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Prop Trading Summary of the Month [JUNE]

As we start a new month, it’s a great time to reflect on the significant events in the prop trading world from June. The past month brought a variety of updates, and in today’s roundup, we’ll highlight seven notable ones.

1. MetaTrader Comeback?

In February 2024, several firms, including GFT, lost access to MetaQuotes’ trading platforms due to licensing issues. This disruption impacted many prop trading entities that relied on Purple Trading’s gray-labeled MetaTrader license. MetaQuotes’ crackdown on proprietary trading left these firms scrambling for alternative platforms. However, none matched the widespread popularity and user-friendly interface of MT4 and MT5, leaving a noticeable void in their trading operations.

In June, GFT announced that it had resolved its licensing issues and reinstated MT4 for its clients. Union Wealth Management (UWM) followed suit, relaunching trading on the platform most favored by retail traders. On June 22, UWM announced on social media that MetaTrader 4 and 5 were once again available in their lineup, along with new trading challenges. However, migration from other platforms supported by UWM is not possible, as a different broker now handles MetaTrader operations.

So, will MetaTrader make a full comeback in the prop trading space? Only time will tell. We will keep you updated on all developments, but it looks promising for prop traders to have these platforms available once again.

2. Instant Funding New Era Began

June marked an important milestone for Instant Funding, ushering in a new era with significant updates designed to enhance the trading experience. Here are the key changes:

  • Improved Trading Conditions
  • New Dashboard
  • Enhanced Support System
  • First-ever Trading Tournaments
  • Transaction Enhancements
  • Pass Assistance Feature

These updates represent a significant step forward for Instant Funding, promising a more flexible and trader-friendly environment.

3. Aqua Funded Announced Key Updates for Trading Accounts

June was also a month of changes for Aqua Funded, which completed a significant update for its trading accounts. To enhance the trading experience with improved features and services, all cTrader accounts were migrated to Platform 5. Traders were instructed to close all open trades by 5 PM EST on June 28, 2024. Following this deadline, the accounts were automatically migrated to Platform 5. Users received further instructions on accessing and using their new Platform 5 accounts.

4. Funded.Global Introduced Match-Trader as it’s New Trading Platform

Funded.Global made a significant move last month by introducing its new trading platform, MatchTrader. This platform is designed to enhance the trading experience for its users with a user-friendly interface, advanced analytics tools, and lightning-fast order execution. These features aim to provide traders with a more efficient and effective trading environment.

5. Glow Node Announced Important Updates to it’s Evaluation Challenge Rules

Glow Node introduced a new 2% Floating Drawdown Warning System for its Evaluation Challenges. This system aims to provide a more flexible approach to risk management, allowing traders to continue trading without immediately breaching their accounts.

2% Floating Drawdown Warning System Details:

  • If your account experiences a drawdown of more than 2% of your starting balance at any given time, you will receive a warning.
  • If this occurs twice, you will receive a second warning.
  • Upon the third occurrence, your profit split will be reduced to 50%.
  • If it happens a fourth time, your account will be breached, and all trades will be closed.

Glow Node believes this new system will enable traders to adjust their strategies, manage risk more effectively, and enhance their overall trading performance.

6. Goat Funded Trader Reinstated Services for Pakistan

In June, Goat Funded Trader revealed that it had lifted the ban on traders from Pakistan, enabling them to join and participate in its trading challenges.

Key Updates:

  • Reinstatement of Pakistani Traders: Traders from Pakistan are now welcome to join and participate in all trading challenges.
  • Account Availability: Pakistani traders can purchase any account, including up to $50k challenge accounts.
  • Payment Processing: Pakistani traders will process their payments via cryptocurrency.

This update opens new opportunities for Pakistani traders, providing them with access to Goat Funded Trader’s range of trading challenges and accounts.

7. Blue Guardian Integrated Guardian Shield & More

Blue Guardian has made significant improvements in response to user feedback and complaints about slippage and spreads. The company has enhanced trading conditions for all users by partnering with new liquidity and bridge providers.

Key Updates:

  • New Platforms: TradeLocker and Platform 5 are now available, providing more trading options for users.
  • Elite Model Return: The Elite model is back, offering a wider range of trading options.
  • New Trader Dashboard: Blue Guardian has launched a new and improved trader dashboard. All users must reset their passwords to access the updated dashboard.
  • Platform Migrations: cTrader and DxTrade accounts have been migrated to the newly improved platforms.

Guardian Shield for Funded Accounts:

Blue Guardian has expanded the Guardian Protector, now known as Guardian Shield, to benefit all funded traders and promote better risk management practices.

Key Features:

  • Automatic Trade Closure: If your PnL on open trades reaches a 2% loss, Guardian Shield will automatically close all open trades across all symbols. This is classified as a soft breach, allowing you to resume trading immediately afterward.

    • Account Balance: $100,000
    • Open Trades: 3
    • Loss Threshold: $2,000 (2%)
    • Action: Guardian Shield will automatically close all trades once the total loss reaches 2%. Traders can resume trading immediately.

This rule limits the total loss a funded trader can experience at any given time to 2%. It is a soft breach rule and applies only to funded accounts. For instance, if a trader has an open profit of 10%, this rule will not affect them unless their loss reaches 12% or they hit the daily drawdown limit first.

Final Thoughts

June has been a dynamic month for the prop trading community, marked by significant platform comebacks, the introduction of new trading environments, and crucial updates aimed at improving risk management and trader support. As we move forward, these developments promise to shape a more robust and trader-friendly prop trading landscape. We look forward to seeing how these changes will impact traders and the industry in the coming months.