That's trading. You have to be prepared for and master all market conditions. Congratulations on your funded account! Was this with E2T? Feel free to keep us posted on your progress and withdrawals. I won't disagree with what you're saying about these programs here. In fact, I made the same point in this thread I made a while back. I'm just not convinced it's a good FUNDING opportunity, but I do think it can be a good middle ground between simulator trading and trading a live account. Personally, I could also have saved myself a lot of money if I traded these programs in the past instead of blowing live accounts. Right now, I feel better about trading my own piker account. My money. My rules. My responsibility. My freedom. And no pressure. https://www.elitetrader.com/et/thre...ese-get-funded-programs-is-a-bad-idea.360334/
It's with UProfit, and from what I can tell it will work almost exactly the same as OneUp, but with some less rules on how to trade. Other than that it should be about the same for withdrawing. First 8k 100%. Then 80/20 but you have to wait some time to withdraw beyond 8k or get a lower profit split. Slight differences in drawdown don't matter to me. I think they have an End of Day drawdown rather than trailing too, which is nice. But these differences don't really affect me since pretty much all these companies have a wide enough drawdown for you to trade properly without issues. I just needed some accounts that don't have any monthly fees
Okay. Since you're worried about monthly fees, how do you feel about the assignment fee for a live account, then? You may have gotten a discount, but this means that without a discount you're effectively paying 150 + 160 = $310 to get a $2K margin to trade on. Since they take 80 % of the profits, let's say you're effectively getting $1.8K of margin. I see that they have some restrictions on withdrawals which they call a 'safety net' and where you're only getting paid 50% up until that period. I wonder who the safety net is for. The firm or the trader...? I'm sorry, but I just don't see how this is a great opportunity. As for OneUp, they say that the first 8K of profits are yours 100%. What they fail to mention except in fine print is that effectively you need to earn 13K in order to withdraw 8K.
With my account at OneUP, just like with UProfit, you need to earn 8k + 2.5k. So 10.5k, and you can withdraw 100% of your 8k. The assignment fee is $150 at UProfit on the $50k account on top of the account cost which makes it $310 as you said. I got my account at $80 with a christmas deal though. So I'm paying $230. Of course I don't like having to pay more, but it is my best option right now to get a second account since OneUp doesn't allow it. I would rather pay $150 now than $100+ a month like it is at most of the others. One trade on Monday will cover all of these costs and then the rest will be free. My real cost after withdrawing 8k will naturally be the 20% "fee" with the 80/20 profit split, but since I will never risk any of my own money in this process, this is personally fine with me. I feel that this is a good rate when dealing with someone else's money in this business. People who offer to loan me money to trade often expect much more than 20%.
Let's say he funds his own account with $1.8k and makes a critical error and blows it up. He would have to pass and fail at least 5 of the other accounts and than he would still have a $100+ dollars left over to start another test. Do not agree with your $1.8k number either(but I used it because it doesn't change my macro point). See where you're going with the math, to get 1.8k but it's still not necessarily comparing apples to oranges, particularly for the first 8k of withdraw. I don't see how it's a bad value if you're a trader turning the corner, with a strong strategy but still haven't completely conquered your emotions to the fullest degree yet. I see you've already alluded to this yourself and agreed it can be a good middle ground. So, doesn't seem we're too far off from agreeing. But to me it's huge value for someone just turning the corner with a strong technical edge, but maybe hasn't fully mastered the mental side yet and again doesn't want to risk one mistake taking out his entire account. EDIT: Changed it to 5, my original math used 2k(This is still the number I would use), however per prev comment chose to use your 1.8k
......says the guy who is literally spamming funded-trader referral links all over the internet (youtube, your own website, discord, elitetrader, etc.) because he himself is unable to make enough money from trading LMAO oh the irony!!
My point exactly. It's a way to turn that corner and set yourself up with several tens of thousands of dollars potentially with close to no risk, assuming you turned the right corner of course.
Like I said - it can be a good middle ground between simulator trading and live trading your own $$$ to learn discipline and sort out other issues. Let's just not be under the illusion that these companies actually have any interest in funding you or finding trading talent. Clearly, that is NOT their business model. Please let us know when you have several tens of thousands of dollars extracted from these firms. I do wish you luck and success, so don't take it the wrong way.