Detailed Guide On E8 Prop Firm Trading Challenge + How To Pass It

In the world of funded trading accounts, many traders need help finding their footing. With so many options available, it's easy to feel overwhelmed or uncertain about which suits your trading style and risk appetite. However, finding a funded trading account that aligns with your goals is essential for success. This guide will explore how E8 Prop Firm can help you trade more efficiently and achieve your goals by addressing common prop firm challenges and providing valuable insights into funded trading.

AquaFunded's solution, the funded trading program, is a valuable tool that can help you trade more efficiently and achieve your goals by addressing common prop firm challenges and providing valuable insights into the world of funded trading.

What Is E8 Prop Firm?

E8 Funding, originally named E8 Funding LLC, emerged as a proprietary trading firm on November 5, 2021. Its headquarters are at 100 Crescent Ct, Unit 700, in Dallas, Texas, and a branch in Prague, Czech Republic. With CEO Dylan Elchami at the helm, this firm is all about helping traders reach their goals with a structured evaluation process.

Assessment Process: Getting Started with E8

Traders can choose between a two- or three-step evaluation. The first phase, which lasts 30 days, aims to hit an 8% profit target. If you move to the second and third phases, you have 60 days to reach a 5% profit target. And if you don't quite make it but stick to the trading rules, you get a free retry.

Trading and Profit Potential

At E8, traders can handle accounts up to $200,000 and take home 80% of their profits. The firm supports a wide range of trading, including FX pairs, commodities, indices, and cryptocurrencies. There are no minimum trading days so you can work at your own pace.

Risk Management and Leverage

E8 strongly emphasizes risk management and self-control. The maximum leverage is set at 1:100, with a daily drawdown limit of 5% and an overall drawdown cap of 8% based on the starting capital. This approach helps ensure that traders stay within safe boundaries.

Trading Platforms and Tools

Traders can use both MT4 and MT5 platforms and have access to algorithmic trading. There are 39 currency pairs, including exotics and emerging markets, along with three commodities, five indices, five cryptocurrencies, and four blue-chip equities listed in the US.

Evaluation Fees and Scaling Plan

The evaluation fees are refundable, and the firm offers a multi-step scaling plan that increases the maximum drawdown limit to 14%. There's also a free 14-day trial to help traders familiarize themselves with the platform. With three account-based currencies available, E8 provides flexibility for traders worldwide.

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E8 Prop Firm Trading Challenge

E8 Funding offers three distinct account types: the E8 Account, the E8 Track Account, and the ELEV8 Account. The E8 and E8 Track Accounts provide four funding options, while the ELEV8 Account has one. All funded accounts are demo accounts linked to E8 Funding's proprietary trading accounts, which is common in the industry. Prop firms use software and algorithms to ensure accurate order flow.

By signing with E8 Funding, traders become independent contractors and can earn 80% of any profits made in live E8 funding accounts. A scaling plan lets traders increase their assets under management and maximum drawdown, offering room for growth.

Cracking the Code: Trading Rules at E8 Funding

The evaluation phase starts once traders pay a one-time fee, which varies by account type and balance. Traders have 30 days to achieve an 8% profit target, with an extended 60-day period available for the E8 Account if they complete a minimum of five trades. E8 Funding will terminate the evaluation account if trading rules are broken. However, they provide a free retrial if traders trade within the rules but miss the profit target. Those who achieve a minimum profit of 4% can request a 14-day extension.

Essential trading rules for the E8 Funding Challenge include:

• 5% daily loss limit
• 10% maximum drawdown based on the initial balance
• Minimum of five trades within 60 days for the extended evaluation
  

Upon passing the first phase, traders have 60 days to achieve a 5% profit in phase two. The third phase is the same as the second but with a reduced evaluation fee and no extended period.

Behind the Curtain: E8 Funding's Approach to Risk Management

E8 Funding never allows access to live trading accounts. Instead, accepted prop traders manage demo accounts, which E8 Funding software mirrors in live accounts. This enhances risk management and compliance, ensuring a secure trading environment.

