SeacrestFunded, formerly known as MyFundedFX, is a proprietary trading firm that offers traders the opportunity to manage simulated accounts with significant capital. By adhering to specific trading rules and guidelines, traders can demonstrate their skills and potentially earn profits.
Overview of SeacrestFunded
SeacrestFunded is a proprietary trading firm that offers traders the chance to manage demo accounts with significant capital allocations. Through a structured evaluation process, traders can demonstrate their skills and, upon successful completion, transition to managing live simulated accounts. The firm emphasizes a clear set of trading rules to ensure consistency, risk management, and profitability.
Unlike traditional retail trading accounts, where individual traders bear all the risks, SeacrestFunded allows traders to operate in a funded environment, meaning that the potential losses are not their responsibility. However, traders must adhere to strict guidelines to maintain their funded status, making it essential to fully understand and comply with the firm’s trading rules.
Understanding Proprietary Trading Firms
Proprietary trading firms are companies that invest their own capital in financial markets, employing traders to manage these funds. Unlike traditional investment firms that handle client money, prop firms trade with their own resources, sharing profits with their traders. This model allows skilled traders to access substantial capital without risking their personal funds.
Prop firms like SeacrestFunded have grown in popularity due to their ability to provide traders with financial backing, eliminating the need for personal investment. Instead of trading with their own savings, traders can take advantage of firm capital and focus on executing profitable trades. This is particularly beneficial for skilled traders who lack the initial capital needed to trade at a high level.
SeacrestFunded Trading Rules
SeacrestFunded has established specific SeacrestFunded Trading Rules to guide traders. These rules are designed to promote disciplined trading and effective risk management.
1. Prohibited Trading Practices
To maintain the integrity of its trading environment, SeacrestFunded prohibits certain trading practices:
- Exploiting Platform Errors or Latency: Traders must not take advantage of technical glitches or delays in the trading platform to gain unfair advantages.
- Using Insider Information: Trading based on non-public, material information is strictly forbidden.
- Front-Running Trades: Executing orders based on anticipated market movements due to pending orders is not allowed.
- Jeopardizing Broker Relationships: Engaging in activities that could harm SeacrestFunded’s relationships with its brokers is prohibited.
- Creating Regulatory Issues: Traders must avoid actions that could lead to regulatory complications for the firm or its brokers.
- Using Unauthorized Trading Strategies: Employing third-party strategies designed to pass evaluation phases without genuine trading is not permitted.
- Switching Strategies Post-Assessment: Changing trading strategies after passing the assessment phase is discouraged, as consistency is key.
Engaging in any of these prohibited activities can lead to termination from the program and forfeiture of any fees paid.
2. Education and Trader Development
While SeacrestFunded focuses on identifying proficient traders, it does not provide formal trading education. Traders must understand trading principles and risk management before joining. The firm may provide data and information on investment approaches, but it offers this solely for informational purposes and does not intend it as financial advice.
3. Evaluation Process: The 1-Step Challenge
SeacrestFunded offers a streamlined evaluation known as the “1-Step Challenge,” designed for experienced traders who wish to expedite their progression. Key aspects of this challenge include:
- Simulated Gain Target: Traders must achieve a 10% profit on the initial account balance.
- Minimum Profitable Days: A minimum of 3 profitable trading days is required, demonstrating consistent performance.
- Overall Simulated Loss: A maximum allowable loss of 6% from the highest recorded balance is enforced to manage risk.
- Daily Simulated Loss: Traders should not incur more than a 4% loss in a single day, calculated based on the starting balance and current equity.
- Trading Period: There is no time limit, allowing traders to progress at their own pace.
- Leverage: A leverage ratio of 30:1 is provided, enabling traders to control larger positions relative to their account balance.
Traders who successfully complete the 1-Step Challenge gain access to a live simulated account with an 80% profit split, and they can receive payouts every 14 days.
4. Permitted and Restricted Trading Strategies
SeacrestFunded allows various trading strategies but imposes certain restrictions to ensure responsible trading:
- Hedging Across Multiple Accounts: Using multiple accounts to place opposing trades is not allowed, as it does not reflect a genuine trading strategy.
- Martingale and Grid Strategies: These strategies, which involve increasing trade sizes to recover losses, are prohibited due to their high-risk nature.
- Abusive Trading Practices: Engaging in excessive buying and selling without a clear strategy, especially within short time frames, is discouraged. The policy enforces a maximum of 50 positions within 24 hours.
- Expert Advisors (EAs): Automated trading tools are permitted, but high-frequency trading, latency arbitrage, and other prohibited techniques are not allowed.
5. Payout Structure and Profit Sharing
SeacrestFunded offers a competitive profit-sharing model:
- Profit Split: Traders retain 80% of the profits generated in their live simulated accounts.
- Payout Frequency: Traders can request withdrawals every 14 days, offering regular income opportunities for those who are successful.
- Scaling Opportunities: Consistently profitable traders may have the chance to manage larger account sizes, enhancing their earning potential.
6. Risk Management and Account Protection
Effective risk management is crucial in trading. SeacrestFunded enforces the following measures:
- Daily Simulated Loss Limit: Traders must ensure their daily losses do not exceed 4% of their account balance.
- Overall Simulated Loss Cap: A maximum drawdown of 6% is enforced to protect capital.
- Consistent Trading Approach: Traders should follow a disciplined and stable trading methodology.
Conclusion
SeacrestFunded provides traders with a structured pathway to accessing significant capital through disciplined trading. By enforcing clear SeacrestFunded Trading Rules, risk management protocols, and a fair profit-sharing model, the firm ensures a sustainable trading environment. Understanding and adhering to these rules is crucial for traders seeking long-term success in the proprietary trading space.
Frequently Asked Questions (FAQs)
Is SeacrestFunded a real prop firm?
Yes, it is a proprietary trading firm offering simulated accounts for evaluation and profit-sharing opportunities.
Do traders need to invest their own money?
No, traders only pay an evaluation fee; no personal capital is at risk.
How long does the evaluation process take?
There is no time limit; traders can complete it at their own pace.
Are withdrawals guaranteed?
Withdrawals are processed according to the firm’s policies and profit-sharing agreements.
Can traders use automated trading strategies?
Yes, but the system restricts certain high-frequency and arbitrage strategies.
What happens if I violate the rules?
Violations may lead to termination from the program and loss of the evaluation fee.
