OK, you are still struggling with this. On the 30k account, they cut you off at 29k...period. So if your account gets up to 38k lets say, they are not going to cut you off till you lose 9k (38-9=29k). What they are saying about the 5k cushion is, they have certain rules you have to follow until you have 5k of profits in your account. You also cannot request a check until you are over 35k. But if your equity is 42k and it drops back to 41k, you are not sent back to the combine.
TopstepTrader and Patak Trading Partners- Any and all questions answered here
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OK, you are still struggling with this. On the 30k account, they cut you off at 29k...period. So if your account gets up to 38k lets say, they are not going to cut you off till you lose 9k (38-9=29k). What they are saying about the 5k cushion is, they have certain rules you have to follow until you have 5k of profits in your account. You also cannot request a check until you are over 35k. But if your equity is 42k and it drops back to 41k, you are not sent back to the combine.
Right. As I've stated before, this deal is good for those who don't have the resume to get hired by a real firm and don't have the capital to self fund. They really don't have any options. You can't trade futures with 2k or 3k because of the size of the contracts. You'll blow out in 3 days. So for those people, this is "one" alternative. That's all it is, an alternative.
I've said on this forum 100 times, if you have the resume to get hired by a real firm, do it! Don't listen to what Don Bright or others say about being your own boss and all that crap. Take the paycheck and work for a legit firm if only to get it on your resume. You never know when you are going to need that resume again.
So you are saying if the trader is trading the 30k account and gets it to 35k and then it dips to 34k he will not be placed back under the lose 1k go back to the combine rule unless he takes the account back down to 29k ?
Makes no sense at all for a firm that places such stringent intraday risk control on a trader and then allows that to happen.
Perhaps mike can clarify this over the beer he buys you.
Mav what is standard payout at a true 100% prop futures firm such as jump ?
20 -40% ?
Or is it now base salary with a tiered bonus structure ?
I quoted you word for word what his scout said. By the time you go live you should have already "proven" you have risk control. That is why the damn combine is so hard. This is not that hard to understand. And yes, I look forward to those beers.
It's all over the place. Some firms are as low as 10%. the bulk are probably 40/60 to 50/50/. A lot of firms use the pool approach. For example at Simplex, everyone gets a base salary and at the end of the year, you split the p&l of the entire group among all the guys in that group. One for all and all for one. More and more firms are going to this approach. It's also easier to get fired in that model as guys who are dragging down the pool get cut pretty fast.
volente,
Actually, your question was answered on the other thread, see below. The math is 27/500, which is a 5% success rate (or 95% failure rate) for those currently in the program. Since it includes repeats and free trials, the success rate is probably a bit higher, and most likely varies each week.
It's been posted repeatedly on this thread, a new trader simply has to decide if placing a few hundred is worth a shot at trading a live account, rather then opening their own account, or paying a firm thousands in "educational seminars."
We are working with the people at Eurex. Once we get the ok it will be added back to our program. This takes time as data feed is a large revenue stream for all exchanges.
mp
Welcome back Michael. There were about 450 questions asked while you were away. LOL. I think the moderators cleaned up some of the troll mess so going forward, the dialogue should be a little more constructive.
Ha.. thanks for the welcome back. I think the posts in the last week or so took up so much of my time that I got about a week behind... working my way back to caught up though.. thanks...
mp
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