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I believe that for this one company, TopStep, conjectures A through C have been answered by an experiment done by another trader:
I think that, for this company at least, this addresses and answers the question of whether it's all fake. But it doesn't rule out every possible criticism.
It may very well be true that some or all of "these companies" are basically making their money through collecting fees and overly restrictive rules that are designed to make people fail. This is a fairly popular idea, particularly among people who have failed them, and it may be right for all I know.
But this thread began with a particular situation, where TopStep applied a rule retroactively to not pay a withdrawal, and I haven't seen anyone who thinks this was the right decision. In fact, I can't see how anyone could.
The affected trader, @TraderAnna, has moved on and found another avenue, outside of a funding company. I suggest there are perfectly good threads that are dedicated to more general topics about the various funding companyies' practices, and general discussions and conjectures about them would be better pursued there.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I'm very glad you shared your story, too, and would not worry too much about andrej.
I personally believe it's important that we as (retail) traders stick together. If anyone tries to exploit us or operate un-ethically that should be exposed and pointed out.
What if some trader comes along who actually makes a windfall profit? What then? Oh, it already happened. And he's not getting paid (not Topstep). Many companies actually operate like this, i.e., OneUp, LeeLoo, etc. See the 'other' thread for this.
I just pointed out the problem with the business model as suggested by artemiso. Paying peanuts to profitable traders who trade only in simulator is not a problem - unless there's actually a trader who makes a windfall profit. How will the company afford to pay such a trader if it's not market generated profits? The subscription fees from failed traders can only pay for so much.
There's a case pending about a guy who actually did make a windfall profit through some other firm (+ $200K) and is not getting paid. I can only assume it is because he was in fact trading simulated on his live account and they can't afford to pay him out.
Specifically how OneUp does it I don't know. Maybe profitable traders are put on a real live account eventually. But everything suggests that your initial live account is a simulated account.
I consider myself a practical man and I would not hesitate to admit that I'm wrong further down the road if proven otherwise.
It would be great with an update from you in the thread I linked to as you already posted some of your experience there prior to getting funded. You mentioned withdrawals already?
Which thread are you referring to? You didn't include a link in your last post.
I've had no problem with OneUp. I tested a small withdrawal which I received. Now I'm in the process of pursuing my original plan which is to scale up gradually. Their support is very good.
I'm an order flow trader. I'm generally done within the first 30 minutes after the NY open. I do the same thing every day. I don't mind posting once in a while but I'm not going to keep an online diary every day.
I'm not trying to prove you wrong. I'm just posting my own unique experience.
If you give me the link, I can transfer this post to that link which may be more in tune with our discussion.
As you've posted in it I thought you knew which thread I meant...
Sounds good so far. Not asking for daily updates, but would be great if you keep us in the loop on your progress and if you're able to scale up like you're saying.
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 …