WARNING!!!
WARNING!!!! READ BEFORE PURCHASING!!!!
I'll preface this by saying I trade full time and use another prop firm that I've earned monthly payouts of $8k plus per month for the last 3 months so I know how to trade and am familiar with prop firms. However, one thing I've realized with these prop firms is that the more rules and complexity they have in order to pass usually means you will get screwed. This company is no different unless you pick the right account before you get started. For example, I started with $100k accounts and had 4 separate accounts. As of right now each account has $102k in them. On the surface anyone would say that is great and I have $2k profits in each account. BUT according to this company's ridiculous intraday drawdown rule my accounts were in violation of this rule and ended. This rule doesn't even make sense in the trading industry. Companies don't use intraday drawdowns to track traders profits and losses. All people care about is if they made profits at the end of the day. This intraday drawdown means the amount you are able to lose flucuates every day and as you make more money the higher this threshold gets. Basically you get screwed. If you enter a trade and it goes up to $2k profit, but you sell it for $1k profit, the drawdown still gets increased by $2k, which is absolutely ridiculous and one of those complex rules that are made to screw you over. Whether you trade with this company or others, DO NOT SELECT ANY ACCOUNTS OR PROP FIRMS THAT USE INTRADAY UNREALIZED PROFIT TRAILING DRAWDOWNS AS A RULE. YOU WILL LOSE 99% OF THE TIME. I'm still mind blown that each of my accounts have $2k profits above where I started and I'm still in breach of their rules. Kinda amazing actually. It's bullshit like this that makes me want more regulation with these prop firms. We'll see. If you do use this company make sure you choose EOD drawdown accounts, but you'll have to keep track of your balances yourself unlike other companies that have much user friendly dashboards that help you track it automatically. Good luck.
I'll preface this by saying I trade full time and use another prop firm that I've earned monthly payouts of $8k plus per month for the last 3 months so I know how to trade and am familiar with prop firms. However, one thing I've realized with these prop firms is that the more rules and complexity they have in order to pass usually means you will get screwed. This company is no different unless you pick the right account before you get started. For example, I started with $100k accounts and had 4 separate accounts. As of right now each account has $102k in them. On the surface anyone would say that is great and I have $2k profits in each account. BUT according to this company's ridiculous intraday drawdown rule my accounts were in violation of this rule and ended. This rule doesn't even make sense in the trading industry. Companies don't use intraday drawdowns to track traders profits and losses. All people care about is if they made profits at the end of the day. This intraday drawdown means the amount you are able to lose flucuates every day and as you make more money the higher this threshold gets. Basically you get screwed. If you enter a trade and it goes up to $2k profit, but you sell it for $1k profit, the drawdown still gets increased by $2k, which is absolutely ridiculous and one of those complex rules that are made to screw you over. Whether you trade with this company or others, DO NOT SELECT ANY ACCOUNTS OR PROP FIRMS THAT USE INTRADAY UNREALIZED PROFIT TRAILING DRAWDOWNS AS A RULE. YOU WILL LOSE 99% OF THE TIME. I'm still mind blown that each of my accounts have $2k profits above where I started and I'm still in breach of their rules. Kinda amazing actually. It's bullshit like this that makes me want more regulation with these prop firms. We'll see. If you do use this company make sure you choose EOD drawdown accounts, but you'll have to keep track of your balances yourself unlike other companies that have much user friendly dashboards that help you track it automatically. Good luck.
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ETF Team
ETF Team