I raise this question because on Mon, Tues, and Wed of this week I made 7K in the E2T-Helios Live Sim 100K simulated account thus earning 80% of the $6,000 goal or $4,800. The next stage in their Trader Career Path Program is a mandatory Live Account with a 9K goal and 4500 trailing drawdown. I heard nothing from them even though early Wed I notified them that I exceeded their profit goal and to set me up. Late Friday I received an email that said it would take at least a month to set up my live account and an offer that violated their stated policy of letting me do an additional live sim for the next stage of making 9K with a 4,500 trailing drawdown. I have no idea of how my trading would have worked on Thurs and Friday because I have never in my 20 Years plus of following ES seen moves like what happened. I have analyzed these last two days in detail even studying a 10 second bar chart. Moves of 8 to 10 ES points in a bar were common and the Friday CST 10:01:10 bar had a 27 point UP move followed by another 10 points UP in the 10:01:20 bar. Day Traders must have been tied up in knots with the whip saw action. Now we know it does not take "at least a month" to set up an account especially since all KYC information has already been provided. So my guess is that Prop firms are shaken to their core as multitudes of traders blew threw their allowed loss level and caused massive losses to these firms. So they want me to do another live sim with confidence that I will flame out with a paper loss instead of a real dollar loss for them. Any thoughts and observations from you guys out there and if any ES daytraders want to comment on how they handled Thurs and Friday, it would be interesting to hear your stories.
Since most traders at these prop firms have no idea what they are doing I think it is safe to assume that much more traders lost their accounts and had to buy resets or new accounts than traders who made profits. That's the majority of the business model after all and it has worked for over 10 years, so i don't see how now would be different.
Never in 20 years??!! The ES swings during covid make most of these days look like nursery rhyme games.
Do people put up real $ to do a sim account at these firms? If so, I'll create a prop firm in a week or two to help all you guys
I heard from a friend who works with a small prop firm and he mentioned 200 accounts blew up between Thu and Fri. Normally it takes about 6 weeks for that number to blow up. I think prop firms are actually making good money with all these returning clients blowing up accounts.
Yep They sure do. I did and passed the 2nd level earning $4,800 real dollars. Peanuts to you giant traders killing the market but it was fun for me. As far as the history of last 20 years. Ya got me there. I wasn't paying that close attention to the 10 second bars back then.
Are Prop Firms Losing Big Because of Individual Trader Blood Bath ----> Are Prop Firms Rejoicing Because of Individual Trader Mega Bountiful harvest?