granted I don't know how these "funder firms operate but if you need to enter mutilple times in order to finally get a payout doesn't that mean you blew up (blew up either before funding or after) blowups = number of times entered - number of live accts there are 2nd tier 3rd tier legit firms that take flyers
Technically, a scam would be a situation where a trader makes decent profit by "following all the rules agreed to in the agreement" - then submits a payout request - and is denied for some BS reason not outlined in the trader agreement. The reason most traders consider these funder firms has more to do with their own trading abilities rather than the fact that "if you follow their rules and make profit," you will be able to get payouts ---- for the 99% who are not able to successfully get payouts with these funder firms, they can resort to calling these funder firms SCAMS. Trading in general is super difficult - calling these funder firms SCAMS is super easy. If they payout, then they are not a SCAM. A scam is when you do *NOT* get paid even though you followed all the rules/regulations/etc... Now..... Playing devil's advocate -- on face value, yes, these funder firms might be viewed as fishy but not to the 1% who have taken payouts.
It's similar to stuff like MLMs and time shares. It's legal but is very shady. Here is a comparison unrelated to trading. Imagine you go on a date with a girl and she demands that you pay for dinner before you can have sex. You've heard of other people paying for dinners and getting their wicks wet after, so you pay for dinner. But, oops, she's on her monthly thing, so no luck today. In a week, you feed her another dinner, but apparently she has to go home to feed the cat. Again, no luck. Next day, another dinner but she has an interview next morning and needs her rest. Nothing she's doing is illegal. But you certainly would say it's underhanded.
I do like that Raen accepts established track record to bypass their evaluation (on their Q&A). I don't think topstep or apex do that where they accept verified track record
They're not. If they were, I don't see the problem with a fee, though. I gave away a free TV on Norway's equivalent of eBay a few years ago and had 100 aggressive people on my back after 30 minutes. Next time I'm going to ask for $20 to weed out the worst. That said. Do you know anywhere else a blue collar retail trader would be able to get funding assuming some talent?
I also accept your track record. Just send it to me. I'll accept it. Have you seen any proof that anyone have submitted a track record to this firm and received any funding?
Well, a reasonable prior is that if someone solicits money and promises riches, it’s a scam. I have not heard or seen any arguments to the contrary.
In my city there were many firms that backed traders. Unfortunately, merit dwindled them down but they still exist. You just need to explain what you'll do and it has to make sense.