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LeeLoo by Natural Trading (anybody used them before?)
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LeeLoo by Natural Trading (anybody used them before?)

  #31 (permalink)
Austin Texas
 
Trading Experience: Intermediate
Platform: NinjaTrader, ThinkorSwim
Favorite Futures: ES, NQ, CL, YM
 
Posts: 22 since Mar 2019
Thanks: 3 given, 16 received


kcrawford View Post
I see everyone arguing about Rithmic and how the drawdowns are calculated.

But did everyone miss the part that they only pay out $1,000...maximum? At least for the first 5 months?

While this might be a great idea for noobs, why would I let them hold my cash?

Nobody's weirded out about this like I am?

Thoughts?

Well yes and no. There are 3 payment options and one of them you can withdraw any amount you wish in 30 days.

But obviously this was a point of discussion with us members and Leeloo decision makers. The reason for the 2 other options that include $1000 withdraws, is to accommodate a more important desire that no other provider is offering.. and that is the ability to qualify and immediately be able to trade a full size account and not have your contracts limited (aka scaling). This was my main appeal over Topstep and Oneup.. who all require you to scale (Topstep requires it in the Eval phase as well). Not only did I not have to scale during the evaluation, which was only 10 days, but I then was able to start almost immediately trading my Paid-Performance account up to the full 12 contracts. However this is a huge risk to the financier. The evaluation phase was already super short. The reason Topstep and others require scaling- is to protect themselves. Leeloo offers a plan where you can scale as well, and likewise withdraw any custom amount of profit you want in 30 days. You can argue that 30 days is a little longer to wait versus Topstep, however if you factor in the longer evaluation phase for Topstep and scaling, by the time you make a profitable withdraw on par with an unlimited Leeloo withdraw its probly the same time frame. Still, you could count that as a demerit for Leeloo that you wait two weeks longer for a withdraw. But what you are referring to is what Leeloo labels a Longevity account option. Which does not limit your contracts. Leeloo has to protect themselves somehow, so it's a mirror trade system. You continue to trade on SIM, which means you dont have to pay for a Ninja license, you dont have to wait long to set up the live account (Power of Attorney etc)..and you can start trading right away 12, 15, even 30 contracts etc. Leeloo uses software to copy your SIM trades into the live account. But this allows them to take 100% of your trades, 50%, or wait a few days, or half your contract size, etc. It gives them flexibility to protect themselves by observing your trading the first few days and making adjustments. You however are paid in full regardless. Not only do traders get funded and emotionally struggle once live, but with 8-30 contracts sometimes blow the account within 2 days. A provider loses $5000+ off the bat. But on the flip side, with no scaling, a trader can get lucky or go huge with many contracts, make $10,000 for example.. withdraw it all and then blow the account a few days later. A financier needs a little bit of time for things to balance out with wins and losses. So we understand, we cant have cupcakes and chase it with cake. You cant have the lowest fees, least rules, shortest evaluation, largest contract packages, free license and data option, and Leeloo not have to safeguard themselves on any level. I was a little put off at first by the payment schedule.. but I calmed down when I saw there are several options. Plus, I wanted to build my account and cushion anyways. And as a long term partner, I appreciate that Leeloo starts out at taking 20% cut like the others, but next only 10% and even 5% eventually. I think thatís terrific and makes sense if you are successful. Why would I keep giving up 20%? A job pays twice a month, is once a month a deal breaker? Having said all that, the great thing is that there are options for different needs. There are more funding companies now to suit the trader. If someone cant manage waiting 30 days per withdraw, there is Topstep. If someone doesnít want to pay for a license and wants a bigger account with more contracts and not have to scale up.. Leeloo is an option. I only used Topstep and Oneup so I cant speak for others but to me the more companies offering funding only benefits us as traders, especially by lowering costs. Ive gotten qualified and blown funded accounts too, and frankly am not an elite trader. And I think these funding companies attract a lot of (not so great) traders like me who would rather not blow our own money.. so I understand they have to protect themselves as well.


Last edited by TickSanity; October 2nd, 2019 at 06:38 PM.
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