What is the SurgeTrader Audition? How do you pass the audition and get funded? Find out in this expert analysis.
What is the SurgeTrader Audition? How do you pass the audition and get funded? Find out in this expert analysis.
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:
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 |
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.
Lightning Audition Scaling Plan
The Lightning Audition doesn’t have a scaling plan.
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. However, it’s important for traders to carefully read and understand the terms and conditions of these challenges, as they can vary widely bet
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.
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.