The Trading Pit Review 2023 - From An Expert Trader • Asia Forex Mentor (2024)

The Trading PitReview

Using proprietary trading entities, commonly known as “prop firms,” people can trade corporate capital as opposed to their own money. Traders can acquire access to larger capital pools and perhaps increase their payouts by doing this.

One such company that has generated interest is The Trading Pit. Despite being a new player on the market, The Trading Pit distinguishes out for its distinctive infrastructure for trading, its wide selection of nine platforms, including the well-known MetaTrader 4 and MetaTrader 5, and its user-friendly design. Traders will also like the clear price structure without further costs.

In the review that follows, we want to give a clear summary of The Trading Pit. We’ll discuss everything, including the benefits of working with them, the range of platforms they offer, the intricacies of their evaluation process, and their distinguishing features. We’ll also cover any potential drawbacks so that traders and investors have the information they need to decide whether The Trading Pit is the appropriate prop firm for them.

What isThe Trading Pit?

The Trading Pit is a company that specializes in prop trading and is headquartered in Lichtenstein with additional offices in countries like Cyprus, Spain, and Canada. They have further broadened their influence by having representatives in a number of countries, including, to name a few, China, Germany, and Uruguay.

They stand out from the competition by allowing driven traders to manage substantial account sizes that can range up to $100,000 with the potential to scale up to a whopping $5,000,000. They also provide a profit split that ranges from 50% to 80% to traders who cooperate with them.

The company takes pleasure in its capacity to adapt, which is demonstrated by the range of account options it provides to traders with various educational backgrounds and levels of expertise. Further evidence of their adaptability comes from their partnerships with respected brokers like FXFlat and GBE Brokers as well as their continual efforts to expand this list.

For traders searching for a competitive edge, The Trading Pit offers cutting-edge tools like StereoTrader for enhancing and perfecting trading methods and Squawkbox for the most recent market news.

Also Read: Prop Trading: What is it and How Does it Work?

Advantages and Disadvantages of Trading withThe Trading Pit

Advantages	Disadvantages
Competitive payout - 80% profit split Fast payout with flexible options Straightforward one-step evaluation on with simple rules Live webinars, guides, individual mentorship, and other qualification improvement methods. A powerful affiliate program with favorable conditions for trading business representatives.	No demo version or free plans. Relatively new prop firm Currently offers only contracts for difference (CFDs) and futures

Benefits of Trading withThe Trading Pit

Skill Development

The Trading Pit offers traders a platform to place trades as well as a rich environment to hone their tactics. Both new and seasoned traders have plenty of possibilities to improve their abilities and remain on top of market trends thanks to the abundance of tools and resources at their disposal.

Generous Funding

The Trading Pit’s generous funding is one of its most notable qualities. A stunning $5 million is available for traders to draw from, giving them the opportunity to make bigger deals and have a greater market influence.

Attractive Profit Sharing

The Trading Pit is aware that financial gain serves as a powerful motivator for traders. Their aggressive profit-sharing plan enables traders to keep up to 80% of their profits, making it an advantageous platform for individuals looking to increase their trading revenue.

Easy Profit Access

Nothing can be more upsetting for a trader than taking longer than expected to retrieve their well-earned winnings. The Trading Pit has simplified its withdrawal process to make sure that traders may take their funds without having to go through lengthy procedures.

Diverse Challenges

The Trading Pit has created many challenge tiers since it understands that traders have varying degrees of experience and interests. Because of the variety, every trader, regardless of style or level of knowledge, may discover a challenge that fits with their objectives and skills.

The Trading PitPros and Cons

Pros:

• Variety of trading instruments
• Only 3 days minimum trading requirement
• Up to 80% profit share
• Platform designed for skill enhancement
• Access to financial tools and analytics

Cons:

• Trailing drawdown after funding
• Tough challenge requirements for pros
• Initial profit share starts at 50% or 60%

Difficulties Met by the Traders Who Participated in the Brokers Challenge

#1. 3 Minimum Trading Day Requirement

The challenge mandates traders to actively trade for at least three days. This can be a hurdle for traders who might be used to a more flexible trading schedule or those who trade based on specific market events.

How to Overcome the Difficulty

Make time for these three trading days in your schedule. Set aside certain tasks or goals for each day, making sure to do them in a timely manner. Adhering to this constraint can also be made easier by being proactive and creating reminders or notifications for trade.

#2. 5% Maximum Daily Loss Limit

The 5% daily loss cap means that traders must use caution and vigilance. It can be difficult to set such a limit, particularly in volatile market situations where movements might be large and sudden.

How to Overcome the Difficulty

Strong risk management strategies must be implemented. Use instruments like stop-loss orders, distribute trading risk with diversification, and stay current on market news to spot impending downturns.

#3. 8% or 10% Profit Target for Funded Accounts

It might be challenging to hit an 8% or 10% profit target, particularly for new traders or during periods of sluggish market activity. The pressure to meet this goal may occasionally cause traders to overtrade or take unnecessary risks.

How to Overcome the Difficulty

The secret is to be patient. Focus on sustainable long-term strategy rather than being influenced by short-term market noise. To make the path seem less overwhelming, divide the bigger profit aim into smaller, more manageable targets. Additionally, always conduct thorough study before making trading judgments.

