The AUDITION
Welcome to Knowledge Base
Who We Are:
- NexGen Futures Trader is a proprietary trading firm committed to empowering traders from all backgrounds and levels of resources. With our roots deeply embedded in trading, we understand firsthand what traders need to succeed. Our goal is to assist you in flourishing as a futures trader by equipping you with essential tools and robust support.
How Our Process Works:
The Audition Account: Begin by passing your AUDITION account, where you’re tasked with meeting a set profit target. This can be accomplished in as little as 5 days!
The Show Account: After succeeding with your AUDITION account, you’ll move to the SHOW account. This is your final step before going LIVE. Here, all trading is conducted in a simulated, industry-standard environment using near-live market data.
Going Live: Once you’re LIVE, you can start withdrawing profits immediately. We offer an attractive 80/20 profit split, along with potential bonus payouts, making our deal one of the best in the market. As you gain more experience, we’re open to adjusting the payout ratio, allowing you to retain an even greater share of your earnings.
Ready to Start? Let’s talk and embark on your successful trading journey with NexGen Futures Trader!
What to expect
Sign up and trade while following the rules
Although our minimum trading days are low (you must trade a minimum of 5 days), don’t feel rushed. You have 30 days before your subscription renews. You can continue trading at a pace that works best for you.
WITH NexGen Futures Trader, YOU CAN ONLY HAVE 1 RITHMIC ACCOUNT AT ANY GIVEN TIME.
We want you to be consistent in your trading so don’t rush the process. Remember, focus on being consistent. It is your future as a trader after all.
Trade how you want
Your goal is to reach the profit target for the plan you purchased. As long as you don’t go below your minimum account value you can trade as you please.
Rules and Code of Conduct
- Prohibition of Gambling or Exploitative Practices:
– NexGen strictly prohibits trading activities aimed at gambling or gaming the system. Our trading platform is designed to replicate real market conditions, and traders are expected to engage in fair and ethical practices.
- Discretionary Payout Denial:
– NexGen reserves the right to deny payouts to traders engaged in reckless trading behavior, exploiting the simulated environment for unrealistic gains, excessive flipping of contracts, or holding contradictory positions across accounts.
- Emphasis on Consistency:
– Consistency targets are expected in all stages of trading, with a daily target not exceeding 30% of the Plan Target, to demonstrate stability and proper trading behavior.
- Promotion of Risk-Aware Behavior:
– Traders are encouraged to trade with a well-thought-out plan, including the use of stops, to ensure a balanced approach to trading and a healthy trading community.
- Trader and Company Responsibilities:
– Both traders and NexGen have mutual responsibilities. NexGen is committed to providing a fulfilling and rewarding learning experience that enables traders to achieve their full potential. Traders are expected to engage in a manner consistent with NexGen’s values and guiding principles.
- Professionalism and Engagement:
– Professional conduct towards staff and other traders is essential. Traders should commit to learning, understanding, and following procedures and guidelines, and exhibit proactive problem-solving skills.
- Mentorship, Guidance, and Skill Development:
– NexGen provides enhanced guidance and mentorship, offering structured programs for skill improvement and strategic trading.
- Ethical Use of Resources:
– Traders must not misuse company resources for personal gain or activities detrimental to NexGen’s reputation. Actions should always align with the company’s values.
- Misconduct and Penalties:
– Misconduct includes disrespect, bullying, harassment, and other unethical actions. A transparent penalty system is in place to address misconduct, ranging from warnings to account suspension.
- Prohibition of Gaming the System:
– Traders are strictly prohibited from attempting to manipulate the trading process, including actions such as repeatedly flooding the Rithmic system with orders to slow down fill rates or manipulate execution prices. Engaging in such behavior will lead to the termination of the trader’s account.
- Restriction on Trading Ahead of Binary Events:
– Traders are not permitted to engage in trading strategies that exploit binary events, such as major data releases or news events. Specifically, a trader may not hold long positions in one account and simultaneously hold short positions in another account on instruments of the same nature to capitalize on these events. Violation of this rule will result in the termination of the trader’s account.
