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This is a really interestig question and I suspect that the reason is like you say, many new traders blow up their account so for the first $5kit actually makes sense to pay out the $5k from the firms capital.
My question then becomes given that the the live sim message has been up at least since at lesst November 1, how much is the firm willing to pay out until it can get its new partner straigntehed out. I suspect for many traders $5k in a few months time would be very optimisitic, but then there is the smaller percentage who can bank that much in a week or a few days on larger funded accounts.
It begins to make me question credibility to think that a firm would continuously pay out real funds based on paper profits from a sim account for months at a time. Are there that few succeslful traders that make this a viable option? Should I hang it up given that the business model allows a gaurantee of real money for paper profits, meaning so few people are successful it is not an issue for the firm? Its a discouraging message and I am beginning to become concerned I may have wasted my money.
@BertV I'm no expert on this business model but it seems that if they can hedge the net position of sim traders while collecting evaluation subscription fees then it could still be profitable.
I understand that this seems to be a pain point, but you do seem like you are misquoting me.
I have on multiple occasion explained that the CME charges $105 per exchange, per month and per session on sim accounts as well for traders who qualify as professional, which at a prop firm, they do. I'm not sure how many ways more I can explain that.
I do not know or am able to comment on what other traders at other firms do. I'm sorry that you seem to think this is corporate-speak, but that's the case. Neither am I insinuating anything, I reject that.
The majority of Gauntlet customers self-certify as non-professional. In fact, people who certify as professionals, we do charge them extra, the exact same amount ($105/month/session/exchange).
You should also know that even if you qualify as a non-professional, but you require 3 sessions, you are immediately re-certified as pro and the CME will charge the $105 price.
I hope that made the situation clearer.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
I won't even ask the question but let me guess the answer is "2 more weeks"? You have stated that it takes time to get set up blah blah blah. Is this a brand new company Ryan is starting so you have to figure it all out. It seems if you were simply partnering with a new previously established firm they would have all of the details in place from day one as they would already have many accounts, many more than the relatively few i suspect ET2 will be sending their way.
btw you still haven't answered my questions I've asked 4 times, i won't waste my time reposting them if you really care to you can look back and reread the posts paying attention to detail
Not sure how much interest there is in this, but E2T is having very good sale now on the mini gauntlet, 50% off per month until you pass or cancel. It's a pretty good deal if you are considering a combine and are looking for a sale. I took advantage of a similar deal last month and I am glad I did.
How does the trailing max drawdown work on a funded account? For example say you have a $75,000 funded account and the starting trailing drawdown is $2750.
You have a successful first week and make $3000 which would erase your trailing max drawdown. You would like to enjoy the gains and withdraw your cut of $2400 as e2t takes their $600.
So you are back to $75,000 with no trailing max drawdown. Do I have this right so far?
Then say your next trade you take any loss your account would be closed because you dip below $75,000?