This article discusses how to choose the best prop trading firm among several options, including Elite Trader Funding, Tick Tick Trader, Apex Trader,
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This article discusses how to choose the best prop trading firm among several options, including Elite Trader Funding, Tick Tick Trader, Apex Trader, Top Step, and more.
We provide a criteria for evaluating these companies and offers insights on each one. So, here are 7 Essential Tips for Choosing the Best Prop Firm.
7 Essential Tips for Choosing the Best Prop Firm
- Account Sizes and Drawdowns: When selecting a company, consider not only the account size but also the maximum drawdown or the number of contracts allowed. Elite Trader Funding offers different account types with varying sizes and drawdowns.
- Minimum Trading Days: Some firms have minimum trading day requirements before passing an evaluation or receiving payouts. Tick Tick Trader, for example, has no minimum trading day rule, while other companies may have specific criteria to fulfill.
- Drawdowns and Daily Loss Limits: Pay attention to drawdowns and daily loss limits, as they determine success or failure. Tick Tick Trader has end-of-day trailing drawdowns and daily loss limits, while other companies may have different approaches.
- Evaluation and Activation Costs: Evaluate the costs associated with evaluations and activations. Apex offers aggressive sales and frequent discounts, but be aware of additional fees such as data fees or activation fees that may apply.
- Platform Compatibility: Consider the trading platforms offered by the prop firms. Earn to Trade, for instance, provides platforms like NinjaTrader, Finamark, and Trader Pro, but it’s essential to ensure compatibility with your preferred platform.
- Payout Policies: Each company has its own policies regarding payouts, including requirements such as minimum trading days or account balances. Top Step, for example, offers fast payouts and a first payout bonus, but specific conditions may apply.
- Profit Split: Understand the profit split arrangement with the prop firm. Top Step, for instance, allows withdrawals before reaching the drawdown but follows a 50/50 split for early withdrawals and an 80/20 split after 40 trading days.
This article emphasizes the importance of considering these criteria and thoroughly researching each prop firm before making a decision.
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