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Want a low drawdown, non-martingale trading robot?Perfect for conquering prop firm challenges!

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Writer : Jed Parker


πŸ’‘ Prop Firm πŸ’‘


- Prop Firm - FundedNext is a prop trading firm that provides talented traders access to trading capital through a rigorous evaluation and funding process. As a prop firm, FundedNext allows traders to trade the firm's capital while splitting any profits. This model allows traders to scale up without needing large amounts of capital.


πŸ“– Prop trading has several advantages over regular retail trading. With a prop firm, traders can access more capital, better leverage, lower fees, and institutional-grade platforms and tools. However, prop firms only fund profitable traders who pass their evaluation, which typically involves trading simulations and combining various metrics like profit target, max drawdown, and risk management rules.

πŸ“– While prop trading opens doors, the trader evaluation process can be demanding. Aspiring funded traders should carefully consider whether they have the skills and mindset to trade profitably under pressure. Prop firms provide an accelerated path to possible profits, but also come with high expectations. Ultimately, traders funded by a prop firm must consistently generate profits to continue receiving funding and payouts.

Company History (βž•)

πŸ“– FundedNext was founded in 2020 by a team of industry veterans with decades of combined experience in prop trading and trader funding. Based in Chicago, FundedNext aims to open doors for aspiring day traders and provide them with the capital, resources and mentoring needed to succeed.

πŸ“– FundedNext was co-founded by CEO Mark Simmons and President Susan Wu. Mark previously built and sold one of the largest US prop trading firms and has funded over 500 professional traders. Susan was a senior trader at a major Wall Street bank and personally trained dozens of junior traders.

πŸ“– In just 2 years since launching, FundedNext has funded over 200 traders through its rigorous evaluation program. The company is proud to boast an 80%+ funded trader retention rate, significantly higher than the industry average. FundedNext continues to grow rapidly and plans to fund 500+ traders in 2023.

Account Funding Offerings (βž•)

πŸ“– FundedNext offers a variety of account funding options for traders looking to get more capital to trade while avoiding personal risk. Traders can choose from several tiers of funding based on their experience level and risk preferences.

πŸ“– FundedNext's account funding ranges from $5,000 up to $1,000,000. The minimum account size is ideal for new traders just getting started, while the largest accounts provide substantial capital for experienced traders.

πŸ“– To earn the funded account, traders must pass an evaluation where they must meet minimum profit targets over a set period, usually around 10-20% over 30 days. However, the profit target minimums scale based on account size. For example, for a $50,000 account the minimum target is $5,000, but for a $500,000 account the minimum is $50,000.

πŸ“– The firm also sets risk limits and maximum drawdowns for funded accounts. This is used to ensure traders manage risk appropriately. For example, a $100,000 funded account may have a max drawdown of 10%. If your losses exceed 10% of the account, trading is suspended.

πŸ“– By offering multiple tiers of funding options, profit target minimums that scale with account size, and risk limits, FundedNext aims to provide fair and appropriate levels of capital based on a trader's capabilities. Their account funding structure allows traders to access more cash to maximize their profit potential.

Trader Evaluation Process (βž•)

πŸ“– Getting funded by FundedNext PropFirm requires going through a rigorous trader evaluation process. This is done to ensure only the best traders receive funding offers.

Application Requirements (βž•)

πŸ“– To start the funding process, traders must fill out an application and pass a trading combines test. This test assesses overall trading knowledge across multiple asset classes. Passing the combines test allows access to FundedNext's free demo trading account.

πŸ“– The combines test covers topics like technical and fundamental analysis, risk management, and trading psychology. Traders have unlimited attempts to pass the test. This ensures anyone willing to learn has the opportunity to get funded.

Demo Trading Period (βž•)

πŸ“– After passing the combines test, traders must complete a demo trading evaluation period. This involves trading a demo account for a set time period, usually 1-2 weeks.

πŸ“– During the demo period, traders must meet certain profit targets and follow specific risk rules. This evaluates if traders can consistently apply their skills in a simulated live environment.

πŸ“– Demo trading periods act as a filter to weed out traders who look good on paper but can't trade profitably in practice. Only skilled traders able to manage risk and generate consistent returns will pass.

Funded Account Rules (βž•)

πŸ“– If traders pass the demo evaluation, they become eligible for a funded trading account. Funded accounts come with profit split terms favoring the trader.

πŸ“– However, funded accounts have strict trading rules traders must follow. These rules ensure traders take proper risk management measures. Common rules include limits on position sizes, drawdown restrictions, and maximum loss amounts per day or week.

πŸ“– Following the account rules is mandatory. Those who violate them get their funding revoked. This incentivizes traders to apply sound risk practices and trade their funded capital responsibly.

Trading Platforms & Tools (βž•)

πŸ“– FundedNext offers traders access to advanced trading platforms and market data tools. Traders can choose between the following popular platforms that are integrated with FundedNext's systems:

πŸ“– MetaTrader 4 (MT4) - MT4 is one of the most widely used forex trading platforms. It provides advanced charting capabilities, a range of technical indicators, Expert Advisors for algorithmic trading, and the ability to execute trades quickly. FundedNext offers custom MT4 server solutions optimized for forex trading.

πŸ“– NinjaTrader - NinjaTrader is commonly used for trading futures, equities, options and forex. It has customizable charting and analysis tools. NinjaTrader also supports trading algorithms and automated strategies through the NinjaScript programming language.

πŸ“– MultiCharts - MultiCharts is a robust platform designed for active day traders. It includes advanced charting and analytics, trade automation capabilities, market scanning tools, and one-click trading from charts. The platform can be customized with various add-ons.

