Fondexx Proptrading Program

1. Profit target. The amount of profit minus all commissions and infrastructure fees (platform fee etc.) that the trader must make on the account.
2. Profit target structure and volatility. The result, excluding 10% of the most profitable days and 10% of the most unprofitable days, should be more than 50% of the target profit.

The maximum size of one position or all positions held at one time.

For example, a maximum position size of 400 shares means that a trader can hold no more than 400 shares in all positions at a time.

1. Daily loss limit. The total P&L of positions (including commissions) opened during the trading day must not exceed the established loss limit. When the limit is reached, trading stops on that day.
2. Weekly loss limit. The total P&L of positions (including commissions) opened during the trading week must not exceed the established loss limit. When the limit is reached, trading stops for the current week.
3. Control of risks.
   a) Loss limits are monitored on floating P&L of the account for the entire period. Profit withdrawal does not nullify the results.
   b) The trader must independently (priority) control their floating P&L and fix losses if the limit is reached. During premarket / postmarket - risk control is 100% the responsibility of the trader. In all controversial situations, the priority of responsibility for risk control is on the trader.
   c) On Alpha Trader and RT platforms, the risk manager can close the position during the main session.
   d) Positions that were closed for profit, but at the moment reached the loss limit and were not fixed, will not be counted and will be regarded as a violation of risk management.
   e) Positions that at the moment reached the loss limit and were not fixed within 1 minute after that, are regarded as a violation of risk management.
   f) After 2 minutes from the moment the loss limit is reached, the risk manager has the right to close all trader's positions.
   g) Violation of risk management rules will result in termination of the combine.
4. Accounting of the cost of the platform. There is no platform fee on a demo account, on a real account it is counted as infrastructure costs and deducted from the balance.
5. OTC prints (demo account). Trading in over-the-counter prints is prohibited. Systemic trading in such prints is regarded as abusing.
6. Margin call. A margin call is a situation in which trading is stopped before the maximum possible risk of the account is reached. The situation occurs when the balance of risk of the account is less than the cost of the software + the maximum daily risk. For example, if the total risk is $1000, the daily risk is $100 and the software costs $260, the margin call will be below $360. The trader loses $700, the margin call comes, trading stops. In some situations, the opportunity is considered for the trader to operate on the remainder of the risk.
7. Opening/closing a position at the price of imbalance print is not allowed (demo account). For example, if the imbalance was matched at a price of $4.5, trades made at this price before the first print at a different price will be subtracted from the total result.
8. Trading within the spread (demo account). Scalping on a wide spread is prohibited. Systemic scalping within the spread is regarded as abusing. In all controversial situations, the trade price is the price of the last bid (in the case of a sale) or the last ask (in the case of a purchase) in the second of the trade.
9. Halt (demo account). In all disputable situations, positions closed at the minute the halt is announced will be considered closed at the price of the first print after the halt.
10. Force majeure situations with software. Trading risks take into account all force majeure situations with software, but can be considered individually.

1. Limit of maximum risk of the account is calculated as “High of the trading account balance” minus “Maximum risk of the account”, is pulled up behind the High of the balance according to the trailing principle.
2. When the set limit is exceeded, trading stops and the trader leaves the combine.
3. How the lower level of the maximum trailing drawdown is calculated (the examples do not take into account the margin call). The trader has an account of $50K BP in management, the maximum trailing drawdown is $500. When the account is given to the trader, the field “Current total balance” = max. trailing drawdown = $500. The balance is monitored using this field.
   a) Example 1. Current total balance = $500. The trader received a loss of $500. Trading will be stopped.
   b) Example 2. Current total balance = $500. The trader earned $300 in profit. The account balance is now $500 + $300 = $800. The lower trailing drawdown level will move by $300 = $800- $500. Trading will be stopped when the balance drops to $300. Then the trader got a loss of $150. The account balance is now $800 - $150 = $650. The lower trailing drawdown level remained at $300.
   c) Example 3. Let us look back at the situation from Example 2. The account balance is $650. The lower trailing drawdown level remained at $300. The total profit of the account is $650 - $500 = $150. Withdrawal and distribution of profit in the amount of $150 are made. The account balance becomes $500 again. The lower trailing drawdown level is moved by $150 ($300 - $150). Trading will be stopped when the balance drops to $150.
4. Increase in the overall risk of the account. After completing the combine and switching to a real account, the trader's total risk can be increased, subject to stable positive results. It is discussed individually.

