You may have heard of Apex Trader Funding or even have an account with them already. Apex Trader Funding is a challenge based prop firm with a focus on Futures Trading, using Ninja Trader and Rithmic as the platforms to trade.
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It is important to understand the rules of the challenge first, in order to create a plan to pass the challenge. Let’s use the $300,000 USD Challenge as the example. There is no time limit on the challenge, provided the monthly fee is paid.
The target is $20,000 USD, or just under 7%. Giving yourself 2 months to pass, which is about 40 business days, the daily target would be to earn $500 (0.1% return per day on the starting balance). Some days may be more or less but on average, aiming for $500 will help to keep risk low, the pressure on yourself low and the target is quite achievable.
Staying within the drawdown limit starting at a balance of $292,500 ($7,500 drawdown), this will lift as your open profit rises, so be sure to close profitable trades when they move up as pullbacks on open positions will tighten your maximum stop limits. The trailing stops once the drawdown limit reaches $300,100 allowing you to move up and hold trades a little longer without being squeezed on pullbacks.
The challenge is designed to create good trading habits where positions are opened and closed on the same day, mitigating overnight risk. The tight trailing drawdown also gives the insight to close trades when they are in reasonable profit. This limits not taking profits when they are on the table and being squeezed by the trailing drawdown.
Achievable Challange: Double the Time, Half the Return
While there isn’t a time limit, even passing in double the time of a standard 30 day prop firm challenge is a great achievement, but you don’t have the pressure of losing everything if you don’t make the target in time.
Often the return in the 30 day (20 business days) is 10% with many prop firms. With a 6.7% required return, the Apex Trader Funding challenge is far more achievable than many other prop firm challenges. The theme of Apex Trader Funding is building a community of successful traders making profits and spreading the company risk (Apex) across many strategies and styles of trading. Rather than a model that seeks to take advantage of inexperienced traders, Apex focus on building a strong and trusting balance between trader and firm.