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Earn2Trade - Ryan Masten (Founder) - Ask Me Anything (AMA)
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Earn2Trade - Ryan Masten (Founder) - Ask Me Anything (AMA)

  #161 (permalink)
Manchester England
 
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I thought I'd give the mini Gauntlett a go and broke a rule after one day

When reading thru the rules on the site I simply read the page linked below which shows that you can't hold a trade over a key economic event listed as the FOMC statement/minutes and US GDP, Rate/Claims and Non farms. Standard stuff for any trader of the |US index futures and no mention of not holding trades when fed members speak.

https://help.earn2trade.com/en/articles/3224526-are-there-any-restrictions-on-when-i-can-trade-in-the-gauntlet-mini


Then low and behold I broke a rule today which, to my shock, was for holding a trade over when one of the Fed members speak, and boy do they speak, they love to speak, it's all they do. There are a gaggle of them speaking this week.

This rule totally confuses me as all they do is give their opinion on the economy and what they think the Fed should do..

All in all the market generally treats Fed speak as noise unless it's Powell talking. It is hardly a market moving event and yet E2T treat this as a major economic release, up there with Non farms and rate cuts, go figure.

To make matters even more confusing you can trade again 1 minute after they start speaking so it's totally irrelevant what they say.

So what is the point?

Yesterday there were four Fed members speaking, tomorrow there are five. Seems crazy to have to plot your whole day around this and trade in and out of positions over and over. Topstep don't do this nor do I imagine any other prop firms.

There is no data released, little in the way of market moving news (unless its Powell) and it's irrelevant what they say so why is it treated in the same way of major market economic news?

I understand they are the house rules and should not be broken which is fair enough if inconvenient but I would suggest they are placed on the link above on the main site and not hidden away inside the dashboard as I feel a little cheated.

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  #162 (permalink)
Austin, TX
 
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rb55 View Post
I thought I'd give the mini Gauntlett a go and broke a rule after one day

When reading thru the rules on the site I simply read the page linked below which shows that you can't hold a trade over a key economic event listed as the FOMC statement/minutes and US GDP, Rate/Claims and Non farms. Standard stuff for any trader of the |US index futures and no mention of not holding trades when fed members speak.

https://help.earn2trade.com/en/articles/3224526-are-there-any-restrictions-on-when-i-can-trade-in-the-gauntlet-mini


Then low and behold I broke a rule today which, to my shock, was for holding a trade over when one of the Fed members speak, and boy do they speak, they love to speak, it's all they do. There are a gaggle of them speaking this week.

This rule totally confuses me as all they do is give their opinion on the economy and what they think the Fed should do..

All in all the market generally treats Fed speak as noise unless it's Powell talking. It is hardly a market moving event and yet E2T treat this as a major economic release, up there with Non farms and rate cuts, go figure.

To make matters even more confusing you can trade again 1 minute after they start speaking so it's totally irrelevant what they say.

So what is the point?

Yesterday there were four Fed members speaking, tomorrow there are five. Seems crazy to have to plot your whole day around this and trade in and out of positions over and over. Topstep don't do this nor do I imagine any other prop firms.

There is no data released, little in the way of market moving news (unless its Powell) and it's irrelevant what they say so why is it treated in the same way of major market economic news?

I understand they are the house rules and should not be broken which is fair enough if inconvenient but I would suggest they are placed on the link above on the main site and not hidden away inside the dashboard as I feel a little cheated.

Sorry to hear about your experience! They are not hidden away. They are linked two times on the dashboard as well as directly on the website, right where it tells you what the rules are. There is even a link to the specific times and events on the link you posted.

We had these FOMC speeches listed because "sometimes" when these fed guys give speeches, they release a statement at their scheduled time and does move the market. That said, while originally we had these events listed, we've decided to remove all future "speeches" like this from the list of events, based on customer request.

We're new to having all these extra rules, as you know none of this was important for the regular Gauntlet, so we do depend a bit on our customers to give us feedback so we can refine things going forward.

As always, even if you may not agree with an event listed, the calendar is there for you to review. The events are posted for the month, before the month starts. If you see something you may not agree with, PLEASE, send us a chat message on our website and we'll take a look. If Helios risk department agrees, we may be able to have that event removed or adjusted!

