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It's not about monetary remediation but about truth and helping those that are being scammed. That is why I choose to post it here. Otherwise, I would have been in court.
So, it's an audience you're looking for? A soapbox to stand on? I'm sorry I'm just not understanding the point of all this. I haven't been around fio very long but it seems to me that only a small minority of members here use funding firms. Just spit balling here... I'd go so far as to say that the general advice given here is to avoid them.
Frankly I find words like "scam" and "always" and "everywhere" and "all of them" to be red flags. They're exaggerations. You're "always" using those words (and others like them) "everywhere". See what I mean?
I suspect you're going to be disappointed if you're expecting to rally people here to your cause. Most of us are pretty rational. I can't speak for others, but I believe there are two sides to every story... I've only heard yours so tend to take it with a grain of salt, especially since "everyone" I know who has used a funding firm had very different experiences from yours.
I wish you luck. If you do pursue remediation, I hope you'll come back and tell us how that went. It would be one way for us to see the other side of the story in a transcript.
I think everyone should experience one of the try outs . The risk management experience is well worth the 150.00 or so. Just keep in mind their business model is selling trader stuff to mostly day traders that have seven out multicable funded trading accounts . It is not looking for prop traders . Should they come across someone that can trade lights out , there going to rap a 2000.00 or more educational package around it .. for sale . There going to be welcomed to the educational side of the firm .
I signed up here because I have the intention of passing one of these challenges.
It seems to be an issue at the moment, there are others on Twitter complaining as well about these firms - the one I heard the trader was upset with Top Step about not paying him out $8k (honestly I have no idea if he was sim or what) for breaching the round turn trades he had done >270. Its clear in TS's rules there are limits you only have to read them, they dont want highly volatile traders, I'm assuming they have designed the rules in a way where if they have investors they are seeking a specific performance or volatility perhaps.
I had no idea there was some what of a history with Apex Trading (I now am concerned I guess, but I think once I know I can pass one of these I'll move to TS perhaps or Merrit Black from SMB Capital has a futures Prop firm now as well), they ran a promo for cheap access to their "$50k" account, which if you actually look at it you have $1500 in risk, which simply means you would need to be deadly accurate - hopefully I am, I seem to be ok at this but not there yet. Its similar with TS (expensive) you have $3000 in risk on the "$50k" account size. They all have pretty clear rules if you take the time to read and not just treat it as a shot at free money.
Anyway not there yet as learning a system from Market Stalkers (Deana Angelo) that is specifically designed to help you build the skills to pass - but you actually have to develop those skills first, I see it as something that is likely to take more than 6 months.
The only question I really have in my mind is who is funding the funded trader prop firms - thats the only thing that isnt clear to me, if they have serious investors or whatever behind them then I think that would satisfy me long term. At present its just about the cost (which is below the monthly exchange fee somehow of me paying the exchange fees), if they do actually pay out on top of that deal then its a pretty good deal.
All the rules are certainly helpful for me I have to say, theres something about having to follow a set of someone elses rules.
I have deleted these two posts for vendor self-promotion, as well as another post in a different thread.
When you speak as an employee of a company, and present a pro-company message, then your post falls under vendor self-promotion, which is not allowed on the forum.
I don't think that you did anything deliberately against the rules, and I am sure that you mean well, and just meant to convey your own experience and knowledge of the situations. However, you are speaking for the company, not as an individual trader relating your experience with a company you have no connection with.
Please take a look at the post I made in the other thread regarding your post there, where it is explained in more depth:
You won't get flamed, because we don't let that happen.
However, I am going to ask you not to post on behalf of Topstep, because, as an employee of Topstep, you are representing or speaking for the company, and your posts …
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I'll just comment I agree with bulldogtrader88, that trader in the twitter complaint thread against TS was quite silly, he clearly broke the rules, there is a trend for some reason of people claiming and complaining these funding companies are screwing them over in some way or another.
Read the rules the funding companies make very clear and you'll see they just want people with a process and see you develop a skill, if you win, they win, making probably what amounts to $20-40/month (probably less when you consider how many staff thy likely have) on a traders subscription and a couple reset fee's probably isnt much of a sustainable business - people pass them and do well when they do. There would be a decent incentive to make sure the rules are able to be met and that you have opportunity to succeed within those rules.
@bulldogtrader88's post was deleted because he was attempting to speak for the company, and it would be out of bounds in this context for him to do so. He probably did not realize this, which he has acknowledged in the other thread I mentioned.
Whatever non-affiliated traders may think about the rules of any funding company is legitimate material for discussion, of course, if it is based on their actual experience and belief. Not everyone will necessarily agree, which can make for a better discussion in the end.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
To add some context to the trader who claimed that we "stole $8,200" from his account. The trader had been warned 6 times within a 4 month period about the 200 contract limit. 2 of the 6 times we deleted a trading session and the other 4 he was warned. All of this was while he was on SIM. Additionally, since this is a target and not a rule it doesn't make the account ineligible for funding, the day just gets deleted.