Earn2Trade Founder Charged With Fraud

[clockwork71]

*Doing physical work isn't manly, neither is risking your life-- perhaps the guy who owns the company who makes money off of your labor and life risking is the real daddy.

I did own the company, hence the ability to trade. Traders aren't doing manly work. Or womanly, or whatever. It's still pressing buttons.

 

[Scalping_Padawan]

I did own the company, hence the ability to trade. Traders aren't doing manly work. Or womanly, or whatever. It's still pressing buttons.

I never said manly work or womanly work that is your silly frame. I said man up or woman up. Again, which means take RESPONSIBILITY. Using your body doesn't = manly womanly or whatever. It is just labor. Again-- since you can't understand. People cry and complain about these companies when they are not doing a single thing wrong-- man up or woman up and stop being babies. If you can't handle the tight risk + targets they demand, then it isn't for you. It is likely not for the majority of traders. Most will come with their low percentage style of trading that doesn't manage risk well, that puts added pressure on their ability to emotionally handle losses without blowing up-- Responsibility.

 

[clockwork71]

I never said manly work or womanly work that is your silly frame. I said man up or woman up. Again, which means take RESPONSIBILITY. Using your body doesn't = manly womanly or whatever. It is just labor. Again-- since you can't understand. People cry and complain about these companies when they are not doing a single thing wrong-- man up or woman up and stop being babies. If you can't handle the tight risk + targets they demand, then it isn't for you. It is likely not for the majority of traders. Most will come with their low percentage style of trading that doesn't manage risk well, that puts added pressure on their ability to emotionally handle losses without blowing up-- Responsibility.

I understand. I am not sure what you are going on about. Yes, take responsibility for your own actions. Ran an company that fed about 17 families. I understand the concept. This doesn't change the fact that these places are bucket shops.

Anyway, this conversation is boring. I am unfollowing it.

 

[Overnight]

You are assuming that trading is easy. It never is. And also that people would have the discipline to only take 1 si gle good trade a week/month which is also super unlikely...

That's exactly what I meant in my reply, I wasn't being totally clear. It should be really easy to grab a simple 11 points of an instrument ranging hundreds of points in a day, but it decidedly difficult. That's the fascinating bit...That it can be so difficult.

 

[longshort]

There's no way one can "take responsibility" or "manage risk well" oneself into a Sharpe 3-5 trader, which is what's needed to reliably pass such rules on skill. Claiming that it's up to anyone's responsibility to trade at Sharpe 3-5 is incredibly clueless.

What type of traders actually benefit:
(1) Broke people who have put in SIM effort to fix their trading holes
(2) People who fear trading their own money
(3) People who will design a style with proper risk management and a HIGH hit rate
(4) SIM traders who have a system with good risk, but not the guts or funds to go live

"Put in sim effort to fix their trading holes" for Sharpe 3? Totally asinine.

 

[traderjo]

I have been a user of E2T's Gauntlet Mini for almost 2 months. This is how I see it.

I know some people here hate the model and they are entitled to their opinions. I think it is no secret the company makes most of it's money with monthly memberships and resets. Obviously marketing is a big part of their model, but they are not making outlandish claims like that it is "easy" to pass or that "most of our applicants pass", etc. Like they said earlier, their numbers are in line with the entire trading industry in that a big majority of people lose money in the end. I think as long as funded traders are able to make withdrawals of their "live" account profits, then it is all ok. If one day people claimed their money withdrawal requests were failing, that would be a major red flag for me and probably the end of the company.

I have paid for 2 months of memberships and have reset once each month. I have set myself a "budget" of one reset a month. I got in on a lifetime discount of their new account so I pay $123/month for the $75k account. So with a reset I have paid $223/month. At the moment I am not going to reset until November. But I still have the Rithmic live data feed working so I am still using it to practice on Sierra's native SIM mode.

I have been trading for about 2 years. I made a ton of mistakes and wasted a lot of money on paid groups, crappy courses, etc before finding stuff that I have actually benefited from. All the stuff everyone goes through before they know any better. I would say I have the knowledge to be profitable now, but I make mental mistakes like revenge trading sometimes to my detriment.

I used to have a live Tradovate account where I traded last year. I had ups and downs and in the end lost about $1000 of real money before I decided to stop trading live funds. That is where then these funded accounts come into play and where I see the use. In my case my wife and I are saving to buy a property in the future, so even though I have money to fund a real live account, it is money I don;t want to risk at this moment. So for me a good compromise/solution is something like E2T. I know I can be losing $223/month if I have to reset but it is giving me not only a goal to strive for which could provide a real return, but also it is far better to lose $223/month than potentially thousands. Obviously I hope to pass it soon and I'll determine what timeline I'll give myself but in the meantime all this is education and practice in my trading.

People could just trade demo for months/years until they are consistently profitable and have saved up thousands to fund a real account. But for me, I have never been able to take demo trading seriously and I need to have some skin in the game. But obviously with some limits and cost management. So I see proc and cons to them. But you cannot just say that these are scams and should not exist, because they do provide an opportunity for a lot of people that either can't or don't want to risk thousands of their own money trading. And if I do get funded at some point in the future and I can make money consistently, then I can save all those profits plus funds from my regular job and eventually fund a real live account on my own with a good proven strategy for me. I would say the point, even if you are funded is not to work with these companies forever. Just use them to refine your strategy and mindset, save money and then keep 100% of your profits on your own.