- Introduction to a Live Broker:
– Successful traders will be introduced to a Live broker. These traders are required to comply with the account opening requirements and conditions, and must accept the terms set forth by the Live broker.
- Use of Referral or Discount Codes:
– When using or providing a referral or discount code, traders must use it solely for the purpose of obtaining a single discount or referral commission as intended by NexGen Futures Trader. Any attempt to exploit, misuse, or take advantage of the code will result in the forfeiture of all commissions and a permanent ban from NexGen.
- Integrity and Transparency:
– NexGen Futures Trader is committed to finding successful, honest, and transparent traders. Any behavior that deviates from these standards will lead to the termination of the trader’s account, with the forfeiture of all accrued benefits.
- Financial Responsibility:
– NexGen Futures Trader does not encourage speculation with funds that individuals cannot afford to spend. Responsible financial behavior is expected at all times.
**Conclusion:**
By adhering to these guidelines, NexGen aims to create an environment where responsible and consistent trading is encouraged and rewarded. We are committed to helping traders reach their full potential. Thank you for being a part of the NexGen trading community. We value your commitment to ethical and professional trading practices.
Eligibility at NexGen Futures
You must be 18 and older to earn a LIVE account with NexGen Futures Trader. There will be other checks and verifications required by our broker.
NexGen and it’s funding partners can accept all traders from countries that are not ont eh OFAC’s sanctioned countries list. This list may change at any time. Currently that list contains the following countires: Afghanistan, Albania, Algeria, Angola, Bahamas, Barbados, Belarus, Bosnia and Herzegovina, Botswana, Bulgaria, Burma, Burundi, Cambodia, Central African Republic, Congo Free State, Cote d’Ivoire (Ivory Coast), Crimea, Croatia, Cuba, Democratic Republic of Congo, Ecuador, Ethiopia, Ghana, Guyana, Iceland, Indonesia, Iran, Iraq, Jamaica, Kosovo, Laos, Lebanon, Liberia, Libya, Mauritius, Mongolia, Montenegro, Nicaragua, North Korea, North Macedonia, Panama, Pakistan, Papua New Guinea, Romania, Russia, Serbia, Slovenia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Ukraine, Venezuela, Yemen, Zimbabwe
The Membership
What is included
- Access to Rithmic: Your monthly fee for the AUDITION stage or the one-time payment for the SHOW stage grants you access to Rithmic, featuring Level 1 (Top of Book) near-live data.
- Fee Waiver Conditions: This fee is waived if you are a non-professional trader, a status you can select during checkout. However, choosing “Professional” will subject you to higher data fees.
Dashboard
- Account Status: View the status of each account daily after market close.
- Subscription Management: Easily manage your subscriptions from the dashboard.
- Payout Requests: Requesting payouts is straightforward and can be done through the dashboard.
- Trade Data: For more detailed information about your trades, refer to the Rithmic Trader Pro software.
Dedicated Account Manager
- Personalized Coaching: At NexGen, we are committed to helping our traders reach the LIVE stage. To facilitate this, we provide coaching to all members, aiming to guide you successfully to your trading goals.
NexGen Future Traders Affiliates
All traders can become an NexGen Affiliate
You may apply to become an affiliate. There will be an affiliate code in your user dashboard that is specific to your account. Give this code out to people and receive 10% of the value of accounts purchased. Any active discounts will automatically apply to affiliate codes.
Payouts are made on the first business day of each month after you’ve accumulated at least $100 in commissions, however, you must send an email request to affiliate@nexgenfuturestrader.com for payouts.
AUDITION Rules
The Do’s
- Profit Goal: Achieve the target profit set for your specific plan.
- Minimum Trading Days: Trade for at least 5 days while working towards your target profit.
- Strategy and Consistency: Focus on refining your trade strategy. Aim for consistency, ideally not exceeding 30% of your goal on your most profitable day. Reach your profit target without hitting the trailing threshold. The number of contracts you can trade is automatically limited based on your plan size, so focus on consistency, which is crucial for the SHOW stage.
