Prop Trading Summary of the Month [JULY]

As we step into a new month, it’s an opportune moment to reflect on the key developments in the prop trading sector from July. The past month was eventful, with various firms making significant changes and announcements. Here’s a roundup of the seven most notable updates.

1. Changes at For Traders

In early July, the Czech prop trading firm For Traders announced several important changes. Account balances have been increased: $5,000 is now $6,000, and $10,000 is now $15,000. Importantly, these changes come with no additional costs for traders.

In celebration of their first anniversary, FT has temporarily increased the drawdown limits for their 2-Step challenge at no extra cost. The daily drawdown limit is now 5% (up from 4%), and the overall drawdown has increased from 8% to 10%.

A new challenge, the 2-Step PRO, has also been introduced, replacing the former 2-Step LITE.

2.  Funding Traders Reintroduces $5,000 Accounts

July also saw Funding Traders reintroduce $5,000 accounts available on the cTrader and DX Trade platforms. This allows traders to start with lower initial capital, making it an excellent option for those new to prop trading.

3. Blue Guardian Removes Gambling Rule

Another significant update came from Blue Guardian, which announced the removal of its Gambling Rule. This decision follows the successful implementation of the 3 Profitable Day Rule and Guardian Shield, which have significantly reduced gambling behaviors in trading challenges. The Blue Guardian team believes these rules are sufficient to ensure balanced trading without the need for additional regulations.

4. Goat Funded Trader Launches 2-Step: Swing Plus Challenge and New Account Size for Goat Challenge

At the same time, Goat Funded Trader has introduced a new 2-Step model called the Swing Plus Challenge. This model features a maximum drawdown of 12%, accounts with default swap-free trading, and low restrictions on trading during news releases, allowing positions to be held and closed. The leverage is set at 1:50, and the first withdrawal is available on demand.

But that’s not all from Goat Funded Trader. The company has also added a new $5,000 account option for the GOAT Challenge, available for just $30. Additionally, prices for the GFT No Time Limit Challenge have been reduced.

5. FunderPro Discontinues Free Trials

In July, FunderPro decided to discontinue its free trial offerings. This decision was made based on data showing that the success rate for free trials is significantly lower than for the first phase and that these trials often lead to irresponsible trading behavior.

As part of its commitment to promoting sustainable trading practices, FunderPro will now focus on features that support long-term profitability, such as an enhanced economic calendar and new tools for advanced trading data analysis. Soon, the company will also introduce the ability to upgrade to a larger challenge upon reaching a profitability target and a loyalty program rewarding traders with tokens that can be exchanged for discounts and various items.

6. The Trading Pit Introduces New CFD Program

The Trading Pit has announced a new CFD program: the Prime Program. Under this program, traders benefit from a fixed maximum drawdown, and payout requests can be made starting from just $100 in profit, without additional target requirements. Leverage has been upgraded to 1:50 for Forex, and the program offers flexible 1-Phase and 2-Phase challenges with more drawdown options. The daily drawdown is now based on the end-of-day balance at 4:00 PM CT, with a fixed 80% profit share. The program also includes a 100K Challenge available for $569.

7. E8 Markets Announces E8 Track 1:1

E8 Markets introduced its new 3-Phase model: E8 Track 1:1. This model removes daily drawdown limits and offers a balanced 1:1 profit target to overall drawdown ratio, starting at just 3%.

E8 Track 1:1 is designed to give traders more flexibility and better control over their trading. With its unique three-phase evaluation process, traders can manage a simulated account with up to $400,000 in starting capital, offering lower costs while maintaining the same benefits.

Final Thoughts

July has been a transformative month for the prop trading landscape, with firms making moves to enhance trading conditions, introduce new challenges, and improve trader support. These changes reflect a growing emphasis on flexibility, accessibility, and long-term profitability. As always, traders should stay informed about these developments to make the most of the evolving opportunities in the prop trading world.

Stay tuned for more updates and insights in the coming months!