London, United Kingdom--(Newsfile Corp. - November 1, 2023) - Ultimate Traders is a newly launched proprietary trading firm providing a route for traders to manage up to $400,000 of the firm's capital.
Ultimate Traders, a recently established proprietary trading firm that enables traders to manage the firm's capital.
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Traders are permitted to retain 80% of any profits they generate, with the remaining 20% going to Ultimate Traders. Funded trading accounts are financed exclusively by the firm, meaning the qualifying traders handling the accounts only expose the firm's capital. An option also exists for traders to increase their agreed share to 90% by including an add-on to the initial registration fee.
Ultimate Traders first vets suitable traders through an evaluation (also known as a challenge). Participation in the challenge requires a fee proportional to the size of the account for which registered. Those who successfully pass the challenge obtain the account.
The accounts for both the evaluation and subsequent funded trading are hosted by external broker T4Trade. This is to ensure accurate market reflection and impartiality. All the currency pairs, commodities, indices, and cryptos available to T4Trade's retail traders are also available to prop traders.
The challenge itself requires the trader to meet a specific profit target without allowing their account equity to fall below a defined threshold (drawdown limit). Ultimate Traders provides two options for evaluation - the Classic Challenge or the Speedy Challenge.
The Classic Challenge is a 2-step evaluation, requiring the trader to grow the account by 10% in the first phase, followed by 5% in the second phase. The Speedy Challenge is a 1-step evaluation, requiring the trader to achieve 10% growth just once.
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Although faster, the Speedy Challenge drawdown rules are stricter. For the Classic Challenge, the daily drawdown limit is 6% and the all-time drawdown is 12%. This means that the trader is not permitted to lose more than 6% of the day's starting equity and never more than 12% of the original balance (the all-time limit does however stabilize at a fixed threshold eventually). In contrast, the daily drawdown for the Speedy Challenge is 4%, with the all-time at 6%.
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A minimum of 3 trading days is required to qualify through each phase however Ultimate Traders do not impose a maximum timeframe in which the trader must complete the evaluation. Profits made during the evaluation are academic and non-withdrawable. Should the trader fail the evaluation, they are not excluded from trying again.
As well as differing in trading rules, the challenges also differ in pricing, with the Speedy Challenge costing more than the Classic Challenge at every account level.
Subject to successful completion of the evaluation, the trader's account balance is reset, and funded trading begins. If the $100,000 Classic Challenge is completed, the trader goes live with a $100,000 account at his disposal. Any profits gained from this stage forward are withdrawable. There is no longer a target requirement or minimum trading days, however, the same drawdown protocols still apply to ensure that trading doesn't suddenly transform from risk-averse to risk-seeking.
The trader remains a prop trader for the firm for as long as they wish, or until drawdown limits are breached. If this occurs, the trader is still eligible to re-apply at a later stage.
Ultimate Traders welcomes all types of trading strategies, including scalping, hedging, news trading, expert advisors, and more. Swing trading and holding positions over the weekend are also permitted if the trader purchases the corresponding 'weekend holding' add-on at the time of registration. The third available add-on is the option to trade without the otherwise mandatory stop-loss required on each trade.
Panayiotis Christodoulou, CRO of Ultimate Traders, says, "We took our time launching a proprietary trading firm in a trending market because our aim was to operate upon a sustainable model. Sustainable in terms of risk, competitive in price and flexible as a product. After a cyclic process of adjustment and refinement, we're confident we now offer the complete package."
Media Contact:
Company Name - Ultimate Traders Evaluation Ltd.
CRO - Panayiotis Christodoulou
Email - info@ultimatetraders.com
Website - https://www.ultimatetraders.com
Location - London, U.K.
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Original Source of the original story >> Ultimate Traders Launch Their Proprietary Trading Firm
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