1. Executive Summary

This case study details the performance and compliance of Bulenox 50K futures funding evaluation account BX67376-04, which successfully achieved its $3,000 profit target as of July 3, 2025. The account generated a total net profit of $3,142.23 across five trading days, demonstrating strong profitability and effective management of the trailing drawdown and daily loss limits. The trader exhibited a high win rate of 84.40% and maintained contract usage within the specified limits of 3 Mini or 30 Micro contracts.

While the evaluation was successfully passed, it's crucial to understand that the profits generated during this phase are solely for meeting the evaluation's profit target and are not withdrawable. The analysis highlights critical areas for *future payout eligibility from a live funded account*: specifically, the 40% Consistency Rule and the minimum trading days requirement. A significant portion of the total profit was generated on a single trading day (June 26, 2025), which currently exceeds the 40% threshold required for withdrawals from a *funded account*. Additionally, the minimum trading days requirement for the first payout from a *funded account* has not yet been met. This case study serves as an example of successful evaluation completion, while also underscoring the importance of understanding and adhering to all payout-specific rules for a seamless transition to funded trading and successful withdrawals.

2. Bulenox 50K Evaluation Parameters

The Bulenox 50K futures funding evaluation is structured with specific rules designed to assess a trader's profitability and risk management capabilities. Successful completion requires adherence to all criteria.

• The primary objective is to reach a Profit Target of $3,000. This target must be achieved without breaching any other rules.
• The account operates under a Max Trailing Drawdown of $2,500. This drawdown is dynamic, adjusting upwards with new equity highs, but never decreasing. A breach occurs if the account balance falls to or below this trailing limit.
• For "Option 2" accounts, a Daily Loss Limit (DLL) of $1,100 is imposed. This rule prevents daily net P&L from exceeding a $1,100 loss, with a breach resulting in immediate evaluation failure. This report assumes the account is under "Option 2" for a comprehensive risk assessment.
• The Consistency Rule, or "40% Performance Rule," is crucial for payout eligibility from a *live funded account*. It mandates that no single trading day's profit can account for more than 40% of the total cumulative profit *at the time of a withdrawal request from the funded account*. While not a direct passing criterion for the evaluation phase itself, it is a vital component of Bulenox's framework for accessing earned funds once funded.
• A Minimum Trading Days requirement of 10 days must be met before the first withdrawal from a *live funded account*. This rule encourages sustained trading activity beyond simply hitting the profit target.
• Finally, the Maximum Contracts limit for the Bulenox 50K account is 3 Mini contracts (NQU5) or 30 Micro contracts (MNQU5) simultaneously. Exceeding these limits constitutes a rule violation. It is important to note that MNQU5 contracts are valued at $2 per index point, while NQU5 contracts are valued at $20 per index point.

3. Overall Performance Metrics

Account BX67376-04 demonstrated strong overall performance, successfully meeting the profit target within the evaluation period.

The Total Net Profit Achieved to Date is $3,142.23. This figure represents the cumulative sum of profits and losses from all closed trades, surpassing the $3,000 profit target. The evaluation spanned 5 Trading Days (June 26, June 27, June 30, July 1, and July 3, 2025). A Total Number of 109 Trades were executed and filled during this period.

The trader achieved a remarkable Win Rate of 84.40% on closed positions, indicating a highly effective trading strategy. The Average Winning Trade yielded a profit of $43.57, while the Average Losing Trade resulted in a loss of -$132.88. Despite the average loss being larger than the average win, the high win rate effectively compensated, leading to overall profitability. Analysis of trade sequences revealed a Maximum of 9 Consecutive Wins and a Maximum of 14 Consecutive Losses. These metrics provide insight into the volatility of performance streaks.

4. Detailed Performance Analysis

A granular examination of the trader's daily activities and adherence to Bulenox evaluation rules provides a deeper understanding of performance dynamics and compliance.

Daily Profit/Loss Breakdown

The daily net P&L shows the progression towards the profit target:

• June 26, 2025: Net profit of $1,808.73.
• June 27, 2025: Net profit of $1,059.00.
• June 30, 2025: Net profit of $84.00.
• July 1, 2025: Net profit of $139.50.
• July 3, 2025: Net profit of $55.00.