The Don’ts
- Trailing Threshold: Avoid letting your account balance fall below the trailing threshold. If this happens, your plan will enter “ADMIN” status, preventing further trading. All positions under that plan will be automatically liquidated.
What is a Soft Daily Stop?
- Purpose: This is a safety measure that temporarily blocks trading on your plan until the next business day, allowing you to resume trading at the next futures market open (6 pm EST). Unlike other firms that may close your account after a daily stop, NexGen’s approach is to give you another chance to trade.
Disclaimer Regarding Use of Soft Stop in Fast Market Conditions
- Please be advised that while NexGen Futures Trader provides a “Soft Stop” feature as a risk management tool, there is no guarantee that it will prevent additional slippage in fast-moving market conditions or low liquidity markets. The Soft Stop is designed for use under normal market conditions and may not function as intended during periods of high volatility or rapid market movements. Additionally, the feature serves as a mechanism for a cooling-off period, particularly useful when a trader experiences a series of unfavorable trades. It encourages taking a break, thereby providing an opportunity for traders to return the next day with a fresh perspective, helping to prevent them from making hasty decisions that could lead to significant losses.
- NexGen Futures Trader expressly disclaims any responsibility for slippage that may occur, regardless of whether the Soft Stop feature was engaged. Traders should be aware of this limitation and manage their trading activities and risk exposure accordingly, understanding that they use the Soft Stop feature at their own risk.
How many plans can a Trader have?
- AUDITION Plans: You can have multiple AUDITION plans active simultaneously.
- SHOW Plans: You are limited to a total of five SHOW plans, which can be a mix of different account sizes but must not exceed five in total. For combination queries, contact support@nexgenfuturestrader.com.
Order can be placed by administrators only, now what?
- What It Means: If your account is in Admin status, it indicates you’ve breached the minimum account balance.
- Next Steps: Don’t lose heart; it’s a common occurrence. You can either wait for the account to reset at the next billing cycle or open a new account to start afresh immediately.
Markets & Commissions
Rithmic
Clarification on Rithmic Data Feed and Usage of Rithmic Trader Pro Software
Rithmic Data Feed in Simulation Mode:
- The Rithmic Data Feed is offered in a simulation mode directly by Rithmic. It’s important to note that NexGen Futures Trader does not have any control over, nor are we responsible for, the performance, reliability, or accuracy of the Rithmic Data Feed.
Mandatory Use of Rithmic Trader Pro Software:
- While trading, it is highly recommended to keep the Rithmic Trader Pro software operational at all times. This is a crucial precautionary measure. In the event that your primary data feed or trading system becomes unresponsive, Rithmic Trader Pro serves as a reliable alternative for you to manage and close all open positions effectively.
By adhering to these guidelines, you ensure a more secure and efficient trading experience, leveraging the capabilities of Rithmic’s tools while understanding the boundaries of NexGen Futures responsibilities.
Stage1/Stage2 Comission rates:
| ES | 2.01 | ZN | 1.52 | 6S | 2.36 | MYM | 0.49 | |||
| NKD | 2.01 | ZB | 1.73 | 6N | 2.36 | MNQ | 0.49 | |||
| NQ | 2.01 | UB | 1.57 | CL | 1.99 | M2K | 0.49 | |||
| YM | 2.01 | 6A | 2.36 | QM | 1.99 | MGC | 0.78 | |||
| EMD | 2.01 | 6B | 2.36 | NG | 1.99 | M6A | 0.44 | |||
| RTY | 2.01 | 6C | 2.36 | GC | 2.34 | M6E | 0.44 | |||
| ZT | 1.37 | 6E | 2.36 | SI | 2.34 | M6J | 0.44 | |||
| ZF | 1.42 | 6J | 2.36 | MES | 0.49 | MCL | 0.52 |
LIVE Brokerage
As determined by standard Broker commission for their LIVE accounts
What if I qualify with more than 1 account for LIVE funding?
We will invite you to discuss with us what your trading limits and account limits will be in the LIVE stage. However this is entirely at our discretion.
