Key Steps to Successfully Complete the One-Step Challenge

Prop firms give traders a safe starting point for their trading careers. These firms provide traders with the capital they need to start their trading journey. Prop firms now help traders to remove the barriers that prevent those traders having trading skills from participating due to lack of capital. Traders who have money but are unable to take risks with their own money also benefit from prop firms because they do not risk their own money. All they have to do is complete an evaluation that the company challenges them to complete.

To pass a one-step prop firm challenge in a single try, traders must have a strategic approach with disciplined execution and a solid understanding of the firm's regulations. But what are the steps that are important to understand to successfully complete the one-step challenge? Let’s discuss this in detail so you do not face any issues. 

What is a One-Step Challenge Prop Firm?

The difference with one-step challenge prop firms is that traders only need to complete one challenge to gain access to funded accounts. This simplifies the challenge phase as compared to companies that have two or more difficult phases. It also helps traders to more effectively manage their risk while concentrating on achieving a certain profit goal. These firms are preferable for traders who have lower costs and want a simple process to get access to funding accounts. 

Why Choose a One-Step Challenge?

There are multiple benefits to choosing a one-step challenge prop firm like these:

• This process is more cost-effective, especially for traders who want to start with a lower initial investment. One-step challenges are ideal as they are less costly.
• It is more time-saving as traders can receive funding faster when there is just one challenge round.
• Simplifies process because there is just one stage traders can focus entirely on reaching their goal without having to worry about doing anything else.

Funded Account Challenge Requirements

Each prop firm has its own specific needs for its funded account difficulties. Understanding the specifics of the firm's challenge and the goal you must accomplish in order to avoid disqualification is important. It consists of: 

• Profit targets as all the firms need those traders who must achieve specific profit targets in the given time. The normal profit target range is 5–10%. 
• Consistency rules because different firms have rules for traders to keep up their trading performance throughout the duration of the evaluation time frame. 
• Drawdown limits are limits on a daily and overall basis to help traders trade while successfully controlling risk.
• Minimum trading days as some firms apply minimum trading day limitations to make sure that traders do not complete an evaluation target within a single deal.

Steps to Successfully Complete One-Step Challenge 

Develop your trading strategy

Make sure that your trading strategies are effective in the different market conditions. Starting with a demo account is also a good way to get a better understanding of how to improve your strategy before starting a challenge.

Know the rules

Read the policies of firms carefully and understand them like the limitations on leverage or drawdowns and position sizes. Follow these rules if you want to increase your chances of success in this evaluation. You need to first know all these rules and check whether you can trade under these rules or not.

Make a plan

You have to complete your challenge within the given time in a one-step evaluation. A clear and well-structured plan is your first success in a one-step evaluation process so you can focus on it and stick to it. Create your trading timetable clearly and follow this so that you can achieve your goals on time and without any mistakes. You also need to consider risk management limitations in your plan. 

Focus on risk management

Risk is a major component that can cause your account to be suspended if you do not control these limits. You can pass a one-step challenge by using stop-loss orders or minimizing your daily risk and avoiding excessive leverage.  Always avoid overtrading and execute a limited number of trades per day. You need to limit risk per trade to no more than 1-2% of your account balance. This strategy will save you from making any emotional decisions.

Make use of analytics solutions

A lot of companies provide solutions to track your performance. Use these resources to monitor your performance and then adjust your strategy if needed to get better during the challenge. 

Stay mentally strong

Facing challenges can be difficult but it is necessary to maintain your peace of mind. Follow your plan to save from emotional trading and keep fear and greed far from your decision-making. 

Stay flexible

Market conditions change very quickly so you must be ready to change strategy when necessary. It is important to follow the guidelines of a challenge if you want to pass. 

Final Thoughts

One-step challenge prop firms simplify the complexities of multi-step evaluation. But it is important to choose those firms that align with your trading objectives and provide flexible trading rules. Remember that you are not going to pass a challenge but you have to create those skills that are necessary for long-term success.