Sanabr
- "I know some people here hate the model"
Have you paused for a min and thought WHY? it is the ethics of the modal! as you have said yourselves "no secret the company makes most of it's money with monthly memberships and resets." and that is 64 million dollar question. Do you know the REAL prop firms DO not do all this BS ... THEY HUNT TALENT at their own cost.
- Another point many have mentioned here is to do with Draw down rules the accusation is that after a certain point the "Funding firm" does not really have any risk... you are trading your own money any way from that point any way and giving away 20% or whatever for that "facility"
- Another point is about deceptive marketing
Many who are not prudent get all fooled when they see "OH I may get funded for $150,000 AS if it is a real $150,000 in an account ,, in reality it is perhaps just notional and if it is THEN not disclosing it is pure deceptive..

This is only good for those who can pass the test in almost 1 attempt and if the Funding does not have the dreaded drawn down favoring the funding company
Another pont you say "their numbers are in line with the entire trading industry in that a big majority of people lose money in the end"
I am assuming when you say INDUSTRY to be apples with apples or close I am assuming the REAL PROP firm industry.. sure the failure rate would be similar
BUT the big diff is those who fail through the REAL prop model don;t spent hundreds on TETS fees...


Regulations: True Equity prop firms in USA are regulated this new breed is not.. for some of us it is a red flag
Any way it is your money your risk , your life .. bets of luck but please don't think that these are anywhere near ethically to real prop who DO NOT NEED any marketing gimmick the only reason they would market is to attract talent from other Real Props

 

[traderjo]

I have been a user of E2T's Gauntlet Mini for almost 2 months. This is how I see it.

I know some people here hate the model and they are entitled to their opinions. I think it is no secret the company makes most of it's money with monthly memberships and resets. Obviously marketing is a big part of their model, but they are not making outlandish claims like that it is "easy" to pass or that "most of our applicants pass", etc. Like they said earlier, their numbers are in line with the entire trading industry in that a big majority of people lose money in the end. I think as long as funded traders are able to make withdrawals of their "live" account profits, then it is all ok. If one day people claimed their money withdrawal requests were failing, that would be a major red flag for me and probably the end of the company.

I have paid for 2 months of memberships and have reset once each month. I have set myself a "budget" of one reset a month. I got in on a lifetime discount of their new account so I pay $123/month for the $75k account. So with a reset I have paid $223/month. At the moment I am not going to reset until November. But I still have the Rithmic live data feed working so I am still using it to practice on Sierra's native SIM mode.

I have been trading for about 2 years. I made a ton of mistakes and wasted a lot of money on paid groups, crappy courses, etc before finding stuff that I have actually benefited from. All the stuff everyone goes through before they know any better. I would say I have the knowledge to be profitable now, but I make mental mistakes like revenge trading sometimes to my detriment.

I used to have a live Tradovate account where I traded last year. I had ups and downs and in the end lost about $1000 of real money before I decided to stop trading live funds. That is where then these funded accounts come into play and where I see the use. In my case my wife and I are saving to buy a property in the future, so even though I have money to fund a real live account, it is money I don;t want to risk at this moment. So for me a good compromise/solution is something like E2T. I know I can be losing $223/month if I have to reset but it is giving me not only a goal to strive for which could provide a real return, but also it is far better to lose $223/month than potentially thousands. Obviously I hope to pass it soon and I'll determine what timeline I'll give myself but in the meantime all this is education and practice in my trading.

People could just trade demo for months/years until they are consistently profitable and have saved up thousands to fund a real account. But for me, I have never been able to take demo trading seriously and I need to have some skin in the game. But obviously with some limits and cost management. So I see proc and cons to them. But you cannot just say that these are scams and should not exist, because they do provide an opportunity for a lot of people that either can't or don't want to risk thousands of their own money trading. And if I do get funded at some point in the future and I can make money consistently, then I can save all those profits plus funds from my regular job and eventually fund a real live account on my own with a good proven strategy for me. I would say the point, even if you are funded is not to work with these companies forever. Just use them to refine your strategy and mindset, save money and then keep 100% of your profits on your own.

Something worth reading! IMHO
https://www.elitetrader.com/et/thre...-one-up-and-earn-2-trade.351341/#post-5226800

 

[Scalping_Padawan]

There's no way one can "take responsibility" or "manage risk well" oneself into a Sharpe 3-5 trader, which is what's needed to reliably pass such rules on skill. Claiming that it's up to anyone's responsibility to trade at Sharpe 3-5 is incredibly clueless.

"Put in sim effort to fix their trading holes" for Sharpe 3? Totally asinine.

You are clueless if you do not know how to implement such a strategy, you likely have a myopic understanding of trading strategies. That is what take responsibility means. It also means that most traders will inevitably fail because they are not traders who can trade to that level. If a person 'needs' these companies, then it is their job to become that type of trader. It isn't supposed to be easy, and likely such a person will need plenty of time developing such a strategy, not taking combines/tryouts wasting money as they learn.

 

[FlashGordon]

I love it when you guys lose money. It's the only way for me to make money in a less than zero sum game. Keep up the great work. -Best, -FG

 

[longshort]

You are clueless if you do not know how to implement such a strategy, you likely have a myopic understanding of trading strategies. That is what take responsibility means.

Show us the hedge funds and CTAs with Sharpe >3 and >5 years track record. You can start with sites like iasg.com and ctadatabase.fundpeak.com. Search any database and name the names.