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3 Simple Steps to Getting a Funded Forex Account

Posted by BluFX

 

Funded Forex Account

Looking for a funded forex account? With so many options to choose from, the process can be unbelievably complicated. At BluFX, we make things simple: pay your subscription fee and get trading the same day - no demo accounts, no trials, no challenges. Easy!


Read: How to Trade Profitably On a BluFX Account ⟶


3 Steps to Getting a Funded Forex Account

1. Decide the account size you want

How much money do you want to trade with? This is a question that will determine what type of funded forex account you end up choosing. 

There are a few different options available to you if you decide to open a BluFX trading account - but the best type of account for you depends on your experience trading forex, your trading strategy, your budget, and the kind of features you’d like for your account.

Do you want to trade a more complicated strategy? Do you want a more aggressive growth plan? Is there a specific number of pips that you are comfortable making per day? Do you want to trade 24 hours or 6am to 9pm? 

At BluFX, we offer two options for your funded forex account – a $25k Lite account and a $50k Pro account.

Lite account

  • Meta trader 4
  • $25,000 funding capital
  • $75,000 purchasing power
  • No trader loss liability
  • 50-50 profit split
  • Trading hours 6am-9pm
  • Overnight position
  • 10% drawdown
  • Trading support
  • 29 trading products
  • Withdrawal schedule

Pro account

  • Meta trader 4
  • $50,000 funding capital
  • $150,000 purchasing power
  • No trader loss liability
  • 50-50 profit split
  • 24-hour trading
  • Overnight position
  • 10% drawdown
  • Trading support
  • 29 trading products
  • Withdrawal schedule
  • Account growth

Not sure if you’re ready to ditch demo? Read 4 Reasons to Ditch Demo Accounts>>

2. Save up £99 or £249 - your subscription fee

To access your fully funded forex account with BluFX, you’ll need to pay a monthly subscription fee of either £99 (Lite) or £249 (Pro). Don’t have that money? No problem: you can save it up over time.  

First, you need to make a plan and stick to it. By listing your goals - such as a time frame - it becomes simpler and easier to achieve them. For example: do you want to trade for two months on Lite to give yourself space to develop your trading? Then you’ll need to save £198. Or do you want to trade for three months on Pro? You’ll need £747. Figuring out how long you want to trade for - and on which account - will help you direct your goals.

Once you have defined your goals, and you have a number in mind, start cutting down your expenses by making a list of essential things that you can live without (sorry, Netflix!). This will enable you to pare down unnecessary expenses. 

Struggling to budget? Here are 4 steps to budget for your forex goal>>

3. You've got your funded forex account!

Once you've opened your funded forex account, it's time to think about all you would like to accomplish. It's important to actively track all of your trades with a trading log, which will help you hone in on the most profitable trades. 

Keep it simple and follow these three steps:      

Decide what type of trader you will be 

Once you have started your funded forex account, the first step is to decide what kind of trader you’ll be. Use your trading style to determine the amount of time each day you will spend analyzing your charts and the amount of money you will put at risk per trade. Using a well-defined, set trading plan throughout your forex trading endeavors is vital.

Think BluFX is too good to be true? Read 5 BluFX Myths Debunked>>

Choose your time frame

For anyone trading forex, time spreads are critical. When the big banks and market players make a move, it affects all currencies across the board. That is when you can make money by following the news and getting in on the action for a short time. If you don't like trading intraday chart price action, look at longer-term charts for a much larger movement in your position size.

Traders can choose from a variety of time frames to determine how they want to trade. The 5 minute time frame provides a more detailed view of price movement. By following the one or 2-minute action, you will never miss a beat.

There are also daily and weekly time frames and intraday trading that range from minutes to hours. The choice of time frame is personal. It depends on your personality, your daily routine, how much time you are willing to spend every day on forex trading, and more.

How to trade profitably on your BluFX account>>

Use your trading plan to help you choose your trades

After you've opened your funded forex account, you should spend some time learning how to trade. But, before you begin trading, make sure you have a trading plan in place! Your trading plan should include what markets you intend to trade, how much risk you are willing to take per trade, your reasons for trading, stop-loss levels, and exit targets. Once you've gathered this information, it's time to put your plan into action to help you manage your trades. 

Remember that having a complete strategy that includes entry, stop loss, take profit targets, and exits will help you perform each trade appropriately. After you've created a trading plan, followed it a few times, and made some money, it's time to consider a longer-term strategy—one that uses your newfound knowledge to help you take your trading to the next level.

Read: How I Got Started Trading for a Bank ⟶

Tags: Trading with BluFX

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