Okay, so I'm progressing nicely one this Combine and thinking all is good, but now I read the pay-out rules which are quite terrible if I understand them correctly.
They say that the first $10K is 100% mine. Great. However, if I read correctly it will take me as long as 4 months to be able to withdraw my money. Actually, it's probably 5 months as the first withdrawal is possible first after 25 trading days.
So, 5 months to withdraw 10K of profits? Yikes.
I can only blame myself for not reading up on all the rules, but this is a huge negative in my book:
One could question the motivation behind such a rule. Are they maybe hoping the trader will go bust by 4 months...?
My assumption is that the same capital provider with the identical conditions is behind it. It's like franchising.
Apex and Leeloo can then "work" with these conditions, i.e. pass on their leeway/profit margins in favor of the traders.
Just my 2cents.
MR79
"My only task as a trader is to protect my capital (risk management), the market will take care of the profits."
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I talked to support and they confirmed my suspicions.
If I make $10K in October, I won't be eligible for the first payout of $2750 until end of November at best (need to have 25 trading days first). The next $2750 at end of December. The next at end of January. And the next at end of February.
If I had read these rules in advance I probably would never have considered this program. I figured it was similar to the other programs. I knew there had to be a catch.
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For me personally, it's not a problem - we Germans are so familiar with being paid only once a month.
Yes, it is quite similar.
Leeloo the first 4 payouts are limited in the Investor account, with Apex the first 3.
Profit split 80/20 and after 12 months 90/10 with Leeloo, with Apex equal 90/10. I think that is the "leeway" the companies have.
MR79
"My only task as a trader is to protect my capital (risk management), the market will take care of the profits."
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No, seriously, I'll be making my fourth payment in end October and the last one in November! The Leeloo account will be closed and half of it will go into my private trading account (which can then be traded properly) and the other half to the side.
In fact, the most economical way to trade is with your own account.
MR79
"My only task as a trader is to protect my capital (risk management), the market will take care of the profits."
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I'm not yet funded with Apex, but made 7K of the total 9K required this week already, so I assume I should be by next week unless I mess something up.
I will probably just keep the account around in the background and see how it goes, but let's just say I was very disappointed to discover these barriers for extracting my profits safely.
If I trade well - I could simply generate way more profits than those 10K and be eligible for a big payday in the end of March 2022. I don't see why I couldn't have an account around 50K by then. But honestly, I don't really feel safe about that going to happen. I have a hunch that there will be some excuse or accusation of a rule break (high frequency trading) and they will claim their right to not pay me.
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Great,
I wish you good trades so that it works out the way you want it to.
Yes, this information is of course not what the seller would like to put directly on the main page of the programmes. Many people would probably leave again directly. Whether this is fair is something that can be debated.
That is a very interesting question,
I will keep you updated on whether it worked with Leeloo at the end of November without problems with the payment of the total capital. I'm curious to see if they come up with something else to avoid having to pay.
MR79
"My only task as a trader is to protect my capital (risk management), the market will take care of the profits."
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Since i signed up i’ve essentially stepped in one pile of crap to the next. Equal parts it being my own haste and not doing my due dilligence, and Apex’s either willful or ignorant omission of key portions of the program.
I’m giving them the benefit of the doubt since they’re so new. I’ve been getting the feeling that a lot of the questions i’ve asked and been ignorant to they’ve assumed were common knowledge, like the “live trailing drawdown” or whatever it was. And, in their defense i was ignorant to it and didn’t do my own due diligence.
But the “sim live” portion was in my opinion another strike as it says absolutely nowhere that when you get “funded” you’re going to still be trading sim. But, also it says nowhere on the site you’ll be trading a live account and they call it a “performance account”. So again, willful ignorance or..?
It does look as if the program is a copy/paste of Leeloo’s. All the way down to some of the verbiage on the FAQ. I had 0 prior experience with leeloo before i took the dive into Apex so it’s all new to me.
The funding rules, particularly the schedule of payouts is something they’ve added post me signing up. But can be countered with the fact they let you trade as many accounts as you want.
I get two accounts across the finish line Monday. I’ll keep this post updated.
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