Mastering Fortunes Funding Challenges: A Comprehensive Guide
Fortunes Funding has emerged as a compelling platform for traders to significantly enhance their trading potential in the dynamic world of forex trading. This firm offers simulated challenges, allowing traders to trade with simulated capital, far exceeding their personal resources.
In return, Fortunes Funding receives a portion of the simulated profits generated. The key to capitalizing on this opportunity lies in understanding the nuances of these simulated challenges. This comprehensive guide will dissect the various aspects of Fortunes Funding's simulated challenges, from the intricacies of the evaluation process to the mechanics of simulated profit splits and the potential for scaling plans.
Decoding Fortunes Funding's Simulated Challenges
Types of Fortunes Funding Simulated Challenges
Fortune Funding simulated Challenges often come in different formats to cater to simulated traders' varying needs and preferences. At Fortunes Funding, they offer two types of simulated challenges: the One Phase simulated Challenge and the Two Phase simulated Challenge.
One Phase Simulated Challenge
The One Phase simulated Challenge is designed for simulated traders who prefer a more streamlined process. In this simulated challenge, simulated traders are directly evaluated based on their ability to manage a larger demo account. The conditions are similar to those of the second phase in the Two-Phase simulated Challenge. Simulated Traders are given 80 days to meet a virtual profit target of 4.5% without violating a maximum virtual daily drawdown of 5% or a maximum overall virtual max drawdown of 10%.
This simulated challenge is ideal for experienced simulated traders who are confident in their trading skills and risk management abilities. Fortunes Funding allows them to bypass the initial evaluation phase and move directly to trading a larger demo account.
Two Phase Simulated Challenge
The Two-Phase simulated Challenge, on the other hand, is a more comprehensive process that includes an initial evaluation phase. In the first phase, simulated traders are given 40 days to meet a virtual profit target of 9% without violating the virtual drawdown limits. Those who succeed move on to the second phase, which involves trading a larger demo account with a reduced virtual profit target of 4.5% over 80 days.
The Two-Phase simulated Challenge is suitable for simulated traders who want a more gradual progression. The initial evaluation phase allows simulated traders to demonstrate their skills and adapt to the conditions of the simulated challenge before moving on to trade a larger demo account.
In both simulated challenges, successful simulated traders are offered a virtual funded demo account to trade, potentially earning up to 80% of the virtual profits they generate. The choice between the One Phase and Two Phase simulated Challenge ultimately depends on the virtual trader's confidence, experience, and personal trading strategy.
Fortunes Funding Funded Account Phase
Simulated Traders who pass both phases of the Evaluation Phase are offered a virtual demo funded account. This phase has no virtual profit target, but the risk management rules still apply. Traders are expected to trade responsibly, consistently and follow Fortunes Funding rules.
The profit split for all Fortunes Funding Traders is set to 80:20, meaning simulated traders receive 80% of their simulated profits. However, if simulated traders meet the conditions of the Scaling Plan, the profit split changes to 90:10. Simulated traders can request a payout 21 days after they get virtually funded, and subsequent payouts are every 21 days from the first day of simulated trading in the payout cycle.
Fortunes Funding Trading Leverage and Period
In the realm of Fortunes Funding's simulated challenges, the leverage offered is often lower than what most retail forex traders might be accustomed to. For instance, Fortunes Funding provides leverage of 1:30 for forex instruments. This is designed to promote prudent risk management.
Fortunes Funding simulated trading period refers to the duration within which simulated traders must achieve their simulated profit targets. At Fortunes Funding, simulated traders are free to take as long as they need to hit the simulated profit target, with the only stipulation being a minimum requirement of one simulated trading day.
Virtual Profit Split and Payouts
Upon securing a virtual funded demo account, the simulated profits generated from the simulated trading are divided between the simulated trader and the firm. At Fortunes Funding, the default virtual profit split is skewed 80:20 in favor of the simulated trader. Simulated traders can request a payout after 21 days from their first simulated trading day, with subsequent payouts scheduled every 21 days from the first day of simulated trading in the payout cycle.
The Scaling Plan Unpacked
A distinctive feature of Fortunes Funding's simulated challenges is the scaling plan. This allows simulated traders to incrementally increase the size of their virtual funded demo account if they meet specific conditions. At Fortunes Funding, simulated traders can boost their account virtual balance by 25% every three months if they have accumulated 6% or more profits on their virtual Funded demo Account and processed a minimum of 2 virtual withdrawals in the 3-month period.
Fortunes Funding's simulated challenges present a promising pathway for forex traders to trade with considerable virtual capital while mitigating their personal financial risk. By comprehending the evaluation process, simulated trading conditions, simulated profit split arrangements, and scaling plans, simulated traders can make an informed decision about participating in these simulated challenges. As with all trading endeavors, achieving success in Fortunes Funding's simulated challenges necessitates skill, discipline, and a robust understanding of risk management.
A Fortune Awaits You. Trade Our Virtual Capital up to $500,000Start Challenge