Louis A., a Funded Trader from Humble, Texas narrated his trading experience with OneUp, how he started, got funding, and offered his best advice to traders. He also compared OneUp Trader with TopStep and showed why OneUp leads the competition. You can follow this link to listen to the video interview.
How He Started, What He learned and When He Trades
When he decided to start his full-time trading career, he spent so much money to get the required training. While there are different types of market indicators, he concentrated mainly on price action. He has roughly 46 trading setups he’s looking for in the different markets he trades. He works on building and developing his trading strategy and avoids using the automated trading system.
While the strategy may need fine-tuning and adjustment from time to time to suit the market situation, he prefers building up his trading system instead of an automated system that can easily wipe away a trader’s account. He trades mostly during the US session because it is the most active market.
He logs into his computer an hour or an hour and a half before the trading session. He equally looks for trading opportunities after the market closes at 7 O’clock. Sometimes, he wakes during the London session to check what the market is doing, and if he doesn’t wake, he just waits for an hour or an hour and a half before the US market session opens.
He recommends getting things set up earlier before entering the market. His pre-market preparation involves putting a marking on the charts to track his indicators (low and high volume notes).
Entering the market and starting to trade instantly without a pre-market setup is a bad idea and can lead to costly mistakes, he says. You can watch the video interview here.
Unique Features of OneUp That Makes It Stand Out Among Its Peers
1. Issuance of Warning
Both OneUp and its funding partners issue warnings to traders when they’re making mistakes. They just don’t automatically kick traders out as Topstep does to its traders. Luis A. testified that he got a warning from the Funding Partner reminding him of the rule that “he can’t be in the market beyond 3.15 pm“ or else he’ll lose and start the evaluation process all over again.
When he got funded, he equally got warnings two times from the funding partner telling him he scaled wrongly. He was warned not to repeat it again, but his friend with Topstep got turned off instantly for the exact same mistake without prior warning.
2. OneUp single step evaluation Process
With OneUp, you go through only one step evaluation process during the 15 – day trial period, but with TopStep you need to achieve the level twice. You need to pass the first evaluation within the first 5 days, maintain it for the next 5 days and then fulfil the evaluation requirement in stage 2 before you can qualify for funding.
With OneUp, you can choose your preferred profit-sharing level which can either be 80% by 100 % or 50% by 50% sharing. What this means is that with a 50,000 dollar funded account, he keeps 8,000 dollars out of the first profit he makes and then shares 80% by 20% with OneUp and the funding partners. Whereas with Topstep, you keep only the first 5,000 dollars which means a 3,000 dollar instant loss.
4. Exchange Fees
Working with OneUp Trader the fee is paid by the Funding Partners on behalf of traders. (Please note that during the video interview it was an error when Louis said “the fee is paid by OneUp Trader”).
With Topstep on the other hand, depending on the market you trade, you pay an exchange fee. For instance, if you are trading crude oil, indices, and gold, you need to pay exchange fees for each of these products. While the charge may range from 25 to 50 dollars, according to Luis, OneUp still has an advantage over TopStep here, despite the small fees.
5. Customer support
In the Video, Louis couldn’t stop singing OneUp’s praises for the friendly and helpful support OneUp renders to its customers. He mentioned that while he wasn’t initially aware of the Live Chat feature that functions 24/7 when he did get to know about it, it was very helpful. Traders can access help through the chat function which is available round the clock even outside the trading hours. The email and phone services work only during trading hours.
He also mentioned that the OneUp support team, both male and female are quite knowledgeable and experienced and normally respond to clients’ queries promptly. When he phoned, the support team responded to his queries right away and when they required more information, they returned his call within roughly half an hour. Want to hear him directly, feel free to click on the video link for more details.
Therefore, with OneUp, you can relax and be sure that any query you have any time of the day would be resolved. Email responses start working when the trading session is open and the chat function works late into the night even after the market closes.
So, if you trade late into the night say, by 2.00 am, you can equally access help. With the chat function working during time, you’re sure that when you leave a message, somebody is available to help you sort out your issues. Therefore, this gives you peace of mind, knowing that you can trade anytime and get help anytime you need it.
6. Transitioning from the Evaluation stage to the funded Stage
OneUp developed trading rules and regulations that make traders succeed starting from the evaluation stage till the funded account stage. Louis A. mentioned he has got funded 2 times and is anticipating a third one.
He advised traders to follow these rules, regulations, and procedures starting from their evaluation stage. He mentioned that he wasn’t practising scaling during his evaluation stage and that made it more difficult for him when he started trading with a funded account.
When traders try to circumvent some rules during the evaluation stage and don’t follow all the protocols they need to follow when they get funding, it could backfire and lead to problems.
So, the best practice is to follow the rules strictly from day one to avoid developing bad practices which would be hard for you to break up when you start trading with a funded live account. This will only make the transition very easy and smooth.
7. OneUp Trading rules
OneUp trading rules can make it easy for you to efficiently manage your money and risk. The rules are there to help you make winning trades. One of the reasons traders lose money is not sticking to their trading plans and being controlled by emotion. OneUp trading rules help you to control your emotions and implement your plans.
The rules are equally very helpful for the funding partners. They ensure that you will properly manage the funds. Of course, as businessmen, the funding partners want to ensure that anyone receiving funding will execute proper money management. They want to also ensure that you can scale properly, avoid over-leveraging your position, and trading during news events. These periods are likely going to experience wild swings.
Although wild swings could be a good thing if trading works in your favor, it is not so great when the contrary happens. These trading rules implemented by OneUp according to Louis helps to reinforce the need for good money management.
Another important reinforced trading rule is the need to formulate and stick to your trading plan. One more thing about OneUp and its funding partner rules is transparency. You know from the start where you stand and all the rules in place. Nothing you don’t previously know springs up at the last minute.
8. Seamless SignUp and Funding Process
OneUp makes the signup process as easy and stress-free as possible. Louis, in the video interview, thinks that the seamless process makes traders stick with OneUp for longer times because if the signup process is more complicated and difficult, it could make it easy for people to drop out.
The processes you go through when you qualify for funding include: verifying your identity to prove you’re who you claim to be and filling out a few online forms. Overall, it takes roughly 5 business days to get everything set up to transition you from paper trading to a funded live account. The process is fairly easy and within 5 days of passing the evaluation, you’re already up and trading a live account.
The final advice that Louis has for traders is to avoid chasing trades. He advised traders to take their time and evaluate what they want to do before they do it. They should avoid rushing into trades, try to implement stop loss, and avoid moving their stops. He said while he had the bad habit of doing so, it hurt him many times both when trading with his money and during evaluations. The negative effect of doing so, he says, can be heartbreaking.
Our best advice is, take your time, have patience, be disciplined, and don’t get into bad habits. OneUp is committed to your success because when you succeed, we succeed. It’s a win-win situation both for the traders and the company. Don’t get deceived; find out the truth for yourself by listening to the video interview with Louis and Sign Up today for OneUp Trader funded program. Witness the truth yourself!