Phase 1
Funded Trader
Phase 1
Funded Trader
Phase 1
Funded Trader
Phase 1
Funded Trader
Phase 1
Funded Trader
Phase 1
Funded Trader
Challenge
Funded Trader
Challenge
Funded Trader
Challenge
Funded Trader
Challenge
Funded Trader
Phase 1
Phase 2
Funded Trader
Phase 1
Phase 2
Funded Trader
Phase 1
Phase 2
Funded Trader
Phase 1
Phase 2
Funded Trader
Phase 1
Phase 2
Funded Trader
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The challenge refers to the evaluation process traders must undertake to become fully-fledged prop traders. Some prop firm programs offer a 1-step evaluation process, eliminating the need for a separate Phase 2. On the Other hand, A No Evaluation Prop Firm offers you to skip the evaluation (Instant/Direct Funding Account) and save time.
If you pass all the Trading Objectives except for the Profit Target but you manage to stay profitable and finish above the initial balance with all positions closed, you can either repeat your Challenge all over again for free (Free Repeat) or on a discounted price (Reset fee). This re-registration cost is also known as the "reset" fee since you will restart your trading cycle. Therefore, if you maintain proper risk management, you can get an infinite number of tries to pass.
On Some prop firms programs you are eligible to get back your registration fee once you are a funded trader.
Only on Some prop firms programs you are free to trade any news events and it will not be a direct violation. However, you should understand that there are occurrences where slippages occur and that the trader is ultimately responsible should one cause a violation of the max loss rules.