Summary of Why Lucid Trading Isn’t Your Best Choice
- Pricing – Nothing special, other firms have bigger deals
- Resets – Overpriced compared to other firms
- 33% less contracts than other firms for the same account size
- Encourages gambling mentality, leading to blown accounts
- Encourages overspending with vault rewards, which are nothing special
Lucid Trading is the hot new futures prop firm, according to rookie traders. Realistically though are they as great as everyone thinks? People are ignoring benefits at other firms, things Lucid Trading DOESN’t offer (such as better deals, cheaper resets) and other tactics they use to encourage a gambling mentality, all while giving you a lesser product. Below are several reasons you might want to rethink Lucid Trading when there are great alternatives. Below are my Top 4 alternatives to Lucid Trading as well. You can find all my recommended companies on my Deals and Promos page where you’ll find exclusive discount codes and sales brought to you by me, CFT!
While Lucid Trading has become the popular choice for traders, they aren’t necessarily the best firm. On the surface they seem easy to pass and profit with. Pass in 1 day, get your account immediately and get paid every 3 days. The immediate problem is because of the allure of fast money, people overtrade and end up spending far more on evaluations. Continue reading for my top reasons why Lucid Trading is NOT a great firm, especially for newer traders.
Lucid Trading Pricing & Resets – Low Deals and High Priced Resets
Honestly there’s nothing special about Lucid Tradings prices. A normal sale would be 40% to 50% off, where plenty of other firms have up to 90% off, such as Apex Trader Funding and DayTraders.
As well resets are the same price. Most firms offer a discounted reset fee, usually no more than $100. At Lucid Trading though, resets cost as much as the evaluation did, so there is no discount at all.
Pass Immediately Leads To Bad Trading (ie. Gambling is Encouraged)
Traders often want things as fast as they can. They trade NQ or ES, hoping to catch 1 lucky (not good, lucky) trade and pass immediately. This strategy leads to a lot of blowing up, and essentially gambling. You will be rewarded enough (ie. pass) that you keep doing it.
So already you are overspending and gambling on evals. But what about when you do pass?
The new problem is your bad trading habits now carry forward into your funded account. You saw how easy it was to pass, now its time to gamble on NQ and ES and make money quick. With a 40% consistency rule, this means you need at least 3 days. Of course if you trade responsibly this isn’t a problem. But we are looking at what most traders do, and that is trade aggressively trying to rack up profits so you can max out your 3 day withdrawal cap.
Vault Rewards Encourage Overspending
Lucid Trading introduced a “Vault” where you could unlock random perks, such as discount percentages or free accounts. Again, most people just get a standard 40% discount, but because they feel they “won” something, they are more apt to use it, even though there’s plenty of other firms that offer 50% off and higher with far better pricing.
Take for example:
- Take Profit Trader code: CFT– 40% off, $0 activation fees, payouts DAILY in funded
- My Funded Futures code: CFT– varies but up to 80% off, $0 fees, Daily/Every 2 Day Payouts
- Apex Trader Funding code: CFTPROMO– up to 90% off, up to 20 funded accounts
- DayTraders code: CFT – up to 90% off, up to 11 funded accounts
Contract Sizing Available – 33% LESS Than Other Firms
People don’t frequently examine this, but realistically you are paying $150K prices but only getting $100K quantity of contracts as an example (this applies across all account sizes).
As an example, with Take Profit Trader on a $150K account you get 15 contracts. No scaling in eval or funded. $9K goal to pass. With Lucid Trading, you only get 10 contracts for a $150K account, same $9K goal. I should also mention with Take Profit Trader you can get payouts DAILY once funded, and there’s no fixed cap on a payout unlike Lucid Trading.
4 Better Alternatives to Lucid Funding
What makes the firms below better? In general:
- Lower evaluation costs with sales up to 90% off
- Lower or often $0 activation fees
- Far lower reset fees
- Less rules on your trading
- Multiple accounts – up to 20 at some firms
Apex Trader Funding – code: CFTPROMO – up to 90% off
DayTraders – code: CFT – up to 90% off
Take Profit Trader – code: CFT – up to 50% off
My Funded Futures – code: CFT – up to 50% off
I encourage you to check out my Deals and Discounts Page for all the companies I endorse currently. Of course my long term #1 firm has always been Apex Trader Funding, and code CFTPROMO always gets you the best discount, up to 90% off!
As you can tell there are other great options to Lucid Trading.
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My Top Rated Funded Futures Programs
- Apex Trader Funding Review and Discount
- DayTraders.com Review and Discount
- Take Profit Trader Review and Discount
- My Funded Futures Review and Discount
Topstep Additional Articles
Note several of these articles are older and the information may have changed. Please Visit Topstep and their faqs section for the very latest.
- Topstep Changes (older article)
- How to Pass The Topstep Combine
- Top 10 Topstep Questions Answered
- Topstep For Canadians
- How To Pass A Topstep Combine
- Topstep New Rules: 50% and 20 seconds (older)
- Using NinjaTrader in Canada
Risk Disclosure:
Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure:
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight.
In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
You can read more here: Risk Disclosure
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