Review of One up trader

[traderdock]

Hi @clockwork71,

Here's some ideas to keep the thread interesting.

a) we gave the discount to get more traders to try TT and our Challenge offering because we need to raise a tonne of money so that we could decide how best to remove the trailing loss limit that most of our competitors use. Imagine our surprise when we could do it with just the click of a button. Gone.

b) Trump Jr trades through us and we've set up a wonderful business model whereby we sell simulated trading data to the Russians because socialism is the regime under which TraderDock can truly thrive

c) Life is short. We are already stinking rich traders that are bored and want to give newbies a hand up (not a hand out)

d) Gaining market share in a competitive environment is tough for new entrants but discounts work because traders tend to stay with us once they have tried us

d) all of the above

e) none of the above

f) some of the above with major caveats.


If the post gets 10 likes, I'll post a new 50% off promo code.

 

[Times]

FWIW I received an email recently about being able to take the eval for half off from TraderDock - who this thread seems to be about now. Anytime I see half off, I see they are running out of traders to take the challenge. Now I wonder why that would be an issue?

Makes you wonder what the real business model is.

what is the coupon for half off?

 

[canoe]

Hi @Times,

As with both physical trading floor and remote trading and indeed anywhere where a risk manager has your best interests and the firm's best interests at heart, you will not be able to move directly from simulation to 25 or 35 lots of trading size.

There is a scaling plan. Everyone begins with 2 or 3 lots and works their way up the ladder in terms of trading power based on their profitability.

If someone has the ability to trade 35 lots and they are literally clipping with 35lots each trade then regardless of downside, they are likely to blow up their account pretty soon as they are not exhibiting any understanding of risk management. There are millionaire traders on the live trading floor in Dublin with the ability (if they see everything line up) to trade 1000 lots in their respective markets and still some of them have agreed with the risk manager to stop trading if they are $1,000 down in any one trading session. Risk management is about protecting the trader from themselves. Perhaps OUT allow $5k of real money to be lost on your first trading day??

However, all of these factors depend on your strategy, your market, your track record, your profitability and as per the scaling plan, the capital that you have accumulated in your trading thus far.

So $1,000 daily loss is definitely sufficient to make $5,000 per month consistently. Do that (as is the requirement for our floor traders) and then we can have the next conversation.

The fact that we can scale to 35+ lots is easy. Like a previous post mentioned, we could have said 500lots or 1,000 lots. It's all based on starting small and scaling to size with success. Do OUT allow you to trade 25 lots live in the market and lose $5k real money straight after coming fresh off the simulator? Because if so,we cannot match that level of crazy, and if not, then we are not really comparing like with like.

clearly you must realize that a $1000 daily loss limit on a 30+ lot trading account is a sheer absurdity. a news spike, even with a stop, would take you out with enough slippage.

if positive equity really cared about its traders, it would slowly adjust the daily loss limit as the account size and buying power grows - pretty much what every single one of your competitors does. i mean, this is prop firm 101. not sure what the confusion is here.

 

[traderdock]

Hmmm... Clearly there is some confusion. This is what we do: slowly adjust the daily loss limit as the account size and buying power grows. But the daily loss limit begins at $1,000 because the scaling plan begins with 2-3 lots.

To make the point that $1,000 downside daily is sufficient to make $5,000 upside monthly maybe created confusion?

Tell me exactly what our competitors do?

 

[Times]

Hmmm... Clearly there is some confusion. This is what we do: slowly adjust the daily loss limit as the account size and buying power grows. But the daily loss limit begins at $1,000 because the scaling plan begins with 2-3 lots.

To make the point that $1,000 downside daily is sufficient to make $5,000 upside monthly maybe created confusion?

Tell me exactly what our competitors do?

What are the numbers regarding "This is what we do: slowly adjust the daily loss limit as the account size and buying power grows."

As the website shows the daily loss limit does not grow as the account size and buying power grows

As far as your competitors, they normally have tiers that show their adjustments, For example, oneuptraders highest public tier is this

 

[traderdock]

OK - Like I said in a previous post... if you want to compare us to someone, please compare like with like. When you pass the above Challenge, will you
1. Trade live on CME
2. Will you trade 25 lots on day 1?
3. Is 25 lots ever worth $250k?
4. On day one trading after you qualify, are you allowed to lose $5k in real money?

I've highlighted live and real because perhaps other companies, let you pass their Challenge and then leave you on simulated data, with simulated account funding in the hope that you will fail, effectively betting against you whereas in prop firm conditions, we look for traders to work alongside, to make money while they make money. Perhaps we are crazy with our business model thinking that traders care about being live or not once money is paid out at the end of the month.
So, if you are happy to pay TraderDock $650 per month during the Challenge and then stay on the Simulator to trade for simulated funds in thehope of making real profits, then we will match the OneUpTrader Challenge. Just email me.

Note: Our Challenge base price (before any discount) is $200 per month.

 

[canoe]

Hmmm... Clearly there is some confusion. This is what we do: slowly adjust the daily loss limit as the account size and buying power grows. But the daily loss limit begins at $1,000 because the scaling plan begins with 2-3 lots.

To make the point that $1,000 downside daily is sufficient to make $5,000 upside monthly maybe created confusion?

Tell me exactly what our competitors do?

okay that makes it a bit more clear. based on your prev post, it seemed like you were insinuating that the $1000 daily loss limit is set in stone, no matter how large you end up trading, esp when you gave that example of how there are traders at PE that trade 1000 contracts with a $1000 daily loss limit (which i find hard to believe but whatever).

so based on your response, it seems like PE does adjust the a funded trader's daily loss limit as the account balance continues to grow and maintains profitability. i think what @Times from the previous post is wondering is how exactly PE adjusts the daily loss limit as a trader continues to be profitable but i assume that's treated on a case-by-case basis, since every trader has a different style.

 

[traderdock]

"how exactly PE adjusts the daily loss limit as a trader continues to be profitable but i assume that's treated on a case-by-case basis, since every trader has a different style."

Exactly! I hope you will agree that this makes more sense than the blanket ability to lose $5k on 2 lots on your first day trading.

 

[Times]

"case-by-case basis" meaning I wont know the case unless I risk my time/money first.

If so, that is an understandable and Interesting offer. Others lay out their terms upfront. Which makes it more straightforward and transactionally savvy.

As far as your questions regarding oneuptrader, Maybe @oneuptrader would be so kind to answer as im also curious. I know of a few traders getting paid out but uncertain on if they put traders in a sim and just hedge the profiting traders which sounds easy to do with a 20% profit split which can act as a buffer. I personally wouldn't mind if they did this of course as long as they are honest and nothing shady is going on that risks no payment to traders.

 

[clockwork71]

"case-by-case basis" meaning I wont know the case unless I risk my time/money first.

If so, that is an understandable and Interesting offer. Others lay out their terms upfront. Which makes it more straightforward and transactionally savvy.

As far as your questions regarding oneuptrader, Maybe @oneuptrader would be so kind to answer as im also curious. I know of a few traders getting paid out but uncertain on if they put traders in a sim and just hedge the profiting traders which sounds easy to do with a 20% profit split which can act as a buffer. I personally wouldn't mind if they did this of course as long as they are honest and nothing shady is going on that risks no payment to traders.

That would be the point. Why would I care if the trading is real or not? I am there to make money. As long as I get it - this doesn't even matter. I once had a job providing signals for a company. (FX) The trades were entered in a demo account, and then sent out via software. All of those profits were spent by me the same way they would have been if I was trading in a live environment.

As long as One Up pays me my gains - I don't care about the rest. It's not my problem. Simplify your life.