There are several key steps to apply for funding with the best prop trading firms in Chicago IL. Forex prop firm funding has transformed the entire industry – allowing traders to secure institutional-level capital. The increased capital can help traders implement profitable decisions, manage risks, and place larger positions. As a Chicago-based seasoned expert, apply for funding with prop firms that accept US traders to earn bigger. Once secured, you can utilize the prop firm funds to trade forex, stocks, and other financial instruments.
Apply for Funding Traders’ unique funding programs to start your prop trading career with a competitive advantage. In addition to prop firm funding, you can also leverage:
- No-commission during challenge
- Up to 100% profit splits
- Faster 7-day payouts
- Multiple payout methods
Read on to learn how do prop firms work and the steps to apply for funding with a reliable Chicago-based company.
Develop A Profitable Forex Trading Strategy
Before applying for funding with a leading US prop trading firm in Chicago IL, you must develop a profitable forex strategy. Build a rule-based strategy that includes risk management practices, profitability parameters, and stop-loss requirements. Of course, your forex strategies should stay safe from psychological human errors to protect the prop firm’s capital.
You can always backtest your strategies against years of previous forex data to stay profitable in the long run. Backtesting is a smart approach to validate a forex strategy multiple times across different trading scenarios. Ideally, you should back-test against 200-500+ trades to build a strong risk-averse profitable strategy.
Notably, you should also modify your forex strategy to meet the prop firm’s funding requirements – including profit targets, drawdown limits, and trading styles. This way, you can successfuly complete the funding programs without violating prop firm’s trading rules.
>> As a reputable prop firm, Funding Traders supports all types of forex strategies – including copy, news, and EA trading. Utilize your tested trading strategies to complete the profit targets and secure a forex-funded account.
Indeed, develop a profitable forex trading strategy to apply for funding with a Chicago-based prop firm.
Choose A Top-Rated Proprietary Firm
Next, choose a top-rated proprietary firm funding program in Chicago IL. Typically, prop firms offer various funding options for experienced and novice traders. Select a prop firm best suited for your trading style, funding requirements, and overall objectives. You can compare several factors to make an informed decision and succeed as a prop trader. These factors include:
- Funding Capital: Look for a prop firm with multiple funding levels. As a global prop firm, Funding Traders offers five different funding account sizes – starting from $10,000 to $200,000. These varying levels accommodate all trading needs, goals, and strategies. Plus, experienced traders can apply for $2 million funding programs to trade bigger.
- Fee Structure: Choose a prop firm with transparent fee structures. Watch out for any hidden charges, platform fees, and higher commissions. To support the global community, Funding Traders offers transparent and fair challenge fees – starting from $100. In addition, you can apply for the funding program without any desk charges, monthly memberships, or platform fees.
- Profit Split: Before committing to a prop firm funding program, clearly understand the profit-sharing terms. Despite competitive funding opportunities, many prop firms in Chicago may limit your profit earnings with a 60/40 split. Funding Traders rewards all its traders with a default 80% profits – with unique opportunities to keep 100% of the earnings.
Indeed, select a reputable firm to apply for prop trading funding in Chicago IL.
Select A Funding Program
Now, select the prop trading firm’s forex funding program in Chicago IL. To receive a funded account, prop firms often require traders to complete a funding evaluation. Clearly understand the evaluation structure and choose a program that matches your trading style, strategies, and experience. For instance, experienced traders with high-risk tolerance may consider 2-step funding evaluations. Meanwhile, beginners may apply for 1-step evaluation programs to get funded – while managing moderate risk. Similarly, select a funding program with a relaxing time frame to complete the evaluation.
>> While many prop firms set a strict 30-day time frame to pass the challenge, Funding Traders offers an unlimited trading period for all evaluation programs. Plus, you can choose the “Account Review” add-on to receive a written report on your performance during evaluation.
This way, even if you fail the evaluation, you’ll receive valuable resources to prepare for the next attempt. Indeed, select the appropriate program to apply for funding with the best US prop firm in Chicago IL.
Pass Your Trading Challenge
Now, pass your trading challenge to receive funding from a prop firm in Chicago IL. Demonstrate your consistency, profitability, and unique trading skills to successfully complete the prop firm evaluation. During the challenge phase, prop firms require traders to work on a challenge account – with specific trading rules and milestones. Typically, these challenge rules test your strategy, risk management, and overall performance. You may need to showcase a consistent trading performance over several weeks to pass the challenge.
At Funding Traders, meet these realistic profit targets to complete the trading challenge:
- Profit Target (1-step challenge): 10%
- Profit Target (2-step Phase-1): 10%
- Profit Target (2-step Phase-2): 5%
- Maximum Drawdown (1-step challenge): 5%
- Maximum Drawdown (2-step challenge): 10%
- Daily Drawdown (1-step challenge): 4%
- Daily Drawdown (2-step challenge): 5%
When you meet the prop firm’s evaluation milestones, you’ll receive a funded account to trade in live forex markets. Indeed, complete the challenge to get funded with a prop trading firm in Chicago IL.
Maintain & Scale Funded Account Performance
After you receive prop firm funding in Chicago IL, maintain a consistent performance to scale your account. Follow the prop firm’s unique rules to maintain and keep your account funded. Typically, prop firms require you to stay consistent, disciplined, and risk-focused to avoid account suspensions. In addition, you may apply proper position sizes and stop loss limits to avoid overtrading. Ultimately, focus on avoiding emotion-based impulsive decisions to stay consistent and maintain your funded account.
At Funding Traders, consistently profitable traders are also eligible to scale their funded accounts. Meet these consistent targets to successfuly scale your capital and trade bigger:
- Achieve all scaling milestones within a period of consecutive three months
- Maintain a 10% consistent balance on your initial account balance
- Stay consistently profitable for at least two months
>> Traders who achieve these milestones are eligible to increase their initial balance by 25% every quarter and scale up to a $2 million funded account.
Indeed, maintain a consistent performance to scale your funded account with the best Chicago-based prop trading firm.
There are several steps to apply for funding with prop trading firms in Chicago. Start off with developing a profitable forex strategy to stay consistent in the long run. Next, choose a top-rated prop trading firm that matches your trading style – while offering competitive funding opportunities.
Now, select between 1-step & 2-step challenges and meet profit targets, drawdown limits, and daily loss limits to pass the funding challenge in forex and get funded. Once funded, stay consistent to maintain and scale up your forex-funded account up to $2 million.
Ready to apply for funding with the best prop trading firm in Chicago IL? Click here to get started with the evaluation program.
