Funded trading accounts enable stock traders to enjoy higher potential return thanks to the generous deposit backed by a private investment firm. However, the big question is – how can day traders become eligible and access such an account? Well, some services provide this opportunity at a cost, but Tradenet, the online day trading school founded by Meir Barak, offers this chance for free! The only thing you should do is to successfully pass a five-day trading change.
While it sounds easy at first sight, Tradenet’s day trading challenge has several strict conditions that make the whole process quite challenging. In the following lines, we’ll give you some tips and recommendations to increase your winning chances.
How to Pass Tradenet’s Trading Challenge?
First of all, let’s briefly describe how Tradenet’s challenge is structured and what the potential prizes are. During the five-day test, you will be given a $10,000 demo account with virtual money. By the end of the challenge, you should end up with $500 net profits. However, certain conditions should be met, such as:
- You must trade at least three active days out of five and use between six and a twenty trading tickets per trading day;
- You must record daily net profits of no less than $100 by the end of at least two trading days.
- If you reach the maximum daily loss limit of $100 or the maximum total loss limit of $300, you are out of the challenge.
- You must close all trading positions by the end of each day.
These conditions help Tradenet filter the best traders and encourage them to start a professional trading career. To jump-start their journey, the trading school offers a great prize – winners get access to $14,000 funded account with real money. They can ask for payouts of up to 70% of the net profits generated with the funded account. Besides this, the winners also get access to Tradenet’s live trading room, where Meir and his team are sharing trading strategies and tips on a daily basis, the Self-Study course, and Barak’s bestselling book “the Market Whisperer.”
Now that you know the amazing prizes at stake, the first step to pass the trading test is to register on Tradenet’s challenge webpage.
3 Tips to Successfully Pass the Challenge
If you want to increase the winning chances, you can consider the following tips:
- Tip #1– Play with the platform before you start the challenge to feel more comfortable with it and less stressful. When you begin the test, you’ll probably experience a high tension because of the desire to win no matter what. Testing the platform prior to starting the trading challenge will help you avoid mistakes.
- Tip #2 – Stick to the risk-management rules! Really – this recommendation is not valid only during the five-day test but in any situation. While you have just several days to prove your trading skills, you shouldn’t hunt for rapid gains but rather stay disciplined and wait for the right moment to come, and believe me – there will be many good moments to benefit from the stock price volatility. Also, don’t set unnecessary and crazy goals like completing the challenge in only three days or exceed the profit requirement by a distance.
- Tip #3 – Try to focus on stocks that show some volatility driven by fundamental news. While day trading goes hand in hand with technical analysis, you should check the news and make sure you don’t miss anything important that could topple your analysis.
Wallace Bagwell, from Tennessee, US, shared his experience and said:
“There were certain predictable channels, and this was happening in the stock market after pre-market hours. I was able to take advantage of the up-and-down of the SPY (S&P 500 index).”
Thus, by carefully watching the markets, Wallace could enter positions at the right time and record decent profits.
Here is What to Avoid
Besides the things that you should take into consideration and implement during the day trading challenge, there are a few things to avoid.
First of all, don’t get too emotional and nervous when the trading test starts. There might be a lot of pressure in your head, but try to be rational and stick to your rules rather than let emotions have control over you.
While the challenge lasts for only five days, don’t expect it to be easy and never get distracted. As we explained above, there are a lot of conditions, so stay focused during the entire process!
Finally, don’t hurry up! Before opening a position, take your time to check the news and see what the technical indicators say.
If you consider these basic tips explained here, the challenge will seem much easier for you. If you want to see how others have passed it, you can check some testimonials.
Disclaimer: This content does not necessarily represent the views of IWB.