- 4 min read
Updated: Jul 31, 2023
In a world where traders have an abundance of options for securing funding, The Trading Pit offers a compelling choice for those seeking a straightforward and comprehensive solution. We understand that as a trader, you not only want a platform that empowers you with the right tools and resources but also provides an environment that fosters collaboration and supports your growth. That's why we're excited to dive into the features, pros, cons, and core offerings of The Trading Pit.
About The Trading Pit
The Trading Pit is a reputable prop firm that has established itself as a reliable partner for prop traders seeking a supportive and lucrative trading environment. Founded with the vision of revolutionizing the trading industry, The Trading Pit has grown from its humble beginnings to become a prominent player in the market. With a focus on trader development, they offer a unique challenge program and funded accounts with profit splits ranging from 50% to 80%. Their scaling plan allows traders to grow account sizes up to $5,000,000. With a wide range of trading instruments, low minimum trading day requirements, and flexibility in holding positions, The Trading Pit provides prop traders with exceptional opportunities to thrive.
What's Unique about The Trading Pit?
Relaxed Trading Rules:
The Trading Pit stands out from most industry-leading prop firms by offering a one-step evaluation challenge with relatively relaxed trading rules. Traders are allowed to trade news releases, hold trades overnight and over the weekend, and utilize pending orders for news trading.
Consistency Rule:
While having relaxed trading rules, The Trading Pit also implements a consistency rule in their evaluation. This rule limits daily profit generation to 30% of the profit target. Traders are encouraged to employ strategies that uphold this rule, such as setting profit limits and partially securing profits on open positions exceeding 30% of the profit target. This promotes consistent trading, enabling accurate assessment of trader performance and strategy refinement.
Scaling Plan and Profit Share:
The Trading Pit offers a scaling plan that allows traders to grow their account size significantly. Traders can start with account sizes up to $100,000 and have the opportunity to scale up to $5,000,000. Additionally, they provide profit sharing options ranging from 50% to 80% depending on the trader's initial account size and the current level of their trading account.
Availability of Upgrade Options:
Traders at The Trading Pit have the flexibility to choose from upgrade options for their funded accounts. These options include reset and extend options, allowing traders to reset their account at a discounted price or extend their trading period for additional time.
Wide Range of Trading Instruments:
The Trading Pit offers a diverse selection of trading instruments, including forex pairs, commodities, indices, bonds, stocks, and cryptocurrencies. This wide range of options allows traders to explore various markets and diversify their trading strategies.
Integration with Multiple Brokers:
The Trading Pit has integrated its technology with two reputable brokers, FXFlat and GBE Brokers. This integration provides traders with reliable and secure trading platforms, offering flexibility in choosing between MetaTrader 4 and MetaTrader 5.
Goal of Setting a New Global Standard:
The Trading Pit aims to become the new global standard in trading and investing. With their focus on equipping traders with the necessary knowledge and tools for success, they strive to establish themselves as a leading prop firm in the industry.
Pros and Cons of The Trading Pit
Pros:
Scaling plan up to $5,000,000: Traders have the opportunity to grow their account size significantly.
Excellent Trustpilot rating of 4.8/5: Positive feedback from users reflects a high level of satisfaction.
Wide range of available trading instruments: Traders can access forex pairs, commodities, indices, bonds, stocks, and cryptocurrencies.
Low minimum trading day requirements of 3 days: A reasonable minimum trading commitment.
Profit share up to 80% (with scaling): The potential to earn a significant portion of profits.
Cons:
Low starting profit share of 50% or 60%: Initial profit shares may be lower compared to some competitors.
Consistency rule: The daily profit generation is limited to 30% of the profit target, which may restrict more aggressive trading strategies.
Trailing drawdown once funded: Traders must manage their drawdowns carefully, as trailing drawdowns can impact profitability.
The Final Score
The Trading Pit offers a unique proposition for Forex traders seeking a funded trading account. Its relaxed trading rules, including the ability to hold trades overnight and over the weekend, distinguish it from other prop firms. The one-step evaluation challenge and scaling plan provide opportunities for growth. However, traders should be aware of the consistency rule and trailing drawdowns as potential limitations. Overall, The Trading Pit provides a comprehensive platform for aspiring traders.
Getting Started
To begin your journey with The Trading Pit, follow these steps:
Click here to visit The Trading Pit and receive your automatic Prop Up Trading Discount and explore their offerings and learn more about their proprietary trading programs.
Review the information: Take your time to read through the website and familiarize yourself with the company's mission, values, and the unique benefits they offer to traders.
Choose your program: Select the trading program that best suits your goals and preferences. The Trading Pit provides various one-step challenge accounts, each with specific evaluation criteria and profit targets.
Sign up and pass the challenge: Register for the challenge account and demonstrate your trading skills and discipline during the evaluation period. Aim to achieve the profit target while adhering to the specified risk management rules.
Earn a funded account: Successfully completing the challenge will earn you a funded trading account with The Trading Pit. Congratulations! You can now enjoy a profit split ranging from 50% to 80% (based on your initial account size) on your future payouts.
Remember to refer to the official website and terms provided by The Trading Pit for detailed information and updates.
Disclaimer: Trading and investments involve significant financial risks, and it is important to do thorough research and seek professional advice before engaging in any trading activities. The step-by-step guide provided here is for informational purposes only and should not be considered as financial advice.
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