Regret spending money here, unfair and unreasonable position close rules
accidental open orders after the close comparision:
Tradeify: autoclosed for you ~ 9/10
APEX: autoclosed for you ~ 9/10
Take profit: account closed but you keep 80 (if after 90 days) or 50% of your profit ~ 9/10
TicTic: you get a warning then liquidated on next violation 7/10
Blusky: autoclosed for you ~ 9/10
ETF: you lose everything for one mistake 1/10
I am awaiting liquidation of a 300k funded account that took me 1 year and 1000$ of investment to get, I had generated 2.5k in profit, had 7.2k in DD left... yet I will be liquidated because a single 1 MNQ micro short was left open yesterday... this is the first time I have made this mistake in 2 months of having the account.
I look my time and traded the account properly, sadly it now looks like I would have been much better off just doing a yolo where either I get paid in a month or nothing since everyday you have the account the risk of leaving an open order rises (something I am sure they had a quant figure out as a good way to remove otherwise profitable traders from the casino)
I am anticipating a reply of "well its in the rules, and we just want disciplined traders with attention to detail". Fair enough in some ways, but mainly gas lighting in this context if you ask me, I worked in professional trading before (a commodity ~ electricity). I know how pros do it, they mitigate all risk that can be done on an automated basis, like a small open position... as do other prop firms such as
Tradeify and Apex, say what you want about apex but atleast if you break the 30% rule you don't just totally lose your account, even at TicTic trader if you accidentally hold overnight once you can be forgiven once.
This is clearly just a way to avoid paying out traders hidden with the plausible deniability of "protecting the firm" or seeking "disciplined" traders , I won't spend any money with ETF again, if I want a firm that forces me to have my own auto liquidation safety check everyday I will use take profit which has a better offering regardless (you at least get half your profit worst case if this happens, at ETF you get nothing but regret)
Is holding a 1 mnq short on a 7.2k drawdown really a risk to the firm? so bad that the entirety of work put in to get here is just erased without question? MNQ would need to open limit down (0.01% chance if not lower) for this to have resulted in liquidation ~ even then it would be right at the drawdown... there is a reason other firms like tictic give you a second chance... its unfair to just totally screw someone first time it happens.
The CEO guy often sends emails saying he cares about traders, if you cared you wouldn't erase 7.2k in DD for at most a 500$ mistake ~ consequences are fine, disproportionate and wildly unfair consequences are not.
Did 2 stars since on paper this is still my fault, and by my fault I mean that
1) I should have closed the stupid 1 MNQ position that ruined a year of work despite not being a bad trade.
2) I should not have signed up for a firm with such unreasonable EOD policy. I thought the unfairness wouldn't affect me personally since I would just never make a mistake, it can happen to you as well!
TLDR: Mistakes happen in trading, its just usually the market that punishes us, not an all or nothing rule designed to unilaterally eliminate otherwise profitable traders from payout opportunities.
Tradeify: autoclosed for you ~ 9/10
APEX: autoclosed for you ~ 9/10
Take profit: account closed but you keep 80 (if after 90 days) or 50% of your profit ~ 9/10
TicTic: you get a warning then liquidated on next violation 7/10
Blusky: autoclosed for you ~ 9/10
ETF: you lose everything for one mistake 1/10
I am awaiting liquidation of a 300k funded account that took me 1 year and 1000$ of investment to get, I had generated 2.5k in profit, had 7.2k in DD left... yet I will be liquidated because a single 1 MNQ micro short was left open yesterday... this is the first time I have made this mistake in 2 months of having the account.
I look my time and traded the account properly, sadly it now looks like I would have been much better off just doing a yolo where either I get paid in a month or nothing since everyday you have the account the risk of leaving an open order rises (something I am sure they had a quant figure out as a good way to remove otherwise profitable traders from the casino)
I am anticipating a reply of "well its in the rules, and we just want disciplined traders with attention to detail". Fair enough in some ways, but mainly gas lighting in this context if you ask me, I worked in professional trading before (a commodity ~ electricity). I know how pros do it, they mitigate all risk that can be done on an automated basis, like a small open position... as do other prop firms such as
Tradeify and Apex, say what you want about apex but atleast if you break the 30% rule you don't just totally lose your account, even at TicTic trader if you accidentally hold overnight once you can be forgiven once.
This is clearly just a way to avoid paying out traders hidden with the plausible deniability of "protecting the firm" or seeking "disciplined" traders , I won't spend any money with ETF again, if I want a firm that forces me to have my own auto liquidation safety check everyday I will use take profit which has a better offering regardless (you at least get half your profit worst case if this happens, at ETF you get nothing but regret)
Is holding a 1 mnq short on a 7.2k drawdown really a risk to the firm? so bad that the entirety of work put in to get here is just erased without question? MNQ would need to open limit down (0.01% chance if not lower) for this to have resulted in liquidation ~ even then it would be right at the drawdown... there is a reason other firms like tictic give you a second chance... its unfair to just totally screw someone first time it happens.
The CEO guy often sends emails saying he cares about traders, if you cared you wouldn't erase 7.2k in DD for at most a 500$ mistake ~ consequences are fine, disproportionate and wildly unfair consequences are not.
Did 2 stars since on paper this is still my fault, and by my fault I mean that
1) I should have closed the stupid 1 MNQ position that ruined a year of work despite not being a bad trade.
2) I should not have signed up for a firm with such unreasonable EOD policy. I thought the unfairness wouldn't affect me personally since I would just never make a mistake, it can happen to you as well!
TLDR: Mistakes happen in trading, its just usually the market that punishes us, not an all or nothing rule designed to unilaterally eliminate otherwise profitable traders from payout opportunities.
Response from Elite Trader Funding
We’re sorry to hear about your experience. Position management is the trader’s responsibility, but we’re happy to clarify what happened. We weren’t able to locate a support request from you, so please feel free to email us at [email protected] and our team will gladly review the case.
ETF Team
ETF Team