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Which broker do you clear through? Also, are you considered an independent contractor or member of the firm if you get funded? Which tax form do you issue on profits taken? Thank you
Rithmic clears the transactions and we have broker dealers we work with as well. Independent contractor if funded. 1099 (if you're located in the US).
The trades never make it to the market, so no need to worry about that. It's all paper trading even after you're funded. Also, if you're considering this make sure to check out their pay-out rules. Basically, if you make a $10K profit after getting funded - it will take you as long as SIX months to get those profits because there are restrictions on WHEN and HOW MUCH you can take out. There's no way in hell anyone would take this deal being fully informed. Most who do don't bother to read the fine print and discover it only too late. With this pay-out structure I'd say Apex and LeeLoo (who seem to be the same firm with the exact same rules) are among the worst choices for a get-funded company. https://apextraderfunding.zendesk.com/hc/en-us/articles/4405136448411-How-do-payouts-work-
Also a 1099 for US taxpayers is not right for a Futures Trader, except if only a paper account is "traded". A "funded" paper account seems like an expensive demo account, to say the least.
I have a dumb question but i'd like to ask it. Say i am allowed two funded accounts. I go max contracts on the ES, buy in one and sell in the other. I blew up one account but the one remained is guaranteed gain. Am i correct or mistaken?
Isn't Rithmic just the software that one trades through? I meant what brokers/broker delaers do you clear trades through? 1099 is when they keep you as an independent contractor rather than a partner. Also, my 2 cents, but that way of paying out seems like a good way to keep collecting the monthly fee until you blow out the account.
Just wanted to provide very positive feedback to both Apex Investing and Apex trader funding - I have never seen such dynamics in a team and trading room (Elite Room). They provide such great support and assistance to its members and the mentality of Traders helping traders (THT) through the different support forums in their skype rooms and helpdesk support. I have seen Darrell (DM) directly helping out new and struggling traders with basic setups and connectivity issues. DM has helped me personally and have gone above and beyond my expectations and he is the real deal as a person and as a professional. The team behind him is such a passionate group and full of eagerness to help and support in any way. Double thumbs up for me all around.
LOL. Really? What a saint. Exactly how did he help you? And why are you giving two thumbs up? How is this program any better than the other programs? Did you get paid yet? I took a look at the web page again and there's some outrageous claims there: So, Darrel is claiming that he was paid out $300,000 in payouts from one funding company. Is there any proof of this? Why would he be running this business if he's such a capable trader? I would be extremely surprised if this were actually true. 1. If they really wanted traders to succeed they would not have a trailing drawdown on unrealized profits. 2. Regarding hidden rules deep in the terms - check out the payout structure. No where do they blatantly say that the first $10K will take you SIX (!) months to be paid out. At a glance it may seem like a good deal, but upon further inspection it's OBVIOUS that this company wants your subscription fee and nothing else. If by any chance you should get funded they'll lock your "profits" (simulator money) down for 6 months making sure the chances are high you'll blow up. And I'll bet if some hot shot trader would come along who actually racked up funded profits they would simply claim bankruptcy instead of paying out. It's not a scam, but damn, it's very, very close.