If you’re considering the Bullwaves Prime $10,000 2-Step Challenge, this guide breaks down everything you need to know — including profit targets, drawdown rules, payout structure, consistency requirements, and prohibited strategies.
This article is fully optimized with relevant prop firm keywords such as 2-step evaluation, funded trading account, forex prop firm rules, max drawdown limits, profit split, payout consistency rule, and MT5 prop trading.
What Is Bullwaves Prime?
Bullwaves Prime is the proprietary trading division of Bullwaves, offering traders access to simulated funded accounts after passing an evaluation process.
The firm operates through MetaTrader 5 (MT5), known for:
- Advanced charting tools
- Algorithmic trading support
- Multi-asset trading
- Professional execution environment
$10,000 2-Step Challenge Overview
Phase Structure
| Stage | Profit Target | Max Total DD | Max Daily DD | Min Trading Days | Leverage |
|---|---|---|---|---|---|
| Phase 1 | 8% | 10% | 5% | 3 | 1:50 |
| Phase 2 | 5% | 10% | 5% | 3 | 1:50 |
| Funded | No target | 10% | 5% | 3 | 1:50 |
However, there is an additional requirement of 10 active trading days to pass any phase and to request payouts.
Minimum Trading Days Rule (Very Important)
To:
- Pass Step 1
- Pass Step 2
- Request any payout
You must complete 10 active trading days.
What counts as an active day?
- A trade must be opened
- It does NOT need to be closed that day
- Holding overnight is allowed
- Logging in without trading does NOT count
If you hit the profit target before 10 trading days, you must continue trading until you reach 10 active days.
Drawdown Rules Explained (Crucial for Survival)
Maximum Daily Drawdown (5%)
- Equity-based
- Calculated from:
- Initial balance at reset (00:00 PM Market Watch / 5:00 PM EST)
- OR highest equity of the day
- Whichever is higher
Formula:
Highest balance or equity of the day – Current equity
If that difference exceeds 5% → account breach.
Maximum Total Drawdown (10%) – Trailing
This is also equity-based and trailing.
Example ($100K account)
- Initial loss limit = $90,000
- If equity reaches $110,000
→ New trailing drawdown = $99,000
The 10% always trails the highest equity or balance.
Payout Structure & Profit Split
Profit Split
- 80% to the trader
- Based on performance commission
Payout Methods
- Bank Wire ($30 flat fee)
- USDT (ERC20) – No fee
- Minimum withdrawal: $50
- Processing time: 2–5 business days
Payout Schedule
- First payout: 15 calendar days after first trade
- Then: Every 15 days (bi-weekly)
- Must close all trades before requesting
- Must complete 10 active trading days
6% Maximum Gain Per Payout Rule
This is critical.
The profit split applies only to gains up to 6% of the starting balance per payout cycle.
Example – $200K account
If you make $12,000 (6%):
- You receive 80% of $12,000 = $9,600
If you make more than 6%:
- The extra profit is not included in payout
- Rule resets after each payout
Profit Consistency Rule (30% Rule)
No single trading day may represent 30% or more of total profits.
Formula:
(Highest Profit Day ÷ Total Profit) × 100
If your biggest day is too large:
- Account is NOT terminated
- You must keep trading until total profit increases enough
Example:
Highest day = $1,500
Total profit must reach at least $3,750
To reduce percentage below 30%
This rule continues throughout the account’s lifetime.
Lot Size Consistency Rule
Profitable trades must stay within:
- Minimum lot = Average – 70%
- Maximum lot = Average + 100%
Example:
Average lot = 1.00
Allowed range:
- 0.30 to 2.00 lots
Trades outside this range are removed from payout calculation.
Trades within 30 seconds are aggregated as one.
Allowed vs Prohibited Strategies
Allowed (Challenge Phase Only)
- Expert Advisors (EAs)
- Trade Copiers
- Automated bots
Funded Phase Restrictions
- No EAs
- No automation
- No trade copiers from other users
You may copy your own trades.
Strictly Prohibited Strategies
These violations can result in account termination:
- Arbitrage trading
- Grid trading
- Martingale strategy
- Tick scalping (minimum 2-minute hold)
- Hedge trading
- Bracketing before news
- Guaranteed limit orders during volatility
- One-sided betting behavior
- Copy trading from other platform users
- Account sharing
- Toxic risk:reward (60% negative R:R trades)
News Trading Rule
You may:
- Hold during news
You may NOT:
- Open or close trades 3 minutes before or after news release
Inactivity Rule
If no trades are executed for 30 days:
- Account marked inactive
- May require re-evaluation
Logging in does not reset inactivity timer.
Maximum Allocation
- Up to $2,000,000 total funding
- Maximum 6% gain per payout cycle per account
- Example:
- Two $200K accounts
- 6% each = $120,000 eligible profit split
Who Is This 2-Step Challenge Best For?
Ideal for traders who:
- Use structured risk management
- Avoid martingale/grid systems
- Prefer steady gains over high-risk spikes
- Can maintain consistency over 10+ trading days
- Understand trailing drawdown mechanics
Not suitable for:
- High-frequency scalpers
- News spike traders
- Martingale users
- Aggressive gamblers
Also Read FundedNext Monthly Competition Rules, Rewards & How to Join
Final Thoughts on the Bullwaves Prime $10K 2-Step Challenge
The Bullwaves Prime $10K 2-Step Challenge is structured to reflect a professional trading environment that prioritizes long-term sustainability over short-term gains.
With realistic drawdown limits, strong consistency rules, bi-weekly payouts, and opportunities for ongoing capital allocation, the program emphasizes disciplined trading and controlled risk.
The firm focuses heavily on risk management, replicable strategies, and steady performance rather than profit spikes, making it well-suited for traders who aim for consistent, risk-managed growth.
Frequently Asked Questions (FAQs)
Can I pass the challenge in 3 days?
Technically yes, but you must still complete 10 active trading days.
Is the drawdown based on balance or equity?
Both — whichever is higher.
Can I trade crypto on weekends?
Yes. Simulated crypto trading is available on weekends.
What happens if one day makes 40% of my profit?
You must continue trading until that percentage drops below 30%.
Are EAs allowed?
Yes during challenge.
No during funded phase.
What happens if I exceed 6% profit?
Extra profit is not included in payout but does not break rules.
