SurgeTrader Audition: Review and Tips

Surgetrader aka Surge Trader is a highly popular forex prop firm with an attractive evaluation program called “Surgetrader audition”.

Is this audition worth it? how do you sign up? Find out in this expert post:

SurgeTrader Audition: What is It?

Here are the the terms of SurgeTrader audition:

Account Size	25k-500k
Phase 1 Profit Target	10%
Drawdown Method	Trailing
Trading Days Limit	No Limit
Max. Leverage	1:20
Scaling	Yes
Daily Loss Limit	5%
Copy Trading	Yes
Weekend Holding	Yes
Broker(s)	MT5

SurgeTrader Lightning Audition

Apart from the 1-phase and 2-phase auditions offered, the company also provides customers with a lightning audition.

The Lightning Audition by SurgeTrader offers traders the chance to handle account amounts ranging from $10,000 to $100,000. The main objective is to find skilled traders who can effectively manage risk over a short evaluation period, while also being disciplined and profitable. Traders participating in the Lightning Audition can trade with a leverage ratio of up to 1:20.

During the evaluation phase, traders are assigned the goal of achieving a profit target of 5% while ensuring that they do not surpass the 3% limit on daily losses or the 4% limit on trailing losses. 

Significantly, participants are given one week to achieve the profit objective in phase one. Nevertheless, there are no specified criteria regarding the minimum number of trading days or trades needed to progress to a funded account.

After completing the evaluation step, traders are granted a funded account without any minimum withdrawal prerequisites. Strict compliance with the 3% maximum daily loss and 4% maximum trailing loss regulations is obligatory. 

The initial payout can be obtained on the first day if a profit is achieved, and further withdrawals can be requested every month. The profit percentages vary between 75% and 90%, depending on the profits generated from the financed account.

Add-ons for SurgeTrader’s Lightning Audition

1. No Stop-loss Requirement
2. 90% Profit Split
3. Double Leverage of 1:20

Lightning Audition Scaling Plan

The Lightning Audition doesn’t have a scaling plan.

What are Forex Prop Challenges?

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:

1. Registration and Fee: Traders sign up for a challenge by selecting a specific trading account size and pay a registration fee to participate. The account size determines the maximum drawdown limit and profit target the trader must achieve.
2. Trading Rules: Each prop firm sets its own set of trading rules, which may include restrictions on trading hours, maximum position sizes, prohibited trading strategies (like scalping or hedging), and a required trading period (often 30 days).
3. Profit Target: Traders are given a profit target to achieve within a certain period without violating the drawdown limit or any of the firm’s trading rules.
4. Drawdown Limit: This is the maximum allowable percentage loss from the initial balance of the trading account. If a trader hits this limit, they fail the challenge.
5. Evaluation Period: During the evaluation, traders must demonstrate their trading skills and risk management by following the firm’s rules. The evaluation period typically lasts a month but can vary.
6. Reward: Successful traders who meet the profit target without violating any rules or limits are offered a funded trading account. This means the firm provides capital for the trader to trade, and profits are shared between the trader and the firm according to a predetermined split.
7. Continued Evaluation: Even after passing the initial challenge and receiving a funded account, traders are often subject to ongoing evaluations to ensure they continue to trade effectively and within the firm’s risk parameters.

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. However, it’s important for traders to carefully read and understand the terms and conditions of these challenges, as they can vary widely bet

How to Beat the SurgeTrader Audition?

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 SurgeTrader audition and advance your trading career.

SurgeTrader Audition Review: Conclusion

Qualifying the SurgeTrader audition is easy. All you need is a little preparation and familiarity with the fundamentals of forex prop trading.

What are your thoughts on this SurgeTrader audition guide? Let us know in the comments.