This depends on what amount of phases the challenge you have purchased has. You will need to complete all evaluation phases before reaching the live funded phase. After a successful completion, your earnings potential will depend on your performance and ability to generate profits with the Live Account.
Add-ons will apply a multiplier to your base price. Additional add-ons will also be multiplied against your base price, and the total cost of these add-ons will then be affected by your total number of add-ons as follows:
Example: $100,000 Account with Multiple Modifiers
Selected Options:
Since you selected 4 modifiers, your total add-on cost gets a 15% bundling discount (×0.85).
Price Breakdown:
Item Cost
Base Price $550.00
Add-ons (before discount) $55 + $137.50 + $110 + $82.50 = $385.00
Bundled Add-on Total (× 0.85) $385 × 0.85 = $327.25
Pre-Step Total $550 + $327.25 = $877.25
2-Step Evaluation Discount (× 0.85) $877.25 × 0.85 = $745.66
Final Evaluation Fee: $745.66
Yes, you can trade news if you have added the "News Trading Allowed" modifier. However, it's essential to be aware that trading news events can carry the risk of delayed executions, especially when market prices move rapidly. This risk could potentially lead to adverse outcomes, including the loss of your trading account if not managed carefully. Traders should exercise caution and implement appropriate risk management strategies when participating in news-related trading activities
If you violate the rules, you lose access to the account, and it gets automatically locked from the Trading Account by the system. However, you may purchase a new account and start the process over when you feel you are ready.
Effortlessly monitor your trading performance using our intuitive dashboard or our performance overview. We believe it offers the most effective means to clearly visualize all your critical statistics. Our goal has been to provide the most user-friendly experience for you to track your complete trading history, along with your Trading Objectives and Rules.
Yes, you may hold trades overnight in the Forex market. However, it's crucial to be aware that doing so may expose you to an increased spread and the potential for slippage, which could result in adverse outcomes, including the possibility of losing your position. Traders should always consider these factors when deciding to keep positions open overnight and implement appropriate risk management measures
Phase 01: The Challenge
Our base model is a One-Step Challenge with a 31-day trading period (extensions available). You choose your rules and modifiers —the challenge adapts to you. Pass all objectives and complete Identity Verification, and you're live.
Want a cheaper challenge cost? You can add a second or third phase to discount your total cost!
Phase 02 and 03: Validation (Optional)
If selected, this phase tests your trading consistency with the same rules as Phase 01. Once completed, you’ll move to Identity Verification and then Live Trading.
Final Phase: Live Trading
No profit targets, just daily and overall drawdown rules. Trade with confidence, knowing your skills earned you a spot. Your performance may even guide our real-market decisions.
We have an integrated trading platform built into our backend which you can see when you login!
Users are not responsible for any loss of simulated funds resulting from trades made through their account.
However, if a User violates any of the Rules and Objectives, the User's account will be closed, and their membership terminated.
The trader is entitled to retain the percentage amount that is described in the challenge of the profits they generate on the Investor Trader account at the conclusion of each trading period, provided they adhere to the account's Objectives and Rules. You can view all this info from your dashboard when you login!
When you successfully pass one of our evaluations, our system will automatically initiate a review of your account to confirm that all requirements have been met without any rules being breached. Once this review is concluded and if it is confirmed that you have successfully navigated the evaluation phase, you will be provided with a Trader account, equipped with the amount of starting capital you opted for during your evaluation phase.
The account allows users to receive 80% of the profits they generate. Standard account holders are eligible for their first payout after 30 days. Users will have access to the same account balance they utilized during the evaluation phase. For instance, if a user had $200,000 in simulated funds during the evaluation phase, they will have $200,000 in their Trader account.
To receive your payouts, the system recognizes the profits at the end of the month and disburses them according to the profit split to the wallet address you have provided. It is the trader's responsibility to ensure the accuracy of the wallet address. TheNomadTrader is not liable for any issues that arise due to incorrect wallet information.
To open a trading account with us, follow these steps:
● Login to your account or register here!
● Fill out the online application form with your personal information.
● Select the challenge type that suits your trading needs.
● Once your application is approved, you'll receive account login credentials via email.
● Log in to your new trading account.
We provide only accounts with USD as the base currency.
At the end of the month, live accounts are reset to their original amount. The profit is divided according to the profit split. Your profit will be transferred to your via your selected payment method.
Leverage levels are set when you open your trading account and are not adjustable afterward. A leverage of 1:100 is preset.
A demo trading account allows you to practice trading with virtual funds. To get a demo account:
● Visit our website login and select "Open a Demo Account" under “Purchase”
● You'll receive login credentials for the demo account.
● Instantly practice trading without risking real money!
Contact our support team to initiate the closure of your account.
Keep in mind that some brokers may charge an account closure fee depending on the type of account.
If you suspect unauthorized access to your trading account, take immediate action:
● Change your account password.
● Contact our support team to report the incident and request assistance.
● Review your account history for any unauthorized transactions.
Protect your account by regularly monitoring activity and using strong security measures.