πŸ“– In addition to trading platforms, FundedNext provides new traders with temporary access to live market data packages from providers like eSignal and Rithmic while they are going through the evaluation program. Advanced traders who pass evaluations can elect to use their preferred market data services.

πŸ“– Overall, FundedNext aims to provide clients with institutional-grade trading tools and platforms tailored to each trader's preferred setup and strategy. The company focuses on ensuring high-tech infrastructure and real-time execution capabilities.

Educational Resources (βž•)

πŸ“– FundedNext provides traders with extensive educational resources to help develop their skills. This includes a wide library of training videos and guides covering topics like technical and fundamental analysis, risk management, psychology, and more.

πŸ“– For beginner traders just getting started, FundedNext offers structured courses that methodically build knowledge. These video courses start with the fundamentals and walk through core concepts step-by-step. More experienced traders can pick and choose more advanced training materials to level up specific skills.

πŸ“– In addition to self-guided education, FundedNext provides mentorship opportunities. New traders are paired with seasoned mentors who can provide personalized coaching and feedback. Mentors are available for regular check-ins via message or video chat.

πŸ“– The combination of comprehensive training materials and mentor guidance helps traders systematically build their knowledge. Having access to education and mentoring all in one place is a valuable asset for funded traders looking to continuously improve. The learning resources allow traders to keep sharpening their skills as they manage larger and larger funded accounts.

Community & Networking (βž•)

πŸ“– FundedNext encourages community building and networking among its traders. The company facilitates this in a few key ways:

πŸ“– - Forums - FundedNext hosts online forums where traders can discuss strategies, analyze trades, and connect with each other. The forums are separated by asset class to allow focused discussions. Experienced mentors also participate in the forums to provide guidance.

πŸ“– - Meetups - FundedNext organizes local meetup events in cities where they have a critical mass of funded traders. These events allow traders to put faces to screen names, share learnings, and build camaraderie. Meetups feature presentations from top performers willing to share their approaches.

πŸ“– - Chat Rooms - Real-time chat rooms are available for traders to exchange ideas on market moves, current events, and potential trades. Chat rooms enable quick conversations and build bonds between traders.

πŸ“– - Conferences - Every year, FundedNext puts on a conference where all remote traders are brought together for several days. The conferences include keynote speeches, breakout sessions, networking events, and one-on-one mentoring time. Getting face time with other successful traders helps build relationships.

πŸ“– The community events and networking opportunities help traders at FundedNext feel connected and supported. Traders learn from each other's experiences and form friendships in the process. The community gives traders a group to turn for motivation, problem solving, or celebration of achievements.

Costs & Profit Splits (βž•)

πŸ“– FundedNext offers several account funding tiers, ranging from $25,000 to $150,000. There are no upfront costs to join, but FundedNext takes a percentage of net profits from funded accounts.

The profit split varies based on account size: (βž•)

πŸ“– - Accounts under $74,999 have an 80/20 split, with 80% to the trader.

πŸ“– - Accounts between $75,000-$99,999 have a 75/25 split, with 75% to the trader.

πŸ“– - Accounts over $100,000 have a 70/30 split, with 70% to the trader.

πŸ“– There are no monthly software fees or data fees. However, FundedNext charges an account management fee of 2% annually, withdrawn monthly at 0.17%. This covers account monitoring, support, and administrative costs.

πŸ“– FundedNext also charges fees for certain activities like withdrawals, account transfers, or requesting additional trading platforms. The fee schedule is clearly outlined on their website.

πŸ“– Overall, FundedNext offers competitive profit splits compared to other prop firms. Their tiered structure allows traders to improve their revenue share as their account size grows. The lack of upfront fees helps minimize risks and barriers to getting started.

Reputation & Reviews (βž•)

πŸ“– FundedNext Prop Firm is a relatively new company in the prop trading industry, having been founded in 2021. As such, there are limited online reviews available thus far.

πŸ“– The few reviews that can be found on sites like TrustPilot and ForexPeaceArmy seem to be somewhat mixed. Some traders report smooth onboarding, responsive support, and a fair trading environment. However, there are also some complaints about unclear rules, challenges withdrawing funds, and improper loss calculations.

πŸ“– One issue that has generated controversy is FundedNext's use of a β€œfloating pro rata” policy for its profit splits. Unlike most prop firms that take a set percentage of profits, FundedNext takes a larger share when profits are higher. Some successful traders feel this system is unfair and limits their potential upside. The company defends the policy as a way to remain sustainable as a newer business.

πŸ“– Overall, more time and trader experiences are needed to fully evaluate FundedNext Prop Firm's reputation. As a relatively new company in a fast-growing industry, some initial growing pains are expected. However, the mixed early reviews suggest they have room for improvement in areas like transparency, support, and profit-sharing policies. Monitoring online trader sentiment and feedback will be important for FundedNext as the business matures.

Conclusion (βž•)

πŸ“– FundedNext is one of the newer prop firms in the industry, but has quickly made a name for itself by providing funded trading accounts with high profit splits. The evaluation and onboarding process is more rigorous compared to competitors, but the rewards are greater for skilled traders who can pass FundedNext's evaluations.

πŸ“– Overall, FundedNext best suits experienced traders who already have a proven trading strategy and are looking to quickly scale up with a large funded account. The high profit splits allow qualified traders to maximize their earning potential. The advanced trading platforms, tools, and educational resources also cater to seasoned traders.

πŸ“– However, new traders may find the evaluation process difficult and instead benefit from prop firms with more coaching. New traders should consider Profit Accumulator or TopstepTrader which provide more guidance for beginning traders.

πŸ“– For experienced traders set on obtaining a large funded account, FundedNext stands out as an excellent option with great profit potential. Just be prepared to show your skills by passing FundedNext's robust evaluations. If you have the talent and experience, FundedNext gives you the opportunity to succeed in a major way.


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