traderjo,
Sorry, I have never heard of Ethical Business. I live in America, there are only 2 types of businesses here.......1. Legal Business and 2. Illegal Business.
LOL, Ethical Business.
The main reason why doing business with these get-funded programs is a bad idea...
- Thread starter Laissez Faire
- Start date
Sorry, I have never heard of Ethical Business. I live in America, there are only 2 types of businesses here.......1. Legal Business and 2. Illegal Business.
LOL, Ethical Business.
JOKES ASIDE if you think of what a Ethical Prop firm model is then I am sure the answer you will get is
- a Firms which trades it's own money and makes money from success of it's staff traders and not from shady business practices as selling tests or education
- recruits good traders on either success only rewards or success based rewards + base salary
- invest in training and technology to come up with a success strategies
- Mostly registered and regulated as broker dealers or whatever the equivalent in each country is
That is all I am trying to say
As I've stated repeatedly now it's not about my specific rule break. Never was. I just added that for emphasis.
Instead of calling my claims BS or accusing people of being sore losers and not able to follow the rules - how about answering my specific questions/concerns?
1. All these companies except one (LeeLoo) have one set of rules for the evaluation phase and a more difficult and more restrictive rules for the live account. In other words - it's easier to pass the evaluation phase and considerably harder as soon as you're funded.
Why is this?
Why are they making it harder for a trader to succeed as soon as he's funded?
2. Considering that you're initially trading in a simulator as a funded trader and as such you're NOT making real profits.
Where do the company get the money to pay you?
Surely it's out of their own pockets and not from profits you actually made in the market?
Is this not a win-lose situation for the trader/funding partner?
And if yes - is it not a logical conclusion that they would not want you to win and would use everything in their power to eliminate your account before paying you?
Note: TST may be the exception here, but certainly several of the other companies have the funded trader initially on a simulator.
3. Why did TopStep just recently add a rule which restricts pay-outs and gives them the right to withhold 50% of your profits?
I really can not answer your questions because I do not run their business. So, any answer from me why they do the things they do, is pure speculation. I do not think people are losers because they break the rules. I only know from my experience that what you have stated is not my experience with these firms. Maybe you should direct your concerns and questions to the firms it self, so that they can give you answers. And if you do not like it, just move on and do something that will work for you.
Why are you then meddling in this thread and calling my claims for BS?
I certainly do not like it and have already moved on, thank you very much.
And as I'm a kind guy I'm doing my best to help other unsuspecting traders put any more money into these companies pockets.
I'm meddling because I do not agree with your statements.
If you think you help people save money because you think you need to protect them so that they won't have your experience, I just state the opposite and say they have to try it and see if they can make money because I did have a good experience. Why should your experience be the all there is to it?
All the rest is your fantasy how you think they run their business. If you want to know why they set some rules or why they make it harder when you pas the test or why they set you on a simulator after the test, ask them.
Yes, we are making it easier for the trader to pass the exam. This has been a long requested change from our candidates and we’ve responded by implementing it. We resisted this change for a long time as we agree that it means there will be a slight difference between the exam and the live account, however we did this to appease the large amount of candidates that requested it.
Unfortunately, it is not feasible to make an EOD drawdown in the live account. The firm will not provide unlimited liquidity on open positions, it simply must manage its risk.
Regarding your other point about the LiveSim, when you are trading in a LiveSim, you are still trading with the prop firm, but only on a simulated account. Truthfully, the funding firm loses much money on the losses of funded traders in the live account. The LiveSim provides the funding firm with an extra step to test the candidates, and if the candidates lose the money, then neither party is required to pay. Keep in mind that the LiveSim is purely optional. It is not in any forced on the candidate, and the candidate is free to go directly to a live account.
Finally, we'd like to add that the only withdrawal requirement with our funding firms is the minimum withdrawal amount, which is $100.00. This goes for both the LiveSim and the live account. Withdrawals are processed every Tuesday. If the trader withdraws more than $500.00 then the funding firm will cover the banking fees associated with the transfer. There are no questionable practices hindering withdrawals with our funding firms.
Unfortunately, it is not feasible to make an EOD drawdown in the live account. The firm will not provide unlimited liquidity on open positions, it simply must manage its risk.
Regarding your other point about the LiveSim, when you are trading in a LiveSim, you are still trading with the prop firm, but only on a simulated account. Truthfully, the funding firm loses much money on the losses of funded traders in the live account. The LiveSim provides the funding firm with an extra step to test the candidates, and if the candidates lose the money, then neither party is required to pay. Keep in mind that the LiveSim is purely optional. It is not in any forced on the candidate, and the candidate is free to go directly to a live account.
Finally, we'd like to add that the only withdrawal requirement with our funding firms is the minimum withdrawal amount, which is $100.00. This goes for both the LiveSim and the live account. Withdrawals are processed every Tuesday. If the trader withdraws more than $500.00 then the funding firm will cover the banking fees associated with the transfer. There are no questionable practices hindering withdrawals with our funding firms.
With Topsteptrader, if you've accrued profit in the live account but lose the live account due to breaking a rule (such as trading during announcement or putting on more # of contracts than allowed), Topsteptrader still allows you to withdraw whatever profit you've made up till that point.
Based on what the OP wrote, it seems like that is not the case with Oneuptrader.
What is Earn2Trade's policy wrt this?