👀 Topstep tests daily payouts, Tradeify adds funded resets

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

A relatively quiet week across the prop firm industry, although a couple of the larger futures firms continued to improve their offerings.

Topstep is testing daily payouts through two new $50K Topstep Labs accounts. After passing and building a $2,000 buffer, traders can request up to $1,500 daily or wait for five winning days to access larger payouts.

Tradeify also introduced Funded Reset, allowing eligible traders who breach a Select funded account to pay for an immediate replacement without passing another evaluation. The firm has since teased another new plan, although no details have been revealed yet.

📢  Firm Announcements

• FTMO Futures tightened the rules on new Growth 100K and 150K accounts. Maximum drawdown was reduced from $3,500 to $3,000 on the 100K and from $5,000 to $4,500 on the 150K. The required profit across four qualifying payout days increased from $250 to $300 on the 100K and from $300 to $450 on the 150K.

• Tradeify made its 300K Select account permanently available. The evaluation has a $14,000 profit target, $8,000 end of day maximum loss and 40% consistency rule. Traders can choose between daily or five day payouts after passing.

Funded Trader Markets launched FTM Perps, a 24 hour perpetual futures offering with static drawdown, no consistency rule or minimum trading days, unlimited daily payouts and up to a 90% reward split.

• FundingPips launched LABS EXP 004, a limited $25K one step account offering unlimited daily payout requests from day one, a 3% static maximum loss and no consistency rule or payout buffer.

• The5ers confirmed that futures accounts purchased from 15 October are now subject to a payout cap equal to 3% of the account size. Older 25K accounts retain the previous 5% cap.

• Bulenox added Tradovate as a new trading platform option, expanding its available platform connections.

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

🕜 Red Folder News

US inflation numbers are in focus this week, with CPI on Tuesday followed by PPI on Friday. Markets are already pricing more than an 80% chance of another rate hike in December, so softer inflation could offer some relief for tech stocks, while another upside surprise would likely send yields higher and put equities under further pressure.

📈 Markets

Panic

Thursday delivered its largest one-day change in markets since Covid, pushing volatility back toward Liberation Day levels.

Per Goldman Sachs: "This is the most panic we've seen in a very long time."

Liquidated

Stops were hit on mass. Per Deutsche Bank "In our reading, it is one of the biggest weekly drops in positioning".

Buy when there’s blood in the street?

Wanna own tech stocks? Could be a good time to buy. The Tech sector's forward P/E has fallen to 16.9, the lowest since March 2020.

Fear and Greed

Unsurprisingly in Extreme Territory, but not as extreme as you might imagine. Could go either way, more extreme and contrarian buys look attractive for a bounce. Less extreme, and the bottom could already be in. Gonna be an interesting week.

Let’s see how it plays out, have a good one!

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