The cumulative P&L reached $3,142.23, successfully exceeding the $3,000 profit target. The first two trading days contributed the majority of the overall profit.

Drawdown Management

The evaluation began with an initial account balance of $50,000. The Max Trailing Drawdown is $2,500.

• Initial: Account balance $50,000, Trailing Drawdown Limit $47,500.
• After June 26: Highest realized balance $51,808.73 ($50,000 + $1,808.73). Trailing Drawdown Limit adjusted to $49,308.73 ($51,808.73 - $2,500).
• After June 27: Highest realized balance $52,867.73 ($51,808.73 + $1,059.00). Trailing Drawdown Limit adjusted to $50,367.73 ($52,867.73 - $2,500).
• After June 30: Highest realized balance $52,951.73 ($52,867.73 + $84.00). Trailing Drawdown Limit adjusted to $50,451.73 ($52,951.73 - $2,500).
• After July 1: Highest realized balance $53,091.23 ($52,951.73 + $139.50). Trailing Drawdown Limit adjusted to $50,591.23 ($53,091.23 - $2,500).
• After July 3: Highest realized balance $53,146.23 ($53,091.23 + $55.00). Trailing Drawdown Limit adjusted to $50,646.23 ($53,146.23 - $2,500).

At no point during the recorded trading activity did the account balance fall to or below the trailing drawdown limit. This indicates effective management of realized losses relative to the account's equity highs.

Daily Loss Limit (DLL) Assessment

Based on the assumption of an "Option 2" Bulenox account, a Daily Loss Limit of $1,100 is in effect. For all five trading days, the net daily P&L was positive. Therefore, the Daily Loss Limit was not breached based on the end-of-day net P&L. While end-of-day figures show compliance, the absence of intra-day P&L data prevents a definitive assessment of whether the account approached this limit during trading hours.

Consistency Rule Assessment (40% Performance Rule for Funded Account Payouts)

The 40% Performance Rule, applicable for payout eligibility *from a live funded account*, stipulates that no single trading day's profit can account for more than 40% of the total cumulative profit at the time of a withdrawal request.

• Total Cumulative Profit (Evaluation): $3,142.23.
• 40% Threshold: $1,256.89.

Daily profit contributions:

• June 26, 2025: $1,808.73. This represents approximately 57.56% of the total cumulative profit ($3,142.23), which *would exceed* the 40% threshold for withdrawals from a funded account.
• June 27, 2025: $1,059.00. This represents approximately 33.70% of the total cumulative profit, which *would be compliant* for this specific day's contribution.
• Subsequent days (June 30, July 1, July 3): All contributed smaller percentages, well within the 40% limit.

The current profit distribution, while successfully passing the evaluation, clearly indicates a potential challenge for future withdrawals from a *funded account* due to the substantial profit generated on June 26. This means that while the evaluation is passed, the trader would be unable to withdraw funds from a *funded account* until the total profit base in that funded account grows sufficiently to dilute the impact of any large profit day, ensuring no single day accounts for more than 40% of the total at the time of withdrawal. It's important to remember that evaluation profits are for passing the evaluation and are not withdrawable themselves.

Contract Usage Analysis

The Bulenox 50K account has a maximum contract limit of 3 Mini contracts (NQU5) or 30 Micro contracts (MNQU5) simultaneously. An analysis of the provided order data reveals the following:

• June 26, 2025: The trader held a maximum of 30 Micro contracts (MNQU5) simultaneously and a maximum of 3 Mini contracts (NQU5) simultaneously. Both usages are compliant with the specified limits.
• June 27, 2025: The trader held a maximum of 12 Micro contracts (MNQU5) simultaneously and no Mini contracts. This usage is compliant with the specified limits.
• Subsequent days (June 30, July 1, July 3): The maximum simultaneous contracts used were 5 Micro contracts on June 30, 1 Micro contract on July 1, and 4 Micro contracts on July 3. All are compliant.

This indicates consistent and proper adherence to position sizing and capital management within the evaluation framework.

