How PropScholar Works: A Comprehensive Guide
In the dynamic world of proprietary trading, one of the biggest hurdles for aspiring traders is gaining access to capital. Many traders possess the skills to make profitable trades, but the financial barriers to entry can be daunting. PropScholar was founded with the vision of removing this obstacle and providing skilled traders with the opportunity to showcase their abilities while gaining access to the resources they need to thrive. In this post, we’ll explore how PropScholar works, its unique features, and how it can help you take your trading career to the next level.
What is PropScholar?
PropScholar is a platform designed to empower traders by offering discounted access to prop firm challenges. These challenges are essentially trials set up by proprietary trading firms, where traders are tasked with meeting specific criteria over a period of time to prove their trading skills. If they pass, the traders are provided with significant trading capital, which they can then use to trade in real-time financial markets, earning a share of the profits.
PropScholar acts as a bridge between skilled traders and these high-cost challenges, providing scholarships, evaluation phases, and support to make the process more affordable and accessible. Whether you're a seasoned trader looking for additional capital or an up-and-comer hoping to break into the industry, PropScholar can help you achieve your goals.
How PropScholar Works: The Step-by-Step Process
Step 1: Purchase a Challenge with Up to 70% Discount
The first step in your PropScholar journey begins with selecting a prop firm challenge. PropScholar has partnerships with leading prop firms, offering significant discounts (up to 70%) on their challenge fees. This discount ensures that skilled traders can enter the evaluation phase without the usual high upfront costs.
Before providing a scholarship or purchasing a challenge, PropScholar requires traders to complete a propscholar evaluation phase. This phase is designed to assess your trading skills in a risk-free environment. You’ll be provided with a demo trading account on cTrader, where your trades are monitored by an automated evaluation team. During this phase, you must follow the rules laid out by PropScholar, including strict maximum loss and daily loss limits.
For example, if you have a $100,000 account, PropScholar’s Maximum Loss Limit will be 10%, meaning your equity cannot drop below $90,000. The Maximum Daily Loss, calculated as a percentage of each day’s starting equity or balance, must also not exceed a specified limit. Additionally, you’ll need to avoid trading during restricted news periods to ensure compliance with PropScholar’s regulations.
Step 3: Receive Your Prop Firm Account
After passing the evaluation phase, PropScholar buys the prop firm challenge for you based on your scholarship plan. You’ll quickly receive your account details, enabling you to start trading in your dream prop firm.
Step 4: Get Funded and Earn Profits
Once you’ve successfully passed the prop firm’s evaluation, you’ll receive a funded trading account. With this account, you can trade live in the financial markets and earn profits based on your performance. PropScholar offers one of the most competitive profit splits in the industry, with traders keeping 100% of their profits. This allows you to maximize your earnings while benefiting from the large capital base provided by the prop firm.
When you purchase an evaluation challenge through PropScholar, the process and benefits are identical to directly purchasing an evaluation challenge from a prop firm. However, PropScholar stands out by offering a 100% profit split on these accounts. This means you enjoy the full benefits of a default prop firm account, with no profit-sharing deductions, maximizing your earning potential while maintaining the same trading conditions and rules.
Additional Benefits of PropScholar
- Up to 70% Scholarships: In certain cases, PropScholar offers up to 70% scholarships to qualifying traders, making it even more affordable to access prop firm challenges.
- No Trade News Period: PropScholar enforces a strict no-trading policy during significant news events, helping to protect traders from excessive volatility and unpredictable market movements. The no-trade window is 10 minutes around major news announcements, using Forex Factory red news as the reference.
- Client Support: PropScholar offers dedicated client support throughout the process, ensuring that you have assistance every step of the way, from the evaluation phase to receiving your funded account.
Conclusion
PropScholar is more than just a gateway to prop firm challenges—it’s a platform designed to support, nurture, and empower traders at every stage of their journey. By offering discounted access to challenges, thorough evaluations, and a supportive community, PropScholar enables traders to overcome financial barriers and showcase their skills in the global markets. With PropScholar by your side, the path to becoming a funded trader has never been more accessible or affordable.