Nearly
two-thirds of retail prop traders work with multiple trading firms
simultaneously, primarily to manage risk and increase available capital,
according to a new survey conducted by PipFarm in April 2025.
The newest
study, which collected responses from 2,777 prop traders, found that 63% of
participants trade with more than one proprietary trading firm concurrently.
Among those maintaining multiple relationships, 51% work with two firms, while
30% juggle three different companies.
“Risk
diversification across different firms” emerged as the leading motivation
(34.3%) for maintaining multiple accounts, closely followed by “increasing
total capital available for trading” (33.8%). Approximately one-quarter of
respondents (25.8%) cited the need to “stay active while waiting for
evaluations or payouts from another firm” as their primary reason.
James Glyde, PipFarm, CEO
“Last
year was a tough year for the industry, and it woke traders up to the reality of
counterparty risk,” said James Glyde, PipFarm CEO.
“However, this risk is not just about firms going out of business. It
comes in the form of rule changes and restrictions that can impact traders’
ability to earn.”
“Some more
advanced traders are becoming conscious of the burden they may become to a firm
if they make too much, too fast. That’s why having funded accounts with
multiple firms is important,” Glyde added.
One of
PipFarm’s earlier surveys revealed that clients tend to trust broker-backed
prop firms more, with
3 out of 5 respondents confirming this view. The current wave of prop firms
seeking licenses—even
if largely offshore and of questionable quality—appears to support that
finding.
Traders Don’t Consider
Themselves Successful
The
findings come as the prop trading industry continues to expand, with more firms
offering funded accounts to traders who can pass increasingly standardized
evaluation challenges.
Despite the
growth, traders report mixed results in their performance. When asked to rate
their success, only 11.2% described themselves as “very successful,”
while nearly a third (32.7%) admitted they were “not very
successful.” Another 30.4% characterized their performance as
“somewhat successful.”
Despite
these, a striking 94% of respondents reported they enjoy trading, and 96.3% see
themselves continuing to trade long-term.
You may
also like: “MetaQuotes
Did a Huge Favor for Prop Trading”; 70% of Traders Want Regulation
Investors Struggle More
with Emotions Than Charts
The survey
revealed significant psychological challenges facing traders. The most common
difficulties reported were “lack of discipline or self-control”
(37.8%) and “emotional trading after losses” (37.5%), followed by
“financial pressures” (35%).
Glyde noted
that social comparison may be contributing to these psychological challenges.
“Like
most areas in life, traders anchor their aspirations to what they see on social
media and often feel inadequate in comparison to what they see,” he said.
“While this is speculation, I’m keen to dig deeper into this topic with
future surveys to find where we can help traders feel more fulfilled from their
trading.”
To combat
psychological barriers, many traders are investing in mental performance tools.
Over 43% reported listening to podcasts about mindset and psychology, while
41.5% maintain journals to build self-awareness. Nearly 40% read self-help or
trading psychology books.
Few Instruments and Not
Many Trades Per Day
The survey
also provides insight into trading habits. Most respondents (45.1%) place only
1–2 trades per day, with another 28.7% executing 3–5 daily trades. More than
half (51.6%) employ multiple trading strategies.
A survey
conducted last year showed that around
60% of prop firm clients lose money, with an average investment of $4,300.
Screen time
appears moderate for most traders, with 43.8% spending 2–4 hours daily watching
trading charts and platforms. Sleep patterns varied, with 48.6% getting 6–7
hours nightly, though a notable 24.5% reported sleeping less than 6 hours per
night.
Entry costs
remain relatively accessible, with 34.8% of traders paying less than $50 for
their first prop firm challenge, and another 24.4% spending between $50–$99.
I also
encourage you to check out my earlier article, where
I describe how Glyde uncovered a global cartel of 800 traders who were
manipulating proprietary trading challenges.
Nearly
two-thirds of retail prop traders work with multiple trading firms
simultaneously, primarily to manage risk and increase available capital,
according to a new survey conducted by PipFarm in April 2025.
The newest
study, which collected responses from 2,777 prop traders, found that 63% of
participants trade with more than one proprietary trading firm concurrently.
Among those maintaining multiple relationships, 51% work with two firms, while
30% juggle three different companies.
“Risk
diversification across different firms” emerged as the leading motivation
(34.3%) for maintaining multiple accounts, closely followed by “increasing
total capital available for trading” (33.8%). Approximately one-quarter of
respondents (25.8%) cited the need to “stay active while waiting for
evaluations or payouts from another firm” as their primary reason.
James Glyde, PipFarm, CEO
“Last
year was a tough year for the industry, and it woke traders up to the reality of
counterparty risk,” said James Glyde, PipFarm CEO.
“However, this risk is not just about firms going out of business. It
comes in the form of rule changes and restrictions that can impact traders’
ability to earn.”
“Some more
advanced traders are becoming conscious of the burden they may become to a firm
if they make too much, too fast. That’s why having funded accounts with
multiple firms is important,” Glyde added.
One of
PipFarm’s earlier surveys revealed that clients tend to trust broker-backed
prop firms more, with
3 out of 5 respondents confirming this view. The current wave of prop firms
seeking licenses—even
if largely offshore and of questionable quality—appears to support that
finding.
Traders Don’t Consider
Themselves Successful
The
findings come as the prop trading industry continues to expand, with more firms
offering funded accounts to traders who can pass increasingly standardized
evaluation challenges.
Despite the
growth, traders report mixed results in their performance. When asked to rate
their success, only 11.2% described themselves as “very successful,”
while nearly a third (32.7%) admitted they were “not very
successful.” Another 30.4% characterized their performance as
“somewhat successful.”
Despite
these, a striking 94% of respondents reported they enjoy trading, and 96.3% see
themselves continuing to trade long-term.
You may
also like: “MetaQuotes
Did a Huge Favor for Prop Trading”; 70% of Traders Want Regulation
Investors Struggle More
with Emotions Than Charts
The survey
revealed significant psychological challenges facing traders. The most common
difficulties reported were “lack of discipline or self-control”
(37.8%) and “emotional trading after losses” (37.5%), followed by
“financial pressures” (35%).
Glyde noted
that social comparison may be contributing to these psychological challenges.
“Like
most areas in life, traders anchor their aspirations to what they see on social
media and often feel inadequate in comparison to what they see,” he said.
“While this is speculation, I’m keen to dig deeper into this topic with
future surveys to find where we can help traders feel more fulfilled from their
trading.”
To combat
psychological barriers, many traders are investing in mental performance tools.
Over 43% reported listening to podcasts about mindset and psychology, while
41.5% maintain journals to build self-awareness. Nearly 40% read self-help or
trading psychology books.
Few Instruments and Not
Many Trades Per Day
The survey
also provides insight into trading habits. Most respondents (45.1%) place only
1–2 trades per day, with another 28.7% executing 3–5 daily trades. More than
half (51.6%) employ multiple trading strategies.
A survey
conducted last year showed that around
60% of prop firm clients lose money, with an average investment of $4,300.
Screen time
appears moderate for most traders, with 43.8% spending 2–4 hours daily watching
trading charts and platforms. Sleep patterns varied, with 48.6% getting 6–7
hours nightly, though a notable 24.5% reported sleeping less than 6 hours per
night.
Entry costs
remain relatively accessible, with 34.8% of traders paying less than $50 for
their first prop firm challenge, and another 24.4% spending between $50–$99.
I also
encourage you to check out my earlier article, where
I describe how Glyde uncovered a global cartel of 800 traders who were
manipulating proprietary trading challenges.
