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To be clear: My point is it's understandable if someone gets a limited amount of funds initially after 15 days. And you're right that less people would probably sign up if the programs had a longer duration.
The question is what's possible further down the line as a successful trader with these firms. Will he get actual backing or is he forever risking his own (accumulated) profits? If it's the latter it doesn't really make any sense to continue being with such a firm after generating your first 10 or 20K. Withdraw, fund your own account and get 100 % of the profits.
I know for a fact that for example with MES / OneUp, you'll never receive any backing beyond the profits you make. And when you withdraw, you're done.
Trading: Daytrade Futures, Swing Stocks, crypto and forex
Posts: 12 since May 2020
Thanks Given: 36
Thanks Received: 10
I guess not with E2T.
I suppose these firms only serve for you to be confident in your strategy without risking a lot of capital and then remove your earnings and fund a normal brokerage account.
Also, we seems to be only talking about the US companies with futures. The other players like FTMO, Kickstart and Buoytrade all offer scaling of your capital
First of all, the prop firm would suggest that you withdraw way before you have $25,000 in profits in your account. but it is really up to you as the trader. Yes, you do need to continue keeping a healthy margin and room in your account so you can trade without the fear of hitting your minimum account balance that needs to be maintained.
The part we are not quite getting is what you mean by "withdraw and continue"? People withdraw from their live accounts weekly and of course, continue trading. Is that the question?
I'd also add that profitable traders, as mentioned earlier, do get upgrades to larger account sizes.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
I'll speak generally, but it's my impression that these get-funded programs business model is mostly to generate income from traders failing the programs and continuing to try. Nothing wrong with that of course as they're offering …
Specifically, what I mean is that if I grow my account to 25K and withdraw 20K or even 25K. Am I back to step one having to trade 1 contract or will I have backing? Will there be funds in the account? It's said to be a 150K account, but I imagine I'm not actually having 150K in the account.
The point I'm trying to make (or understand if is true) is if it makes sense for the trader to continue trading after a certain amount of profits are made or if it's better to withdraw all the money and fund his own account instead. Because if no funding is actually provided other than the cushion the trader makes himself he's essentially always risking his own money.
Could you elaborate on this?
Personally, I'm on the 150K account, so that's the maximum offered. Are there other options? I think I was also told in chat with customer service that I can never trade more than 15 contracts.
Trading: Daytrade Futures, Swing Stocks, crypto and forex
Posts: 12 since May 2020
Thanks Given: 36
Thanks Received: 10
They are CFD's based on the futures prices, I trade both futures (with US brokers like Tradovate) and CFD futures with EU brokers. It is really the same but without the crazy costs that are charged from the US.
Trading: Daytrade Futures, Swing Stocks, crypto and forex
Posts: 12 since May 2020
Thanks Given: 36
Thanks Received: 10
It feels like you avoided or missed the question, is it true that in effect after the traders balance meets the initial balance that was purchased initially, the trader is then trading with their profits rather than capital that you provide?
This seems to be the case, as this excerpt from your help section suggests:
"This continues until your trailing drawdown reaches the starting balance of your account, or in this case $25,000.00, at which point the drawdown will no longer trail above $25,000.00."
Yes, you must keep enough cushion in the account to trade the full clip. Yes, you are trading with your own profits. Yes, If you draw your 150k account down to say $152k, you are only 2k away from loosing your account. If you stay with E2T or go on to trading in your own private account is a personal choice each trader has to make. As of this date E2T allows multiple accounts (see website). They are only one of two company’s that I know that after passing will put you trading “real live and funded” to the actual exchanges (not sim).
They used to advertise account review/trade larger, but Now you are allowed to trade multiple accounts at the same time. Not advertised, because so few traders can really trade long term ... lol, is if you sustain profitability long term, they will consider on a case by case bumping up your max clip. Unlike others, your gain is their gain.
If your new, you may not recognize it, but the scaling table is one of your best friends. You can make a good living never trading more than 4-6 contracts. I suggest the larger accounts NOT for the contracts allowed, but rather for the spread allowed before failing. You can easily pass the E2T 150K g-mini with just 4 contracts.
In a funded account you won’t and would not be allowed to do the stupid things you would most likely do in a private account, like the other day I watched a kid who’s been streaming live for four years and supports his family by trading, “freeze-up” and loose over $25K, when he usually makes or loses on a daily basis $500 to $1000. It was painful to watch !!!
Had he been trading in his funded account (which he also has) yes, he might have lost his account after loosing about $3300, but he would still have had the profit in his account sent to him, (Including The $$22,000 He Would Have Saved) as the prop firm would have shut him down
If your a proven profit maker go for it. But if your not, if you can’t pass the Guantlet-Mini, then you’ll also never make it trading on you own.