This is indeed an odd flip. You went from praising them to bashing them within a month. I personally do not believe in their business model, but I understand why it works. And that has to be respected. But for you to praise them at point A and then claim they be gauche at point B a month later seems...disingenuous? *shrugs*
I have been "bashing" this business model from the start.. It works for them sure...but does it work for hundred who fork out the "test fees" Why is it the "Hamster wheel" label is attached to these business models perhaps because the real motive is that only! Reason this is raised once in a while by ( about all such models not just this company )diff people is 1) What is the real motive? 2) Now a days with technology / machine learning "Testing a trader" should not coast so much as to start charging a "test fee" 3) If testing is so costly then how come all those real PROP firms like Tibra etc(mentioned by Bone in other thread) do not have such a business model.. 4) Excuse is given that "oh but we are bringing the "Trading opportunity" to masses" LOL and if you dont belong to the exclusive graduates who get hired by these top firms or Banks come to us! Then there are regulator red flags... but lets not go there..technically it must be legal for a 1 entity to charge test fees and another entity to fund! All in all it is questionable if not illegal But then again there are suckers in every game
Respect your point. @Overnight and myself were just questioning @Trader90278 and his sudden change of outlook regarding E2T.
We understand that you may not agree with our business model and that is of course entirely within your rights. However, we would appreciate if you didn't infer in any way that it is illegal. We have spent an enormous amount of time and money making sure we are not only doing things by the book but doing things in a way that is the most advantageous to the traders. In fact, not that long ago I was in the room with several senior people from the NFA going through a standard audit. The fact of the matter is, we provide a service that helps people. The purpose of the company is to find talented and hardworking traders and get them accounts to work on, but we have also heard customer feedback about how they learned through a failed attempt that they are not ready yet, saving them money that they didn't lose on live accounts. We align people with a prop firm who will let them join their firm and trade the firms money. For the larger challenges, you'd need at least $4500 of your own money to be able to do the equivalent yourself. In addition, most people know that paper trading doesn’t exactly provide the most benefit since you don’t have any money on the line, consider a funding challenge like ours as the middle ground between paper and live. Regarding real prop firms not being engaged in this model, some do. Take SMB for instance. Another note is that Earn2Trade is not the prop firm. We are only the testing body. Our goal is to be recognized in the trading industry as the "certificate" to help people get a job. Right now with most prop firms, you need a degree and many other qualifications. Helios is the first prop firm to accept our certificate to place traders but we're working to get other prop firms to accept it as well. No different than paying to take a certification exam in any other industry.
I did not infer it as illegal, I always said the motive of such model can be questioned . I am not the only one labeling this model as Hamster wheel Re quote" "technically it must be legal for a 1 entity to charge test fees and another entity to fund!" Even if there is cross ownership You mention SMB but conveniently drop others like Tibra, Citadel, Propex etc REAL PROP who do not charge the prospective trading talent any Tets fees By saying we are not prop ( not just your company but many others) any blind Freddy can see that the 2 entity are the same T3 and T3 Prop for example
I bunched Tibra and the others into “most prop firms”. To get a job with them, if they even have openings (Tibra has very few and even fewer trader jobs), you need qualifications many don’t have and likely need to move to their physical office. Whether you agree with our model or not, we provide an opportunity many are happy to take.
The point I was making is that between post #27 and #28, the guy reversed 180 degrees. Went from praising to bashing, and it is not like he did not know what he was getting into. He didn't make any salient points, he simply complained. It is obvious based on his post that it was not a customer-service-based issue, but most likely the fact he lost his "combine", and fell afoul of whatever rules E2T has in said combine. E2T is a business. The motivations for their business are clear, and the business model itself works. I do not agree with the premise, but also recognize that the model is not "as scammy" as some people might make it out to be. If you read the fine print, you know what you are getting into. P.S. It is like, I go to an ice cream shop, and get some good cones. I write this huge uber Yelp review on the upside for them. Next time I get a crappy ice cream cone, and poo-poo on the company because of that one bad cone. It's not a thorough assuming of the business as a whole. Maybe that is a bad analogy. *shrugs*
I do not understand the negativity. E2T offers a service at a price. They spell out what they offer. I think their prices are very reasonable. IMO, their customer service is excellent. No one twists your arm to purchase their services. Who cares what their model is? If is something you are interested in, ok. If not, ok. All I hear is a bunch of jawing for no reason.
understood your point about the 180° reverse , I was just agreeing with that guys "questioning of the main business motive" of ALL these firms not just one. If the intent is to really hunt talent the revenue should be coming from trader's skills not by charging them a test fee. as soon as a company does that the real motive can be questioned. Automatic question is how many pay the fee/ fail and don;t bother becasue they think it is just loose change... The carrot/ The Hamster wheel / The break even point etc Real account value or Notional account value? Simple logic The way I look at it is as a scientist or a engineer if I want to get a job with a top firm like GE or IBM or Apple These "Reputable" companies uses their own resources to hunt talent Although many engineers on this planet would love to fork out 1000 $ if there was such a entry test ! and I am sure every year these companies can make some easy money by offering such "Entry Test" but they dont instead they spend thousands if not millions on going around the campuses and testing people The moto "but we bring trading to masses" is just humbug It really sounds like "We bring $$ from masses and fund few" Very MUCH LEGAL ya sure but ethical? Any way I rest . one day I hope better business model comes up. BETTER for Consumer Meanwhile thousands will burn their fingers thinking they are trying to get in to real top tier PROP! That way atleast the First Loss model is more straight forward and more ethical in my mind ...The Firm only provides leverage just like a Margin loan