It has to do with taking and mitigating risk. The profitable ranchers learn to do it well. The ones who don’t eventually go broke or quit. There are a lot of parallels between trading and ranching.
What is the best prop firm trading in your opinion?
- Thread starter trader221
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It has to do with taking and mitigating risk. The profitable ranchers learn to do it well. The ones who don’t eventually go broke or quit. There are a lot of parallels between trading and ranching.
I wonder it at least the USA based firms (like Topstep) could be subject to FTC legal action alleging misleading advertising - etc which could result in having to pay refunds to consumers who purchased
They did it to Warrior Trading and others
https://www.ftc.gov/news-events/new...e-29-million-consumers-harmed-warrior-trading
And of course now there is this from the CFTC
https://www.cftc.gov/PressRoom/PressReleases/8771-23
TopstepTrader used to call it a 150K account, but I see that in recent time they changed the wording to "150K buying power". I'm sure someone made them aware of their misleading marketing. I see that Apex for example still calls it a 150K account which is a joke as what they're offering is a 5K account (your drawdown).
They did it to Warrior Trading and others
https://www.ftc.gov/news-events/new...e-29-million-consumers-harmed-warrior-trading
And of course now there is this from the CFTC
https://www.cftc.gov/PressRoom/PressReleases/8771-23
TopstepTrader used to call it a 150K account, but I see that in recent time they changed the wording to "150K buying power". I'm sure someone made them aware of their misleading marketing. I see that Apex for example still calls it a 150K account which is a joke as what they're offering is a 5K account (your drawdown).
Well, my concern would be if they'd actually pay you if you're doing really well. And no, I'm not talking about pocket change, i.e., a few thousand dollars.
Do you know anyone who withdrew substantial money from one such firm?
There was a guy on here who was eligible for a huge payout with one FX firm and they did not pay him and he was taking legal action. I'll dig it up for you if you're interested.
Personally, I would never do business with a firm that have a conflict of interest with me, i.e., the simulator firms. If I were to do business with a "get-funded" firm I would make sure it's one that actually puts me on a real live account such that money in my pocket is also money in their pocket.
Why do business with a firm that's eligible for a huge loss if you do really well? Would you trust that they don't rig their system in some way to make sure you lose your connection in the middle of a big trade and break a rule? Or just declare bankruptcy instead of paying you?
Well, it sure comes close to being a scam. These firms pretend they're "funding" traders with big accounts, looking for talent, etc., but like you yourself said their business model is based on the high failure rate of would-be-traders who keep buying evaluations and resets.
TopstepTrader used to call it a 150K account, but I see that in recent time they changed the wording to "150K buying power". I'm sure someone made them aware of their misleading marketing. I see that Apex for example still calls it a 150K account which is a joke as what they're offering is a 5K account (your drawdown).
Trust me. These firms don't need anyone looking out for them. They're doing very well already fleecing naive newbies.
yes MISLEADING marketing.. good that regulators are waking up ...
I had someone at Tradiac tell me he had personal experience with an outfit called Gallant Markets who, as they were going under, spread out Cable (pound sterling) pairs by over 2000 pips to wipe out any clients holding GBP positions.
But, since I'm not trading my own money, I only have a c-note at risk. Consequently, if there ever comes a day when I cost Tradiac more than pocket change (i.e., a few thousand dollars), I will have already reaped a far greater sum than I would have required to make that risk worthwhile.
But, since I'm not trading my own money, I only have a c-note at risk. Consequently, if there ever comes a day when I cost Tradiac more than pocket change (i.e., a few thousand dollars), I will have already reaped a far greater sum than I would have required to make that risk worthwhile.
True.
How does that work exactly, since they are incorporated in Delaware?