5. Compliance Status

A definitive assessment of the trader's compliance with the Bulenox 50K evaluation rules is presented below:

• Profit Target: MET. The trader achieved $3,142.23, surpassing the $3,000 target.
• Max Trailing Drawdown: Compliant. The account balance consistently remained above the dynamic trailing drawdown limit.
• Daily Loss Limit: Compliant (based on Option 2 assumption). No trading day's net P&L resulted in a loss exceeding the $1,100 limit.
• Maximum Contracts: Compliant. The trader's maximum simultaneous contract usage (30 Micro, 3 Mini) was within the permissible limits of 30 Micro and 3 Mini contracts.
• Consistency Rule (for Payouts from Funded Account): Potential Non-Compliance for Future Payouts. The largest single day's profit (June 26: $1,808.73) currently represents 57.56% of the total cumulative profit ($3,142.23), which is significantly above the 40% threshold required for withdrawal eligibility *from a live funded account*. This rule does not affect the evaluation pass itself.
• Minimum Trading Days (for Payouts from Funded Account): Not Yet Met. Only 5 trading days have been completed, with a minimum of 10 days required for the first withdrawal *from a live funded account*. This rule does not affect the evaluation pass itself.

The evaluation has been successfully passed, demonstrating strong trading performance and adherence to core risk management rules. The primary remaining hurdles are related to *future payout eligibility from the new funded account*, specifically the consistency rule and minimum trading days. It's important to reiterate that evaluation profits are not withdrawable.

6. Visual Performance Summary

Below are key charts illustrating the performance metrics and trading patterns during the evaluation period. These visualizations provide a quick overview of the trading activity and its outcomes.

Equity Curve: Cumulative PnL Over Time

Trade Result Distribution

Trade Duration vs. PnL

Comparison of Long vs Short Trades

Total PnL by Hour of Day

7. Key Insights and Observations

The detailed analysis of the trading activity reveals several important patterns and areas for strategic consideration as the trader transitions to a funded account.

Analysis of Trading Patterns

The trade data indicates a predominant use of MNQU5 (Micro E-mini Nasdaq-100) contracts, with instances of NQU5 (E-mini Nasdaq-100) contracts. This preference for micro contracts suggests a strategy that favors smaller, more granular risk exposure, which is beneficial for managing drawdowns. The ability to scale up to 30 Micro contracts and 3 Mini contracts simultaneously, while remaining compliant, indicates flexibility in position sizing to capitalize on perceived opportunities.

The trade execution style predominantly involves "Market" orders for both opening and closing positions. While this ensures immediate execution, it can sometimes lead to less favorable fills compared to limit orders. The presence of "StopLoss" dispositions indicates active risk management, where trades are exited at predefined loss levels. However, the occurrence of "Cancelled by system" for "TakeProfit" orders suggests that price targets might have been overly ambitious or that market conditions shifted rapidly, leading to missed profit-taking opportunities. This highlights a potential area for refining exit strategies.

The trading activity shows a balanced approach to both long (Bid) and short (Ask) positions, indicating adaptability to varying market conditions and no apparent strong directional bias.

Risk Management Effectiveness

The trader has demonstrated effective management of the trailing drawdown, consistently maintaining the account balance above the dynamic threshold. This is a significant strength, indicating a capacity to manage realized losses within the overall account equity. The Daily Loss Limit was also not breached based on end-of-day calculations. Furthermore, the trader's contract usage remained compliant with Bulenox's specified limits for both mini and micro contracts, showcasing disciplined position sizing.

Consistency of Performance and Future Payouts

The current performance, while highly profitable and sufficient to pass the evaluation, is heavily weighted by the profit generated on June 26, 2025. This concentration of profit on a single day directly impacts the 40% Consistency Rule for payouts *from a funded account*. This rule is designed to encourage consistent, repeatable profitability over sporadic, high-impact gains. While it did not prevent passing the evaluation, it will be a barrier to withdrawing funds from a *funded account* until the total profit base in that account grows sufficiently to dilute the impact of this large profit day. Traders should be aware that evaluation profits are not withdrawable.

Identification of Strengths and Areas for Optimization

Strengths:

• Evaluation Passed: Successfully met the $3,000 profit target.
• Overall Profitability: Achieved substantial profit in a short period.
• High Win Rate: An 84.40% win rate is commendable and suggests effective trade selection.
• Trailing Drawdown Management: Effectively managed the dynamic trailing drawdown, keeping realized losses in check.
• Compliance with Max Contracts: Adhered to the specified limits for both mini and micro contracts.
• Flexibility in Market Direction: Utilized both long and short positions, demonstrating adaptability.

