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So I have to trade for THREE FULL MONTHS and *maybe* after that YOU will decide if I am capable to do live trading and withdraw my profits, if any?
No harsh words, but seriously?
(Like I said elsewhere regarding Apex's trash new rules, you seem no different because who knows after THREE FULL MONTHS of my perseverance, you will simply deny going live and refuse to payout anything?)
Can you help answer these questions from other members on NexusFi?
Yeah, I agree. I already have funded accounts at the other places where I take regular withdrawals, but just wanted to diversify. No biggie-their loss not mine. Like I said before, I cannot recommend them to any fellow traders.
To be fair, I believe you can withdraw profits from a Master account, which is different from a live funded account with a real prop firm. I don't have an account with Legends but have read the rules, and they want to move good traders to real money, live accounts within three months of profitable Master account trading. This is a good thing, not bad, IMO.
You misunderstood. my apologies. Once you pass the evaluation stage and are on Master Account, you do earn 90% of the profit trading on your Master Account. Master Account is still on Sim environment even though your earning a percentage of the profit. Within 3 months of of Trading on Master Account, we will move you to a Real Live Account Trading.
RISK DISCLOSURE:
This is not an investment opportunity. You do not deposit any funds for investment. We do not ask for any funds for investment. At no time do you risk your own capital. There are no promises of rewards or returns. Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
I get it, but what about other props where I can pass my evaluation in ONE SINGLE DAY and move on to get the performance account the SAME DAY and start minting money with your no 'three month' waiting there?
(I don't have any grudge against anyone here, but some firms and rules are just throwing off normal traders like myself. 'Just my IMO')
Again, I don't really have a dog in this fight, but there is no 3 month waiting period to get paid. You get paid from the Master account but after three months of that they want to move you to a live, prop account.
The reason why Prop Firms exist in the first place to identify good traders and offer them a live trading account. How can you identify a good trader in 1 day? Let's say you're in the market to invest and a trader shows you 1 day of their performance record - is that good enough for you to trust them with your $25,000 or $50,000?
When Prop Firms offer 1 day passing, there's something up. They may let you pass in 1 day, but it will be almost impossible for you to pull money.
With Legends, I am looking to find talented traders. Step 1 Evaluation trading is for 7 day minimum, once you pass - you get a Master Account where you can make money on the profits you make. Continue with that success and you will be on your way to real money trading. Our ultimate goal is to move you to real money trading, but along the way in Master Account we are allowing you to make money. I want to be clear that after a trader qualifies for a Master Account, they can pull funds - they do not need to wait till they're moved to Real Prop Account.
I listened to my fellow traders on Nexusfi and on my Website to better our traders chances. We got rid of Live Trailing and replaced it with End Of Day (EOD), We changed 10 Day minimum to 7 Days. By me changing to 1 day Eval is not going to make you a better trader. Don't get me wrong, I'm not saying what other Prop Companies are doing is bad. We just don't feel offering 1 day Eval is going to get us what we're looking for.
RISK DISCLOSURE:
This is not an investment opportunity. You do not deposit any funds for investment. We do not ask for any funds for investment. At no time do you risk your own capital. There are no promises of rewards or returns. Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
RISK DISCLOSURE:
This is not an investment opportunity. You do not deposit any funds for investment. We do not ask for any funds for investment. At no time do you risk your own capital. There are no promises of rewards or returns. Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
(I don't have anything personal against you or your firm so please don't take it otherwise)
Almost all the firms I know of require consistency. Be it 10%, 20%, 30% or more, I have to be consistent with my everyday profits. And only then, I am able to withdraw from my profits.
Therefore, if I am already able to achieve this already on paper, I don't have to wait for three full months to even show you that I am consistent.
Whereas with the other firms, I am already consistent after passing my evaluation be it a single day or five trading days or seven - I don't have to wait that much time (like yours) to prove my legitimacy.
I am going to put my bottom line here now and exit this thread: What is the need for a three step process to a so-called live account? Why can't anyone just stay in a two step process and keep withdrawing profits?
