New week, new logo. I was going for a parody of a New York Post sort of look, but stopped here. I might stick with this one, it’s not so bad, and I’m terrible at graphic design.
I took last week off in celebration of the 4th of July, which was just a regular old Tuesday where I am since I’m currently traveling in Europe. Still, it felt odd working, so I didn’t. Such are the joys of my semi-retirement.
I think I will continue to write these every other week for the time being, and then once a week once the summer session is over and everyone gets serious again.
In the meantime, I’m in the process of updating my Top 9 Prop Firms of 2023 to reflect all the changes that have occurred over the first half of an incredibly busy year for prop firms, and if you don’t care for my writing, you can always just go to my handy prop trading comparison page.
Table of Contents
Favorite Current Prop Firm Promos and Discounts
Topstep – 70% off! Yes, 70%! (now until July 16th only)
I love Topstep – let me shout that from the mountain tops. OK, now that I’ve done that and startled a few Alpine bovines, let me explain my adoration to you fine folks. Simply stated, Top Step’s current promo is absolutely the best deal I’ve ever come across in prop trading.
To celebrate their new 1-rule, 1-step evaluation, they’ve temporarily cut prices by 70% or more on all account sizes. SEVENTY PERCENT!
That means their $100K account is now only $99 a month, for as long as you stay with them. That account cost north of $300/month just last week, and it will probably head back that way when the current promo ends on July 16.
The promo is so good that it overshadowed the big story out of Topstep’s Chicago headquarters. Yes, one-step, one-rule evaluations. That means funding is possible within four days, and you’re given a really simple path to get there. Visit Topstep for the details and sign up to take advantage of the promo.
The Funded Trader – 15% off, 85% payouts
Like I predicted in the last newsletter, the Funded Trader has come out with a better promo. Just sign up as normal and use code TFTHONOR. I think we’ve seen every combination of promo from them at this point. This latest deal also offers a 15% profit split on anything you make during your evaluation; however, that’s broken down into 7.5% per step.
A lot more prop firms are offering some form of payment for passing evaluations, either in the form of a profit split, a refund, or refund + bonus. Obviously that’s great for traders, but if you think about it, it also speaks to just how hard it is to pass. Prop firms wouldn’t be able to offer such payments if a high percentage of traders were getting funded.
Other prop firm promos – Bupkis
Most firms still have their standard promos, which I collect on my prop firm promo and discount page, but a lot of the 4th of July specials have fallen away, and things are pretty quiet for the moment.
Recent Prop Firm News
Topstep – Topstep had their huge announcement last week. Here’s a link to the announcement video if you want to hear about all the exciting changes straight from the prop firm’s mouth. Basically they are streamlining the evaluation process and making it infinitely easier to get funded. Topstep has proven once again that they are an innovator and fully deserve their ranking as my favorite prop trading firm.
Even if you are not quite ready to start trading futures, you can lock in their insanely cheap rates now (before July 16), and start trading anytime in the next 30 days.
Upcoming Economic Calendar
It’s another pretty quiet economic week. More inflation data is coming in this week, with the potential to cause some post-4th fireworks. CPI data is due on Wednesday with PPI data coming on Thursday.
On Friday the University of Michigan consumer sentiment numbers come in. Why don’t other rival schools in the Big 10 offer their own consumer sentiment figures? The Ohio State consumer sentiment numbers would almost certainly come in lower than Michigan’s if recent football performances come into play.
Feel-good Prop Firm Story of the Week
The prop trading world is funny. New prop firms pop up, get tons of attention, a flock of trader interest, and then suddenly their old news, and it’s on to the next one. Right now, it seems like everyone is talking about Overview Funding Program (“OFP”). They’ve been around for a year now, they’re based in London and have an instant-funding model with a monthly subscription fee. Reminds me of my dearly departed BluFX, whose loss I still mourn, but they’re doing some interesting things. I haven’t had a chance to look into them too deeply, but I plan to soon.
Here’s one thing I do know – they seem to be very active on the charity front, and frequently encourage their traders to make donations to Operation Smile. Operation Smile helps children with cleft palates receive the care they need both for physical health purposes and to give them the ability to smile without a second of self consciousness. It’s a great cause.