E8 Funding Challenge Fees: What You Need to Know

For the E8 Account mode

• USD 25,000 account: USD 228
• USD 50,000 account: USD 338
• USD 100,000 account: USD 588
• USD 200,000 account: USD 988

For the E8 Track mode

• USD 25,000 account: USD 138
• USD 50,000 account: USD 208
• USD 100,000 account: USD 358
• USD 200,000 account: USD 598

The AquaFunded Edge: Why It Stands Out

Are you looking for a different approach? AquaFunded is a Dubai-based funded trading program that allows traders to access large capital accounts with up to 95% profit splits. AquaFunded stands out in the crowded prop trading market with an innovative funding model and user-friendly profit targets. Get started with AquaFunded's funded trading program today!

E8 Prop Firm Challenge Vs AquaFunded Challenge

Challenge Structure: One and Two-Phase Options

AquaFunded offers several challenge paths, including one-step, two-step, two-step pro, and three-step options. Account sizes vary from $25K to $200K, and flexibility in trading styles is emphasized. For the one-phase challenge, traders must hit a 9% profit target without breaking the rules. The two-phase challenge requires an 8% profit in Phase 1 and a 5% profit in Phase 2.

E8 Funding also follows a two-phase challenge model. Phase 1 typically asks for a 10% target, while Phase 2 needs a 5% target. These stages align with industry norms.

Drawdown Limits: Managing Risk and Leverage

AquaFunded sets a clear drawdown limit between 6% and 8%, ensuring traders maintain a controlled risk environment. Leverage is up to 1:100, offering flexibility but demanding discipline.

Conversely, E8 Funding enforces a 5% daily drawdown with a total limit of 14%. This stricter approach could challenge traders with a more aggressive style.

Profit Splits: Maximizing Earnings

AquaFunded provides payouts every 14 days, offering a consistent schedule for accessing earnings. Their profit split is highly competitive at 95%, among the highest in the industry.

E8 Funding starts with an 80% profit split that can climb to 90% if traders meet specific performance criteria. This structure can be more rewarding for those who achieve long-term success.

Fees and Refunds: Understanding Costs and Returns

AquaFunded charges fees based on account size and typically refunds the initial fee once the challenge is passed.

E8 Funding also bases fees on account size and offers a refund upon completing the challenge. Checking current rates is advisable as these fees can vary.

Trading Platforms and Instruments: Tools for Success

AquaFunded grants access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), with a broad selection of forex pairs, commodities, indices, and cryptocurrencies.

E8 Funding uses the same MT4 and MT5 platforms, allowing for trading in forex, commodities, indices, and crypto. Both firms are comparable in terms of platform availability and asset variety.

Pros and Cons of E8 Prop Firm

The Bright Side: Advantages of Trading with E8 Markets

1. Diverse Account Types and Flexible Fees:

E8 Markets stands out with its three distinct account types tailored for traders with varying objectives. This flexibility ensures that you have an option whether you’re a newbie or a seasoned trader. The initial fees are reimbursable, and you won’t face any monthly or withdrawal payments. It’s a more forgiving structure that doesn’t nickel-and-dime you.

2. Freedom to Trade Your Way

E8 Markets doesn’t put you in a box. You can trade on weekends, use advisors, or employ any strategy. This freedom can be a game-changer for traders with specific methodologies or time schedules.

3. Robust Trading Platforms

E8 offers two multifeatured trading platforms: MetaTrader 5 and Match-Trader. These powerful tools have extensive features that cater to beginner and advanced traders.

4. Realistic Challenge Goals

The objectives set by E8 for their challenges are achievable, giving traders a fair shot at success. It’s not about setting up impossible hurdles but facilitating real growth and progress.

5. Scalable Account Growth

E8 allows scalable accounts, meaning you can grow your balance to $1 million. This scalability can severely motivate traders looking to expand their capital.

