What is the TopTier Trader challenge? How much can you expect to make? Do they offer scaling? Find out here.
Signing up for the TopTier Trader challenge is easy. However, is this challenge suitable for your investing needs? How do you pass the challenge and get funded?
This guide will help you get started.
Here are the conditions of the TopTier Trader challenge:
Condition | Tier 1 | Tier 2 |
Account Size | 25k-300k | 25k-300k |
Profit Target | 10% | 5% |
Refundable Fees | $255 | Free |
Trading Days Limit | No Limit | No Limit |
Max. Leverage | 1:100 | 1:100 |
Scaling | Yes | Yes |
Daily Loss Limit | 5% ($1,250) | 5% ($1,250) |
Copy Trading | Yes | Yes |
Weekend Holding | No | No |
Broker(s) | MT5 | MT5 |
TopTier Trader offers cryptocurrency trading, bi-weekly payments, and Vital Markets collaboration.
Tier 1 is the initial phase of the evaluation procedure. You must achieve success at this level to advance to Tier 2. Exhibit your trading prowess and self-control through the observance of the trading objectives. Tier 1 advancement requires the achievement of the profit target within a thirty-day period, without any drawdown violations. The objective for Tier 1 of the Evaluation is a 10% profit margin over a thirty-day period. A minimum of seven business days is required. There is no obligation to await the residual number of days if the trading objective is achieved earlier. A daily maximum loss (drawdown) of 5% of the initial daily balance will be permitted.
At 5:00 PM Eastern Time each day, the utmost quantity of weight loss that is possible in a single day will be determined once more. A “drawdown,” or maximum cumulative loss, is restricted to ten percent of the account’s initial value. In the process of determining the drawdown, all profits and losses arising from floating assets are duly considered. Should a drawdown violation prevent you from passing the evaluation, you will be obligated to establish a new account. To advance to Tier 2, your account must be in good standing and have a balance that exceeds the minimum requirement.
Two and final in rank, Tier 2 represents the process of acquiring a TopTier Funded account. After passing Tier 2 and having your results verified, the firm may invite you to trade on its behalf. The 60-day duration of Tier 2 of the Challenge is accompanied by a profit target of 5%. In addition, a seven-day minimum transaction period applies. 5% of your daily starting quantity is the utmost daily loss (drawdown). The regulations are essentially identical to those of Tier 1, except for profit targets and trading days.
Regular TopTier Challenge accounts are not, however, authorized to trade on weekends. All holdings in TopTier Challenge Regular accounts will be liquidated on Friday at 4:00 PM EST. Additionally, the use of EA on a TopTier Challenge Regular account is prohibited.
Forex prop challenges are a type of evaluation process used by proprietary trading firms to assess traders’ ability to generate profits while managing risks effectively. These challenges are designed to test traders under real-market conditions without the firm having to risk its own capital upfront. Here’s how they generally work:
Forex prop challenges have become popular as they offer a win-win situation: traders get access to substantial trading capital without needing to risk their own funds (beyond the initial fee), and firms can find talented traders with a proven ability to generate profits under defined risk parameters.
Companies that offer similar challenges include FTMO and SurgeTrader.
Successfully completing forex prop challenges demands a blend of discipline, strategic planning, and risk management. First and foremost, understanding the specific rules and objectives set forth by the prop firm is crucial. Before you begin trading, ensure you are fully aware of the profit targets, maximum drawdown limits, and any other constraints, such as minimum trading days. This foundational knowledge allows you to tailor your trading strategy to meet these criteria without violating any rules that could disqualify you from the challenge.
Developing a solid trading plan is your next step. This plan should not only aim to achieve the profit targets but also incorporate strict risk management rules to avoid hitting the drawdown limit. Consider factors like your risk-to-reward ratio, the size of your positions, and the markets you will trade. Sticking to currency pairs you are familiar with can enhance your ability to predict market movements and manage risks effectively. It’s also beneficial to schedule your trading times around major market events or releases that can impact currency volatility, thereby maximizing your trading opportunities.
Risk management cannot be overstated in its importance. Apply consistent risk management techniques to protect your capital. This might include setting stop-loss orders for every trade, managing the size of your positions, and not risking more than a small percentage of the account on a single trade. Remember, the goal is not just to make profits but to do so in a way that carefully manages potential losses.
Psychological preparedness is also key to navigating the ups and downs of trading. Maintaining discipline and emotional control can help you stick to your trading plan, especially during periods of market volatility or after experiencing losses. Avoid the temptation to overtrade or chase losses to hit your profit targets. Sometimes, taking a step back and reassessing your strategy is necessary to ensure you are aligned with the challenge’s goals and within risk management parameters.
Lastly, consider using the challenge as a learning opportunity, regardless of the outcome. Reflect on your trading decisions, strategies employed, and how you managed risk. Successful completion often requires continuous learning and adjustment of your approaches based on experience and performance analysis. Engaging with a community of traders, either within the prop firm or online, can provide additional insights and support to enhance your trading skills and strategies.
By focusing on these key areas—understanding the challenge rules, planning and executing a disciplined trading strategy, employing rigorous risk management, maintaining psychological resilience, and learning from the experience—you’ll be well-positioned to successfully complete the TopTier Trader challenge and advance your trading career.
Qualifying the TopTier Trader challenge is easy. All you need is a little preparation and familiarity with the fundamentals of forex prop trading.
What are your thoughts on this TopTier challenge guide? Let us know in the comments.
Best Of
Best Forex Prop Firms 2024
Cheapest Forex Prop Firms 2024
Best Forex Brokers 2024
Compare
Fidelcrest Vs The5ers
The Funded Trader Vs The5ers
Goat Funded Trader Vs Glow Node
Warnings
Forex Prop Scams
Forex Prop Warnings
Worst Forex Prop Firms 2024
Who Are We
About Us
Contact Us
Advertise With Us
How We Test
ForexTelevision.com is a website that provides resources and information related to forex trading. It focuses on proprietary trading firms (prop firms) and offers content on various aspects of forex trading, including how to use trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), how to open a prop trading account, and how to develop a trading plan.