Thank you for the rules and parameters related questions. All the answers about account parameters are listed on our website: http://help.earn2trade.com/en/articles/3292341-what-are-the-gauntlet-mini-rules I would also add that this information is clear, is explained on the website, on the purchase page, when getting the setup email, linked to the dashboard and is in an FAQ.
There is no real money. There are a hell of a lot of sales on challenges though. I get emails ALL THE TIME about it. Stinks of desperation.
This is absolutley fascinating. --------------------- "The "Maintain Consistency" - rule states that over the course of your examination, no single trading day can account for 30% or more of your total PnL. If your total profit on the $100,000 Gauntlet Mini™ equals $7,000, but a single trading day accounts for $4,000 (which is more than 30% of the total $7,000), the evaluation is not yet finished. You do not fail, if one day accounts for more than 30% of your total profits. You have to continue trading, until that day accounts for less than 30% of your total profits. The "Maintain Consistency" rule has been in effect on Gauntlet Mini™ attempts started on and after April 1, 2020 and it applies to resets and new evaluations alike. The daily PnL is calculated into this rule regardless of whether or not the account balance is below or over the starting account balance." Make too much money, and you fail.
Actually, I understand the motivation behind this rule. It's to filter out traders who get lucky on one good trade. However, as I've said many times now, these companies have zero interest in actually funding traders. They only want your subscription fees. It's not a scam, but it's very, very close.
Why in the HELL does having an outlier overly profitable day mean the trader was "lucky"? So only traders who are super lucky can have a great profitable day? That is BS reasoning. So on a day like last week where the ES ranged 8 points, a trader has a blah day. Made a little profit. Then the next day, when the thing ranges SIXTY points, those profits are LUCK?!? BOLLOCKS!
BS Rules like that show that they are really just in it for the hamster wheel churn Lets remember folks most of these firms like topstep and E2T are not giving you access to any large amount of funding - perhaps $5,000 at the most. And even then with 99% of these firms (or at least the big name ones)----their funding disappears as soon as you have made initial profits equal to or greater than your drawdown. Then they expect you to only trade with your own profits from that point and pay them their cut---well at least if you are stupid enough to do that. Sure--if you earn your live trading account and lose money right off the bat and they close your account because you hit max loss below the starting balance they are on the hook for that but that is really all it is---initial one-time funding it is not revolving funding (meaning if you make profits equal to or greater than your max drawdown --they then eliminate the drawdown (which sounds like a positive thing) but in reality what that means is they have eliminated your funding and now the only funding you have left is the profits you made in your account---withdraw all of the profits and your account is closed --- decide not to with draw them and now you are paying them 20% on your money on all future profits you make with your money To draw an analogy lets say you got approved for a credit card with a $5,000 credit limit - you just got the card in the mail. Day 1 you take a $5,000 cash advance - you do some business deal and make a $5,000 profit in a week, you then pay back all $5,000 to the credit card and now you have a $0 balance---the credit card company then closes your account right away after your $5,000 payment posts to get your balance back to zero. Sounds pretty screwy right--- well thats basically kind of an analogy to what funding firms do like Topstep and E2T (at least that's the way I understand the regular Topstep program and E2T mini-gauntlet program once you are funded) - you are basically punished for your profitable success---they try to spin it as a positive (after you earn so much we eliminate the drawdown completely---isnt that wonderful!!!) but the cold reality is because the drawdown being eliminated means they are no longer at risk because your only trading capital (or cushion to trade with) is the amount of your profits you decide to not withdraw and leave in the account. At that time at least in my opinion you are better off just taking your full profits out and just open a brokerage account and keep 100% instead of keeping your profits in the account just to have any money to trade with and then have to pay them 20% of your future profits (and still be subject to all the other trading rules they have that still apply). What the deal should be is this 1) You earn your live funding account by passing their evaluation 2) The max drawdown below the starting balance is NEVER eliminated 3) The better you trade over time and the more profits you make over time---the MORE funding drawdown they give you--meaning you are given a clear roadmap to follow to earn ___ amount in increased funding--and all of that should be in writing and available to you day 1 of your live acct being opened 4) You should be able to withdraw profits on a weekly basis and you should be able to withdraw 100% of all profits (minus their cut) and on Monday morning you should still have all of your funding from them intact that allows you to go below the starting balance just like it was day 1 of your live account Now E2T says --hey we have a regular gauntlet that does provide ongoing funding---look at that one instead of our mini-gauntlet---while technically the "regular gauntlet" does have a "revolving" fixed max drawdown it only provides (if you pass) a very miniscule funding amount (a miniscule amount of funding at least in my opinion) $429 cost - $229 cost for resets ----to get how much in potential funding ? They say $25,000 but in my opinion the amount of funding you are actually getting in any of these types of firms is the max drawdown they give you below that starting balance. At this time --if you pass the regular gauntlet with a 2% (or less) drawdown or less you get a live account with just $2,500 in drawdown and a refund of your $429 fee (no refund on resets)--- (they also have other ones--for example if your drawdown in the evaluation is 10% (or less) you get a live account with a $1,000 drawdown but sorry no refund of the $429 (or resets) - so at that point your real net funding is $1,000 minus 4429 = $571 (or at least that is way I look at it) At either end of the spectrum $1000 (minus fee) or $2500 (and get fee refunded) its miniscule funding (in my opinion)
made a typo--should read $1,000 minus $429 = $571 (they also have other ones--for example if your drawdown in the evaluation is 10% (or less) you get a live account with a $1,000 drawdown but sorry no refund of the $429 (or resets) - so at that point your real net funding is $1,000 minus 4429 = $571 (or at least that is way I look at it)
The fact that these conversations keep coming up about prop firms means something is awry with them. That much is certain. It's called "herd consideration."