 |
Elite Trader Funding, a proprietary trading firm, has established structured guidelines that play a critical role in ensuring orderly and risk-managed trading. These guidelines, essential for both the firm and its traders, are designed to foster disciplined and profitable trading practices—a key aspect we at Trading Funder emphasize when helping traders choose the right prop firm. Adherence to these rules is vital for maintaining a successful trading environment.
The firm sets specific trading rules tailored to different evaluation accounts and Elite accounts. These evaluations include 1-Step Evaluations, Fast Track Evaluations, End-of-Day Drawdown Evaluations, Static Drawdown Evaluations, and Diamond Hands Evaluations. The Elite accounts consist of the Elite Sim-Funded account and the Live Elite account. Traders must meet clearly defined trading objectives within these phases, a process we at Trading Funder carefully review to ensure our clients are well-prepared.
Among the six core trading rules are maintaining positions within the Drawdown Limit, adhering to the Daily Loss Limit, trading for a minimum of five days, following the 40% consistency rule, trading within authorized hours, and avoiding prohibited trading instruments. There is also a consistency rule for Elite Sim-Funded accounts, though no scaling plan rule is applied—a nuance our consulting often highlights for traders to consider in their strategy.
Elite Trader Funding’s objectives center around achieving the profit target while strictly adhering to these rules. Understanding and meeting these objectives is crucial, which is why Trading Funder thoroughly analyzes these guidelines to help traders make informed decisions.
Regarding payouts and withdrawals, Elite Trader Funding outlines clear terms for profit distribution, initial withdrawal conditions, frequency and timing of withdrawal requests, and the minimum account balance required for transactions. Our Trading Funder team delves into these specifics to guide traders through the firm’s policies, ensuring they are well-informed and prepared to maximize their trading success.
This article provides an in-depth exploration of Elite Trader Funding’s rules, covering the Evaluation accounts phase, Elite accounts phase, and the firm’s payout and withdrawal policies, all through the lens of Trading Funder’s expertise.
What are the rules for Elite Trader Funding’s Evaluation?
Elite Trader Funding’s evaluation rules are designed to test a trader’s skill and discipline under simulated market conditions before granting access to a funded account.
The six primary Elite Trader Funding evaluation rules encompass: ensuring positions do not exceed the Drawdown Limit, keeping daily losses within the Daily Loss Limit, engaging in trading for at least five days, complying with the 40% consistency rule to ensure profit distribution, executing trades only within permitted hours, and refraining from trading disallowed instruments.
The following table provides the specific rules applicable to 1-step evaluations, Fast Track Evaluations, End-of-day drawdown Evaluations, Static Drawdown Evaluations, and Diamond Hands Evaluations in the Elite Trader Funding Evaluation phase:
| Rules | 1-step | Fast Track | End-of-day drawdown | Static Drawdown | Diamond Hands |
|---|---|---|---|---|---|
| Max Drawdown | Intraday Trailing Drawdown | Intraday Trailing Drawdown | End of Day trailing drawdown | Static Max Drawdown | End of Day trailing drawdown |
| Daily Loss Limit | None | None | Applicable | None | Applicable |
| Trading Days | Minimum of 5 trading days | Minimum of 5 trading days* | Minimum of 5 trading days | Minimum of 5 trading days | Minimum of 5 trading days |
| Trading Times | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) |
| Allowed Instruments | US Futures instruments | US Futures instruments | US Futures instruments | US Futures instruments | US Futures instruments |
*Fast Track accounts are subject to a rule that sets a maximum of 14 calendar days to achieve the profit target.
1- The Max Drawdown
The max drawdown at Elite Trader Funding is a critical measure used to monitor and manage the risk exposure of traders, ensuring that trading activities do not exceed predefined loss thresholds. It is meticulously designed to safeguard both the trader and the funding entity from excessive losses. Elite Trader Funding delineates three principal types of drawdown mechanisms:
- Intraday Trailing Drawdown: This mechanism tracks a trader’s highest unrealized profits during the trading day and sets a maximum allowable loss from that peak. It ensures traders do not give back too much of their intraday gains, encouraging the protection of capital through prudent risk management.
- End-of-Day (EOD) Drawdown: This measure sets a maximum allowable loss by the close of the trading day, emphasizing the need to maintain the account balance above a specified threshold at the day’s end. This type of drawdown is crucial for enforcing a disciplined approach to trading, preventing traders from making impulsive decisions in an attempt to recover from intraday losses.
- Static Drawdown: Unlike the intraday trailing and EOD drawdowns, the static drawdown is a fixed amount that defines the absolute floor for the trading account balance. It does not adjust based on daily trading activity, providing a precise minimum equity level that traders must maintain.
