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I'm considering splitting my capital into a prop environment and just have a few questions on some unclear things.
1. I noticed some people in the thread have had some issues regarding equity and OCO orders, where the OCO orders were being counted towards used equity. Is this still an issue? I use Sierrachart.
2. I'm currently not used to paying Pro prices for data costs, and would be eating $400+/month if joining your firm. But unclear with this line from your website: "If you already have a data feed and simply want to execute on the Helios feed, you do not need to subscribe to the Helios Rithmic data feed for charting and will not incur any costs." Does this mean I could use my own data provider and not be subject to the $400/month pro rates?
3. Are stops held server-side in both the gauntlet and live environment? using sierrachart. Just confirming in case of computer outages.
Regarding the normal Gauntlet
A. It's a bit worrying seeing in the forums offers of only $1k-$1.5k drawdown for live accounts, in relation to fee/time spent. Will 4:1 profit:risk still be considered for better live drawdown rates at the end of 60 days, as previously mentioned? I'm thinking personally, as I can easily lower my size and stay within the 4-7% range until a buffer is made, but achieving 2% dd at that account size in unrealistic for anyone trading larger moves, even on 1 contract.
B. I trade multiple products. If trading multiple products during your evaluation, successfully, are those products typically offered after passing? Or do you limit what symbols are tradable to your newly passed users?
Regarding the Gauntlet Mini
A. The trailing drawdown explanation isn't too clear, in both the sim and live environment. I'm a little concerned that trailing drawdown will follow the equity highs rather than closed trade equity. Can you confirm the specifics of this?
B. You state positions must be closed by the session close. Can we reopen/trade the Globex session? Or is anything non-RTH/pit hours forbidden?
C. After passing your $100k-$150k nominal mini gauntlet, will the initial drawdown of the live account be the same rates of the mini gauntlet just passed? I ask this because my style of trading wouldn't be suited for the low end dd offers.
That's all I can think of! everything else seems pretty self explanatory.
1) No, assuming you mean oco's that are targets and stops, Rithmic has resolved this.
2) You can, yes. You'd still need to place the trades on the provided Rithmic connection, but you can do your market data on your own. The downside to this i that you can't trade off your charts and wouldn't have real-time PNL with your trades (since the CME considers real-time PNL as market data).
3) Sort of, this is a sierra thing not a Rithmic thing: https://www.sierrachart.com/index.php?page=doc/Rithmic.php
Gauntlet™
[/B]A) No, things were set in stone and clarified to remove any questions. The offers are displayed on the site and those are what are received. I can tell you that the a good majority of people who pass have <2% drawdown.
B) If you traded them during the Gauntlet and were profitable, you'll be able to trade them on the live.
Thanks for the straight-forward answers, Ryan. Helped clear up almost everything!
Just to clarify on the data question, so there is a rithmic DOM or something when placing orders outside my secondary data feed? couldn't find any visual examples in google
Also, would you mind answering about the trailing drawdown specifics for the mini gauntlet? I would like to know if equity highs move the drawdown trail up or not, or will it be based on closed equity? (minus hitting the limit in real-time, of course)
@Earn2Trade I just confirmed with Jonathan at E2T and it seems that Ninjatrader is now allowed in the Gauntlet Mini and standard Gauntlet as well as with Helios when funded. What changed Ninjas mind regarding this?
NT didn't change their mind. You still need a valid license as mentioned in our FAQ (2014 or better) that allows for external Rithmic orders. Then you have to use the Rithmic Leader/Follower system, so you're actually trading into a paper account and then the orders get copied to the Helios account assigned to you.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
Yes there were more details on the link.
It's the only work around possible with NT still standing their ground. It's not the ideal solution, we agree, but it's still an option.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
I thought I'd give the mini Gauntlett a go and broke a rule after one day
When reading thru the rules on the site I simply read the page linked below which shows that you can't hold a trade over a key economic event listed as the FOMC statement/minutes and US GDP, Rate/Claims and Non farms. Standard stuff for any trader of the |US index futures and no mention of not holding trades when fed members speak.
Then low and behold I broke a rule today which, to my shock, was for holding a trade over when one of the Fed members speak, and boy do they speak, they love to speak, it's all they do. There are a gaggle of them speaking this week.
This rule totally confuses me as all they do is give their opinion on the economy and what they think the Fed should do..
All in all the market generally treats Fed speak as noise unless it's Powell talking. It is hardly a market moving event and yet E2T treat this as a major economic release, up there with Non farms and rate cuts, go figure.
To make matters even more confusing you can trade again 1 minute after they start speaking so it's totally irrelevant what they say.
So what is the point?
Yesterday there were four Fed members speaking, tomorrow there are five. Seems crazy to have to plot your whole day around this and trade in and out of positions over and over. Topstep don't do this nor do I imagine any other prop firms.
There is no data released, little in the way of market moving news (unless its Powell) and it's irrelevant what they say so why is it treated in the same way of major market economic news?
I understand they are the house rules and should not be broken which is fair enough if inconvenient but I would suggest they are placed on the link above on the main site and not hidden away inside the dashboard as I feel a little cheated.