The main reason why doing business with these get-funded programs is a bad idea...

Discussion in 'Prop Firms' started by Laissez Faire, Jul 20, 2021.

  1. Here is 1

    FTMO

    $200,000 account - $10,000 daily loss limit and $20,000 max loss limit (both the daily loss limit and the max loss limit are fixed drawdowns below $0 - they are not a trailing drawdown)

    In your live funded account same thing applies- fixed drawdown for both - meaning you can withdraw all profits made and still have $10,000 daily loss limit and $20,000 max loss limit the day after withdrawing all profits
     
    #151     Sep 11, 2021
  2. Maku-san

    Maku-san

    I had to ask myself a few questions after reading this response: Yes, we are making it easier for the trader to pass the exam. This has been a long requested change from our candidates and we’ve responded by implementing it. We resisted this change for a long time as we agree that it means there will be a slight difference between the exam and the live account, however we did this to appease the large amount of candidates that requested it."

    Why would a "fair" and "honest" and "transparent" business have to get such requests, from the people who make it possible for their existence?!

    Answer: Because THEY are NOT!
     
    #152     Oct 5, 2021
  3. Earn2Trade

    Earn2Trade Sponsor

    Hello Maku-san,

    I am not entirely sure what your point is here, to be honest. Is it the fact that we should always follow the rules, as they are suggested by the community, because we are dependent on them? If so, then there would be no rules, just a line of people waiting to get a trading account. We are bombarded with requests on easier and easier rules, or no rules whatsoever, but we don't really see that as a viable strategy.
     
    #153     Oct 6, 2021
  4. tango29

    tango29

    Orianna,
    Does your firm actually have true funded accounts or are they like mentioned on another thread all sim even after they are told they are trading a funded account? In other words after someone has earned a funded account are they trading in the live real time markets or are they actually still on a sim, and essentially you cover any money they make until they break a rule and get dropped?
     
    #154     Oct 7, 2021
    Laissez Faire likes this.
  5. Earn2Trade

    Earn2Trade Sponsor

    Hello Tango29,

    We are deeply concerned about this issue in our community and have addressed it many times as well. Absolutely, we offer real live brokerage accounts through our prop trading firm partners, and we offer our LiveSim model for those who choose it, emphasis on those who CHOOSE it. All candidates who successfully pass the examination have the choice to go to either.

    We've actually addressed this issue many times, as it was a very hot topic in our Discord community. We take pride in the fact that we are very clear about what kind of account the trader is trading. We are transparent with the choices we offer our successful candidates - we consider any other way disingenuous.

    Our live accounts are currently ran by Advantage, with another FCM partner added and announced very soon.
     
    #155     Oct 8, 2021
  6. Pekelo

    Pekelo

    What is the purpose of that and can they still make money with it somehow?
     
    #156     Oct 8, 2021
    traderjo and tango29 like this.
  7. Earn2Trade

    Earn2Trade Sponsor

    Hello Pekelo,

    You can withdraw funds from the LiveSim, just like you would from a Live account. You can withdraw a minimum of $100, bank fees are waived over $500, withdrawals are done on Tuesdays. The LiveSim is supposed to bridge a gap between a sim account, like the Gauntlets, and a live account. It is supposed to help you get accustomed to the fact that there is money on the line, without giving you the stress of a live account.
     
    #157     Oct 11, 2021
  8. tango29

    tango29

    Huh!? So people can come in not actually trade real money yet withdraw real money? Does your firm take the trades in real time to generate the money to cover these funds? Or is it just an indication of the failure rate is high enough that trial fees cover any outlay?
    I'm guessing you realize that paying out for profits that don't actually occur seems a bit off.
     
    #158     Oct 11, 2021
    traderjo likes this.
  9. Pekelo

    Pekelo

    Yeah, I understand what they are trying to accomplish, but I don't think it works in practice, unless the failure rate is huge. If I keep making 5K a month, the firm is just going to swallow the loss so I can get use to pressure? Micro futures is an easier way to do that...
     
    #159     Oct 11, 2021
    jys78 and Fonz like this.
  10. Earn2Trade

    Earn2Trade Sponsor

    Let me just clarify that we don't "keep doing that" every month. Traders take the LiveSim once, before they move to a Live account.
     
    #160     Oct 12, 2021