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Most Funding Firms are a Scam


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Most Funding Firms are a Scam

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  #11 (permalink)
TraderCornel
Redmond, WA
 
 
Posts: 19 since Dec 2013
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phantomtrader View Post
Who exactly is "they"? What funding companies are you referring to? Most of these firms are using Rithmic as the data source and execution platform. I don't see how they could
manipulate your trades to put you in a losing position. If that really was the case, you could sue the sh^&*(((t out of them if you have the evidence.


Please explain in more detail. Thanks.

You are right, maybe I should sue them because I do have some evidence. It was investigated by NT8 platform support. But can I win? Because they make you sign a contract that says they are not responsible for tech failures. So, they could just hide under that.

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  #12 (permalink)
TraderCornel
Redmond, WA
 
 
Posts: 19 since Dec 2013
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Tymbeline View Post
"
Well, I suspect the moderators will let you know quickly enough, if they feel your primary motive for posting is to draw traffic from the forum to your video, or to post with an agenda.

If the moderators do not like me to share my true experience, so be it.

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  #13 (permalink)
TraderCornel
Redmond, WA
 
 
Posts: 19 since Dec 2013
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phantomtrader View Post
I'll ask again: who is "they"? What funding firm did this to you? Curious minds want to know. You might also help someone else by revealing their names so they don't get caught in a trap.
Who are "they"?

Video below, is not mine. It shows a trader that happened to record a similar experience to mine; i.e. rouge orders that he could not close. It lasted 45 minutes.

starts at 11:07 to the end


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  #14 (permalink)
 bobwest 
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TraderCornel View Post
So recently I decided to try a futures evaluation account. What I discovered was the same scam, except done in a different way. I had rouge orders show up in my account at times when I tried to close positions because the company does not have trade desk you can call. No matter how many times I tried, a new order would show up. I had no way of closing it for about 30 seconds.


phantomtrader View Post
I'll ask again: who is "they"? What funding firm did this to you? Curious minds want to know. You might also help someone else by revealing their names so they don't get caught in a trap.
Who are "they"?


TraderCornel View Post
If the moderators do not like me to share my true experience, so be it.

Of course we do.

You could start by responding to the question already asked a few times: who are you talking about?

"Most" is a pretty big word. It seems that you had some issues, and it was with specific companies. So again, with whom?

Or, do they all put rogue orders in people's accounts to prevent them from succeeding? Really?

Who are you talking about? A simple question.

Bob.

--------------------

Edit: I just saw the video you posted. If you want to share your true experiences, you might actually share your own true experiences, not some video from someone else on the internet.

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  #15 (permalink)
TraderCornel
Redmond, WA
 
 
Posts: 19 since Dec 2013
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bobwest View Post
Of course we do.

You could start by responding to the question already asked a few times: who are you talking about?

"Most" is a pretty big word. It seems that you had some issues, and it was with specific companies. So again, with whom?

Or, do they all put rogue orders in people's accounts to prevent them from succeeding? Really?

Who are you talking about? A simple question.

Bob.

--------------------

Edit: I just saw the video you posted. If you want to share your true experiences, you might actually share your own true experiences, not some video from someone else on the internet.

I did share my own experience. -- The point of the video is to show that other people are having the same experience as me with the same companies. They are in the video for anyone that wants to see it. If you listen to the video long enough you will hear their name.

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  #16 (permalink)
 chipwitch 
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TraderCornel View Post
I did share my own experience. -- The point of the video is to show that other people are having the same experience as me with the same companies. They are in the video for anyone that wants to see it. If you listen to the video long enough you will hear their name.

If it's too much effort for you to type the name then it is WAY too much effort for me to watch a 56 minute video waiting for someone I don't know to mention a name.

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  #17 (permalink)
 bobwest 
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chipwitch View Post
If it's too much effort for you to type the name then it is WAY too much effort for me to watch a 56 minute video waiting for someone I don't know to mention a name.

I was trying to think how to say the same thing but more politely. Thanks for just saying it. Sometimes I waste time trying to be nice....

So, to put it more plainly to @TraderCornel, if you have something to say, just say it. You have come here with a large complaint, and for all anyone knows you may be totally right. But then you get roundabout and vague when asked for details.

Who are you talking about?

Bob.

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-- Cervantes, Don Quixote
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 chipwitch 
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bobwest View Post
I was trying to think how to say the same thing but more politely. Thanks for just saying it. Sometimes I waste time trying to be nice....

So, to put it more plainly to @TraderCornel, if you have something to say, just say it. You have come here with a large complaint, and for all anyone knows you may be totally right. But then you get roundabout and vague when asked for details.

Who are you talking about?

Bob.

Patience is a virtue. I admire you for it. There is a certain element that frequent forums looking for attention and waste other people's time in the process with their nonsense. The OP may or may not be one of those. I've indulged many many many over the years and found that leaning to the curt side without being out and out rude when responding often helps them get to the point or reveals their ulterior motive.

I'm not saying this is the best approach... it's just the cynic I have become. I'll try to be more patient.

