Funded account by Speed Up Trader

traderjo said:
.....m merky waters...IMHO
Firms like Bright and others are regulated but these "Pay for test and we may fund you" models are not! LOL:rolleyes:

charging many for a "test" and then to pretend that some of that money does not go towards actual funding .. !

Hell... it is easy I am going to start one tomorrow

1) Give me $500 for a "test...( to make it sound value for money I will give you 3 months of sim for it)
2) Many will fail , I pocket $500 , those few who pass I# will fund you becasue in the following there is no risk to me at all!
How simple
the 500 goes in my pocket, I then use a discount broker (who only needs $300 as day trading margin for 1 ES )and allow you to trade a whopping $130,000 + ( approx 1ES notional ) With a loss limit of $300
I pocket the $200 + % of any profits you may make!

One day we are going to see some news from regulators or a major newspaper on this questionable business model, hope that news is not caused by some of these "prop" firms going belly up!
# when I say I will fund you, I mean "my firm will only be a education firm:sneaky: a so called third party would be the Funding party)
a Win win ( for me:cool:)
More...


i take back what i said about marcello and james.. i was disconnected most of the times i took their test recently. NT could not figure out the issue and rithmic thinks speedup need a different server to connect for asia. i showed them the data and trace logs but they wont allow any retest or refund.. prolly a bunch of crooks imo . im wondering the ones i passed was sim too.
 
Like others, will pile on here...this is just like Meir Barak and Tradenet. Are they like TradeNet? Is this an offshore company? If this a direct broker? Likely not. Good luck with this. Learn to trade with some real good traders and have your own account/brokerage that is US based...only way you know where/how your money is going/wins/losses costs etc...
 
HAH subscribed! Very clever business model, and I have ruminated at length already on most of the points brought up by the naysayers after initially dismissing the model as a scam with a thin veneer of legal and regulatory protection. Well, Ryan's 21% passthrough to funded trading actually looks pretty good. Those who don't make it are only out a couple days wages. No beer, ice cream, or delivered pizza for a month LOL. Compare that with the typical newbie who blows up a $5k to $30k account in a few months or a year. I say the learn and get funded model is viable for a certain demographic. A well prepared candidate might have a better than even chance of making it. Talking about reading few books on the type of trading anticipated, and a few months on a free paper trading account elsewhere. I got a feeling that of the 79% who don't make it, 88% walk into it with basically zero preparation and unrealistic expectations. It is said that 73% of all statistics are just made up on the spot and yeah I did that there. But the guy who saves and puts together an account from money he sweated and bled for is way more likely to have the mindset required, IMHO, than someone who thinks they will just have it all given to him. So there's that, too. And I think most of us agree that there is no holey grail and the conventional conventions that most of us accept, make up a pretty workable trading system if it is just followed with due care and attention. And so I am sure that the training phase is as effective as it can possibly be.

Would I have ever considered dropping my money up front to get involved with this sort of thing, just for a chance to trade someone ELSE'S money? No way Jose. OTOH if I was 19 years old and digging stumps and cutting grass for a living, or flipping burgers or stocking shelves at Walmart, and I was sort of looking for a career change, and I owned my own computer and had a reliable internet connection, and I could see saving a few hundred bucks but not $30k, I could see being tempted enough to save up the entry fee and go for it. Being poor and being smart enough to be a trader are not necessarily exclusive of each other. Sometimes it just takes encouragement and mentoring to make the difference, along with a realistically achievable challenge.
 
^Dont' disagree with this assessment if that is your situation. There are plenty of examples of this on youtube and guys who trade with accounts/operations like this. In the long run, they don't get anywhere. Unless they move on after learning a method/system. Then again, if you suck and they cut you off? What have you learned and gained? Well, nothing in the end. And like you said, also out a few days wages...but you aren't any better for it. Odds are against most people/traders anyway, this is no exception this setup/method of trying to get started/learning.
 
Exactly how i feel now dumb and cheated. They tell u how good u are but they dont even check if u did trade properly n get personal when money is lost. I bought all the motovational speeches and bullshit about them being the real deal. All these drawdowns is what gets you. U need to be a really good sniper to win or be really lucky. Thats a pretty good scheme imo..along the grey lines
 
It has been a peculiar ride since my last post here: Got the money to do a funded test, burned the account in one week as most noobs do! Bad strategies (based on awful sim account management), expectations bar was set too high, etc... 2 months later, after further study and research, I think I can test my skills again... let's see how it goes! (I will set up a Oneup trader account + NT8)

A friend is taking the "trading combine" funded test of speeduptrader but their customer service is very slow and their information platform about your performance isn't as good as oneup or tst platforms (just my personal opinion)

disclaimer: I'm not saying speedupt trader is bad, just saying that it could perform better (they still have a road to go). I was trying to get some information about their procedures but their response is too slow (even a day in some cases)
 
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