Exploring BrightFunded Prop Firm
I've been writing articles exposing some of the less reputable players in the Prop Firm industry, but I don't want my website to solely focus on the negative aspects of this field. Prop Firms offer remarkable opportunities, in my opinion. I've received numerous messages about various Prop Firms, and one in particular caught my interest.
Getting Acquainted with BrightFunded
This one is called "BrightFunded" Prop Firm. What stood out to me was that the website looked really beautiful, and they are located in Amsterdam, where I'm currently living. I'm familiar with how the government operates here, so they must have their affairs in order.
The challenge they offer is what we're accustomed to: a two-step evaluation challenge with two profit targets—8% and 5%—with a drawdown limit of 10%. What sets them apart are their unique features. They employ a "trade to earn" concept, offer NFTs, and will soon release a crypto token.
| Capital | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|
| Targets | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% |
| Profit Split Upto | 80% | 80% | 80% | 80% | 80% |
| News Trading | Allowed | Allowed | Allowed | Allowed | Allowed |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 0 Days | 0 Days | 0 Days | 0 Days | 0 Days |
| Time Limit | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Daily Starting Drawdown | 5% | 5% | 5% | 5% | 5% |
| Overall Drawdown | 10% | 10% | 10% | 10% | 10% |
| Refundable Fee | 95 euro | 195 euro | 295 euro | 495 euro | 975 euro |
During the challenge and once funded, you can earn their crypto token. This token comes with some incredible benefits that I'll discuss later. Additionally, the individuals behind Bright Funded seem remarkable, and the entire concept appeals to me.
So, I decided to embark on a $50,000 challenge with them. This article marks the beginning of my journey with them. As you trade on the account, you actually earn tokens that can be used to purchase trading perks. These perks include increasing your drawdown limit, securing a larger profit split, obtaining free accounts, and more.
Bright Funded provides its own custom trading platform. On my first day using it, it took a little time to get accustomed to. I appreciated the ease with which I could set stop-loss and take-profit levels. It wasn't just based on price; you could also use percentages or pips. You'll see me doing a lot of scalping.
My trading strategy primarily involved price action, and there wasn't much I could share in terms of technical analysis because it was solely based on price action. I did use the True Algo indicator, but when you've been trading the EUR/USD pair and it's been in a downtrend the whole week, I was merely attempting to catch a few bounces here and there. I was cautious about holding positions for an extended period because the market was trending strongly, and it's unlikely for such trends to reverse. Nevertheless, I was pleased to close the first day with a $1.7k profit. You'll also notice the Bright Funded tokens I earned on the first day, which was a pleasant surprise.
Trading Experience with BrightFunded
On day two, I continued my scalping strategy and took significant risks with three positions of 10 lots each. Looking back, I realized this was high-risk, low-reward trading, which is exactly what one should avoid. So, please don't consider this as a learning example. However, what impressed me was that even with 30 lots, the fees were surprisingly reasonable. I used the True Algo indicator for a trade, and I made a satisfying profit. I held onto this trade for a relatively long time with a relatively small lot size. Additionally, I finished the day with another scalp using five lots, holding it for a decent distance. With these two trades, I made a thousand dollars, making it a very successful day. By the end of day two, my profit had reached three thousand dollars.
With only one thousand dollars left to reach my target on day three, I was determined to achieve it. I started the day with a quick scalp using a five-lot position, earning around $250 in profit. I could have held onto this trade longer, potentially making $400 or $500, but I didn't want to risk it. Later, the market experienced a significant downward move, presenting an opportunity. It was in a True Algo range, indicating a strong support level. I entered the market with ten lots, anticipating a reversal. Unfortunately, my timing was off, so I had to compensate by opening another position with ten lots. When the second position became profitable, I took a thousand dollars in profit. Normally, the market would have reversed completely, but to minimize risk, I closed one position.
The market re-entered the True Algo range, and I felt confident entering again with ten lots. Eventually, I closed both positions at break-even. With that trade, I achieved the profit target, although it was a messy ending to the challenge. We made it, though, finishing with a four-thousand-dollar profit in three days. Considering our initial poor trading decisions, this outcome was quite impressive. Overall, I'm very satisfied with this Prop Firm. I believe it has a promising future, especially due to its incorporation of cryptocurrency elements. Stay tuned for part two of this challenge. Hopefully, I'll successfully pass the second phase, allowing you to see what it's like when you're funded. Thank you for reading, and I look forward to seeing you in the next article.