Areas for Optimization (for Funded Account Success):

• Managing Profit Consistency for Payouts: The concentration of profit on June 26 needs to be diluted by generating more consistent profits across multiple days in the *funded account* to meet the 40% Consistency Rule for future withdrawals. This requires building total profit more gradually.
• Meeting Minimum Trading Days: The trader needs to complete additional trading days in the *funded account* to reach the 10-day minimum for first payout eligibility.
• Intra-day Risk Monitoring: While end-of-day DLL was compliant, closer attention to intra-day P&L fluctuations is advisable to prevent unforeseen breaches in the funded account.
• Optimizing Trade Exits: The "Cancelled by system" for "TakeProfit" orders suggests a need to review profit target setting and exit strategies to ensure more consistent realization of gains.

8. Recommendations for Future Trading (as a Funded Trader)

To ensure a smooth transition to a live funded account and optimize for future payouts, the following actionable strategies and guidance are recommended:

Strategies to Address Payout Eligibility and Maintain Compliance in a Funded Account

• For 40% Consistency Rule (Payouts): This is the most immediate hurdle for withdrawals from a funded account. The trader should focus on generating consistent, smaller profits over a longer period to increase the total cumulative profit base in the funded account. This will naturally reduce the percentage impact of any single large profit day. Consider consciously reducing position sizes on days following significant gains to avoid another disproportionately large profit day that could hinder future withdrawals. The goal is to "dilute" the impact of any single large day's profit.
• For Minimum Trading Days: With 5 trading days completed in the evaluation, the trader needs to continue trading for at least 5 more days in the *funded account* to meet the 10-day minimum for payout eligibility. Even after reaching the profit target in the evaluation, it is advisable to continue trading with very small, low-risk positions (e.g., using only micro contracts) in the funded account to accumulate the required trading days without jeopardizing accumulated profits. This strategy minimizes exposure while fulfilling the requirement.
• For Trailing Drawdown and Daily Loss Limit: Continue the disciplined approach that led to success in the evaluation. Meticulously adhere to predefined stop-loss levels and proactively manage open positions to stay well within the trailing drawdown limit in the funded account. Regularly review intra-day P&L to ensure the Daily Loss Limit is not approached, even if not breached.

Guidance on Optimizing Performance and Long-Term Success in a Funded Account

• Refine Exit Strategies: Analyze the "Cancelled by system" for "TakeProfit" orders. This suggests that profit targets might be too far or that the market is not reaching them consistently. Consider using dynamic profit targets, trailing stops, or partial profit-taking strategies to lock in gains more effectively in the funded account.
• Trade Journaling: Maintain a detailed trade journal that tracks not only entry/exit points and P&L but also the emotional state during trades, adherence to rules, and the reasoning behind each decision. This practice fosters self-awareness, identifies recurring patterns, and facilitates continuous improvement in trading discipline and strategy.
• Pre-Market Planning: Before each trading session, define clear daily profit targets and maximum daily loss limits. Adhering strictly to these predefined limits is crucial for managing expectations and preventing emotional decisions during market hours.
• Continuous Strategy Review: Periodically review the current trading strategy in light of market conditions and performance analysis. Focus on optimizing entry and exit points, refining position sizing, and adapting to varying market conditions to reduce volatility and improve consistency.

9. Conclusion

The successful completion of the Bulenox 50K futures funding evaluation is a testament to the trader's skill in identifying profitable opportunities and managing risk effectively. The achievement of the profit target, coupled with consistent adherence to drawdown and contract limits, demonstrates a solid foundation for professional trading. The primary focus moving forward should be on addressing the payout-specific requirements *for the new funded account*, particularly the 40% Consistency Rule and the minimum trading days. By implementing the recommended strategies, the trader can ensure a smooth transition to a fully funded account and maximize their potential for consistent, withdrawable profits. This case study provides valuable insights into the nuances of proprietary trading firm evaluations, highlighting that success extends beyond just hitting a profit target to encompass a holistic understanding and application of all program rules, especially those governing payouts from a live funded account.