The processing time for withdrawals varies based on factors such as the withdrawal method, account verification requirements, and current market conditions. It can range from a few hours to several business days. You can find specific processing times in the withdrawal section on our website.
Withdrawal fees may apply, depending on your selected withdrawal method and account type.
Some withdrawal methods, such as bank transfers or certain e-wallets, may have associated fees. You can review our fees on our website or contact our support team for detailed fee information.
No, because these are accounts predetermined by us. They are always reset to their original balance at the end of the month. Accounts that have negative balances will be up for review by our risk department and may be subject to closure on our discretion.
A trading strategy is a well-defined plan that outlines how a forex trader intends to enter and exit trades. It is crucial in forex trading because it provides structure, discipline, and a systematic approach to making trading decisions. Without a strategy, traders are more likely to make impulsive and emotional choices, leading to inconsistent results and potential losses. MACD, RSI, and chart patterns are all signals and ways to identify trends and potential entry and exit points for their trades.
To create a trading strategy tailored to your goals and risk tolerance, follow these steps:
1. Define your financial objectives.
2. Assess your risk tolerance.
3. Choose a trading style (e.g., day trading, swing trading, or long-term investing).
4. Select technical and fundamental analysis tools that align with your strategy.
5. Develop clear entry and exit rules.
6. Backtest your strategy on historical data.
7. Adjust and refine the strategy based on backtesting results.
8. Implement and stick to your plan while managing risk effectively.
Common mistakes include overleveraging, neglecting risk management, emotional
trading, lack of discipline, and not thoroughly testing strategies. Avoiding these mistakes is essential for successful trading.
There are various forex trading strategies, including:
● Day trading: Opening and closing positions within the same trading day.
● Swing trading: Holding positions for several days to capture short- to medium-term
price swings.
● Scalping: Making quick, small-profit trades within seconds or minutes.
● Trend following: Riding established trends by buying in uptrends and selling in
downtrends.
● Range trading: Trading within defined price ranges.
● Breakout trading: Entering trades when prices break above or below key levels.
● Fundamental analysis: Using economic and geopolitical events to inform trading
decisions.
Yes, traders often combine multiple trading strategies to create a diversified approach. Combining strategies can help spread risk and increase the potential for consistent profits. However, it's essential to ensure that the combined strategies complement each other and align with your trading goals.
An example is a moving average crossover strategy. Buy when a short-term moving average crosses above a long-term moving average, and sell when the opposite crossover occurs. This strategy helps identify trends and reversals, making it suitable for beginners.
A trend-following strategy aims to profit from existing market trends. Traders identify the direction of the trend (upward or downward) and enter trades in alignment with it. They typically use technical indicators and moving averages to confirm trends and choose entry and exit points.
A range-bound or mean-reversion strategy involves trading within a defined price range. Traders look for overbought conditions (high prices) to sell and oversold conditions (low prices) to buy. This strategy assumes that prices will revert to their average or mean value within the range.
Risk management is crucial in forex trading. To manage risk effectively:
● Set stop-loss orders to limit potential losses.
● Use proper position sizing based on your risk tolerance.
● Diversify your portfolio by trading different currency pairs.
● Avoid overleveraging, and keep leverage levels in check.
Technical analysis involves studying historical price charts and patterns to make trading decisions. It plays a vital role in developing a trading strategy by helping traders identify trends, support and resistance levels, and potential entry and exit points.
Leverage allows traders to control larger positions with a smaller amount of capital. While it can amplify profits, it also increases the potential for significant losses. Traders should use leverage cautiously and consider its impact on risk management within their strategies.
Automated trading strategies, often implemented using Expert Advisors (EAs), are pre-programmed trading systems that execute trades automatically based on specific criteria. Traders can code their EAs or use existing ones. Automated strategies eliminate human emotions from trading but require careful design and testing.
The key elements of a successful forex trading strategy include:
● Clear entry and exit rules.
● Risk management guidelines,
including stop-loss and take-profit levels.
● A well-defined trading plan.
● Backtesting to assess
historical performance.
● Discipline to stick to the strategy.
● Continuous monitoring and adaptation
to changing market conditions.
● A thorough understanding of the strategy's strengths and
weaknesses.
Position sizing is a critical aspect of risk management. To determine the appropriate position size, consider factors such as your risk tolerance, account size, and the distance to your stop-loss level. Many traders use a fixed percentage of their account capital per trade to maintain consistent risk across various trades. You can also utilize our built in risk calculator to determine your lot size based on factors like your stop loss level and account risk.
Yes, traders can adapt their strategies to different market conditions. For volatile markets, strategies like breakout trading may be effective, while range-bound markets may suit mean-reversion strategies. The choice depends on your risk tolerance and market analysis.
Backtesting involves applying your trading strategy to historical price data to evaluate its performance. You can use specialized software or platforms to conduct backtests. Assess metrics like profit and loss, win rate, and drawdown to refine your strategy.
