How to pass a funded trading test? This is the question everyone wants the answer to when they become interested in getting a funded trading account.
At Funded Crypto trader we have designed our challenge to help us find talented traders. We don’t care what strategy you use or which assets you trade. All we want is profitable traders!
We know that taking a challenge can be stressful, so here are 6 tips to help you pass a funded trading test.
6 Tips to Help You Pass a Funded Trading Test
1. Perfect your risk management
Now is a good time to really perfect your risk management. You’ll want to be on top of your game so you can get the most out of your profitable trades.
Identify easy-to-reach targets and hard-to-reach stop losses. Consider moving your stop losses to be in profit rather than at break even. Use price alerts at key levels so you can adjust the trade if needed! Consider closing half of your positions when you’re in profit. These are just a few things you can do to really manage your risk!
2. Tailor your trading plan to the rules set out for the funded trading test
To pass a funded trading test or challenge you will have to stick to some rules. Make sure your trading will suit these rules by adjusting your trading plan accordingly.
3. Stick with your strategy
You wouldn’t be the first and you certainly won’t be the last trader to switch up their strategy to try and pass the test faster. Don’t do this. If you have a profitable strategy why change it? Yes, you might have to make a few changes to your risk management (as mentioned above) but that doesn’t mean you need to change your strategy. Don’t fix what isn’t broken!
4. Identify your strengths
When taking a funded trading test it’s all about hitting that profit goal. You really want to zone in on your strengths so you can make the most out of your trading and really get that profit. If you know you’re really good at identifying continuation trades, focus on finding those really good continuation set-ups and not settling! Take a look at your trading journal and find out what timeframe you have the most winners on. What pairs do you have the most wins on? Really analyse your trading and use your strengths to help you pass the funded trading test.
5. Look for pairs with tight spreads
Crypto traders generally speaking aren’t used to spreads. As a result, the spread ends up cutting into their profits! Our main tip here is to keep an eye out for the pairs with tighter spreads. One such example for Eightcap is etheur versus ethusd. Etheur has a much smaller spread than ethusd does, so instead of trading ethusd just take the trade on etheur!
6. Join our discord for more tips on how to pass a funded trading test!
That’s right, Funded Crypto Trader has a discord. How is this going to help you? You will be surrounded by other traders who are either taking the challenge or have already passed it. We also have traders who aren’t taking the test, but who share their analysis in other sections of the discord. Being able to discuss traders with others can help you spot mistakes you made, or bring your attention to a great set-up that’s forming on a pair you don’t check very often. Our traders also give tips on how to pass our funded trading test!
And that is how to pass a funded trading test! Let’s quickly recap our 6 tips for how to pass a funded trading test:
- Risk management
- Adjust your trading plan to fit the funded trading test rules
- Stick with your strategy
- Identify your strengths
- Look for pairs with tight spreads
- Join our funded crypto trader discord
Interested in taking our funded crypto trader challenge? Join now!