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. traider

    traider

    Yeah you can destroy these firms with hft trading if they don't implement their sim fills properly.
     
    #41     Jul 22, 2021
    Laissez Faire likes this.
  2. You did not answer my questions. If you want to constructively participate in this discussion and be taken seriously you should. Right now, you're starting to sound like a shill for one of these companies.

    But to answer your question:

    No - the rules are not necessarily clearly stated.

    Just look at this promotion from E2T:

    https://www.elitetrader.com/et/thre...et-mini-end-of-day-drawdown-available.359868/

    Read this entire page carefully.

    Exactly where do they state that this rule only applies for the evaluation account?

    They don't.

    Now, go to the webpage. Show me where it says it does not apply for the live account?

    I'm sure it's there somewhere, but they sure as hell do not go out of their way to say it.

    Your turn:

    Why do they have one set of rules for an evaluation account and another more difficult set of rules for a live account?

    You continue missing the point completely. The bottom line is that they don't really want you to succeed and for some of these companies YOU winning means THEY will LOSE. Why the hell would you want to sign up with a company that benefits from you losing? Isn't trading difficult enough as it is?
     
    #42     Jul 22, 2021
  3. Hello Laissez Faire,

    Because they own the business, so they make the rules. Whatever the rules is, you must follow. Does not matter why the rule exist, it is their rule buddy. It is a legal tax paying business, so they set any rules they want.

    Why do some trading vendors sell trading methods and courses with no track records of trades and trade performance? Because they want to and it is not illegal.

    In both cases, they both will still be in business after our discussion. Why? Cause they have high paying customers.

    I told you, if it makes money, it makes sense.
     
    #43     Jul 22, 2021
    cafeole likes this.
  4. Frankly, this is completely understandable. The barrier to entry is virtually zero. It only makes sense that there's a cost to participate. In fact, I wouldn't mind paying more or even putting up my own capital as collateral if it meant I would actually be able to trade substantial money.

    The interesting question is if there exists a prop firm which really wants to fund traders for the purpose of actually making money? I'm sure the answer is yes. So the real question I suppose would be if there exist one such company that would be accessible to a retail trader? I'm not so sure about that.

    Someone recently recommended me to check out T3 and how they have a program where they back traders. I'm naturally skeptic towards everyone who wants my business in this industry, so I'm not so sure, but it seems like maybe it's in another league than these other get-funded companies.

     
    #44     Jul 22, 2021
  5. You still don't get it do you?

    I summed up this thread in the first sentence. The rest is filler.

    It's not about following rules or that they're not allowed to set their own rules. Obviously, they can. And obviously we need to follow those rules if we want to stay on the program. That much is OBVIOUS.

    It's about how they don't want you to succeed and that the program by design doesn't want you to do so. And that YOU succeeding means they're losing money.

    Savvy?

    And following that proposition it does not make sense for a trader to pursue this path.
     
    #45     Jul 22, 2021
  6. danielc1

    danielc1

    I have had an experience with a funding firm that was good. I followed their rules, I passed the test, got funded, made profits, withdraw money. I even got permission to trade more contracts than what they first set as a limit. And I was not the only one. I never had the feeling that they were just out there to 'collect' the fees. Besides that, they collected more on the profit split each day from me, than they could charge me for an entire year of fees for taking the test.
    Maybe, just maybe, you should just do what they ask and get funded before you make your conclusions about how they operate? If you can not get funded, well then it is not their fault or the fault of their rules. You then just need to admit that you are not the right person or trader for that kind of adventure.
     
    #46     Jul 22, 2021
    CdnFtrsTdr and SimpleMeLike like this.
  7. Yes sir, I 1000% agree with you danielc1,

    I know about 10 people that traded the program, made their money and left. And 2 of my friends still there and love it. I recommended to my cousin and he loves it, although he not funded yet. He been there for a year and he loves. Keep him discipline.

    I loved it too. Taught me alot about risk management and money management.

    Laissez Faire upset he broke the rule and loss profits. Not a big deal man, just try again and stay within the rules.

    Also, they have really good customer service.
     
    #47     Jul 22, 2021
  8. And which firm was this?

    I think my points are very valid, so feel free to disprove them instead of getting personal.

    I also passed the test, got funded and made profits. About 16K in 20 days. So clearly I do know how to trade.

    I still have a private account which I will be trading exclusively as soon as I'm done with some other stuff going on right now. So I don't need to get funded with such a company, but I figured it was worth a shot in case I could actually gain access to trading a larger capital base.

    I was skeptical prior to doing this and let's just say that I figured out the business model completely during my recent experience.
     
    #48     Jul 22, 2021
  9. danielc1

    danielc1

    TST
    And I did not get personal. I just disaprove your experience with sharing my experience. I did not state you could not trade. I stated that if you have troubles with their rules, you must just go another road. How you get from breaking a rule to 'the business is a setup and they do not want to fund you because then they will not make money' is just bs.
     
    #49     Jul 22, 2021
    SimpleMeLike likes this.
  10. traderjo

    traderjo

    Have you heard the words "Ethical business"
    The issue with these so called prop funding firms is about
    1) real motive
    2) way of advertising
    by the way in some countries trading vendors need to be licences by regulators it seems in USA they re not so under education selling they can claim anything
     
    #50     Jul 22, 2021
    Laissez Faire and SimpleMeLike like this.