Much props to E2T

S

SelfMadeDude

I thought that scandal a few years ago was gonna toast their business but they hung in their like a champ, innovated their program and now they seem to be back to their previous positioning....

Good PR/Communications job by the screen name Orianna/Arianna (I think I mispelled the name).
 
If they would incorporate the Tradovate platform I actually might give it a go. If I am not mistaken, they issue a K-1 instead of independent contractor 1099.
 
tango29 said:
If they would incorporate the Tradovate platform I actually might give it a go. If I am not mistaken, they issue a K-1 instead of independent contractor 1099.
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Maybe I mix you up with someone else, but aren't you already trading your own account?

I've looked into these firms and I don't really see why anyone who don't have to (due to lack of funds) would trade with them.
 
I do, but would consider it as a way to ramp up beyond the level of risk I am willing to take with strictly my/our money. Currently I will go 10 ES contracts on high probability trades, but otherwise stick to 3 or 6. I would be willing to go up to 20 or more if the risk wasn't solely on me in the event of a market flip or internet issue in the middle of a trade. In doing the math I would come out ahead financially after the split. I would prefer the K-1 treatment as opposed to the way the other places treat it as a 1099-MISC event.
 
tango29 said:
I do, but would consider it as a way to ramp up beyond the level of risk I am willing to take with strictly my/our money. Currently I will go 10 ES contracts on high probability trades, but otherwise stick to 3 or 6. I would be willing to go up to 20 or more if the risk wasn't solely on me in the event of a market flip or internet issue in the middle of a trade. In doing the math I would come out ahead financially after the split. I would prefer the K-1 treatment as opposed to the way the other places treat it as a 1099-MISC event.
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I can't comment on the tax part, but the problem from my POV is that trading a high number of contracts with E2T or similar means you will likely blow your account with them as the drawdown figures are conservative and you will never be able to risk any firm capital. Only your own profits.

If you do pass and get funded you need to build a cushion of profits in order to be able to trade a high number of contracts. At that point those profits are yours and yours to withdraw if you want to. If you want to take a 10 or 20 lot trade, you're risking your own profits only. Not firm capital. So, no actual funding or risk capital given to the trader the way I see it.

Maybe an able trader would be able to get some actual funding further down the road. I'm uncertain about that part. But the way I see it these firms maintain their own interests and are very risk averse, so I have my doubts.

The entire business model is geared towards collecting fees from traders participating in the programs. Not actually finding or funding any talent.
 
I don't disagree with you, I know the whole fee thing is a money maker for them. I am fairly confident I can pass the stages with minimal fee, possibly just the first fee if I am reading the progression in their current program correctly. At that point the amount of my money sitting there to trade is way below what I would keep in my account if I were to start taking 20 contract trades. I switched to Tradovate as I am able to keep a much smaller amount in my account than I was with IB and at least so far, they haven't changed margin requirements every other day like IB seemed to do. There were other reasons also, but this one was a benefit, and freed up cash.
At this point I am good with what I am doing on my own, but it does interest me.
 
tango29 said:
I don't disagree with you, I know the whole fee thing is a money maker for them. I am fairly confident I can pass the stages with minimal fee, possibly just the first fee if I am reading the progression in their current program correctly. At that point the amount of my money sitting there to trade is way below what I would keep in my account if I were to start taking 20 contract trades. I switched to Tradovate as I am able to keep a much smaller amount in my account than I was with IB and at least so far, they haven't changed margin requirements every other day like IB seemed to do. There were other reasons also, but this one was a benefit, and freed up cash.
At this point I am good with what I am doing on my own, but it does interest me.
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They have a 50 % discount now it seems, so if you're interested it might be the time to take the plunge.

I don't have time for serious/focused trading these days and it's a holiday coming up, but I'm considering enrolling just to get some practice in between and with the motivation/possibility of a pay-out.

I did the same once with another firm. Got funded and all, but they eliminated my profitable account as I held an open position overnight. That's when I first realized that these firms have zero interest in funding traders.

I think E2T is the best option among these firms, though. I still don't think they're that much interested in funding traders, but I think they will honor their agreement if you proceed correctly.
 
I am not a fan of switching platforms and I would have to for their program. I am also good at this point on my own, but if they offered Tradovate I would think about it.
 
This makes them even more legit....



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