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Patak deserves the award for marketing. Look, it's no different than Investools. They were charging up to $10,000 for their trading tools and "education courses" whereby traders signed up in droves due to brilliant marketing. They ended up affiliating with Think Or Swim ("TOS") to get access...

Very true. It's just difficult to buy when you know the market has been uptrending for seven years running. I'm watching the retest 2,134 S&P all time high to push and then roll before shorting the index via SPY put options. The 1,800 is key support. The problem is once it drops below the...

joey, see your private thread message, thanks.

"I am registered with T3 trading..." How were you registered with the firm "for about a year" without taking the exam? Or perhaps you are retaking the exam? In any case, just make sure you are fully aware of the fixed costs and variable monthly costs of doing business with any prop firm...

This is an updated link from IRS. The threshold amount according to the link is $50,000. I have no idea why you would receive such form if you only had $7,000. Also, my understanding was a W-8 form was not for U.S. citizens...

The Series 7 is for stockbrokers, and generally for those who work at brokerage firms such as Schwab, Fidelity, etc. It's a much broader exam and it will cost more to take it and to hold the license at a firm (I think FINRA charges around $500/year). The Series 57 is solely for deposit "prop...

You can take their practice test, it's quite interesting. http://www.mettraders.com/take-our-test

The last time big sell volume entered the stock was in the 4th quarter of 2012, around 3 billion shares a month. It has actually bounced many times off the $92 level: July 2014: 92.57 August 2015: 92 January 2016: 92.39 February 2016, 92.59 April 2016: 92.51 (lows thus far after the earnings...

1. Yes, however that particular trader isn't using any of his own capital to trade the 20 cars intraday, so for him it's a "$0k" account. The only capital is what he keeps in the account to sustain at least his maximum daily draw to avoid going back to the "$0" balance. 2. Of the live traders...

The first post did not state the trader would be trading "off and on" within his "first three days." Any reader will conclude your first post meant "in the first three days of a week." However, since you clarified it, let's go through your new example: Here are some of the Funded Trader Rules...

The "largest ES trader using 20some cars" is impressive. The P&L movement is equal to 10,000 shares of SPY, which means lots of risk vs. reward. It would be interesting to know how the trader navigated the first 10 days of the live account. Were the trades taken during extreme periods of...

C'mon Xela, I thought you'd be familiar with the rules by now, lol. A trader cannot lose $9,000 "by losing nearly $3,000 on each of the first three days", because he's capped at $3,000 weekly. He would then be restricted from trading until the following week. BUT...he's also capped at the...

The target is relative to the risk to achieve that target. The 10k had a 3% daily risk, with a 10% trailing draw, which was actually the most liberal of all combines. Yes, the target was also 10%, however that is compensated due to the trailing draw being three times that of the larger combines.

The combine fees must offset the risk of backing the traders. You have to consider there's a cost of having so many funded traders...the traders could "blow up" in 10 days! One can claim they are "only after combine fees" IF there were no funded traders, however that isn't the case. Remember...

Yes, I was going to post a correction on that statement. Pekelo found some rooms where the traders are on live accounts, however they still place the disclosure on their site, so you'd have to specifically ask if the moderator is on sim or live. The rooms I've seen have the standard CFTC...

"Apple reported its first year-over-year revenue decline since 2003." http://www.businessinsider.com/apple-revenue-drops-for-the-first-time-since-2003-2016-4 They lowered the estimates further, which means if they beat expectations then everyone will love it again. The analysts already...

I highly doubt this is a FINRA issue. Yesterday my aunt received a phone call from Citibank demanding full disclosure of why she had money wired from overseas, even though the funds were already subject to repatriation and the foreign tax was paid, AND she has been compliant with FBAR. You can...

Someone posted this link on another thread. https://proptraders.biz/ Looks like TST now has a Russian competitor. They want $750 on their version of the 150k "combine" which is a bit absurd, considering they ALSO compute a 3% maximum trailing draw, BUT they want $15k profit, or a net 10% gain...

Yes, for that particular trader who showed six months worth of trading consistency, the live account had low odds to support his trading style, given the 10 day rule.

I agree, his example/comment regarding a "100k draw" was rather extreme. Although it's all relative to account size, a 100k draw on a 250k account is 40%. You stated correctly that "it should never get that bad." I think his point was simply that traders are "delusional" if they want to...