Today I decided to start a new funding challenge with FundedNext so that I can document and share the process with you.
First, I chose the 2 step Evaluation model, selected MetaTrader 4 as my trading platform and their Incenteco broker as the broker.
The first thing I did once inside the FundedNext client area dashboard was I reviewed all of their tooltips which reminded me of all the trading rules for my specific funding challenge.
Every funding challenge is slightly different so it’s really important to pay specific attention to the rules of your challenge. Here’s what the dashboard looks like:
Once I felt comfortable with the dashboard and had reviewed all the rules of this specific challenge, I installed the broker specific version of MT4, connected to the broker and felt the initial excitement of starting a new funding challenge.
As soon as I felt that initial excitement, I had to put myself in check and calm myself down and prepare for the long, careful trading journey ahead of me. Excitement is fun, but isn’t the best mindset to be trading from.
I purposefully waited for several potential trade setups to pass me by and remain neutral and non attached.
After a few hours, I entered my first trade with confidence and won a small trade.
Quickly that initial win turned from confidence into overconfidence, and I took a second trade that I probably shouldn’t have entered. I took a sell trade in a strong uptrend.
Luckily for me, I did wait long enough that even with some heinous drawdown, the trade eventually turned around and I hit my take profit, just barely.
As you can see in the dasbhoard image below, even though I won both trades, the drawdown was recorded and was pretty big / bad. Max Loss Recorded refers to the largest amount of drawdown I experienced during a trade, even though I won the trade itself. This is something to pay attention to because you have a daily limit for your drawdowns, even when you win the trade. They do this because even though you won the trade, you still exposed your account to that amount of risk, and they will only tolerate so much risk in a day.
So, instead of taking another trade right now, I am writing this blog post to calm down, and find a neutral place in myself before I start overtrading.
Even after years of trading, the excitement of a new challenge and sharing the results gets to my nerves enough to impact my thinking. As silly as this may sound, I’m sharing it with you for your benefit. I hope it helps you on your journey!
I will keep you posted on my progress from time to time and hopefully the winning streak continues!
Overall, I would say the process of getting started with FundedNext was really easy, and not as intimidating as other challenges have felt. FundedNext has some great options and pricing for challenges so I encourage you to check them out!
