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Earn2Trade - Orianna Foucault (Director of Support) - Ask Me Anything (AMA)
I ask you to please send this email again. Helios reaches out to every Gauntlet passer and respond to every email they receive, if they didn't that's a clerical error but thankfully it's easily resolved.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
Can you help answer these questions from other members on NexusFi?
So, i finally got a response from Helios. I was told that they are switching FCM and so on. Sadly every time I ask them any questions out of the box, i just get the same response that I have been listening to for a while now. So I will try asking on a public platform instead.
I know that Helios has been setting up a new brokerage for several months now. At the same time you are denying traders that have paid for this opportunity the chance to trade Live. I would really appreciate being given a chance to have the same opportunities. Yet LiveSim would force me to take a subscription for at least $105 of costs.
I do NOT need a live datafeed, since i have my own. LiveSim can only be setup with a datafeed, whereas a live account doesnt need one.
Your competitor offers Rithmic Data without a monthly subscription and additional costs.
Since this is a simulated environment, I really do not know why you are adamant to charge money for services that are equivalent of a live environment.
If there a no additional costs involved taking the LiveSim, i would take it.
Transparency and an ETA on the brokerage setup would be highly appreciated.
Sorry, I will not help you. I just have a question, I'm French, and I read continuously on this thread this letters: ETA. I think I understood the idea behind, but could you tell me exactly what it means? Thank you. (I precise that a Google search does not give clear answer, this letters have many interpretations on Google and what it propose do not match with our subject)
Thank you! So about that, I have seen that it will be for first weeks of February. I believe someone on this thread got the information and I read it there.
Thank you for the patience on the response. Let me address some of the things you mentioned here.
"I know that Helios has been setting up a new brokerage for several months now."
As far as I hear from the new prop firm, it isn't exactly easy to set something like the environment we need up on a short notice with a brokerage. Not only are there a large number of people that need to be processed daily, spun through the FCMs compliance, from a multitude of countries, but the technical aspect of monitoring and margining these accounts also takes extensive setup, and more importantly testing, to make sure that traders have a swift and convenient experience, the brokerage has a happy compliance and risk departments and the prop firm feels safe with their money. But these are just the technical and practical aspects, then think about negotiations on cost, commissions, who does what and where responsibilities lie. These took some time.
When all of this is done and settled, if you think about it, if you storm out of the gate and possibly cause a huge backlog with dozens if not hundreds of traders, the experience becomes even worse for you, the prop firm and the FCM, straining a brand new relationship and creating more discontent among the traders.
Please add to that a holiday and COVID, which, I understand people hate as an excuse, nonetheless they exist as hindrances.
Believe me, nobody hates this interim period more than Earn2Trade, and we don't like seeing our traders in this limbo. We tried to present an opportunity with the LiveSim and many have used and profited well, especially in December, from that solution. But we'd rather risk a bit of ill feeling because of the wait, than rush into something that crashes down on us on week 1.
"Yet LiveSim would force me to take a subscription for at least $105 of costs.
I do NOT need a live datafeed, since i have my own. LiveSim can only be setup with a datafeed, whereas a live account doesnt need one."
"Since this is a simulated environment, I really do not know why you are adamant to charge money for services that are equivalent of a live environment."
Let me address these points here. First, a professional data fee costs $105 per month per exchange per session, regardless of whether or not you trade a live account or a simulated account. I think this has been covered multiple times as a question.
Second, unfortunately as far as Helios is aware, it is against CME regulation to provide a user without data enabled, which unfortunately disallows them from providing any account with no data. It really isn't the case of the company trying to rip you off, to hammer that point home, Helios doesn't charge you directly, but takes the amount from the trading account.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
Do you have any plan to change your Trailing Drawdown rule to be calculated at the end of day (like Topstep) instead of calculated intraday?
(Personally I would not consider using your service unless that change was made)
Currently, we are not thinking about changing this rule, we have found that the current ruleset works the best in determining who to send to the proprietary trading firm. Nonetheless, we are grateful for the honest comment and wish you good luck with your future trading! I'd also like to add that you should keep your eyes open for changes in February and March, as there will be new developments that may change your mind.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
zfan in the post above is probably saying that he has a professional datafeed subscription of the CME exchange(s) that he needs. Does he still need to buy the Helios professional datafeed for $105 per exchange per month? That generates another question. Say I am a professional trader in letter and spirit. So I trade for 2 or 3 prop trading firms. Each firm tells me to bear the data and other costs of trading. I have the datafeed that I need either of my own or bought through one of these 3 prop trading firms that I work for. Do I still need to pay professional datafeed subscription to each of these 2 or 3 prop trading firms? I doubt if CME will validate that. Thanks