The minimum number of trades that must be made in 1 month of participation in the combine.

Available, overnight BP is 1:2, pre/post market BP is 1:4.

1. The combine period is limited to 3 months. 1 month equals 30 calendar days. During this period, the trader's trading results are saved. Resetting the results and completing the combine again is possible only after 3 months from the date of the end of the previous attempt.
2. How to take an extra month. To activate an additional trading month, you must notify the manager and make a payment.
3. How to calculate the beginning of the trading month. The trading month starts on the day of the first trade. If the first trade is not made within 14 days from the date of payment, the trading month will start automatically from the 15th day.
4. Pause within a month. The participant can take a break within the trading month. To do this, it is necessary to notify the manager. The pause can be up to 14 days.
5. Pause between months. Within 14 days from the end of the previous trading month, the trader has the opportunity to decide on the continuation of the combine and pay for the next trading month. If the payment is not made, from the 15th day, the combine will be considered over.
6. Participation fee. The fee is paid monthly. The procedure is the following: notify the manager - make a payment - start the combine. 
7. Examples of how it works:
   On June 10, the trader paid for the participation in the combine. On June 15, the trader made the first trade and started the combine. The combine will be active until 14.07.
   Option 1. The trader has fulfilled the profit target until 14.07. The trader gets a funded account after checking the statistics.
   Option 2. On 14.07 the trader is in profit/loss, but profit target/risk limit are not reached. The trader takes a 14-day pause to analyze the trading and decide on the continuation, and informs the manager about it. From 15.07 the trader's account will be disabled. All results are saved. The pause is active until 28.07. It is necessary to make a decision and make payment before this date.
   The trader decides to continue, notifies the manager, and makes the payment. The trader's account is activated. On July 27, the trader makes the first trade of the second trading month. The combine will be active until 26.08.
   Option 3. On 14.07 the trader is in profit/loss, but profit target/risk limit are not reached. The trader wants to start from scratch. This is possible only after 3 months from the date of the end of the previous attempt - 14.10.

1. Platforms used in Combine are Alpha Trader and RT.
2. After completing the Combine, Alpha Trader platform is available on a real account.
3. Platform fees for Combine participants:
   1. Alpha Trader - $35, quotes are included in the price of the platform;
4. Commissions:
   1. $0.66 per 100 shares of traded volume. ECN/SEC fees included.;
   2. Otherwise: $0.42 per 100 shares of traded volume + ECN/SEC fees.
5. Platform fee. When trading on a real account, the platform fee is deducted according to the following algorithm: if there is a profit, it is deducted from the profit amount; if there is no profit, then from the amount of risk.
6. Locate fees. Please note that the payment of locates on a demo account is taken into account in the commission amount. The commission on combine accounts is $23 per 1000 shares.
   If you pass the selection program and receive a prop account, it will be charged for the locates immediately upon their purchase.
   You should also keep in mind that on live accounts, the payment for locates is included in the total Max loss.

1. After the trader pases the combine, the company checks the account for compliance with the conditions and abusing. Such verification may take up to 5 business days.
2. In case of successful completion of the combine, the trader signs the standard Prop Agreement and gets access to the funded account no later than on the 1st day of the next calendar month.

1. According to the results of each month, all profits are withdrawn from the account and distributed.
2. Payment of profit to the trader is made until the 10th day of the next month.
3. Profit is calculated using the formula: Account balance in the current month - The amount of risk of the account - Infrastructure costs (platform, etc.).
4. Example. At the beginning of the period, the trader's account balance was $3000. At the end of the period $4500. The trader uses the Sterling Trader platform + pro quotes package. Payout is 60%. Trader's profit = ($4500 - $3000- $150 (platform) - $111 (quotes)) * 60% = $743.40.
5. Payout can go both up and down, depending on various factors.

We don’t want to find out your secrets, but we need to understand how you think and what strategy you are trading. Therefore, a necessary condition for admission to the Combine is a brief understandable description of your trading strategy, which contains:

• Idea (inefficiency) which you are trading.
• Stock selection algorithm.
• Risk calculation system.
• Algorithm for entering a trade.
• Algorithm for exiting a trade.

The ability to calculate risks and volumes is a basic necessary skill for every trader, so we need to make sure that you have these skills and will successfully use them to trade in the prop.

The test is available at the link