The table below shows the max drawdown value for each Fast Track account size at Elite Trade Funding:
| Account Size | Max Trailing Drawdown |
|---|---|
| $25K | $750 |
| $100K | $3,000 |
| $250K | $6,500 |
2- Daily Loss Limit
The Daily Loss Limit at Elite Trader Funding (ETF) is a risk management parameter designed to prevent traders from exceeding a predetermined loss threshold within a single trading day. This limit ensures that traders adhere to disciplined trading practices and manage risks effectively. The loss limit varies depending on the account type and size, with specific figures set for each tier. If a trader hits or exceeds the daily loss limit, it triggers protective measures, which can include the restriction of further trading activities for the day to prevent additional losses.
3- Trading Days
At Elite Trader Funding rules, the concept of minimum trading days is applied to ensure that traders engage in a sufficient amount of trading activity during the evaluation period to demonstrate their trading skills and risk management abilities. The minimum trading days at Elite Trader Funding is 5 days. A trading day is defined as any day a trade is placed; days on which no trade is placed do not count as trading days. For example, in the evaluation that requires a minimum of 5 trading days, a trader must trade on at least 5 different days within the evaluation period to meet this criterion. If a trader reaches the profit target in less than the required minimum trading days, they must continue trading until the minimum number of trading days is met.
4- Trading Hours
Trading times at Elite Trader Funding typically begin at 5 PM (CST) and end at 4 PM (CST) the following day. This schedule applies from Sunday 5 PM (CST) to Friday 4 PM (CST), with each segment from one day to the next counting as a single trading day. Note that Sunday is not considered a trading day.
5- Allowed Instruments
Elite Trader Funding exclusively allows trading in US Futures instruments. This specification restricts trading activities to futures markets only, excluding other financial instruments such as equities, options, and forex markets. The decision to focus on futures trading aligns with the regulatory and operational framework of Elite Trader Funding, providing a structured and controlled trading environment for participants.
What is Elite Trader Funding’s Evaluation Objective?
Elite Trader Funding’s main objective is for traders to achieve the profit target in their evaluation accounts. Achieving the profit target at Elite Trader Funding means reaching a predetermined level of profit set by the firm within a specific evaluation period or trading account framework. The profit target is a critical component of the evaluation process that traders must meet to qualify for a funded account. This target varies depending on the account size and the specific program the trader is participating in.
The table below shows the profit goal for each Fast Track account size at Elite Trader Funding:
| Account Size | Profit Target |
|---|---|
| $25K | $2,000 |
| $100K | $6,000 |
| $250K | $15,000 |
what are Elite Trader Funding’s Elite account rules?
The rules for Elite Trader Funding’s Elite accounts refer to specific guidelines and requirements designed to manage risk, ensure trading consistency, and maintain discipline among traders using the Elite account types.
The rules for Elite Trader Funding’s Elite accounts cover 5 main aspects, including maintaining account balance above the max drawdown, respecting the daily loss limit, adhering to the consistency rule, and following approved trading times and instruments.
The following table outlines the specific Elite Trader Funding rules applicable to the Elite Sim-funded accounts:
| Rules | Elite 1-step | Elite End-of-day drawdown | Elite Static Drawdown | Elite Diamond Hands |
|---|---|---|---|---|
| Max Drawdown | Intraday Trailing Drawdown. | End of Day trailing drawdown | Static Max Drawdown | End of Day trailing drawdown |
| Daily Loss Limit | None | Applicable | None | Applicable |
| Consistency Rule | 40% Consistency Rule | 40% Consistency Rule | 40% Consistency Rule | 40% Consistency Rule |
| Trading Times | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) | From Sunday 5 PM to Friday 4 PM (CST) |
| Allowed Instruments | US Futures instruments | US Futures instruments | US Futures instruments | US Futures instruments |
The drawdown limit will be permanently removed once the trader has earned realized profits equal to drawdown +$100.
What are Elite Trader Funding’s Elite account objectives?
Elite Trader Funding’s Elite account objectives refer to the structured goals within the Elite Trader Funding to provide opportunities for real payouts and account growth.
The objectives of Elite accounts involve satisfying three criteria: a safety net, mandatory trade days, and a 40% consistency rule.
- Safety Net: Traders must generate realized profits equal to the drawdown plus $100. This condition stops the max drawdown from trailing.
- Trade Days: Mandatory trading days differ across cycles; 15 days for the first two cycles, reducing to 10 days from the third cycle onwards.
- 40% Consistency Rule: The profit on the best trading day must not exceed 40% of the total balance.
Together, these objectives underscore Elite Trader Funding’s commitment to promoting sustainable trading careers by emphasizing risk management, consistent market engagement, and balanced profit generation.
