Chapter 3:
Choose Your Challenge
Becoming a prop trader is an exciting process filled with lots of opportunities and challenges.
Our goal is to help you make the best decisions at every step of the way and make your dreams come true as a member of our community.
Check out our seven-part series of posts and become a successful funded trader!
Choosing a challenge package is an important step before entering into the world of prop trading. It is essential that you choose a package that suits your individual trading strategy and needs, and that allows you to trade effectively.
In addition, it is worth bearing in mind the terms and benefits included in the challenge packages, such as the amount of virtual capital offered, the level of drawdowns allowed, trading fees and profit-sharing ratios. But before we get to that step, let’s take a brief yet important detour!
Don’t Analyze Other People’s Point of View, but Vours!
As in other areas of life, here it is also essential to choose the right perspective. Although the opinion of others can be valuable, it is our own perspective and our individual trading needs that key functional. Each trader has different skills, experience and goals, so what another trader may find beneficial may not necessarily suit our own needs and preferences.
If you’re the analytical type, check out our comparison chart, but if you’re overwhelmed by looking at too many features, prioritise between the criteria by selecting the most important to you. We give you some food for thought.
Some Considerations for Choosing the Proper Challenge
Habitus
Do you want to get through a challenge quickly (Simplex) or are you more patient (Duplex and Triplex) ?
Phase Count
Are you looking for one (Simplex), two (Duplex) or three-step (Triplex) filtering?
Lowest Profit Target
Are you looking for the lowest profit target?
Triplex is your package.
Best Price
Is the low price of the challenge the most important factor for you?
In that case, the Triplex package is definitely the way to go.
Highest Profit-Split
Do you want the highest profit-split percentage?
Choose Triplex!
Restart Discount
Do you want a 10% restart discount?
The Simplex or Duplex package is what you need.
Check Our Challenges!
Choose from our challenges and check out our challenge comparison table!
We suggest that you first decide which of the three packages you prefer (Simplex, Duplex, Triplex), and only then decide on the virtual starting capital! The following conditions apply to all our packages.
Tools and Markets
You can trade the same products with every package.
Trading Fees and Costs
The terms and conditions of the products, including commission, interest and spread.
Trading Platforms
Platforms are available for all packages.
Payout Frequency
Payouts are bi-weekly for all packages.
What Is the Next Step?
In this post, we wrote about the importance of personal commitment in addition to objective qualities when choosing a prop firm. In the next post, we’ll explore how to choose the right challenge package to help you become a funded trader as quickly and efficiently as possible.