Billing
Billing cycles
- Auto-Renewal: Each plan automatically renews every 30 days, regardless of whether you pass or fail your plan.
- Cancellation: You can cancel your plan at any time through the Billing section in the member’s area.
- Please be informed that Omega Trader Funding LLC operates under the business name NexGen Futures Trader. This means that billings will show up from Stripe or Paypal as Omega Trader Funding LLC.
Discount Codes
- Usage: Enter your discount code during checkout.
- Policy: Discount codes cannot be refunded, adjusted, or switched after the purchase is complete. If you forget to use your discount code, no adjustments will be made post-purchase.
Refund Policy
No Refund Policy at NexGen Futures Trader
- Please be aware of our strict no refund policy before finalizing your purchase with NexGen Futures Trader. Once you have registered and paid for a subscription, we do not offer refunds under any circumstances. This policy also applies to trader resets – no refunds will be provided for these services.
- By choosing to sign up with NexGen Futures Tradess, you acknowledge and accept that all payments are final and non-refundable. This includes situations where a trader has accessed or used our data and services. Your agreement to these terms is a mandatory condition of your subscription and use of NexGen Futures services.
We use Stripe or Paypal:
- Platforms: We accept payments through Stripe or PayPal.
- Credit Cards: All major credit cards are accepted.
Resets
- No Resets: We do not offer resets at NexGen. Our trading plans are competitively priced, eliminating the need for resets.
- Procedure for Failed Plans: If you fail a plan, simply cancel it and start a new AUDITION.
Should you fail a SHOW account, you must begin again with an AUDITION.
Payouts
Qualifying for Payouts
Payouts are available to traders who have Live accounts at our broker. Any profit you earn in the Live account is yours as long as your account balance is above the starting balance. There are no minimum days to request a payout.
Profit Share
What happens to my account after a payout?
Daily payout processing
Payouts can be requested after your Stage account has reached its profit target + buffer. NexGen will review your submission and confirm a few details before initiating your ACH payment. This process could take 1-3 days administration, to confirm all details and will be in a timely manner.
No minimum days for payouts
There are NO minimum days to trade to request payout in your LIVE account. If you have achieved profit, then you are entitled to it. There will be a delay in the period between request and when payment is sent.
Tax Questions
Payouts are made as indepentant contractors from Omega Trader Funding LLC. You will be responsible for any and all taxes associated with payouts. Only the amount you receive from a payout needs to be reported. Funds that have not been withdrawn in the specific calendar year do not need to be reported.
US Citizens will need to complete a W9.
If you are not a US Citizen, you must complete a W-8 BEN with proof of Identification to match your account opening details.
US citizens with payouts will receive a 1099-NEC reporting the amount of funds the trader received in a calendar year. Traders outside of the US will not receive a 1099 from Omega/NexGen.
The SHOW Rules
Overview:
- Similarity to AUDITION: The SHOW stage is akin to the AUDITION stage but offers more flexibility.
- Trailing Threshold: Unlike the AUDITION stage, which had a Soft Daily Loss Limit, the SHOW stage uses a trailing threshold to balance flexibility with trading discipline.
- Minimum Trading Days: A minimum of 6 trading days is required to pass. You must also trade a minimum of 12 days after the first month to retain your account. Accounts that do not achieve this will be considered being dormant and will be closed without any notice.
- Profit Consistency: Aim for about 30% profit consistency on your largest profit day, as this is the final step before going Live.
The Do’s:
- Trading Environment: Continue trading with near-live simulated market data, as in the AUDITION stage.
- Profit Target: Reach your set profit target.
- Minimum Account Balance: Maintain the minimum account balance specific to your account type.
- Trailing Minimum Balance: Once you reach your profit target, the trailing minimum balance becomes a static minimum balance for the account’s lifetime.
The Don’ts:
- Trailing Threshold: The SHOW plan’s trailing threshold increases with your highest unrealized balance. It rises with profits but does not decrease with losses. Once you surpass your profit target, it converts to a static minimum balance. Do not trade any further.
