Introduction
Prop firm trading competitions are a great way for aspiring traders to practice their trading skills and potentially earn themselves a free evaluation account, or even a cash prize.
In this article we’ll take a look at the two biggest and best regular free to enter prop firm trading competitions that are hosted by FundedNext and The5ers.
FundedNext Monthly Competition
Overview
FundedNext hosts a popular monthly trading competition that runs from the first to the last day of each month, where traders can compete to earn cash prizes and evaluation accounts.
Rules
Prize Structure
The5ers Weekly Competition
Overview
The5ers have recently launched a weekly trading competition that runs from 10am server time each Wednesday until the following Tuesday.
Rules
Prize Structure
Top Tips for Traders Entering Competitions
- Follow Your Strategy: consistent trading is essential if you want to do well in a trading competition. You can’t win them all, but to win any you will need a consistent approach to your trading.
- Risk Management: In order to do well in a trading competition you have to first avoid the drawdown limits, and second you have to maximise profits. Consider risking a small amount initially and then use profits to aggressively increase size so that you can maximise potential profits without a risk of breaching the account.
- Stay Calm, Be Patient: Just because the trading competition has an end date, that doesn’t mean you should be impatient and start forcing trades. Anything can happen in the markets, so stay calm, be patient, and wait for the right opportunities to present themselves.
Conclusion
Prop firm trading competitions offer traders an opportunity to test and develop their skills in live market conditions, without any financial risk, and the potential to earn an evaluation account and/or a cash prize.
If you’re still honing your craft and are not quite ready for a funded account, or you want a funded account but cannot afford to purchase one, then prop firm trading competitions might be just what you need.
