Happy Friday, my friend!

A slightly later letter than usual this week. I wanted to give the latest developments and gather additional feedback from traders before putting everything together.

There are some interesting shifts taking place across the prop firm and brokerage industry.

From firm executives to retail traders, the conversation around where to trade, which platforms to trust, and where to put your skills is becoming increasingly relevant.

I've brought together the updates and trader sentiment worth paying attention to so you can stay informed and make decisions on your own terms.

🤝 As always, the objective is to give you a clearer picture - not tell you what to think.

I tested 57 traders from different parts of the industry - people involved in prop trading, as well as those actively trading their own accounts.

I wanted to get a better sense of where traders are directing their attention and how they're responding to the latest developments across the industry.

➡️ The most popular response was Both (testing all).

I found this interesting… rather than committing to one model, traders appear increasingly open to exploring both sides of the market.

Newer perp firms are presenting an alternative worth investigating, while traditional futures firms continue to offer a familiar environment for many.

Perhaps the bigger takeaway is that loyalty is becoming secondary to opportunity. Traders are comparing conditions, evaluating payout structures, and deciding where their time and money are best allocated.

🏢 The industry is evolving, and traders are keeping their options open.

1. Major prop firms distance themselves from Prop Firm Match

➤ Apex Trader Funding, Lucid Trading, Tradify, Topstep, and other major firms have reportedly ended their affiliate relationships with Prop Firm Match, effective immediately.

➤ The reported reasons centre around referral tracking and compliance concerns under existing affiliate agreements. Tracking codes have also been disabled as part of the changes.

➤ This is worth watching, particularly as more firms reassess how they manage third-party referral platforms and affiliate partnerships.

2. Vest Markets gains traction across the trading community

➤ Vest Markets, a platform focused on perpetual trading, has been gaining considerable visibility across social media.

➤ Creator giveaways, reported fast payouts, public payout leaderboards, and large verified P&L posts have brought increased attention to the platform.

➤This comes amid growing interest in perpetual-based prop models and the opportunity to trade markets around the clock.

🔎 These are two developments worth keeping on your radar. However, as always, do your own research before making decisions.

One thing I would encourage is being selective about whose affiliate code you use.

A discount is easy to advertise. Actual value is harder to find. If you're using someone's referral code, consider whether they're offering something beyond a promotional link.

For those who have used any two of my partnered codes listed below, I offer a private 1:1 accountability session at no additional cost.

The conversation is focused on your trading process, risk management, and navigating the prop firm environment.

If that's something you'd find valuable, simply reply to this email and I'll share the details.

⚡ No pressure. Just a conversation between traders.

28 Wishes sells ice cream in Los Angeles. Below 70°F, sales fall about 20%. The weather is out of their hands. Rent isn't.

So the owners started putting about $20 a day into Kalshi weather markets, taking the cold side. The days that keep customers away now pay something back.

This is hedging. Big companies have done it for decades, buying protection against bad weather, fuel spikes and rising rates. It used to take a broker, a trading desk, and an order size no corner shop could meet.

Kalshi opens it up. Contracts on weather, fuel prices, inflation, tariffs and regulation, starting at a few dollars. Take a position on the outcome that would hurt you. If it hits, the payout softens it. If it doesn't, the contract expires and the good month was the point.

See how other owners are doing it at Kalshi.com/hedging

Until next time,
Steve B
Founder, The Daily Impulse

Important Disclaimer:

This newsletter is for education only. It is not financial, investment, or trading advice, and it is not a recommendation to trade, invest, buy a challenge, keep or close an account, request a payout, or change how you trade. I am not a registered advisor, broker, or licensed financial professional. Trading involves substantial risk of loss. Do your own research and consult a qualified professional before making decisions.

Prop firm rules, drawdowns, consistency requirements, news restrictions, payout terms, and other account conditions can change—sometimes with little notice and sometimes on accounts already active. Anything here is general commentary based on public information at the time of writing and may be incomplete or outdated. You are solely responsible for complying with those terms and for any account outcome, including breaches, denied payouts, resets, or losses.

Some links, ads, or promotions may be sponsored or affiliate (including prop firms). I may earn a commission or other benefit if you click, sign up, or buy. Opinions are my own unless stated otherwise. Conflicts of interest may exist.

Past performance is not indicative of future results. I do not guarantee accuracy, completeness, or timeliness and disclaim liability for errors, omissions, or losses from use of this content. Third-party sites are outside my control; review their terms and policies. By reading or subscribing, you agree not to hold me or associated parties responsible for actions you take based on this newsletter.