Prop Trading Firms in Confusion as Blueberry Markets Suspends MT Onboarding (2024)

FAQs

Prop Trading Firms in Confusion as Blueberry Markets Suspends MT Onboarding? ›

Another storm has hit the prop trading industry as Blueberry Markets recently decided to restrict grey-labeling its MetaTrader licenses to prop trading firms. Several prop trading firms have confirmed that the brokerage requested them to pause new onboarding on MetaTrader.

According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time. While this result is not nearly as bad as the one discussed earlier, it still looks bleak for prospective prop traders.

Yes. Blueberry Markets is regulated by ASIC.

Profits from trades are generally divided between the firm and the prop trader; however, the risk distribution is asymmetric. This means that in the event of a loss, the trader bears 100% of the losses, while they don't receive 100% of the profits.

Many prop trading firms often offer a variety of unique perks and opportunities to prove your trading capabilities in a variety of markets. There are a lot of proprietary trading firms out there, and it's often difficult for traders to know where they should turn in the prop trading market.

Without a trading plan, retail traders are more likely to trade randomly, inconsistently, and irrationally. Another reason why retail traders lose money is that they do not have an asymmetrical risk-reward ratio.

In conclusion, the income of prop firm traders can vary greatly depending on several factors such as experience, performance, and the size of the firm. On average, a junior prop trader can expect to earn anywhere between $50,000 to $100,000 per year, while a senior trader can make upwards of $500,000 annually.

Blueberry Markets was founded in 2016 by Dean Hyde, who wanted to launch a new Retail Forex brand known for its low spreads and high level of client service.

Blueberry Markets was a finalist for Finder's Innovation awards for the Best Online Customer service award category in 2020 and 2021. CFDs carry a high risk of investment loss. Margin trading involves a high level of risk and is not suitable for everyone.

Spreads on our Standard Accounts range from 1 pip, whereas on our Direct Accounts, they can be as little as 0.0. Direct Accounts also incur a commission of USD $7 per standard lot per round turn. This means that entering a trade with a volume of one lot costs $3.50, and closing the trade costs a further USD $3.50.

Why was prop trading banned? ›

The Volcker Rule is one of the more controversial pieces of legislation to emerge from the financial crisis. Attached to the Dodd-Frank Act, the rule was intended to limit banks' ability to make speculative investments that do not benefit their customers.

FTMO is one of the leading prop firms globally, offering traders the opportunity to trade with a funded account. It has a reputation for high-quality education, rigorous evaluation process, and excellent customer support. In Nigeria, FTMO is a top choice for traders looking to take their trading to the next level.

When you are trading with a prop firm, your losses are usually limited to the foregone risk of your challenge/account fee. You are generally not liable for the prop firm's lost funds.

Yes, besides Ultimate Trader, there are several legitimate forex prop trading firms, and True Forex Funds is among them. Joining a reputable prop trading firm typically involves a straightforward process.

While it's true that there have been instances of fraudulent prop firms, it's important to note that legitimate prop trading firms do exist, and they indeed pay traders based on their performance. It's crucial to thoroughly research and choose reputable firms with a proven track record.

{quote} FTMO (unless you are a US citizen), The5ers, and City Traders Imperium are the three oldest prop firms, and probably the only ones with 5+yrs reputable history of reliable payouts. I'd start with those three.

The FTMO challenge has a reputation for being extremely difficult to pass. Across FTMO's various account levels, it is estimated that only around 10% of traders are able to successfully complete the evaluation and become a funded trader. This means approximately 90% of those who attempt the challenge end up failing.

- Traders in prop firms often have limited control over the firm's capital. They may need to deposit their own money as collateral or risk management. - Additionally, payouts are subject to the firm's rules, which may restrict a trader's access to profits.

Lack Of Discipline

However, many new traders enter the market with a casual mindset, often influenced by the stories of quick riches. This lack of discipline leads to impulsive decisions and poor trading plans that fail to analyse the market thoroughly.

Factors such as market competitiveness, the zero-sum nature of short-term trading, and the presence of experienced players contribute to the challenges faced by traders. Research suggests that approximately 70% to 90% of traders lose money.