The Drawbacks: Disadvantages of E8 Markets

1. Platform Limitations

While MetaTrader 5 and Match-Trader are solid platforms, many traders prefer TradingView, NinjaTrader, or R|Trader. You must adapt to E8’s offerings if you're one of them.

2. Limited Support Channels

E8’s customer support is somewhat restricted. They respond by email and don’t have a call center. Live chat is available, but only during specific hours. This might be inconvenient for traders needing immediate assistance.

3. Infrequent Profit Withdrawals

You can’t withdraw profits more often than every 14 days. This could be a downside for traders who like to move their money around more frequently.

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7 Tips On How To Pass E8 Prop Firm Challenge

1. Master the Rules to Dodge Pitfalls

Before anything else, get cozy with the rules of the E8 Markets prop firm challenge. They have a way of sneaking up on you, especially those pesky maximum drawdown and daily loss limits. Co-founder of The Funded Trader, Masi Hashemi, puts it well: "Get a grip on the firm's rules and then craft a plan around them." Knowing when to bail on a trade to keep from hitting those limits can be a game-changer.

2. Craft a Rock-Solid Trading Plan

With a solid trading plan, you're winging it. Set straightforward entry and exit points, stop losses, and profit targets. This isn't just about strategy; it’s about avoiding those tempting impulsive moves. Steven Hart from The Trading Channel gets it, likening a trading plan to a GPS. It’s what you need to stay on course.

3. Risk Management: Your Safety Net

Limit your risk to 1-2% of your account on each trade. Calculating position sizes and using tight stop-losses are your keys to managing risk effectively. Trading psychologist Mark Douglas advises seeing each trade as just one of many. Keep the risk on each small enough that a loss doesn’t sting too much.

4. Be Patient and Avoid Trigger-Happy Trading

Overtrading is a quick way to force trades and up your risk of drawdowns. Focus on quality trades that fit your strategy. Mike Bellafiore from SMB Capital stresses the importance of patience. Waiting for the proper setups is challenging but crucial to keeping losses in check.

5. Stick to One Strategy for Consistency

Switching strategies on a whim? Not a good look. Stick to a single, well-tested strategy to build confidence and improve execution over time. A trading strategist, Adam Grimes, notes that a single well-executed strategy usually beats hopping between strategies when things get rough.

6. Reflect on Each Trade for Growth

Take time to evaluate each trade, win or lose. Keeping a trading journal can help you spot patterns and improve your decision-making. Brett Steenbarger, a trading psychologist, recommends keeping a detailed journal to identify your strengths and weaknesses. This self-reflection is key to adapting and growing as a trader.

7. Keep Your Emotions in Check

Confidence is your best friend during both winning and losing streaks. Approach the challenge with a long-term mindset to ease the pressure. Tom Hougaard, a pro trader and mentor, emphasizes mental resilience. Handling losses without letting them mess with your next trade separates the greats from the rest.

Join Our Funded Trading Program Today - Trade with our Capital and Keep 90% of the Profit.

AquaFunded is breaking new ground in the funded trading scene. Located in Dubai, this prop firm offers traders a chance to trade with large capital accounts, whether they're just starting or have a few years under their belt. The best part? It's with reduced risk. You get to trade using the firm’s capital, not your own, and keep up to 95% of the profits. AquaFunded’s model is refreshingly straightforward. You've got an 8% profit target to hit, and the payout structure is fast. We’re talking bi-weekly payouts, with the first available after seven days. This is a platform that’s committed to being both competitive and trustworthy.

The AquaFunded Edge: Why It Stands Out

In a crowded prop trading market, AquaFunded distinguishes itself with its UAE-based operations and a program designed to help traders scale profits quickly. The trading program caters to traders of all experience levels, from beginners to those with a few years of experience. This makes it accessible and appealing to a wide range of traders. With its unique funding model and easy-to-achieve profit targets, AquaFunded offers a compelling proposition for traders looking to make the most of their skills and experience.

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