The evaluation process for the 2-Step Model at CoveFunded is designed to thoroughly assess a trader’s skills and risk management abilities through two distinct phases. Here’s a detailed overview:
Step 1: Evaluation Phase
- Application and Setup:
- Submit an Application: Traders apply for the 2-Step Model, providing necessary details and agreeing to the terms.
- Receive Demo Account: Approved traders get access to a demo account with specific trading parameters and rules.
- Trading Performance:
- Achieve Targets: Traders must meet profit targets within a set period while adhering to predefined risk management rules, such as daily and overall loss limits.
- Rule Adherence: Compliance with trading rules, including stop-loss requirements, trading hours, and lot sizes, is closely monitored.
- Performance Review:
- Assessment: CoveFunded evaluates the trader’s performance based on profitability, risk management, and adherence to rules.
Step 1: Evaluation Phase
- Transition to Live Account:
- Successful Completion: Traders who pass Step 1 are given a live account to demonstrate their trading skills in real market conditions.
- Verification Process:
- Achieve Additional Targets: Traders need to meet further profit and risk management criteria, often with slightly more stringent requirements compared to Step 1.
- Continued Compliance: Ongoing adherence to all trading rules and risk management strategies is required.
- Final Assessment:
- Comprehensive Review: CoveFunded conducts a final review of the trader’s performance, including their ability to manage real money and maintain consistency in profits.
- Decision: Based on the performance in both steps, CoveFunded decides whether to offer a funded trading account or to request additional evaluation.
