Securing $300,000 Funding with Apex Trader Funding
Recently, I secured a funding of $300,000 through a partnership with Apex Trader Funding after successfully passing their evaluations. Let me share my experience with you.
I was introduced to the concept of online funding as a potential solution for new traders entering this field. One of the biggest challenges faced by aspiring traders is being undercapitalized. To tackle this significant issue, I explored the world of online funding.
My journey began with Apex Trader Funding. In this article, I aim to discuss my firsthand experience with them. I will highlight the pros and cons I observed and share whether I recommend their services.
Unexpected Challenges During My Initial Evaluation
Before I delve into the pros and cons, let me share a rather amusing, albeit not-so-funny story due to its peculiar timing. During my initial evaluation with Apex Trader Funding, something unexpected occurred. I had just begun, minding my own business, trading in the evaluation when an unusual incident took place on a Friday.
On this particular Friday, there was an issue with the data provided by Rhythmic, which is the data provider for Apex Funding. The data feed went down abruptly while I was in the midst of a live trade. I had a short position, and suddenly, the price started behaving erratically. It was a bizarre occurrence because everything on my end, including my internet and power, was functioning normally, but I wasn't receiving real-time data. The price was skipping around, making me quite uneasy.
In an attempt to exit my position, I clicked on the long side, but nothing changed with my position. I was short, trying to shift to the long side, but my position remained unaffected. As minutes passed, I continued my attempts to exit this perplexing situation. I tried various measures, even toggling my internet on and off and furiously hitting the long side. Moreover, within the Apex website dashboard, there was a feature to close all positions, essentially a last resort option in case something went terribly wrong. Unfortunately, even that option was ineffective.
When the dust finally settled, it turned out that my actions to exit the position had indeed gone through; I just hadn't seen the changes in real-time. Consequently, I went from holding a small winning position to incurring a substantial loss as the market moved against me. I was massively long as the trade continued to drop, ultimately leading to the failure of my evaluation.
It's important to note that this incident occurred within the initial days of my first evaluation, leaving me with a somewhat negative impression of funded trader programs. However, it later became evident that this was an isolated incident unrelated to the funding company but rather a data glitch with Rhythmic, a renowned data provider. Rhythmic's reputation remained intact, and the odd occurrence was nothing more than an unusual timing during my inaugural experience with these programs.
Subsequently, I initiated a new evaluation, secured funding, underwent a different evaluation, and achieved funding for the second time. To this day, I maintain two $150,000 funded accounts through Apex Trader Funding, totaling $300,000.
Pros and Cons of Apex Trader Funding
Now, let's delve into the pros and cons of my experience with Apex Trader Funding, focusing specifically on Apex. While there's much more to share about my overall journey, including getting funded and staying funded, I'll save that for another article. Today, I want to concentrate on my thoughts regarding Apex Trader Funding and whether or not I would recommend it.
One aspect of the Apex experience that some might view as a drawback is their set of rules. For instance, they implement a trailing drawdown rule in their evaluations. This means that if you have a maximum drawdown of $5,000, and you earn $2,000, you don't create a buffer for yourself. Your available drawdown remains at $5,000, even after making profits. Your drawdown "trails" behind your earnings, so you're never able to build a cushion.
Furthermore, Apex applies the trailing drawdown based on your unrealized gains. If you're in a position with a $5,000 drawdown limit, and you're up $1,000 but haven't closed the trade, it's considered unrealized profits. If the trade turns against you and you scratch it, experiencing neither profit nor loss, Apex won't reset your drawdown to $5,000 because you didn't incur any losses. Instead, your drawdown will increase based on your unrealized gains. In this scenario, you initially had $5,000, went up $1,000, but when the trade ends flat, you're left with only $4,000 as your drawdown limit. This is how the trailing drawdown operates with respect to unrealized gains.
Apex also imposes a waiting period before you can withdraw your funds. After getting funded, if you make $1,000 in the first week, you won't be able to withdraw that amount immediately. You must trade for a certain number of days, and these days are not based on the calendar but on the available trading sessions. Given that there are a maximum of five trading days a week, sometimes even fewer, you'll likely have to trade for a minimum of a month before being eligible to withdraw any of your earnings.
Additionally, when you do attempt to withdraw your funds, Apex sets a maximum withdrawal limit initially. For example, if you make $10,000 in your first month with Apex, you won't be able to withdraw the entire $10,000 right away. They have a maximum withdrawal limit for the initial months, and later, you earn the privilege to withdraw as much as you want. As for potential drawbacks with Apex, it primarily pertains to their rule structure.
A Seamless Journey with Apex Trader Funding
My experience with Apex Trader Funding on the pro side was seamless. Everything, from the initial setup to securing funding, even when I had to reset the account, and transitioning to live trading, all unfolded just as smoothly as one could hope for. It was effortless, requiring no calls or troubleshooting. It was simply a matter of following the established rules and steps, resulting in a flawless process.
When discussing potential drawbacks, I want to emphasize a critical point. I've heard many people express concerns about the rules governing funded trader programs, including those of Apex, claiming they aren't fair or make it challenging to succeed. My encouragement to everyone is this: avoid falling into the trap of entitlement.
Let me make this clear: no one owes you the opportunity to trade the markets with their financial backing. The fact that you can enter this field, acquire the skill of trading, and then receive financial support is extraordinary. If you're not careful, you may start feeling entitled, believing that you somehow deserve something from others. The world often pushes this sense of entitlement, especially in the present climate. Here's an analogy to illustrate my point:
We live in a world where it's common to have items delivered, whether it's through Instacart, Uber Eats, and similar services. This is a world I'm familiar with because I don't own a car, relying on Uber for transportation, and I rarely shop for groceries since everything gets delivered. People often complain about the fees associated with food delivery, such as a $5 delivery fee or a $13 tip for the driver.
My response to this is simple: it should be expensive. Consider the fact that someone is preparing your food, and someone else is delivering it to your doorstep. You're essentially having a meal brought to you while you sit comfortably at home. This is a luxury that, in all honesty, should be reserved for the wealthy and famous. Yet, we live in a world where these options are available to us, and if you're not careful, you might start complaining about the extra fees as if you're entitled to this convenience. It should be costly, but it's a remarkable option to have.
Similarly, with funded trader programs like Apex, there will be rules to follow and hoops to jump through. You should not view these as cons. You are not entitled to financial backing for trading. The very fact that it's an option is extraordinary, and you should appreciate it rather than looking at the rules as obstacles.
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In summary, my experience with Apex Trader Funding was truly outstanding, and I wholeheartedly recommend it to anyone contemplating the beginning of their funding journey. Apex is an exceptional place to embark on this journey.
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