Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Without offering an opinion on Apex or any other firm, I think that many people are probably better off just trading their own money in the micros, and having the inevitable losses that are the price of admission, and learn about real risk management by using (and sometimes losing) real money.
I personally think that people who are already pretty decent traders but who lack capital may be the best ones to see if they can get funded by a prop firm. If they already know the ropes and just need backing, this can perhaps be helpful for them.
Then there are those who are in-between, and if they are willing to pay a couple of hundred per month (not per trade ), then they might also want to use these firms, as a half-way point between pure, risk-free sim and real, risky trading. It's not enormously better than pure sim, but it may be a little, because they will get a little whiff of what risk-taking is. And truly, compared to the loss of 2-3 points in ES ($50/point per contract), which is about a reasonable stop-loss on one trade, only paying $165 per month is not that much. But it is a cost.
What these firms are not very good for is over-optimistic and over-confident beginning traders who expect to get rich quickly, because they expect to get funded quickly, but who don't have much real experience. They will be the ones who grumble about how the prop firm's rules were unfair to them, when they blow up the account, as many will.
I'm not meaning to be hard on anyone. Blowing up an account can be a good learning experience. If nothing else, it gives one a sense of what trading is really about.
I think if people are careful about what they expect and hope to get out of a prop firm tryout account, it may (or may not) prove to be helpful to them. People will have to realistically consider where they actually are, and decide what will help them, given that assessment.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Yeah. The one thing to keep in mind is that you're never really "funded".
There are no 50,100,150 or 300K accounts. Just margin and that's margin you usually have to earn yourself. As soon as you lose that margin, you're gone.
It really depends on how you define a scam, IMO.
It could be considered a scam in that they don't really provide what they're advertising, i.e., a funded account or "funding" traders. And the account sizes are simply misleading as what you're usually "given" is $2-5K of margin at best. Not to mention all the fine prints they don't directly go out of their way to advertise.
It is an opportunity for a skilled trader, though. However, I don't think it's a good opportunity. If you're skilled enough to pass, you should simply just trade your own money. Or if as some others you pass by using low, low leverage and a long time to reach your target, then what's the use anyway. Might as well trade micros in your own account using the same money you're using to pay for these programs.
Are funded accounts orders really submitted to the exchanges and make it into the orderbook?
A prop firm funding talent recently went down, and they didn't even submit funded account orders to the exchanges, it was all simulated in their virtual …
The question is not irrelevant to funded accounts, but it is not specific to Apex, the topic of this thread, and in general we do not want duplicate posts in different threads, nor posts that are not really on-topic. It makes topics just that much harder for others to follow.
Please don't make these duplicates. I am deleting this one. The other one can still be found in the other thread.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I have never used Apex Trading, I just looked at their About page and can see the telephone number and a help box.
Whether the help box becomes live chat during US market hours I don't know, (I'm looking in the UK morning), but they certainly have a telephone number so clearly that isn't a lie.
things can go wrong when changing your orders at the last moment, especially when the order is already sent
platform is sierrachart in my case
Always have Rithmic open for a check. On the apex site there is also a kill-all orders and positions button, which registers your time of request. Especially when using a trade copier you need to be very alert, because not all orders get necessarily filled
if you fail to close an order you have a 50-50 chance it will harm or benefit your PnL
so how can that be a scam
just don't trust your platform NT8 or SC, only Rithmic.
And set a max dayloss in Rithmic for protection, in case something goes wrong.
I've also noticed my orders get set to the exchange, so it's not all SIM
---
I have multiple accounts several performance and several evaluation accounts.
Since I use a trade copier you can spread risk over several smaller accounts or trade simultaneously (there are some caveats, though).
This is smarter because:
- less effort, better profit target-to-drawdown-ratio (for 50k it's 3000 PT versus 2500 DD -> 120%; for 150k its 9000 PT vs 5000dd --> 180%) ; ,
- you can get more payout the first three months with multiple smaller accounts (for example 2x50k: 2x2,5k = 5k payout limit) than one big one (150k: 2750 payout limit).
When they gave 80% discount recently I've added some additional accounts, the pricing is ridiculously competitive with other firms. I think it was 30$ for a 50k account or smth.
Unfortunately blew my previous one during the first 25 trading days, so no experiences with payouts yet.
I'll let you know when that happens.
Since the agreement was sent to you per email you have a copy right there
The monthly fees have to be paid by credit card and can't be taken from your profits
There is a link, but I am not sure if I am allowed to post it here,
Best option is to submit a ticket to us.