One-Step Prop Firms: Get Funded Faster

Imagine trading your heart out, applying weeks of focus and determination. You finally hit the profit target on your evaluation. Success! You get to trade a funded account now. Right?

But then, you remember (or find out) that was only the first of two or more stages.

Welcome to the world of hurt, avoided by those who chose to use a one-step prop firm. Yes, that's right, a funding model that drops the arduous multi-phase eval process, allowing traders to prove their skills and secure a funded account quickly.

Read on to explore what makes one-step prop firms stand out, the benefits they offer, and how you can navigate their processes successfully. 

What is a One-Step Prop Firm

A one step prop firm, also known as a single-phase prop firm or one phase prop firm, reduces the steps to earning a funded trading account. Unlike the multi-step evaluations described above, a one-step prop firm streamlines it into a single comprehensive assessment. This futures prop firm model attracts traders looking for a quicker, more straightforward path to pro trading.

Benefits of One-Step Prop Firms

1. Speed and Efficiency: Potential speed is the name of the game here. One-step challenge prop firms reduce the minimum time it can take to become a funded trader. Your speed is still up to you, but if you want to zip through to funding, that's possible. Some traders are able to demonstrate their abilities and start trading a funded account much faster.
2. Clarity and Simplicity: By only having one step to focus on, you can concentrate on hitting the profit target within one set of rules. This removes the stress of having to adjust to new goals and new trading rules in a second phase.
3. Flexibility in Trading Styles: One-step prop firms often allow for a variety of trading styles and strategies. This gives traders the freedom to use their preferred methods to reach the profit target.
4. Cost-Effective: Ironically, with only one evaluation phase to pass, traders can also save money compared to many multi-step evaluation firms. This makes it more accessible for traders with limited capital.

Key Elements of One-Step Prop Firms

To succeed in a one-step evaluation prop firm, you have to understand the critical elements of their evaluation process and account specs.

1. Evaluation Process: Think of it like a sports tryout, but for trading. Evaluations involve trading a demo account in which traders hit a specific target. Traders must also manage risk, follow trading rules, and stay within daily drawdown and max loss limits. Account options vary.
2. Trading Goals and Metrics: No free lunches here. Traders must meet certain metrics to pass the eval. You'll have to trade the minimum number of days, maintain drawdown limits, and reach a profit target.
3. Risk Management: You can only play the game if you stay in it. Successful trading isn't only about profits - it's also about making good decisions and managing risk. One-step prop firms evaluate traders on the ability to manage risk and stay consistent. Many of them have 'consistency rules' traders must meet while reaching the profit target.
4. Account Balance and Profit Sharing: Traders who successfully complete the evaluation receive a funded account. The max loss, i.e. how much can the trader lose before they blow the account, determines the balance. Profit sharing arrangements vary from 70-90%, allowing traders to take home most of their profits.

Tips for Passing a One-Step Evaluation

1. Develop a Robust Trading Plan: You're in charge, and you're responsible, so you're the man with the plan (or woman). Don't just rely on staying within the basic eval rules. Define your own strategies, goals, and risk management. For example, your daily loss limit should probably be a lot lower than some firms allow.
2. Focus on Risk Management: Right-size your trades and set appropriate stop losses and targets. Do it in a way that gives you room take your setups and trade them according to plan.
3. Adapt Your Trading Style: While one-step prop firms offer flexibility, it's vital to adapt your trading style to meet the evaluation criteria. You may have to adjust your strategy to stay within consistency rules. Or you may have to give your trades less room if the firm bases your drawdown on unrealized profits. 
4. Stay Consistent: Go for attainable, repeatable, regular wins. And don't just do it for the prop trading firms, do it for yourself. Staying consistent with your trading strategies will help you in the long run, as well as helping you pass your evaluation.
5. Utilize Resources and Support: Most one-step prop firms offer educational resources, and some offer trading tools. All of them offer support, so if you need it, you can reach out for help.

Leading One-Phase Prop Firms to Consider

Here are some notable one-phase prop firms known for their minimum trading days, payouts, and more:

1. TakeProfit Trader: TakeProfit offers a one-phase evaluation that allows passing in as little as two days. They're known for automated anytime payouts. Read more about TakeProfit
2. BluSky Trading: The only one-phase prop firm giving you 50% off Tradervue with your evaluation, so you can track everything. Whether you achieve profits or losses, analyze them and hone your trading skills. BluSky allows you to pass in as little as 8 days, and offers 1-on-1 coaching with their live accounts.
3. Fast Track Trading - Traders who want one-phase evaluations are usually even happier with instant-funded trading accounts. FTT lets you buy a funded futures account, and all of their accounts have great features like 1:1 target/drawdown ratios. See Fast Track Trading details

Conclusion

A one-step prop firm can be a great choice for traders wanting a quicker and more efficient path to funding. Traders who understand the evaluation process and focus on risk management can navigate the single-phase evaluation and secure a funded account. Whether a seasoned trader or just starting out, the simplified approach of one-step prop firms offers a compelling opportunity to grow your trading career.