Forex trading involves several common risks, including:
● Market Risk: Prices can fluctuate unpredictably due to economic events or
geopolitical factors.
● Leverage Risk: While leverage can amplify profits, it also magnifies losses.
● Interest Rate Risk: Changes in interest rates can affect currency values.
● Liquidity Risk: Thinly traded currencies may be hard to buy or sell.
● Political and Geopolitical Risk: Events like elections or conflicts can impact currency
values.
● Economic Risk: Economic data releases can lead to rapid price movements.
Evaluate potential risks by analyzing market conditions, economic events, and your trading strategy. Key risks include market volatility, leverage, liquidity, and interest rate changes. Use stop-loss orders, proper position sizing, and risk-reward ratios to manage exposure. Stay informed and track performance with a trading journal.
Currency pairs have different levels of liquidity and volatility. Major pairs are less risky, while exotic pairs are riskier. Major pairs would include larger economies and countries such as USD. EUR, GBP, where some exotic pairs might include something like the Turkish Lira or Norwegian Krone
News events and economic calendars provide information on economic releases and events that can impact currency markets. Traders use this data to anticipate market movements and adjust their strategies accordingly. Pay attention to high-impact news releases and their potential effects on your trades.
Trading during major news releases carries risks of increased volatility, spreads, and slippage. Consider using protective orders like stop-loss and take-profit to manage these risks. Some traders also opt to stay out of the market during such events.
To manage political and geopolitical risks, stay informed about global events, use protective orders like stop-loss and take-profit, diversify your portfolio to reduce exposure to a single currency.
Protective orders like stop-loss limit potential losses, while take-profit locks in profits. They automate risk management and help you stick to your trading plan.
Economic indicators like inflation rates and employment data can affect currency values. Monitor economic calendars to anticipate potential market movements.
Slippage occurs when the execution price differs from the expected price. It can increase trading costs and impact profitability. Use limit orders to minimize slippage and consider trading during times of higher liquidity.
Currency correlation refers to how the price movements of different currency pairs relate to each other. For example, EUR/USD and GBP/USD often move in the same direction, while USD/CHF tends to move inversely. Trading highly correlated pairs can increase your risk exposure, as similar movements may amplify gains or losses across multiple positions. Understanding correlations helps you avoid overexposure and improve your risk management by diversifying your trades more effectively.
Yes, in addition to protective orders like stop-loss and take-profit, using our built in risk calculator you can easily assess trade viability. Additionally, diversify your portfolio and avoid over-leveraging your positions to mitigate risks.
Some traders are drawn to the allure of making quick profits, not realizing that the pursuit of rapid gains often entails taking on high risks with a low probability of success.
We reserve the right to adjust your trading strategy to mitigate risk.
The general public often equates trading in financial markets to gambling. While this comparison is inaccurate, it is true that many traders engage in practices akin to gambling, thereby lending credence to this misconception. This policy is aimed at addressing such traders to protect them, while still providing opportunities for those who manage risks prudently and trade legitimately.
Some traders are drawn to the allure of making quick profits, not realizing that the pursuit of rapid gains often entails taking on high risks with a low probability of success. Moreover, financial markets are inherently high-risk arenas where significant profits can be made.
Should we find that you are trying to exploit the offer by our company for those aiming to be consistent traders, we reserve the right to adjust your trading strategy to mitigate risk. This could involve reducing your leverage or potential payouts, based on our risk management team's evaluation of your trading behavior as falling within prohibited practices.
Over-leveraging is a gamble many traders take, under the misconception that larger positions will lead to quick wealth. However, large positions can increase stress and lead to a negative psychological impact, causing more mistakes and deviation from the initial trading plan.
Trading large positions also restricts a trader’s flexibility. When trading for our company, one must always consider the Maximum Daily Loss limit. Each additional position increases the risk of breaching this limit, necessitating smaller Stop Losses or foregoing potentially profitable trades.
Especially risky is dramatically increasing positions near the end of the evaluation phase in hopes of meeting profit targets. Such moves can lead to significant losses or even a breach of the Maximum Loss condition, as well as potentially being banned from further evaluations up to the discretion of our risk evaluation team.
Stacking large positions on a single instrument or repeatedly opening positions in the hope of turning a loss into a profit is akin to gambling. Adding to a winning position in a strong trend may seem wise, but confidence in the long-term direction is crucial. Opening positions at a loss, hoping to shift market direction, often results in stress and significant potential losses.
While trading multiple instruments can seem like a risk diversification strategy, it may lead to overexposure if multiple positions favor a single currency or instrument. Opening large positions across various major pairs can inadvertently result in a massive bet on one outcome if there is high correlation between the currencies.
Experienced traders understand the dangers of consuming all available margin in large positions, even with Stop Losses in place. Market realities like slippage and sudden price changes highlight the importance of sound risk and money management strategies.
Utilizing opposite positions on our platform is strictly forbidden. Such strategies, often involving mirrored risks across different accounts, are not sustainable and are destined for failure. This behavior, once identified by our team, will be corrected and the user will be permanently banned.
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