#4. No Copy Trading Allowed

Copy trading, a method where traders replicate the trading decisions of experienced traders is not permitted. For traders reliant on this, it can be challenging to navigate the markets on their own.

How to Overcome the Difficulty

This is an opportunity to develop personal trading acumen. Dedicate time to learning—attend webinars, engage with trading communities, read up on market analysis, and practice on demo accounts. Over time, building personal strategies and honing decision-making skills will prove more rewarding than copy trading.

The Trading PitCustomer Reviews

Reviews on The Trading Pit are mixed. Some customers have had very positive experiences, praising the platform for its responsive support team and expressing gratitude for the tools and opportunities provided. They feel lucky to have encountered the platform and have vowed to give their best.

However, others have expressed concerns, specifically about account scaling and the drawdown policies. Some find the guidelines confusing and feel the company lacks sufficient real-time customer support, relying too much on automated responses. They believe there are better options available in the market.

The Trading PitFees and Commissions

The Trading Pit is upfront about its fee structure. To be evaluated for funding, traders need to pay an initial fee that varies based on the Challenge tier and the asset being traded. For Forex CFD, the fees range from $99 for the Lite account to $999 for the VIP. For Futures, it starts at $99 for Lite and goes up to $599 for VIP. If traders anticipate breaching the rules, they can opt for an account reset for an additional fee, which again depends on the account type and asset. This gives them a fresh start with the remaining Challenge days.

Extensions are also available for those nearing their profit targets but needing extra time. The Trading Pit offers multiple payment methods to facilitate ease of transactions. However, one point to note is the absence of a free trial or demo version, a feature often present in other prop firms.

The Trading Pit itself doesn’t levy trading commissions; however, these are applied by the broker partnering with the prop firm. While the firm retains a portion of a trader’s earnings, they also impose market data fees, which vary based on the trading platform selected by the individual trader.

Account Types

The Trading Pit provides four distinct account options for traders: Lite, Standard, Executive, and VIP. Each of these account options has a challenge period ranging from 30 to 60 days, during which traders need to meet specific targets.

Lite Account

For the Lite account, traders are given a balance of $10,000 when dealing with CFDs and $20,000 for Futures trading. They are expected to hit a profit target of 10%, and in return, they get to share between 50% to 70% of the profits they make.

Standard Account

The Standard account provides traders with a balance of $20,000 for CFDs and a significant $150,000 for Futures. The set profit target for this account is 12.5%, and just like the Lite account, traders can expect a profit share ranging from 50% to 70%.

Executive Account

The Executive account, which happens to be their most preferred option, offers a two-phase challenge. Traders are provided with a balance of $50,000 for CFDs and $150,000 for Futures. The profit target for both phases is set at 2%, and successful traders can look forward to a profit split between 60% to 80%.

VIP Account

The VIP account, similar in structure to the Executive with its two-phase challenge, offers a balance of $100,000 for CFDs and a whopping $250,000 for Futures trading. The profit targets remain consistent at 2%, and the profit share ranges between 60% to 80%, the same as the Executive account.

How to Open Your Account

To get started with The Trading Pit’s financing program, follow these steps:

1. Visit The Trading Pit website and select “Sign Up” located at the top right. For non-English speakers, there’s a language option just above the sign-up button.
2. Provide your title, full name, country, email, and phone number. Make sure the information is accurate for verification purposes.
3. Agree to the terms of service by checking the box. You can read the terms via the provided links.
4. Once you’ve agreed to the terms, hit “Create Account“.
5. Check your email for a confirmation message. This may take anywhere from a few seconds to hours. If there’s a delay, reach out to their tech support.
6. This email will contain your login credentials. Use the “Log in” link in the email and input the details.
7. In your account, pick a challenge under the “My client area“. Follow the prompts to pay the fee and start trading. You have the option to join multiple challenges.
8. To track your progress, go to “Challenges overview“. This section shows your active challenges and performance.
9. View your transaction records in “Transaction history“. This will show all account activities if you have multiple accounts.
10. To verify your account, click on your name at the top right and go to “My profile”. Here, provide your residence details.
11. For a comprehensive view of your activities with The Trading Pit, click the “Dashboard” button and log in.

The Trading PitCustomer Support

There are various options accessible if you want to contact customer assistance at The Trading Pit. There is a multi-channel call center where you can speak with staff members directly. Send them an email if you’d rather communicate verbally with them about your queries or worries.

On their website and in their app, users can access the live chat function for more immediate support. In addition to these direct avenues, The Trading Pit is active on a number of social media sites, such as Facebook, Instagram, Twitter, YouTube, Reddit, and TikTok.

You can keep up with the business’s most recent news and offerings by following their profiles, which can be located in the footer of their website. These platforms offer their audience useful analytics and educational content on a regular basis in addition to being instructive.

