$10,000 investment for $200,000 trading capital? Should I do it

Discussion in 'Prop Firms' started by Esko, Sep 6, 2017.

  1. Esko

    Esko

    I'm thinking of joining the online prop firm Tradenet run by Meir Barak.

    The jist of it is:

    I deposit $10,000 (that is non refundable)

    They give me $200,000 capital to day trade with using their software,

    Once I make back my initial $10,000 deposit, I keep 80% of the profits they keep 20%. I also believe there are trading fees as well.

    The firm has been around since I believe 2004 and is based in Israel.

    I'm seeking advice and any input you guys may have on me doing something like this. I'm fully prepared to lose my entire $10k invested trading so that's not what I'm worried about.

    Do you think this is wise?
     
  2. Your missing alot of information in your post!!! When do they give you the boot? If your down .5 percent are you wiped out?
     
    raf_bcn likes this.
  3. Overnight

    Overnight

    Take your $10,000, put it into a reputable broker and start trading tiny positions in futures, stocks or options, or whatever you have your heart set out to trade. At least if you lose half of the investment, you can keep the other $5K. This guy on the non-refundable bit?

    Caveat emptor.
     
    Last edited: Sep 6, 2017
    raf_bcn, JackRab, d08 and 1 other person like this.
  4. Esko

    Esko

    Not sure about that I think it's until your initial 10k dries up, I'll find out for sure some time this week and give the details here
     
  5. Your positions will be flattened out at the end of each day. All losses will be deducted from your seed money. Once your seed money is gone you're out the door, and you may owe them money. Commissions will be higher than normal. You will be charged a education, platform, seat and data fee. Good luck!
     
    Chubbly, drm7, d08 and 3 others like this.
  6. Xela

    Xela


    Only if you want to buy all their courses, because that's what you're really paying for, it seems?

    If you already know how to trade, and/or for any other reason you don't want to buy them, I'd think you'd probably be much better off somewhere like TopStepTrader, where you'd pay only $200/$300 or whatever for the opportunity to pass a "Combine" to qualify for a funded account (and if you can't pass that, you probably wouldn't qualify under the drawdown rules at Tradenet anyway)?

    It appears that with Tradenet, you're effectively funding your own account, really? You put up 5% of the money but have a 5% drawdown limit, so they have no risk anyway? Hard to see any benefit in that? [​IMG]
     
  7. You will find a ton of skepticism here and for good reason
     
  8. henry76

    henry76

    Far better to start your own firm and then ask spurious questions about said business on a popular forum to publicise said business, I don't think anyone's tried that yet.
     
    aquarian1 likes this.
  9. SteveM

    SteveM

    Few thoughts:

    1) Try to find online reviews from other traders that have gone through this firm before making your decision.

    2) Read the fine print - often these firms will milk your account via overpriced "platform fees" and other live data fees that they pass on directly to you.

    3) Most importantly - are you a trader with adhered to risk management parameters or are you a degenerate gambler? I ask because many of these firms protect their capital by using your deposit as a loss-buffer.....So on $200,000 just one simple 5% drawdown will wipe out your $10,000 and you will be back on the street.

    Not advising you in any way, just think it would be wise for you to evaluate the above before diving in.
     
    viruscore1 and Esko like this.
  10. Gotcha

    Gotcha

    #10     Sep 6, 2017
    smileypete, Hooter, raf_bcn and 6 others like this.