Ryan Masten
Earn2Trade | Founder
www.earn2trade.com
1-888-502-2260
Become a Professional Trader. Decisions That Can Change Your Life Forever.

Last edited by Earn2Trade; October 2nd, 2019 at 03:52 PM.
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  #163 (permalink)
Columbus, OH
 
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Approved times list


BTW, the "Approved Times" list (which seems a misnomer, since it's really a list of the forbidden times) can be found at https://www.earn2trade.com/gauntlet-mini?approved-times.

It's a bit worrisome that this list can be edited or updated at any time, so I urge that you refresh the page at least daily. As an example, today's Unemployment Claims announcement at 0730 CT was not on the list yesterday, but appears there today.

Regards.

dwt51

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  #164 (permalink)
Austin, TX
 
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dwt51 View Post
BTW, the "Approved Times" list (which seems a misnomer, since it's really a list of the forbidden times) can be found at https://www.earn2trade.com/gauntlet-mini?approved-times.

It's a bit worrisome that this list can be edited or updated at any time, so I urge that you refresh the page at least daily. As an example, today's Unemployment Claims announcement at 0730 CT was not on the list yesterday, but appears there today.

Regards.

dwt51

Hi! Yes, we're not perfect and one of the unemployment events was missed. It was added yesterday after a customer informed us the event was missing. That said, it shouldn't be a surprise it's there as it's in the picture in our FAQ's as being one of the important ones we care about: https://help.earn2trade.com/en/articles/3224526-are-there-any-restrictions-on-when-i-can-trade-in-the-gauntlet-mini.

Ryan Masten
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www.earn2trade.com
1-888-502-2260
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  #165 (permalink)
Manchester England
 
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Earn2Trade View Post
Sorry to hear about your experience! They are not hidden away. They are linked two times on the dashboard as well as directly on the website, right where it tells you what the rules are. There is even a link to the specific times and events on the link you posted.

We had these FOMC speeches listed because "sometimes" when these fed guys give speeches, they release a statement at their scheduled time and does move the market. That said, while originally we had these events listed, we've decided to remove all future "speeches" like this from the list of events, based on customer request.

We're new to having all these extra rules, as you know none of this was important for the regular Gauntlet, so we do depend a bit on our customers to give us feedback so we can refine things going forward.

As always, even if you may not agree with an event listed, the calendar is there for you to review. The events are posted for the month, before the month starts. If you see something you may not agree with, PLEASE, send us a chat message on our website and we'll take a look. If Helios risk department agrees, we may be able to have that event removed or adjusted!

Yes you are right they are not hidden away as such but not shown in that graphic which is what I meant and what I printed off. If gives the impression that's all there is to monitor. I didn't look further into the details as I simply didnt think there was any need after seeing that but it's nice that you have now removed them albeit at my cost of having to pay for a reset.

I know you update your calendar daily but if it was me I'd have sent an email alert to all gauntlet participents stating there are +15 Fed member events this week and to trade accodingly. Things like that are a nice touch and show that you care.

Regards

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  #166 (permalink)
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rb55 View Post
Yes you are right they are not hidden away as such but not shown in that graphic which is what I meant and what I printed off. If gives the impression that's all there is to monitor. I didn't look further into the details as I simply didnt think there was any need after seeing that but it's nice that you have now removed them albeit at my cost of having to pay for a reset.

I know you update your calendar daily but if it was me I'd have sent an email alert to all gauntlet participents stating there are +15 Fed member events this week and to trade accodingly. Things like that are a nice touch and show that you care.

Regards


We actually don't update it daily. It should just be once a month unless something was clearly missing that was in the graphic. We'll never edit it the day of. We also removed all future fed member speeches that are not red tag events.

Ryan Masten
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  #167 (permalink)
Johor, Malaysia
 
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Same here.

Thought I was the only one who got a surprised when I couldn't place an order today. I took a CL trade 15mins after EIA report around 9:45am CT yesterday. Got "caught" in the FOMC guy speech (NOT Powell). Just sad. A little angry and disappointed. Thought it was a good day yesterday, turned out...not.

