Apex is in talks to have their own Rithmic server (or something to that effect)? I just saw this briefly in a forum somewhere.....don't remember where. Does something like this give them a bit more "credibility?"
I am no fan of this Business model and with Apex who used to tout some indicators tool for Nadex and is now in "Trader Funding AKA Prop business" is no genuine Prop to me,, having said that this organization does not seems to be creditable themselves! which countries Fin Authority is not this?
Randomly came across this thread while looking for something else. As someone who has traded on a real prop desk for over 6 years, I have to wonder how many here actually have prop experience? It's true, these firms are nothing like a real prop. But at the same time, the prop trading world I've been a part of is simply not open to most traders, successful or not. You have to know someone to get an interview. Even profitable traders get turned down - or worse, they get brought in and forced to trade a different instrument, etc.. Of the lot of the online funding companies, Earn2Trade strikes me as the most similar, since 1) you actually can qualify for an account with two separate prop firms that exist all on their own, and 2) That account, through their TCP evaluation, can be a"$400k" account with a $25k static drawdown limit, real live money. My first real prop firm experience was just that. I was given a $25k noose to hang myself and a daily loss limit that started with a couple hundred a day and was adjusted up as I showed some promise. Meanwhile, seat fees, etc., accrue against your balance, separate from that 25k. To get paid you have to overcome both losses and fees. The fee gets taken out after your split, which was 40% at that point. Most people fail that account and bust out, they never make it back to breakeven. 1/5 at best makes it back above breakeven and gets a paycheck. One paycheck. 1/5 of those is still there a year later. At the time, I was told the fastest anyone had been paid was 6 months. I got a tiny check after 5 months. Subsequent checks were much nicer. I lasted 3 years at that one, left to form an RIA. That's the way it goes...trading is hard and most people can't cut it. Firms that do it that way sometimes also take a cut on commissions. Mine didn't, but many of the "legit" firms do. With something like E2T if you look at an 80% split vs 40-50% split (most recently I got 50% and had about $5,000/mo in fees), the end result could actually be more favorable. You definitely have to jump through more hoops to get there, BUT, it's open to anyone who wants to give it a shot. And you don't have to deal with a boss, which can add a whole other dimension to trading. Especially if that boss is a non-profitable trader and is free to f--k with you as much as they want. Just my .02 ETA: that $5,000 in monthly fees is in addition to commissions and per-share/contract exchange fees.
I have been using Apex Trader Funding for months now and am funded and am very close to more another payout. I have withdrawn $1000 last month and this month will be getting $4300 around vi ACH So I can vouche for Apex Trader Funding, they are genuine and do pay. They're the cheapest in the industry and are the biggest in the industry. Though their drawdown is live drawdown but still if you manage to reach the safety net then it's all same for all the prop firms. Also let me know if you want to know anything regarding Apex.
Hi, what is the largest number of contracts do you play and your largest one day gain? I find myself holding back after passing the evaluation because of their vague rules about risk and windfall gain.
Perhaps I’m misreading but based on their rules, it seems like they want you to make more money consistently so they can move you to a live account after 3 months, on the flip side when you make close to the minimum amount needed to get a payout they view it as gaming the system. I attempt to profit 500-1000 per PA account each day, as I am currently capped to 2750 per 10 days on (10) 150k PA accounts, and would like to have a nice cushion when the 3 month probationary period ends. I am sure there is some data that has brought them to the conclusion of how much they can give you over a period of time that correlates with your consistency. This is why I say they want you to make more so they can switch you to a live account. If they give you 100% of the first 25k and it is indeed just a sim you are trading, then they don’t make their 10% going forward unless you are a legitimate live trader.
Have you recently been required to video record your trades for a payout? I have heard stories of traders who have been with the company for a while all of the sudden needing proof that they are not a machine to get a payout?