Chapter 3:
Choose Your Challenge
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.
Don’t Analyze Other People’s Point of View, but Yours!
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), are you more patient (Duplex and Triplex) or do you want to avoid challenges altogether (Instant)?
Phase Count
Lowest Profit Target
Are you looking for the lowest profit target?
Simplex is your package, or Instant which has no profit target.
No Profit target, no challenge phase
Eager to start trading right away?
Instant 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.
Fastest Plan
Do you want immediate payout?
Choose Instant!
Second Chance
+1 free challenge account sounds good?
Choose our Duplex or Triplex accounts, and if you fail you can try our Duplex Bonus and Triplex Bonus accounts for free!
Check Our Challenges!
We suggest that you first decide which of the four packages you prefer (Instant, 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 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.
