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Any long term success stories from funded traders in these get-funded programs?
With tax deductions being brought up I feel we've strayed a bit from why we trade in the first place.
Personally, I'm in Norway, so I don't get any of the benefits from capital gains on futures like you guys do in the US. It's taxated the same way as all capital gains.
Signed the papers with the funding partner yesterday and I had a good start today on my first day with the real account thanks to the increase in volatility.
Maybe I'm making too much money and they're afraid of having to pay out?
I was in the red prior to the electronic close yesterday, but wanted to hold overnight as I knew my chances of getting out for a profit today were good while still having a hard stop in the market.
One of the trading rules is that you must be flat prior to the electronic close.
However, in the OneUp community (there's a social dashboard) it's been said that you will usually get away with 2 warnings upon breaking a rule as a funded trader.
So, I decided to take my chances and simply hold. At this point, I had already sent an email asking for permission to hold overnight. Admittedly, I received the answer AFTER the electronic close. Their reply? "Feel free to trade how you want."
At this point, the market had already re-opened and the trade was still open. I assumed they would have some auto-liquidation prior to the electronic close, but they did not do that. With the reply from their mail I went to bed with a hard stop and assumed everything to be okay.
As the market peaked around 4380 today (I trade ES) I had locked in profits which would leave my account at $157K. Suddenly my connection was liquidated and I was unable to reconnect. I then saw that I had received an email about my account being terminated since I had held overnight.
Not sure what to make of all this to be honest. Clearly, I broke a rule, so maybe there's no excuses for that. On the other hand, I feel if they really were interested in staking me, they would not liquidate an account hitting equity highs and one which didn't dip below initial margin in drawdown.
Which leads me back to what I've known all the time which is that their main business is collecting risk-free subscription fees in a demo environment.
Are they legitimate in that they actually pay you money if you're in profit? I believe so, yes.
Are they seriously interested in funding a trader and letting him trade money for them? I don't think so. This is particularly so as the trader always have to build his own cushion of profits to trade larger size and as soon as a withdrawal is made that cushion is lost and he's back to scratch. The trader is always putting his own money at risk - not the firms.
I was hoping to at least become successful in that I would be able to withdraw my 8K of profits, but it seems like I failed to do so. And I do not think I will do any more business with OneUp and maybe not any other get funded company either. We'll see.
When the dust settles after this summer I will probably focus on my private account strictly. If anyone knows of a legitimate opportunity other than these get-funded companies - feel free to let me know.
I'm wondering if perhaps it was the consistency rule. Were you profitable every day? You said you earned $2700 the first day and $7000 today. What happened in between?
I don't think they have a consistency rule per se such as they do in the evaluation phase where you can't have one outlier day which make up most of the profits. They do have another rule though about having to execute 50 % of the volume you did in the evaluation phase, i.e., if you did 50 trades per week in the evaluation you need to have 25 trades per week as a funded trader. If not - another reason for them to eliminate your account. That rule seems kind of silly to me as I would think the main concern would be if you make money - not the volume you're transacting.
However, neither of these applied to me. It was the act of holding overnight through the electronic close which was the rule break they eliminated me for.
As for profits, I did not make $7K yesterday, but my account had hit 157K, i.e., 7K of total profits. Unrealized profits yesterday before getting disconnected was approximately 3K. Actually, I'm not sure if the profits were realized (I had a hard stop in place locking in profits) as I was disconnected in a blink while away for a minute.
I only traded 5 days with them. All days profitable. Here's how it looked by end of day 5 prior to taking on the trade I held overnight.
My main issue is that they chose to terminate the account on their own discretion after I had just hit equity highs. It would have been easier to accept if it was a hard coded rule and an auto-liquidate at the electronic close. Since it's been said that they will issue a few warnings on a rule break I figured I would be safe, so I was disappointed that they didn't give me that considering that my trading was going well.
Another example would be LeeLoo's trailing drawdown on unrealized profits. They are very clear about how an account is automatically liquidated and no questions asked upon hitting this. When it's that clearly spelled out it's hard to complain.
I actually blew my LeeLoo account. I thought I could juggle it with my OneUp account, but I had to trade through two platforms at once and it became a bit too much. I didn't take it as seriously as my main account and one reckless trade got me to hit the trailing drawdown. Instant liquidation.
As for OneUp / MES I'm in communication with them. They will look into it one more time. It's possible they will pay out the profits I had made prior to that last trade.
