For traders that want to enter the world of, well, a discount on trading, but without having to assume high risks with their own money, prop firms have proven to be great partners. In short, these allow you to, well, trade with their capital, instead of your own, and thus share the profits. I suppose you understand how this lowers your own risks, and how it makes things much easier for you. Go here to learn a bit more about the difference between prop and retail trading accounts, in case that’s confusing you.
Anyway, if you’ve been doing any kind of research on prop trading, then you have understood that in order to be able to partner up with these firms, you will absolutely have to, well, pass certain evaluation challenges. These are required by the prop firms themselves, and they serve to help them figure out which traders have what it takes to become their partners, and to gain access to their capital. So, it is like an entry test that you have to pass.
Chances are, now, that you have a few questions regarding these challenges themselves. For one thing, you want to know what they are and how they work. And then, since you probably already know that they require you to pay a fee in order to be able to complete them, you also want to know if there is a possibility for you to get some discounts on them, and thus, well, lower your entry fees, to put it that way.
Those are all, without a doubt, rather important questions right there. What we are going to do now, thus, is answer them for you below. Hoping to, of course, help you get a better understanding about all of this, and thus figure out what you need to know about the challenges, and the potential for getting the discounts. So, without much more ado, let’s start answering those questions.
Read about what it takes to successfully pass these challenges: https://www.linkedin.com/pulse/what-takes-successfully-pass-prop-firm-challenge-guide-oosthuizen-dzobf/Â
What Are Prop Firm Evaluation Challenges?
Clearly, we are going to begin with the most basic question here. In short, you first want to understand what those prop firm evaluation challenges really are. To cut right to the chase, we are talking about a paid testing phase that is used by prop firms in order to evaluate the traders’ skills, as well as their consistency and their risk management.
Most of these evaluations require traders to reach a specific profit target and to stay within daily and maximum drawdown limits, as well as to trade for a minimum number of days. Of course, you have to follow the strict trading rules set forward by the prop firm as well. And then, if you pass the challenge, you are offered a funded account with a profit split.
Can You Get a Discount on Those?
Now, as mentioned above, these challenges are paid. In short, there is a fee that you have to pay in order to be able to access the challenge in the first place. So, what you want to know now is whether there are any discounts on those challenges, since the fees can undeniably differ from one prop firm to another.
Well, the answer is an absolute yes. When you take the time to check out the E8 Discount Code, for instance, you will realize that there are promotional offers from E8 Market, as well as similar platforms, allowing you to lower the costs of taking those prop firm challenges. But, you may now be wondering why it is that the prop firms would agree to offering those discounts in the first place.
Well, the reason is quite simple. As in any other industry, the discounts are marketing and growth tools in this particular field as well. Put simply, prop firms use them in order to attract new traders in a market that is highly competitive, to increase challenge participation, to encourage the traders to buy larger accounts, to reward affiliate and community partners, and to basically drive sign-ups during some promotional periods. As you can see, thus, there is certainly something in it for the prop firms as well.
But, there is also quite a lot in it for you, as the trader, as I am sure you understand. In short, these discounts reduce the upfront costs of taking the challenge, thus also reducing your own financial risks of trying an evaluation. And, I suppose you get how beneficial that can actually be for you, whether you are a new trader, or an experienced one looking for a prop firm to partner up with.
How to Get It?
The above should have made it clear that you can absolutely get a prop firm discount and thus lower those evaluation costs. The only thing is, you may now not be sure about how to actually get one for yourself and thus proceed to the challenge (more info on what it takes to pass it) without a large financial risk. Well, the trick is, of course, in finding these discounts and then going for the right one for you.
To find them, you should regularly check the official websites of the prop firms you are considering, or even sign up for their newsletters. Furthermore, to find them more easily, you can and should find those useful websites that have been created primarily with the purpose of listing different discounts and promo codes that you can use to your advantage. The idea is, of course, for you to find trusted websites, and thus reliable sources of information, after which things will be much easier.
