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I have been using "The Trading Pit" recently (Futures VIP), it has much better target/drawdowns. There is no monthly fee and the one time sign up fee($599) is returned when you make your first profit payout. The drawdown is based on highest balance and not on unrealized equity ( only for the Futures VIP plan, the drawdowns for other plans are based on unrealized equity). To achieve the first payout (what they call Scaling Plan Level 1), you need to reach $1500 profit target with a drawdown of $5000. The payout is 70% ($1050) + the return of the $599 one-time Challenge sign up fee. It has been working out well for me.
With the fact that micros are available, where real emotions are at play without the safety net of renewing a blown account for $49. That’s where I’m at a loss.
You can put $100 in a ninja trader account and trade micros. Obviously the goal would not be to make money, the goal would be to develop a process that is consistent..
Chaos at one level of magnification is harmony at a higher level of magnification.
In the real market, you don’t need to make $1500 to get a payout and this or that. And I’m laughing because this is just rediculous. When you get into trading, the goal shouldn’t be to make money so that you can win a contest and you can get into this or that.
That shouldn’t be the goal for one to three years. But immediately people get into this funded programs and it is ‘let me get a funded account that does this and that’, which everything is simulation - If you want to engage in simulation, you can use any number of platforms and trade in simulation. You don’t have to put yourself in arbitrary contests or arbitrary pressure that only serve to ensure you lose and continue to lose.
And it boggles my mind. The premise from the start for everyone who is in the funded programs ensured failure, because the goal should not be ‘oh let me make $1500 so I can get an upgraded account that will force me to make $4000 in two weeks or three weeks’ or whatever ridiculousness that they have their players engaging in.
Get out of funded programs if you’re serious about trading. Get out of them.
Chaos at one level of magnification is harmony at a higher level of magnification.
When you start trading, you’re going to lose money!!!!!!!
This is an absolute fact. The goal isn’t to continually trade $100 for 10 years. Note the goal is to develop a process. With a micro account, you need $50 margin with Ninja Trader, and since you don’t know anything, it is going to take you two years to start to understand what you’re doing.
You can put another hundred dollars and another hundred dollars. Because here’s the deal, at least you’re treating in the real market where emotions are involved, what funded programs your in simulation, and you’re actually not learning anything you’re regressing. And you’re going to end up spending the same amount after blowing multiple accounts on fun programs and you’re not learning anything. Additionally is all simulation. Every platform offers you a simulated environment for free where you can develop your skill set without the arbitrary rules and structure that ensure your failure with funded programs.
This isn’t rocket science.
Chaos at one level of magnification is harmony at a higher level of magnification.
AND SIMPLER WORDS: Every platform offers you a simulated environment. Use that instead, don’t use funded trader programs.
It’s not so much shocking as unfortunate that you don’t realize that when you are in a funded program, you are in an arbitrary competition that gives you arbitrary rules that ensure your failure. It’s unfortunate, and if I have to explain it, you’re not at that point yet where you are approaching consistency because if so you would understand what I’m saying.
Chaos at one level of magnification is harmony at a higher level of magnification.
I respect your opinion and once held the same conviction you did.
What you may be missing is that everyone is not like you, and we are all on independent paths. While many will have a very similar experience to yours, many others will not. You state with such certainty that a local simulator provides a superior experience to a paid funded simulator. However, maybe you missed the fact that some people will benefit from imposed rules, even if you don't care for the particular rules. A local simulator can be reset with zero penalty, and imposes no rules. A paid funded simulator forces rules, and requires a small but not insignificant level of financial commitment in order to (effectively) reset the account. You shrug this off as if it's nothing, but for some traders it may in fact be everything.
You also state with certainty that the "arbitrary rules and structure" will "ensure your failure." Well, it certainly doesn't ensure *everyone's* failure. It may not be for all traders, for sure. But, these rules may in fact be just what some people need. The point is, you don't know their struggles or problems, and are projecting your own circumstances onto them.
You said that if people don't understand you, that those people are "not at that point yet where you are approaching consistency". Your certainty that everyone who disagrees with you 'just isn't there yet' may say more about where you are in your own journey than about what you think it says about where they are in theirs. Just something to think about.