Goat Funded Trader (GFT) has informed its clients that due to the U.S. presidential election, it is temporarily suspending trading on live accounts as a “conservative measure” in anticipation of “high volatility.”
Prop Firm Goat Funded Trader Halts Live Trading During US Election
In the prop trading industry, it's standard practice to restrict trading during periods of increased price fluctuations. Many firms don't even allow trading during major economic data releases (known as "news trading").
The U.S. presidential election is certainly one of the events that could shake markets to their core, and GFT has decided to completely suspend trading during this period.
"We will be disabling trading on all live accounts from November 5th, 5 pm UTC, until November 6th, 1 pm UTC," stated the company's official announcement published yesterday (Sunday) on their social media channels.
🚨IMPORTANT NEWS🚨
— Goat Funded Trader (@GoatFunded) November 3, 2024
Read carefully. pic.twitter.com/rQ0Xzsdzcj
The prop firm reminds its clients that all positions on live simulated accounts must be closed before the designated date, or the system will automatically close them.
GFT emphasizes that this applies to live accounts only. Traders who are in challenge phases will still have access to their accounts. However, the prop firm strongly advises exercising caution during this period.
"The U.S. elections are expected to bring extreme volatility , which could cause significant fluctuations in prices and increased risks of slippage, spreads widening, and execution delays beyond our control," the statement continued.
At the time of this article's publication, Finance Magnates could not confirm whether any other prop trading firms had taken measures similar to GFT's. Only Optimal Traders has announced that they "anticipate a period of heightened market volatility."
However, the firm is not blocking trading or news trading during this period, though they encourage their clients to consider the risks associated with this event and suggest staying on the sidelines.
Financial Markets and US Elections
U.S. presidential elections have historically influenced financial markets, with varying impacts on the U.S. dollar, commodities, Bitcoin, and stocks. These effects often stem from investor expectations regarding potential policy changes and economic strategies of incoming administrations.
The U.S. dollar typically experiences fluctuations during election periods. For instance, following the 2016 election, the dollar strengthened as markets anticipated fiscal stimulus and tax reforms under the new administration. Conversely, in 2020, the dollar faced downward pressure amid uncertainties surrounding the election outcome and the economic impact of the COVID-19 pandemic. These movements reflect investor sentiment and expectations of future economic policies.
Bitcoin's response to elections is relatively recent but notable. During the 2020 election, Bitcoin 's price rose, possibly due to increased demand for alternative assets amid economic uncertainty.
Anticipation ahead of this year's elections is also driving markets. The dollar has reached multi-month highs, Bitcoin has approached record peaks, and gold has once again recorded an all-time high.
Goat Funded Trader Adds cTrader
A week ago, the proprietary trading firm announced the addition of cTrader, Spotware's well-regarded trading platform, to its suite of investment tools. This marks the latest in a series of updates by GFT, following its introduction of TradeLocker and discontinuation of MetaTrader earlier this year.
📢 cTrader IS NOW LIVE 📢
— Goat Funded Trader (@GoatFunded) October 21, 2024
The news everyone was waiting for 🔥
To celebrate the introduction of this new platform
GFT offers a 25% OFF on all Challenges!
✅Available for 72 hours only
🎟️Code: CTRADER
Don’t miss the chance and join us now pic.twitter.com/5vXGmEDyGH
Recently, Goat Funded Trader hinted at a significant update on social media, prompting some traders to speculate on the arrival of cTrader. Confirming these predictions, GFT has launched cTrader and is offering discounted rates on its trading challenges with the code CTRADER as part of the celebration. Having phased out MetaQuotes' trading platforms twice in 2024, GFT has been actively seeking alternative solutions. Following the rollout of TradeLocker in July, the company evaluated cTrader in August as a viable addition.
In September, CEO Edoardo Dalla Torre acknowledged client interest in the platform, remarking, "We heard you want cTrader as well. Recently we introduced TradeLocker. Should we add cTrader?" Now, two months later, GFT has acted on this feedback by implementing the new platform.
GFT was one of the first firms to abandon MetaQuotes' platform in February 2024 due to licensing issues, briefly reintroducing it before ultimately opting for other trading tools.
