Rise and Shine, Traders! This is TradeDaily, delivering you daily updates inside the trading industry.

Mr. Prop

On today’s Menu:

• Daily Discussion (Delisting’s, MT5 & MFFX Updates) 📈 

• Top 25 Firms by Web Traffic 🔥

• Smart Prop Trader Launches new Challenge

😊 CME Futures Coming to MT5

This morning we have news that AvaFutures will launch with MT5 and pricing set at $1.75 per standard trade.

Meanwhile, Avatrade is not the only broke to see value in futures, as other brokers have also expanded offerings in recent years.

As noted by SheikAlgo, Darwinex also recently enable CME futures for MT5, Tickmill also recently launched MetroTrade.

Which, sparks the discussion, why are larger firms following the move to futures?

Well, a recent survey by Acuiti revealed over 50 percent of European brokers would look to offer futures and options instead of OTC instruments such as CFD’s.

❌UWM Delisted by PFMATCH

On May 8th, 2024 at 4:54am PropFirmMatch has decided to delist UWMTrading due to several recent reports of payout denials.

PFMatch claims the firm has been unable to provide clear evidence for violations to the trader, and when reaching out to the firm to resolve cases or obtain proof, the cases have not been addressed.

Shortly after the delisting of PFMATCH, UWMTrading has decided to take to twitter and try to clear any miscommunication stating PFMATCH might have an alternative motive to delisting.

Now this begs the question, should consumers trust PFMATCH?

Clearly! Traders love PFMATCH, and only want one thing. GET PAID!

Even if the trader goes against the rules of the firm we stand by PFMATCH and all traders fighting to keep funded accounts.

Its simple…

If the trader is in the funded environment you need to pay the trader before banning, and if you cant show sufficient proof for the denial you should suffer the consequence.

⚙️ MFFX One-Step Max Update

Following the launch of the MyFundedFX new 1-step max program Matt has decided to release some statistics from the last 24 hours:

At first glance we see Matt claiming “For the first time, profits during the challenge stage are greater than losses incurred”.

Now this seems great but at what cost does this come to the trader?

Lets assume that all profits made during the first day totaled 2% of all profits potentially generated on all purchased accounts, meaning the total capital purchased is roughly equal to 4.38M.

Of that 4.38M $73,231 total loses were incurred equal to 1.6% of total funding lost during the challenge stage. Here’s the stats:

• 2% profit = $87,765

• 1.6% loss = $73,231

• total capital = 4.38M

If we express losses vs profits as risk/reward we see that on average MyFundedFX needs traders to maintain a 44% win rate during the evaluation stage to break even. This limits plenty of trading styles where traders look or high R/R setups to maximize profits while also incurring large drawdowns, which seems to be what most firms are trying to prevent.

Now depending on how the data plays out over the next 1-3 months we will get better figures on how this challenge translates to profitable traders as we are still missing data during the funded stage, which can effect the win rate of the evaluation stage ultimately determining the viability of the offering.

📊 Top 25 firms by Web Traffic

Following Todays news in the prop firm industry, Lukas Stibor, Previous CO-owner of ForTraders, has posted comment comparing the Top 25 firms in the industry according to similar web:

Mentioning the top 3 companies based on monthly visitors remains FundedNext with 6.88M (+9.82%) visitors, apextrader funding 4.47M (+19.18%) visitors, and FundingPips 4.34M (+3.2%). Based on this its clear the current leader is FundedNext.

Additionally, FundTraders has thrown some Rapid fire thoughts as to the reasons certain firms are seeing declines while others continue to grow:

With some of ForTraders main points being:

• payout denials continue to increase

• operating issues continuing to batter and bruise firms

• companies refraining from drama maintain professionalism

So, whats the take away?

its clear that as firms continue to have operating issues, web traffic will continue to decline in comparison to those launching new products, operating ethically, and maintaining customer satisfaction.

🚀 Smart Prop Trader Launches New Challenge

Covering the Launch of MyFundedFX program, SmartPropTrader has also launched a new “Pro Challenge”.

At first look:

This challenge is very different from what we’ve seen with MFFX. While much of the industry remains tightening rule sets to maintain payouts SPT is introducing a 12% drawdown and max capital allocation of 800k.

Now how and the hell are they able to afford this?

• 75% profit split

• 30x leverage

• 30 days to first payout

With a lower profit split, longer payout delay, and lower leverage its likely a product designed to create habits of overtrading and sustain growth through b-book operations.

However RyanSPT17 seems to believe the challenge is designed for traders wishing to take trading to the next level:

With all the curve balls being thrown in the industry, its hard to tell if this will benefit SPT, and for any new traders considering purchasing the challenge, please be safe.

🤣 Daily Memes

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