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  #19 (permalink)
 WoodyFox 
Columbus, Ohio
 
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The company is apex trader funding...owned by Darrel Martin who was banned here on futures.io many years ago. Some of his troops have been banned also. He also owns apex trading institute, was also affiliated with another trading prop firm (leeloo trading) before he had A falling out with the lady owner.

When are you people going to learn that these companies are there for one thing. Figure it out.

Sent using the futures.io mobile app

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  #20 (permalink)
 phantomtrader 
Reno, Nevada
 
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TraderCornel View Post
You are right, maybe I should sue them because I do have some evidence. It was investigated by NT8 platform support. But can I win? Because they make you sign a contract that says they are not responsible for tech failures. So, they could just hide under that.

Well since you won't post the names, I will.

The funding company is Apex (Darryl Martin)

The software is TruTrade AutoRipper - https://trutrade.io/software/

You bought/leased this software for about $10-12,000.

The cancellations are generated by the SOFTWARE, not Apex or anyone else. It's running on Ninja with Rithmic datafeed.

The company is hiding behind a wall - no contact email, doesn't answer the phone, only return phone calls, doesn't publish any real time results, customer testimonials are questionable to say the least, no free trial.
They don't publish the cost - which to me is the clincher. It means they're out to make a killing on a few suckers.
Zero transparency.


From Trust Pilot:
__________________________________
TOTAL RIPOFF
COMPLETE GARBAGE

Wanted to provide an update to this review. Shortly after posting it, I was threatened by the company with legal action both by phone and by text message. Additionally, they turned off the bots I paid $12,500 for, stating it was for “defamation” and no, they did not sens my money back. $12,500 gone just like that.

Hoping to save people a lot of money and help them avoid a complete financial disaster...

There is a lot to be said about this company, the owners, and the software. I am in the process of building a website and Youtube channel to fully show all the gory details.

I'll start with the pricing, which as you can see by visiting the Tru Trade IO website, is not listed. There is no transparency. Instead, you call the company and they basically fish to see how much money you have and appear to offer you a price based on that. My quote for Power Ripper Pro was $15,000 and the Auto Ripper Pro being $10,000. Payment was required by wire - no credit cards, which would offer you a little protection should you receive a "bag of crap" like I did.

Since making a purchase and putting the bot into action, I have consistently lost real money and blew up numerous evaluation accounts. In SIM mode, I have seen this lose well over 15k in hours , playing only 3 contracts of the NQ.

The software does not come with any type of manual that explains the settings. Instead, it comes with several videos that rush through the use and settings, without ever fully explaining anything. While the ads indicate this being more of a hands-free system, it is definitely not. They state that one setting can be activated for times you are away from the computer, but be warned, if you take your eyes of this bot for any length of time, you may come back to your computer and have to get a second mortgage to pay off the margin call you just incurred. Yes, using this bot can easily result in financial ruins...and it can happen very quickly.

The bot does take trades fast. The problem is, all too often, the trades are not taken in the direction you want them to be. As such, you can very quickly lose a lot of money.

When you lease the product (you do not actually BUY the software), it comes with a lengthy contract prohibiting you from a variety of actions, to include not displaying the software publicly without permission. Per the contract, which I will post on my website, they can basically revoke your lease for any violations - no refund mentioned. I have complained about how bad this product is to the company and requested permission to display my trades on YouTube but was denied. Hopefully you find that very concerning. Why can't I show my trades in action, win or lose? I believe they just don't want you to see the reality of what their bot really does.

As you may know, there are certain people that they "spotlight" on their website. These same people are allowed to show their software and their trades "freely" and those trades shown always seem to be profitable. The videos the company posts are extremely profitable but of course they have the ability to pick and choose what they show us. One thing they don't show, however, is if they are playing with real money or just in simulation - that part of their screen is cropped out. Also, the amount of contracts they show in the videos are outrageous, so I suspect they are all in sim mode.

I have read through all of the reviews on Google and I do suspect many are fake. If you look at them, you will see probably 90% are from people with only one review - that review being of Tru Trade only. A high amount of singular reviews by people are indicative of fake reviews. This is not to say all their reviews are fake, but it is highly suspect at this point. A few of the reviewers have two reviews. What was really weird is some of those reviewers with two reviews were of Tru Trade and carpet cleaning places in California or Tru Trade and garage door companies. Carpet cleaning places, garage door companies and similar companies are NOTORIOUS for paying for fake reviews. Two reviews posted at around the same time for Tru Trade and carpet cleaning places were both in the bay area. One profile I googled through an image search came back to "this person does not exist" which is a website that makes real-life looking photos of people who do not actually exist. This would also be an indication of a fake review. Again, I can't say for sure that these reviews are fake right now, but they are highly suspect to me.

There are some even more heinous findings that I am working on putting together on my website and YouTube channel but for now I cannot mention them. I have also put together some research on the two owners of the company, Danny Rebello and Brian Nutt. Nutt owns another business called King Quant, which makes trading bots also. I have some info on Danny as well that I will be posting soon.

________________________________

The BOT is triggering those cancellations. There's obviously a bunch of coding errors in the software. But whatever it is, the company lacks transparency and in this industry, that's the first sign for STAY AWAY.

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