Hope Earn2Trade can do something about that. Thank you.

Sleep well, Eat Healthy, Breathe...
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  #168 (permalink)
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Fed Speaker Trap

I also got trapped by their game to catch traders and take their money.
What nonsense to have 15 Fed Speakers as no trade zones.
I will not do business with firms that are out to cheat their customers.
I see above the Fed Speakers have now be removed form the list.
I expect they trapped a lot of customers this way.
Neither TopStep nor Oneup have such a tricky and pointless rule.
Perhaps if the company recognises that the rule was not warranted they should reset the account of those affected for free.

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  #169 (permalink)
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And I thought I was the only one....

My circumstances were as follows;

I was directed to the site that showed the the following diagram,

https://help.earn2trade.com/en/articles/3224526-are-there-any-restrictions-on-when-i-can-trade-in-the-gauntlet-mini

...I took a screen shot of it and opened it every morning to double check. It showed the main events and made sense that they were on that "STOP" diagram ( Of course I go to Forex Factory to see what "red events" could still possibly effect the ES ie oil inventories if they are bad/good enough etc...not to appease a funding company per se...but to not gamble on large news events.) I was following rules that were posted on your site.

Could it be said that the rules I was following as posted on the site was fair and it was a mistake to have parts of the rules one place and additional parts in another link...I think so.

Could it be said I should have combed the entire site looking for more info...sure.

Two wrongs(mistakes) do not make a right, but surely as potential partners a fair agreement somewhere in the middle could be reached?
It had nothing to do with what we all would see as truly evil failures ie trading more than the allowed lots...going over your daily loss limit...these are non negotiable errors...those errors you had full control of (or lack of control actually)while the times to trade, with the examples mentioned above...seems to be an unfortunate grey area under the circumstances and not totally avoidable.

I was likely a week past the time limit for hitting the target and I was happy to pay for that second month (expecting to only need a week extra) to hit my target and move forward...this would have made E2T another $150. I was never gonna swing for the fences to make the target in the month allotted time and was fine with paying the extra month. But that idea was dismissed. I asked for a free reset, also a no go.

------

"We also removed all future fed member speeches that are not red tag events"

Is this true Ryan?...so the thing that ruined at least 4 of us is now gone...that's great response time. Anything you can do to address our circumstances?

(Sorry for the long winded post.)


Last edited by 1481; October 4th, 2019 at 01:58 AM. Reason: changed 3 to 4 as the number posted that got caught
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  #170 (permalink)
Austin, TX
 
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trade888 View Post
I also got trapped by their game to catch traders and take their money.
What nonsense to have 15 Fed Speakers as no trade zones.
I will not do business with firms that are out to cheat their customers.
I see above the Fed Speakers have now be removed form the list.
I expect they trapped a lot of customers this way.
Neither TopStep nor Oneup have such a tricky and pointless rule.
Perhaps if the company recognises that the rule was not warranted they should reset the account of those affected for free.

I'm sorry you feel we were trying to "trap" or "cheat" out traders, that's absolutely not the case. There actually were not that many traders caught in these events, a very low percentage. It's not our motive to try and fail users. Our job is to provide a testing service for a set of rules given to us by the prop firm, which this event was originally listed. We are extremely clear in our rules and all of our communications with customers that they need to check the approved times, and we provide a link where they can do so. I understand maybe some of you do not agree with those particular speeches being on the list, however, the fact of the matter is that they were listed prior to the events. It was is each traders responsibility to follow the rules and not trade during the times listed, whether or not they agree with them. If there is ever an event you see listed that you don't agree with, please communicate this with support and it may be something removed or adjusted in the future.

Having restricted times like this is new to us and we are always listening to customer feedback on which event should and shouldn't be allowed. Based on customer feedback we did remove these particular events going forward. The other firms you mentioned that do not have those events listed did not start out with the same list of events they have today. Everything with the release of services is an evolution and one we strive to continually improve.

I hope you'll give us a shot again in the future.

Ryan Masten
Earn2Trade | Founder
www.earn2trade.com
1-888-502-2260
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