Order can be placed by administrators only, now what?
- What It Means: Admin status indicates a breach of the minimum account balance or stop limit.
- Next Steps: If this occurs, don’t be discouraged. You have the option to leave the account open for a reset at the next billing cycle or start over immediately with a new account, which can be opened within minutes
Trailing Threshold explained
A Trailing Threshold is a term used to describe how an account’s minimum balance changes due to profit and loss. Trailing threshold will follow your account, intra-day, up until max profit is reached. Because of this, all trades taken will be reflected in your minimum account balance.
How it works:
Trailing threshold takes into account all account balance increases regardless if profit is taken or not. You can monitor this in R|Trader Pro under column “Auto Liquidate Threshold Value” or ALTV.
- Trailing threshold is calculated live, intra-day
- As your account balance increases, so does your ALTV
- If your account balance decreases, your ALTV does not
As an exaple, an account balance increases from $25,000 to $25,450 and the position is closed. This means the ALTV increased from $23,750 to $24,200. The same account places another trade but the account balance falls from $25,450 to $25,200. The ALTV will remain unchanged at $24,200. For the last trade, the account balance starts at $25,200, reaches a high of $26,100, but the position wasn’t closed until $25,900. In this scenario, the max high of $26,100 (profit of $900 over previous high) moved the ALTV up to $25,100 from $24,200.
If your Account Balance falls below the ALTV, your positions will be liquidated and your account will no longer be able to place trades. You cannot reset a SHOW account thus if you fail it you must start over at AUDITION.
Trailing threshold explained:
A trailing threshold is your minimum account balance that increases as your account profits increase but does not decrease if you incure losses. Your trailing threshold starting balance is disclosed with each account type and can be seen live in rTrader Pro.
Here is an example of how a trailing threshold works.
Your $50k account has a trailing threshold of $47,500. You make your first trade and close it at an exact high of $700 profit. Your account balance is now $50,700 and the trailing threshold is at $48,200. Your next trade is placed and you see a $200 profit but you don’t close the trade yet. You wait a bit longer and end up closing it for a $100 loss. Your account balance will be $50,700 – $100 = $50,600 while your trailing threshold will be $48,200 + $200 = $48,400. If your account balance ends up dropping below the trailing threshold, your account will auto-liquidate and go into Admin status. You will not be able to place any more trades.
LIVE Account Rules
Summary of a LIVE Trading Account
- Progression to LIVE Account:
- Once you reach the LIVE account stage, you trade with real market data using funds accumulated from successful trading strategies. Each plan has a specific minimum balance requirement to keep the account active.
- One Live Account:
- You are limited to one Live account, regardless of the number of Show Accounts passed. Success in Show Accounts could increase position limits, but profit limits are tied to the first Show account
- Profit Sharing Scheme:
- You retain 80% of profits up to $10,000, after which your share increases to 90%.
Over $30,000 we can negotiate this profit share even further in your favor.
- You retain 80% of profits up to $10,000, after which your share increases to 90%.
- Minimum Balance Threshold:
- The minimum balance, crucial for account activity, is based on the account type from the SHOW stage. Dropping below this threshold risks account closure.
- Withdrawal Impact:
- Withdrawals impact your balance. It’s vital to keep the balance above the minimum after withdrawals to continue trading.
- Example of Account Balance/Payouts:
Day/Action | Description | New Balance | Notes |
Starting Account | $3,000 with a minimum required balance to be maintained of $1,000. | $3,000 | |
Day 1 | Earn $400 | $3,400 | |
Withdrawal Day 2 | Withdraw $500 | $2,900 | You receive 80% = $400 |
Day 2 | Earn $200 | $3,100 | |
Day 3 | Lose $300 | $2,800 | |
Withdrawal Day 3 | Withdraw $1,000 | $1,800 | You get 80% = $800 |
Day 4 | Earn $500 | $2,300 | |
Summary | Total Profits Earned: $800. | $2,300 | You were paid $1200 |
7. Key Aspects of LIVE Account Management:
It’s crucial to balance gains, losses, and withdrawals to maintain the minimum required balance and ensure the viability of your trading activities.
