👀 CMC Markets makes its move into prop trading

Hi everyone, another week is upon us and the markets are open, so let’s get into it.

Another major name is moving into prop trading, with CMC Funded scheduled to launch on 1 October.

Looks like they will offer evaluations through MatchTrader, although full details on the accounts and rules have not yet been released.

While it carries the CMC Markets name, the terms and conditions make clear that the programme will not be operated by CMC Markets plc or another CMC Group company. Traders will instead contract with Dubai based True North Tech, which will be responsible for accounts, challenge fees, payouts and refunds, with CMC Markets Singapore acting as the exclusive brokerage partner.

Still, it’s another major financial services company putting its name behind retail prop trading and a further sign that the industry is continuing to attract more established players.

📢  Firm Announcements

• Take Profit Trader reduced the minimum time required to pass an evaluation to three trading days.

• Phidias launched Express to Live, offering a same day first payout after reaching the target, followed by uncapped daily payouts. Its 150K account includes a static $1,000 drawdown.

• Futures Elite launched Elite Packs, a card collecting system that allows traders to unlock account benefits including extra drawdown, free resets, higher payout caps, improved profit splits and the removal of consistency rules.

• Breakout added eight new crypto markets, bringing the total number of available markets to more than 70.

From Payout Junction, here are the firms that paid out the most over the last 7 days 🏆️.

🔥 Monitor prop firm payouts LIVE on Payout Junction - https://payoutjunction.com.

🕜 Red Folder News

Here are this week’s red folder news events. It’s a relatively quiet week for major economic data. There will however be a heavy schedule of Fed speakers following last week’s interest rate hike, so markets will be watching closely for any clues on whether another hike could be coming.

📈 Markets

After the rate hike

The Fed delivered the expected rate hike and communicated that another one is likely to follow. Equity markets initially did not like it, but as is customary, defied logic and actually rallied despite worsening market sentiment. Futures green this morning across the board.

Nasdaq direction should resolve soon

One for the technical analysts. NDX remains trapped inside a huge triangle formation that should resolve in either direction soon. However, expect a few fakeouts and an attempt to liquidate everyone first!

Gold post rate hike

Gold has bounced over the past two sessions despite the rate hike, but it remains stuck in a sideways range and is trading at exactly the same levels as it was in late March. We have seen a few attempted breakouts in both directions, but there is still no medium term trend. Trade with caution.

Oil on the brink of +$100 prices

Lots of political manoeuvring in the Middle East over the weekend. It feels like we are just one major escalation away from $120 oil.

There are plenty of possibilities. The Houthis could target Red Sea shipping again, Iran could intensify its attacks on tankers or further damage to Russian refineries could tighten fuel supplies. Something is probably gonna give this week, and $120 oil is not sustainable for the global economy.

Gonna be interesting. Have a good one!

London Prop Trading Expo

The London Prop Trading Expo returns on 23 and 24 October at Old Billingsgate, with more than 64 speakers, 39 exhibitors and up to 4,000 traders expected across the two days.

There’ll be live trading, trader education, industry panels and plenty of prop firms in attendance. If you’re heading along, use code PAYOUT for 50% off tickets.

Find out more here

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