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EliteTraderFunding


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EliteTraderFunding

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  #1 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
Thanks: 6 given, 20 received

Have any of you used these? And if so, have you been paid out?

I emailed their support and asked a few questions, and tbh I was shocked to find out their policies.

Firstly, they have a nasty drawdown system on most of their accounts - it takes into account unrealised PnL. Lets say your drawdown is $4000. So you place a contract on the NQ, it shoots up to $700 in profit, goes back down, you decide to exit at $400 profit. Your drawdown is now $3300 and has lost $700, even though you only took $400 profit. It's a strange way to trade, but that's their rules, except for the eod accounts.

But that's not my problem, the issue is their payout policy. You need to have 20 trading days for your first payout, and that payout is limited by an amount they decide. I think it's about $1000-$3000 depending on which account you go for. This is the same for the first 4 payouts, after that you can take out what you like.

However, if you break a rule in this time, such as leaving an order on the chart or accidentally going over your allowed contract amount, then you forfeit ALL PROFITS! So you could spend months trying to pass, thousands on subscription fees and resets, then end up with nothing.

And to top it all off, you're not even trading live when you get funded. Support have just told me they start everyone out on a sim account! Yet it doesn't state this anywhere on the site. Feels like a huge scam to me, and I doubt I'll ever join them. But I did want to see what the community had to say about it.

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  #2 (permalink)
 cdnftrstdr   is a Vendor
 
 
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Posts: 104 since Apr 2020
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VirtualMark View Post
Have any of you used these? And if so, have you been paid out?

I emailed their support and asked a few questions, and tbh I was shocked to find out their policies.

Firstly, they have a nasty drawdown system on most of their accounts - it takes into account unrealised PnL. Lets say your drawdown is $4000. So you place a contract on the NQ, it shoots up to $700 in profit, goes back down, you decide to exit at $400 profit. Your drawdown is now $3300 and has lost $700, even though you only took $400 profit. It's a strange way to trade, but that's their rules, except for the eod accounts.

But that's not my problem, the issue is their payout policy. You need to have 20 trading days for your first payout, and that payout is limited by an amount they decide. I think it's about $1000-$3000 depending on which account you go for. This is the same for the first 4 payouts, after that you can take out what you like.

However, if you break a rule in this time, such as leaving an order on the chart or accidentally going over your allowed contract amount, then you forfeit ALL PROFITS! So you could spend months trying to pass, thousands on subscription fees and resets, then end up with nothing.

And to top it all off, you're not even trading live when you get funded. Support have just told me they start everyone out on a sim account! Yet it doesn't state this anywhere on the site. Feels like a huge scam to me, and I doubt I'll ever join them. But I did want to see what the community had to say about it.


I hate to tell you, but this is how most of the firms operate. Don't get me wrong, I'm actually a fan of the prop firm model, have passed and am funded by several. But, the trailing drawdown aspect is fairly common. As is the sim trading, almost all firms start you out on sim these days even once "funded". I think I saw you comment on TradeDay thread, they are one of the very few who do give you actual real capital to trade with from Day 1 of being funded.

As for "scam", people throw that term around way too loose these days. They provide you what they claim to. If you don't like their rules, there's other options.

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  #3 (permalink)
VirtualMark
Birmingham, United Kingdom
 
 
Posts: 32 since Jul 2022
Thanks: 6 given, 20 received



cdnftrstdr View Post
I hate to tell you, but this is how most of the firms operate. Don't get me wrong, I'm actually a fan of the prop firm model, have passed and am funded by several. But, the trailing drawdown aspect is fairly common. As is the sim trading, almost all firms start you out on sim these days even once "funded". I think I saw you comment on TradeDay thread, they are one of the very few who do give you actual real capital to trade with from Day 1 of being funded.

As for "scam", people throw that term around way too loose these days. They provide you what they claim to. If you don't like their rules, there's other options.

They're the only ones I've found that have unrealised profit in the drawdown. Most seem to be EOD drawdown.

Which ones have you passed? Have you been paid out? I just don't want to give them my money then not get paid.

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  #4 (permalink)
Phoenixoboros
Paris France
 
 
Posts: 24 since Feb 2021
Thanks: 42 given, 14 received


VirtualMark View Post
They're the only ones I've found that have unrealised profit in the drawdown. Most seem to be EOD drawdown.

Which ones have you passed? Have you been paid out? I just don't want to give them my money then not get paid.

Not the only one, there's ApexTraderFunding and Leeloo that trail unrealized PnL as well, off the top of my head.

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