Summary
Highlights
Lucid Trading's 50K Flex account has a 50% consistency rule, allowing passing in a minimum of 2 days. Trade the Fire's Select account has a 40% consistency rule, leading to a minimum passing time of 3 days. Lucid offers a slightly quicker pass. However, both firms eliminate consistency rules once an account is funded, benefiting traders aiming for large profit days.
The video introduces a direct comparison between Lucid Trading and Trade the Fire, specifically their Flex account and Select plan respectively. The presenter, who has accounts with both firms, recently passed a Trade the Fire account and discusses the choice between daily and 5-day payout structures, which will be explained later.
Lucid Trading's Flex account is highlighted for its reasonable pricing and one-time payment structure, meaning no recurring monthly fees for evaluations. For a 50K account, it costs $98, which can be reduced to $84 with a 'Mike' coupon code (40% off). Trade the Fire 3.0 has also adopted a one-time payment model, costing $99 with the same coupon code, making it competitive. The presenter recommends proformike.com for comparing prop firms.
A key difference is identified in profit targets: Trade the Fire requires $2,500 with a $2,000 drawdown, while Lucid Trading requires $3,000 with the same $2,000 drawdown. This suggests Trade the Fire might be easier to pass due to a lower profit target for the same drawdown.
Lucid Trading pioneered real-time activation, enabling funded accounts within 5 to 30 minutes of hitting the profit target. Trade the Fire 3.0 has also implemented instant funded activation. Trade the Fire is praised for its real-time dashboard and exceptional journaling features, giving it an edge in user experience.
Lucid Trading offers a 90% profit share for traders. Payout eligibility for a 50K account requires a minimum daily profit of $150 on five separate trading days within a payout cycle. A positive net profit is required to request a payout. The minimum payout is $500, and the maximum is 50% of profit, capped at $2,000 for a 50K account.
Trade the Fire's Select account offers two payout options: a 5-day payout or daily payouts, both with a 90% profit share. The 5-day payout has no daily loss limit or consistency rule, and the maximum payout for a 50K account is $3,000 (50% of total profits). The daily payout option allows payouts every trading day, with a cap of $8,000 per day for a 50K account (potentially $5,000 over 5 days). The daily payout requires a $250 minimum and includes a buffer amount before payouts can be made, as well as a daily loss limit and a smaller trailing drawdown.
The presenter personally chose the 5-day payout policy from Trade the Fire due to the absence of a daily loss limit and a larger drawdown amount (e.g., $4,500 vs. $3,500 for a 150K account). More drawdown is seen as crucial for long-term trading success. Both Lucid and Trade the Fire offer NinjaTrader Prop for free, providing access to advanced order flow tools like volume profile and heat maps.