Hi Michael, Lets say you have a trader that goes through the $30,000 combine and goes live. Can the trader increase the size of the account down the road or are they always going to trade the account size they chose for the combine?
Michael, do you ever get the feeling that traders enter the combine simply trying to hit your numbers instead of actually executing their strategy? I think one of the fears I would have if I was you is having traders abandon a working strategy simply to make sure the square peg wasn't trying to go through a round hole. Once a guy starts a combine whether he makes money or losses money, he will spend the latter half of the combine manipulating his strategy to "fit" into the final box he has to fit into. Are you afraid that might possibly engender bad trading habits. And perhaps when guys go live this is one of the reasons why they are failing to find any consistency? I have looked at your performance metrics and I think most of them are great and teach good trading habits. But when combined with the p&l objectives and the "time limit" something has to give. One of the things I've noticed pouring through all the performance reports of guys who are funded is the drastic difference in the data on the 2nd half of the combine vs the first half. If guys get off to a great start then they tend to trade scared in the 2nd half hoping not to blow it. And if they start out bad the first half, then they have nothing to lose by gunning it into the close of the combine. But are you turning these guys into frankentraders when they go live and suddenly they are left to their own devices?
Michael thanks for your reply It makes sense to stick to your rules , all about risk management most firms like to make concessions once they get to know there traders & have confidence in them
wavefinder- As your balance grows the live traders opportunity grows. If you build the account up past the cushion or buffer the trader can ask for an increase in their daily loss limit, request other products to trade, and request an increase in their buying power (max position). This all allows the trader to trade bigger if that is what they are wanting to do. mp
Hi Michael Once a trader is approved for a live funded account Are all the specific terms of the deal in writing on the contract with ptk ? thanks
Maverick- You make very good points and that is one of the reasons why the Combine as evolved since we first started it. We always stress via our broadcast and emails that the Combine objective should be met naturally. Those entering the Combine do have the opportunity to submit their own customized objective and lower their profit target that they need to meet to get reviewed. Basically we need to know they can produce something so we must have a profit target in the Combine. But the Combine objective is to profit x AND adhere to either our scouting criteria or their scouting criteria that they submitted and was approved. mp
Hi Michael ok , just wanted to make sure For a trader to decide if they like the terms of your agreement & for clarity Can a trader review a sample copy of your agreement before doing the combine ? thanks
We are transparent about everything a recruit or funded trader receives and is responsible for. The trader agreement is not something we share with the public. mp
Hi Michael You misunderstand my question , not asking for public disclosure Question .. If a trader is talking on the phone to a representive with ptp & is considering the combine but would like to review the contract before moving forward , so they have all the facts for themselves Would your firm allow the trader access to reviewing the contract ?