LeeLoo Preformance Account- A Ghost Account

Another thing to consider with LeeLoo is their f''ked up payout schedule. Basically, there's a cap on how much you can withdraw on your 1st, 2nd and 3rd withdrawals and they're spaced out 1 month between and a requirement of 30 trading days on the first payout.

In effect, this means it will take you as long as 5 months to get out $10K of profits.

Definitely something to keep in mind and definitely something they do NOT go out of their way to inform you about.

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lol reminds me of a prop firm I was with years ago that used to keep 3 months of payout at all times and then pay subsequent months. M surprised these things still fly today
 
Laissez Faire said:
Well - at least LeeLoo is honest and upfront about this. It says so on their web page very clearly and you wouldn't even need to ask them. I believe OneUp does the same, but they're not as explicit stating it. Earn2Trade also have what they call LiveSim, which I believe is the same thing.

They know the failure rate is very high and if a trader manages to get funded, they know it's likely he'll blow out before generating profits in his real account. So why bother funding him?

If, however, he should be able to make profits, he will be paid out of the company's own pockets which generate income from subscription fees and failed traders trying again and again.

This does however raise a few concerns:

1. What if you make a huge windfall profit? Just by chance - some trader would eventually come along who makes a huge profit simply by luck. Would they have money to pay you then if your trade never was 'copied'?

Actually, this happened with some other guy and was mentioned on this forum. I believe it was an FX firm. He made a really big profit. 200-300K. And he was not paid last time I checked and was taking legal action.

Split across all these firms which there are a lot of by now. Is there really that much money in selling subscription fees?

2. There's a win/lose relationship between you and the firm. It's not really in their interest that you make money as they would have to pay you out of their own pockets.

All of this is good to keep in mind. I think these companies can be an opportunity for a good trader to turn a $300 one time payment for a subscription into 8-10K of profits which is what you're getting paid initially without a split, but at that point it's time to say goodbye as they're not really funding you but allowing you to continue risking your own profits for a profit split.

I have never heard about anyone who's actually funded with these firms, i.e., "Go ahead, withdraw your 10K of profits. We'll continue to back you with a bigger account." At best, they just give you $5K of margin. Beyond that point you're risking your own profits.
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Any other info on that person who was seeking owed payout?
 
Yeah, it's certainly a balancing act. Basically you need to play the game with them too. You need to do regular withdrawals from these companies to be safe, preferably in amounts under $1k and just bank as much as you can. Because I agree and if it wasn't general knowledge to people already, it should be obvious and clear now, how they make their money. Therefore logic follows they obviously aren't going to pay out amounts that bankrupt them.
 
In theory if I got to maybe $9k/mo MAX, just saying in theory, whether with Leeloo or Apex or Topstep or whatever, would that be enough to put a target on me you think?
Apex for example their last give away that was open for about 3 weeks they had ~15k entries assume they were all resets(a extremely low average price paid) so 15,000*$80 = $1.2M

Or would it make sense to make $10k, then withdraw all of it as soon as feasible, and go open my own account with NinjaTrader or someone else?
 
Ideology said:
In theory if I got to maybe $9k/mo MAX, just saying in theory, whether with Leeloo or Apex or Topstep or whatever, would that be enough to put a target on me you think?
Apex for example their last give away that was open for about 3 weeks they had ~15k entries assume they were all resets(a extremely low average price paid) so 15,000*$80 = $1.2M

Or would it make sense to make $10k, then withdraw all of it as soon as feasible, and go open my own account with NinjaTrader or someone else?
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Leeloo and Apex are the better choices for longer term growth and scaling. If I had to wager, I'd say Apex would give you less trouble on withdrawing larger amounts, LeeLoo does pay out, but if you start producing more profits than the account size you purchased, you're likely to raise some eyebrows.

Apex/Leeloo also do not have a very liberal withdrawal policy though. If you're worried about not getting fully paid out or having a target on you, I would just trade the account slowly and do regular withdrawals. For example building the account up to like $50k in profits quickly doesn't do much considering they have a max withdraw amount on your first four withdrawals anyways. So, you could sign up for multiple different companies and spread your winning out that way, would be safer.

Have only heard of one story that I can't even confirm that LeeLoo capped a trader on pay outs. At the same time the largest withdrawal of someone I know from LeeLoo was $18k in profits. So, I genuinely don't know for sure if and when they will cap you. Just giving my best opinion on information I have for what it's worth.
 
While I do not endorse Earn2Trade or TST - these firms actually let you trade REAL money on a funded account. Effectively taking care of the conflict of interest that exists with the companies where you only trade in simulator.

TST introduced some weird withdrawal rules (ask yourself why they would want to restrict you from paying you), but with E2T I believe there are no such rules and you can effectively withdraw your full amount on a weekly basis.

In light of that it seems to me that E2T is the only viable choice if one chooses to go down this route.
 
Yeah I guess my concerns with Apex/Leeloo is I'm not actually trading the market. If it's all just pretend my losses/profits are just going to or coming from other pretend traders.
 
traderjo said:
You are paid 100% of your SIM account performance.

this is a double edged sword for them
If majority of traders on SIM loose they don;t loose anything as real money is not risked,,,+ they get to keep teh "Test Fee"
BUT
what if all of a sudden majority of those on SIM start making money .. where is that money going to come from???? that is a million dollar question

Real Propr firm don;t do all this BS they hunt talent, test them , have some in house edge and then risk real money!
That is why this "pay for Test model" has to be the worst ethical model from a consumer point of view
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Of course the prop firms have risk IF their infrastructure has flaw. Funding talent and recently DT4X did both bust.
https://dt4xtrader.com/

The model is that they generally bet against new traders until traders prove they are consistent winners.From there they change their bet and even follow winners.But according to prop firms statistics, the number of real winners is below 1/1000.
https://www.elitetrader.com/et/threads/some-traders-statistics-about-prop-firms.364784/

So they bet against traders just like a casino, is it unethical for a casino to bet against customers?
I don't think so.

I do think prop firms like topsteptrader are unethical because they set the bar too high that even consistent winners can rarely pass the challenge.
If you trade with topsteptrader, you are like betting against a casino whose house edge is 20% compared with other casinos' whose house edge is only 2%.
 
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