Does Elite Trader Funding have a consistency rule?
Elite Trader Funding includes a 40% consistency rule for sim-funded accounts, specifying that no more than 40% of the total balance can be derived from a single trading day’s profit. This is calculated using the formula: (Best Day P&L / Total P&L) * 100. However, this consistency rule does not apply to live-funded accounts (LIVE ELITE) or Evaluation accounts.
Does Elite Trader Funding have a scaling plan rule?
Elite Trader Funding does not implement a traditional scaling plan in their trading evaluations or for funded traders. Their programs are designed to allow traders to operate without the constraints of scaling rules, meaning traders do not need to incrementally increase their trading size based on achieving certain performance metrics. Instead, traders can trade with the full allowable position size from the beginning of their evaluation or funded account period, provided they adhere to the maximum position limits and other criteria set for each specific account type or evaluation program.
what are Elite Trader Funding’s withdrawal/payout rules?
Elite Trader Funding’s withdrawal and payout rules are designed to accommodate traders with varying account sizes and trading strategies, ensuring a structured and secure withdrawal process. Here’s a consolidated overview of the key aspects of these rules:
- Payout Structure
- The payout amounts vary with the account size and the cycle of the payout, starting from $100 to no maximum limit from the fourth cycle onwards.
- For example, a $10,000 account can withdraw between $100 and $1,000 in the first cycle, with the range expanding to no maximum by the fourth cycle. This scaling applies up to accounts of $300,000, each with tailored initial limits that also evolve to no minimum or maximum by the fourth cycle.
- Withdrawal Policy
- Traders are allowed to withdraw up to their initial balance plus an additional $100. However, maintaining a minimum balance is crucial; failing to do so will result in account closure.
- Withdrawal Methods
- Withdrawals are processed through a partnership with Riseworks.io, requiring traders to create an account, complete KYC procedures, and link a bank account or online wallet.
- Requirements for Each Payout Cycle
- Traders need to meet specific criteria, including a safety net (realized profits equal to drawdown + $100), trade days (varying by payout cycle), and a 40% consistency rule (best trade day profit must not exceed 40% of the total balance).
- Payout Process
- Daily payouts are processed for requests submitted before 10 AM EST. A risk team audits these requests within 24 hours, with approved payouts processed by 3 PM EST. Accounts falling below the minimum balance due to a withdrawal will be closed.
- Additional Notes
- The KYC process is mandatory for fund release, and while payouts are processed daily, the settlement in the bank account may take several business days.
- If the maximum amount for a payout cycle is not fully withdrawn, the remainder does not carry over to the next cycle’s maximum limit.
- Restrictions
- Certain restrictions apply, such as the ineligibility of traders from specific countries and the prohibition of high-frequency trading (HFT) strategies or SIM environment manipulation, due to regulations by US Futures Commission Merchants (FCMs), clearing firms, and brokers.
Is Elite Trader Funding a Regulated Company?
Elite Trader Funding (ETF) is a proprietary trading firm focusing on futures trading that isn’t listed under major financial regulatory authorities like CFTC, FINMA, FCA, or ASIC. This is common for prop firms that trade with their own capital instead of managing client funds, hence they don’t fall under the direct regulatory oversight typical for broker-dealers. ETF offers a path to live funding through a partnership with T3 Global, which, while not regulated by NFA/CFTC, holds memberships in regulated markets CME and ICE and clears through NFA-regulated Marex Capital Markets.
Is Elite Trader Funding a legit Company?
Elite Trader Funding, founded in 2022 by Clint Chaney, Kanwal Singh, and Eric in Delaware, USA, offers legitimate proprietary trading services. Known for responsive customer service, it provides traders access to up to 20 accounts and various options suitable for different trading strategies. The firm enjoys a 4.5-star rating on Trustpilot from over 230 reviews, praised for quick payments and holiday trading capabilities. Despite some critiques on hidden fees and platform integration, feedback is largely positive, affirming satisfaction with its services, transparency, favorable profit sharing, monthly sales, discounts, and clear trading rules. Read our detailed review of Elite Trader Funding’s legitimacy.
Conclusion on Elite Trader Funding’s rules
Elite Trader Funding (ETF) offers traders structured rules and policies designed to ensure disciplined trading, which we at Trading Funder emphasize for success. Key rules include maintaining the drawdown and daily loss limits, trading for a minimum of five days, and following the 40% consistency rule. ETF’s profit split gives traders 100% of the first $12,500, then 90% thereafter. Withdrawals can be requested daily, provided traders meet the balance requirements and trading objectives. Our Trading Funder team advises traders on navigating these rules to maximize their potential profits and ensure compliance.
|