a) Minimum Balance Maintenance: It is essential to keep the balance above the minimum to avoid account closure.
b) Risk of Account Closure: If the balance falls below the minimum, the account will be closed.
c) Withdrawal Guidelines: Withdrawals are allowed at any time but should not reduce the balance below the required level. Please be aware of the amount you request to withdraw and continuing to trade. You will not be entitled to the requested pay if your account balance decreases to a level lower than amount requested.
d) Intervention for Significant Losses: If the balance falls significantly, trading may be paused for strategy review. One of our account managers will reach out in this situation to discuss and help get you back on track.
8. Simple Guide to the Live Trading Initial Margin Rule
This Guide is designed to help traders manage their investments more effectively in their Live Trading Account.
- Adjusting Trading Capacity Based on Performance:
- Your ability to trade (buying power) changes with your Trading Profits balance, which goes up or down depending on your daily profits or losses.
- Daily Account Review Using the Daily Trade Report:
- Every day, your account should be reviewed using the brokers dashboard, to help you stay informed about your current Profit or Loss situation.
- Starting Small and Growing (Initial Trading Plan Scaling):
- As you are new to us, we’ll start with smaller trades and increase them as you gain more experience, helping you manage early losses and improve your chances of long-term success.
- Earning the Right to Take More Risks:
- Once you make a total balance of over $5,000, you can ask to trade with different risk rules, potentially allowing for much bigger trades and strategies.
- Initial Margin Limits:
- Initial Margin limits vary by account size until $5,000 in profit is earned. Overnight positions are not allowed – all positions must be closed by 4:59pm EST.
- Adjusting Trading Capacity Based on Performance:
Trading in Live Account
- Primary Trading Platform:
- Execute all trades on the broker’s platform, utilizing its advanced charting and analysis tools. Web and mobile is available through our broker. TradingView is also available for those who prefer that interface. Please contact us to have this feature enabled. Overall, please maintain your consistency in trade execution, wheter using the broker’s platform or Tradingview.
Trade your account like it was your own money:
With a LIVE account, you are now trading with live market data and funds that you have earned. There is still a minimum account balance for each account type that needs to be maintained in order to keep your account open. Below are the balances for the plan type that is passed into a LIVE account.
| Account Size | Starting Balance | Minimum Account Balance |
|---|---|---|
| $25k | $1,500 | $500 |
| $50k | $3,000 | $1,000 |
| $100k | $3,500 | $1,000 |
If you pass more than one STAGE account your starting balance will scale incrementally along with minimum balances.
Bonus Rewards: Bonuses are awarded for reaching certain milestones. After withdrawing a total amount equivalent to your initial starting balance (ie. $50k plan starts with $3k), you will be allowed to request payouts from the initial minimum account balance at no profit split. This payout will reduce your account balance.
Supported Platforms
Rithmic rTrader Pro
New Rithmic Users
If this is your first time using Rithmic at NexGen, please follow these steps in setting up Rithmic rTrader Pro. Your first step will be to download an install Rithmic rTrader Pro: https://rithmic.com/rtraderpro-Apex.msi Starting from the top:- Remember Me [ON]
- Skip Settings [OFF]
- Orders [On]
- Selective Load [Off]
- UserID [welcome email or dashboard]
- Password [welcome email or dashboard]
- System [Rithmic Paper Trading]
- Gateway [Chicago Area]
- Market Data [On]
- Allow Plugins [Off] if using 1 trading platform or [On] if using multiple.
- Best to start with [Off]
- User ID / Password / System /Gateway [same as above]
Quantower
- Download and install Quantower through the following link:
https://www.quantower.com/download
- Installation instructions can be found here
- Once installed, open and run Quantower
- Select the “Connections” menu from the top bar (#1) and then select “Rithmic” (#2) in the left column and then enter your User (#3) and Password (#4) located in your dashboard. Finally, select “Rithmic paper trading Chicago” (#5) and click “Connect” (#6).
