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

That result should look catastrophic for anyone who hopes to join a prop firm. The article from Lux Trading Firm provides slightly different results. 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.

We do not provide guaranteed stop-losses. We operate an automated 'margin call' mechanism to mitigate the risk of an account falling into a negative balance.

Personal Risk: One of the significant drawbacks of prop trading is the potential personal financial risk. If a trader doesn't perform well, they may lose their deposit, and in some cases, their job. Loss Limitations: Prop firms often implement daily loss limits to protect their capital.

Blueberry Markets is regulated by ASIC.

Understanding the Prop Firm Challenge

At its core, the prop firm challenge can be a way for prop firms to make money from failed challenges. This is because some sources have the failure rate of prop trading challenges at 90%. So for every 10 traders that buy a challenge, 9 will fail.

The most common reasons traders fail prop firm challenges are simply overleveraging their trades, not understanding the rules, and not having a profitable trading strategy. In this article, we'll break down the 6 most common reasons traders fail prop firm challenges and what you can do to avoid this happening to you.

Blueberry Markets is a leading legit Forex broker that is perfect to start your trading journey. We offer tight spreads and fast executions that make trading as simple as clicking a few buttons. Apart from seamless deposits and withdrawals, you also get access to MetaTrader to automate your trading strategies.

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.

We will process all withdrawals within 24 hours (Mon-Fri during business hours 9:00 am to 5:00 pm GMT+10).

Why is prop trading illegal? ›

The Volcker Rule is intended to restrict high-risk, speculative trading activity by banks, such as proprietary trading or investing in or sponsoring hedge funds or private equity funds.

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. Most prop trading companies retain 10-25% of the total profits and allocate the remainder to the prop trader.

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.

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.

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.

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If so, then you may have heard about the prop firm challenge. This is a popular way for traders to prove their skills and potentially secure funding from a prop firm. However, passing this challenge can be quite daunting and requires a lot of hard work and dedication.

For most funded trading accounts, it takes around four to five months to pass the screening process or prop firm trading challenge, before funding will be allocated to a trader. However, some prop firm challenges can be passed in a much shorter time, in as little as two days, though this involves using increased risk.

The percentage of traders who succeed as full - time traders is relatively low , with estimates ranging from 10 % to 20 % . This means that the majority of individuals who attempt to make a living from trading do not achieve their goal .