whether that is a market or limit order, or else the system will close the order automatically.
This will be done at market price at the time and you will receive an email from us notifying you of the fact the trade has been closed.
Not having a stop loss is a soft rule and will not result in you automatically losing the account.
FundedNext Alternative and Comparison. So in this video, that’s what we’re going to be covering. FundedNext versus Traders With Edge prop challenge accounts. So up the top here you’ll see that we have the prop firm and the challenge type, we have the Traders With Edge Turtle account, we have the Traders With Edge Hare account, and we have the FundedNext Evaluation. Notice that they’re all 100k accounts. The max size after scaling, most prop firms for successful traders will continue to add to the account when they’re in profit and increase the size of that account over time. The maximum account size for Traders With Edge is $3 million. The maximum account size for FundedNext is $4 million. Do the firms have rapid scaling plans? Yes, Traders With Edge has rapid scaling plan. FundedNext doesn’t have a rapid scaling plan. So if you’re on the website traderswithedge.com, you go up to challenges, click on scaling plans, you’ll see a page like this with the scaling plans, we’ve got the organic scaling plan and we’ve got the rapid scaling plan details there.
There’s also a video that explains each scaling plan and what’s included in it. There’re some examples there, there are some graphs that show you the difference between the rapid and the organic. And you can see just how much faster your account can grow with the rapid scaling plan. If you continue to scroll down at the bottom, there’s a calculator that we’ve created for you. So you can adjust your own settings and you can figure out exactly how you would trade and see what the difference is, if you were to choose the organic or the rapid scaling. So back to our FundedNext alternative and comparison, if we continue to scroll down, you’ll see the number of phases. For the Traders With Edge Turtle account, it’s a one-phase challenge. So once you’ve passed that one phase, then you go into a funded account straight away. Traders With Edge Hare, and the FundedNext evaluation are both two-phase challenges.
The price for Traders With Edge Turtle is $750 because it’s a one-step challenge, they’re typically more expensive. The Traders With Edge Hare is $590 and the FundedNext Evaluation is $549. Is it a refundable fee? It’s not a refundable fee on the Traders With Edge Turtle account because it is a one-step challenge. For both the Traders With Edge Hare and the FundedNext Evaluation, the fee is refundable once you’ve passed your challenge, and once you eligible for a payout. So, when you request your first payout, then you’ll receive a refund of that fee. So there’s actually no cost if you pass. The target for phase one is 10% across all accounts. The target for phase two, well, there’s no phase two for the Traders With Edge Turtle account because you’d already be on a funded account by this stage. Target for phase two is 5% for both the Traders With Edge Hare and the FundedNext Evaluation.
If we continue scrolling down, you’ll see the maximum drawdown for the Turtle account is 5%. The maximum drawdown for both the Hare account and the FundedNext Evaluation is 10%. The daily drawdown is 2.5% on the Turtle account, and 5% for both the Hare and the FundedNext Evaluation. The profit share is 80% from day one with Traders With Edge, and it’s up to 90% with FundedNext. You start on a lower amount and then over time they increase your profit share. The minimum trading days is 10 minimum trading days for all challenges. Minimum trading days for phase two is not applicable to the Turtle, and it’s 10 days for both the other accounts. The trading period, so this is the maximum trading time that you have to complete the challenge. It’s one year for the Turtle account, so you can take it nice and easy and it’s 30 days for both the Traders With Edge Hare account and the FundedNext Evaluation. Trading period for phase two, there is no phase two again for the Turtle, and it’s 60 days for both the other accounts. Can you hold over weekends? Yes, you can hold over weekends on the Turtle. Yes, you can hold over weekends on the FundedNext, but you can’t hold over weekends on the Traders With Edge Hare account. Can you use EA’s? All accounts require approval to use the EA’s. This is because every prop firm has a rule that states you cannot trade exactly the same strategy as someone else. So you can’t copy trades between accounts. Otherwise, it causes significant risk to the prop firm. This is why both Traders With Edge and FundedNext require you to get, seek approval, to use an EA before you trade. With any other prop firm, they will allow you to trade with an EA, but what they might not make apparent upfront is that if you’re using exactly the same strategy as someone else, then you will lose that account.
So it’s better to always seek approval to start with. Do they allow signals? Traders With Edge allow signals, yes. FundedNext does not. Do they allow news trading? Traders With Edge does allow news trading. FundedNext does not. Do you get free a retry? You don’t get a free retry on the Turtle account because it’s a one-phase account and you’ve got a full year to pass the challenge, so it doesn’t make sense to offer a free retry. With both the Traders With Edge Hare account and the FundedNext Evaluation, you do get a free retry if at the time the challenge expires, your account is in profit and you haven’t violated any rules, then you will receive a free retry to try to pass again.
Can you trade Forex? Yes, you can trade Forex on all accounts. Can you trade digital currencies? You can on Traders With Edge, but you can’t on FundedNext. Can you trade commodities? Yes, you can on all. Indices, yes on all. Can trade share or stock CFDs? You can on Traders With Edge, but you can’t on FundedNext. Do they offer trading competitions? Traders With Edge offers trading competitions, you can enter a competition, trade a demo account, compete against all your friends online and whoever wins the competition typically wins a challenge account. Do they have giveaways? Yes, Traders With Edge has giveaways. I don’t believe FundedNext has giveaways at this point in time. Here’s an example of a giveaway that Traders With Edge ran recently, you could win one of three $50,000 prop challenge accounts. You just have to enter your name and email address. This giveaway might not be active at the time that you see this video, but we do run giveaways regularly. So check out the website. Does the company offer education?
Yes, Traders With Edge offers education. FundedNext does not. Does the company have an affiliate program? Yes, Traders With Edge has an affiliate program up to 20% for the life of the clients. So if you sign up to our affiliate program and you refer someone, then you’ll receive up to 20% commission for the life of the client. So that means if you referred someone today and then they signed up in six months’ time and they purchased a challenge, well, we’ll pay you a percentage at six months and then maybe they purchased again in another two years, you’ll also get paid for that referral. So it’s kind of having a passive income. That concludes our FundedNext Comparison and Alternative. If you have any questions, please visit the website, talk to us on live chat, join our telegram group, or post a comment below this video and we’ll reply. Thanks for watching. Have a great day.
FundedNext is an international proprietary firm that was launched on the 18th of March 2022. The company believes that they could be a tough competition for some of the already established prop firms in the industry. Their prop trading firm has been in development for two and a half years and is striving to become the finest prop firm platform in the industry. They have a team with several departments with a mission to provide service to traders and access to funds. FundedNext founder and CEO is Abdullah Jayed who recognized as a young entrepreneur who brings change in the digital sector as well as in the retail trading industry. He founded Jayed Corp back in 2016 to create opportunities for employment globally and simplify people’s lives.
He is also well known for founding Growth Alliance, MoneyBackFX, and eComChef which became a great help in their respective fields within a very short time. After a series of ventures in the retail trade industry, he founded FundedNext, a proprietary firm that aspires to inspire more traders in the prop firm industry globally. Jayed always supports young, enthusiastic individuals to chase their dreams and shares his values to uplift their journey and provide traders with a comfortable trading environment.
FundedNext is registered and operates in multiple countries including UAE, USA, UK, and Bangladesh.They aim to assist trade enthusiasts with a solid strategy by giving them opportunities to grow. They provide trader-friendly terms and conditions to maximize their trading goals.
The company’s headquarter is located in United Arab Emirates.
