Many traders have always been limited by the capital available to them, including those who are consistently profitable, since scaling account size in the correct and responsible manner remains a slow process. As a result, many are now turning to proprietary trading firms as the means through which to accelerate their trading careers, without risking the substantial capital required to achieve the same goals independently through a traditional broker.
What Is Prop Trading and Who Is Ultimate Traders
If you’re unaware of how prop trading works, it’s essentially regular online stocks and forex trading, but traders do not risk their own funds. Instead, they are provided with an already funded trading account, courtesy of the proprietary trading firm (prop firm). The end goal is for both parties to mutually benefit. The trader executes the trades whilst the firm bears the financial risk, with an agreement to split any potential profits the trader acquires. Of course, the firm first establishes the trader’s competence before granting their capital.
Ultimate Traders is one such newly launched proprietary trading firm, providing funded accounts to competent traders. The selection process used to identify worthy traders relies on an evaluation process that the prospective traders must register for. They are required to demonstrate their abilities by trading up to a profit target set by the firm. Whilst this evaluation account is (for obvious reasons) not risking real funds, it is conducted on an external broker’s MT4 server which is also used by real clients of the broker for retail trading. In short, it is a true reflection of what would happen in the live market.
How Does It Work
The largest account size Ultimate Traders provides is worth over 200 times the registration fee required to sign up for the evaluation. To put this into numbers, the largest account size is $400,000, for which the registration fee is $1799. The smallest account size of $10,000 costs $99 to register for. The profit target required during evaluation is 10% (or more). If the trader progresses to the funded account, the balance is reset, and they will be allowed to retain 80-90% of profits made thereafter (with the remaining 10-20% going to the firm). If this sounds too generous or even reckless by Ultimate Traders, keep in mind that the evaluation process is designed in a way to remove as much luck as possible from the equation.
Firstly, the maximum permitted daily and all-time loss has a limit, so traders who are simply punching in large positions in the hope of hitting a home run, cannot do so without consequence. Secondly, traders are required to participate for a minimum of 3 trading days, so it’s not just a case of having one great day and then receiving a 400K account. Thirdly, after the 10% profit target is met, the trader must repeat the process, this time aiming for 5% profit under the same constraints. So, by the end of the process, only disciplined traders with correct risk management and trading strategy should filter through.
In addition to the 2-stage evaluation described above (branded as the Classic Challenge) there is also an option for a 1-stage evaluation (branded as the Speedy Challenge) where the trader is required to reach the 10% profit target just once. To compensate for the seemingly easier task, the permitted daily and max-loss limits and leverage are decreased, and to register costs slightly more. Whichever evaluation type the trader chooses, there is one thing in common – they’ll need to be good at trading to succeed.
Ultimate Traders allows traders to open positions on all the usual major, minor, and exotic currency-pairs, indices, commodities and cryptos. It’s up to the trader to choose the market in which they perform best and execute their strategy in accordance with the challenge rules. All strategies are welcome, including scalping, hedging, swing trading, news trading, and EAs can be also utilised (non-abusively). If conducive to their strategy, traders can opt-in to weekend trading (usually not permitted), trading without a stop-loss (usually mandatory). There is even the option of paying a premium upon registration which guarantees a 90% profit split during the funded stage.
It’s worth mentioning that for the traders who reach the funded stage, no further profit targets need to be met, nor any minimum monthly trading requirement. The point of the funded stage is for both parties to make money, not for the trader to be living under permanent stress. The only stipulation that remains, for risk-management purposes, is that the daily and max-loss limits still be respected.
A Word From the Company
Ultimate Trader’s Chief Revenue Officer, Panayiotis Christodoulou, states: “With Ultimate Traders, we feel we have achieved a fair and balanced product. If you are an ambitious trader, we provide a fast track to those who deserve it, with the end goal of mutual benefit for both parties.”
Company info:
Ultimate Traders has its operational offices in the UK. For more information about Ultimate Traders visit www.ultimatetraders.com. For inquiries, contact customer support at support@ultimatetraders.com and follow them on Instagram and Facebook.
Media Contact:
- Company Name – Ultimate Traders
- CRO – Panayiotis Christodoulou
- Email – support@ultimatetraders.com
- Website – www.utimatetraders.com
- Location – London, UK
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