Advantages and Disadvantages ofThe Trading Pit Customer Support

Advantages	Disadvantage
24/7 online chat Chat support is available to clients and traders without an account Chat operators respond in 5 languages	Lacks sufficient real-time support

Contact Table

Security for Investors

Advantages	Disadvantages
Access to the prop firm's legal team Ability to report issues to Liechtenstein's Financial Market Authority	No backing from traders' national financial bodies Cannot seek help from international regulatory bodies

Withdrawal Options and Fees

Once a trader completes the challenge, they can access their enrollment fee along with up to 80% of their earned profit. This money is immediately available for withdrawal.

The exact payout a trader receives varies based on their level of qualification, ranging from 60-80% of their profit after successful trades.

There are no limitations or conditions on withdrawing these funds. Traders have multiple options for withdrawal, including bank transfers, online transactions, and more. Importantly, there’s no set minimum for withdrawals, and the process is free of any charges.

What MakesThe Trading PitDifferent from Other Prop Firms

With its open fee structure, The Trading Pit stands out in the realm of prop trading. The Trading Pit stands out with its direct approach while many businesses conceal themselves behind complicated fees. They provide a variety of account kinds, ranging from Lite to VIP, so that both new and experienced traders can select a platform that suits their needs.

Another hallmark of The Trading Pit is its commitment to trader education. Through live webinars, guides, and individual mentorships, the firm emphasizes continuous learning, a feature not always prioritized by competitors. Their affiliate program further cements their uniqueness, offering those keen to partner with a trading business attractive terms.

Despite mixed feedback on customer service, the company’s multiple communication avenues underscore their dedication to addressing trader concerns, making them a noteworthy contender in the prop trading arena.

How Can Asia Forex Mentor Help You PassThe Trading Pit’s Evaluation?

At Asia Forex Mentor, we’ve curated the ideal roadmap to help traders navigate The Trading Pit’s evaluation process successfully. Founded in 2008 by our visionary leader, Ezekiel Chew, we started humbly in Singapore. Ezekiel initially embarked on this journey by introducing a close-knit group of friends to the world of foreign exchange.

As word spread about his innovative teaching methods and insights, this small circle blossomed into a thriving community. Recognizing his expertise, various trading firms and banks soon sought Ezekiel’s guidance to steer their teams.

To consolidate his wealth of knowledge, Ezekiel meticulously designed the AFM Proprietary One Core Program. This comprehensive program is more than just a course – it’s a tool that empowers traders to architect a robust trading system, delve into precise forex market analyses, and manage trading accounts with confidence.

Spanning 26 in-depth lessons that cover over 60 subtopics, every segment is complemented with high-quality online videos. Ezekiel’s keen insights and carefully curated examples are interwoven throughout, ensuring an enriching learning experience.

Designed to be both beginner-friendly and risk-averse, the One Core Program is an invaluable asset for anyone determined to conquer The Trading Pit’s evaluation and beyond.

Our Journey at Asia Forex Mentor

At Asia Forex Mentor, we pride ourselves on the impact we’ve made in the forex community. Our founder, Ezekiel Chew, has touched the lives of thousands, ranging from retail and bank traders to professionals at trading institutions and investment firms. We’ve witnessed many of our students embark on transformative journeys, transitioning from forex novices to full-fledged professionals, with some even progressing to esteemed roles as fund managers.

The final chapters dive deep into our One Core Program and provide priceless insights. These cover important aspects of trading psychology as well as the advantages of bar-by-bar backtesting. Ezekiel outlines a precise plan for succeeding in forex trading and offers his personal observations on the use of trading diaries. The program also provides novel ideas like our exclusive auto stop-loss technology and the set-and-forget technique. Additionally, it deconstructs our unique free trade suggestion and elaborates on the crucial distinctions between large and small stop loss levels.

The One Core Program offers a seven-day free trial for anyone eager to start this extensive learning adventure. If you’re persuaded it’s worthwhile, there is a $997 one-time participation cost. If you want to start right away, you can skip the trial and pay the discounted price of $940 for the course straight away. Come along with us and let’s jointly define your forex future.

Conclusion:The Trading PitReview

As a prop company that offers traders an opportunity to showcase their skills and obtain finance, The Trading Pit differentiates out. Their tier-based account structure offers a range of challenges for both novice and expert traders, from Lite to VIP.

The company’s commitment to a straightforward and uncomplicated trader experience is also emphasized by their transparent price structure and withdrawal options. As with any platform, it’s crucial to weigh its advantages—such the robust customer assistance—against any potential drawbacks, like the lack of multilingual support.

Prior to making any decisions, traders should always conduct their research and may even consult websites like Asia Forex Mentor for guidance.

The Trading PitReview FAQs

What kind of customer support does The Trading Pit offer?

Through their website or app, The Trading Pit provides a multi-channel call center, email assistance, and live chat. They are also active on well-known social media websites.

What sets The Trading Pit apart from other prop companies?

The Trading Pit stands out from other prop trading platforms because of its emphasis on transparency, variety of account kinds catered to different trader levels, and simple withdrawal procedures.

Is there any training or guidance available for those new to The Trading Pit?

Platforms like Asia Forex Mentor can help traders hone their skills and successfully navigate The Trading Pit’s evaluation procedure while The Trading Pit offers its platform and money.

Also Read: Finotrader Review 2023