Thank you, great response. Sounds li8ke SMB pressures you to buy some training. I read an earlier thread of that and a higher amount. I do think most DD are 4 % not 2. Not 100% sure what SMBs is.
A lot of the issues I had in the past was, I didnt want to pay the monthly more than a month, so I would push extra hard.
YES. And that is how they get you. The reality is that getting 6 percent in a month isn't impossible, but what it does get you used to trading aggressively. When you think about it, trading for say.....3 or 4 months, spending about 1200 to be funded isn't the worst proposition, assuming you make it through. Good luck remembering that when you are being whipsawed all day by Twitter comments. Such is the world we live in.
I subscribed LMI package. They don't require you to make 6% in a limited time. If you can't reach 6%, you can extend your subscription to next month,by paying another subscription fee. So as long as you don't break their rules, you can continue till you reach that target.
That's true with all of them. There is no difference. They understand that someone that doesn't have 150k to trade on their own aren't looking to spend several months at 350 USD....Over the longer-term, you could do it on a little over a grand pretty easily I think - and that takes something most traders don't have: discipline. Beyond that, these programs all have the a trailing draw down that you must keep above. This means that you will also have several months of trading without actually getting paid. Its a great scheme to be honest. Maybe I should sell a demo account to people. And unless you want to use VolFix, LMI is fine. However, that platform is janky.
I only use VolFix to enter trades. I have my own trading platform on which I generate my signals. So no problem on this respect. And it is actually better because you don't need to pay any fee if you only use VolFix to make trades. LMI is also better than oneup in that they don't require that your most profitable day doesn't exceed sum of other 3 profitable days.
I've never tried out for SMB Futures, but I was a subscriber to their Slack room for a time to get a feel for the atmosphere while considering it. Now we all know as traders, there's a million and one ways to skin a cat, but my perceived take away from Merritt's comments and the sentiment of others was "trade our way or shut the hell up". Forget not, when you go prop, you go pro (data fees). So unless you're committed to one exchange, monthly fees can add up into multi-hundreds.
It is basically a try out after which you are backed with $1500 of risk capital (They give you a max drawdown of $3000 and take 50% out of this venture). From there, risk capital increases as you make more profit.. so they are "backing" you with money that you have made. I'm sorry but for a skilled trader who can prove they are consistently profitable, they can easily stump this up themselves.This isn't real backing. The only other angle I can see is the logistical and mentoring support you would get but as has been mentioned in this thread - they seem eager to push their "holy grail" course onto you.
From what I understand, you do not partake in the $3,000 loss? And there is no trailing max drawdown as in other similar programs. Yes I would be interested in joining a company with successful traders living from day-trading, that is why I am looking at them. 50% profit split seems high though as it is probably standard ratio for firms providing you actual seat on their trading floor with all the benefits of it. Never really thought about trading on my own but I guess it is easier to get size at a prop company and you have lower transaction costs.