Earn2Trade Founder Charged With Fraud

Discussion in 'Prop Firms' started by LCK2000, Sep 10, 2020.

  1. trade2020

    trade2020

    One thing I'll say is--if someone is considering taking a tryout/challenge to try to get a funded account and splitting profits with funding co (Versus just funding their own account with their own cash and keeping 100% of profits) -- that FTMO offers the fairest deal in my opinion versus Earn2Trade, Topstep and the rest of them

    FTMO offers a starting daily loss limit of $5,000

    FTMO offers a "fixed" max drawdown (not trailing) of $10,000 - so as an example if you have $4,500 in profits--now you have a $14,500 max drawdown - whereas the other companies that use a trailing max drawdown of say $4,500 would still trail your drawdown from your intraday high P&L (realized or unrealized). The fixed drawdown also allows you to withdraw all profits to zero and still have your full daily loss limit and max drawdown intact --where the others do not--if you withdraw all profits to zero with the others then your account is closed

    FTMO offers a clearly defined program (disclosed upfront--in writing) to increase your account size by 25% (and more importantly also increasing your daily loss limit and max drawdown by 25%) every 4 months for meeting certain criteria--the others only "allude" to the fact that they "may" increase with no defined math at all as to what qualifies for an increase and what would that increase be. https://ftmo.com/en/scaling-plan/

    FTMO offers you the ability to pass 3 tryouts and combine all 3 funded accounts into one account - meaning you could have to start off with - $15,000 in a daily loss limit and $30,000 in fixed max drawdown. The others only allow you to have 1 account. Now combine that with the ability to grow account size, max daily loss limit and max fixed drawdown limit by 25% every 4 months.

    FTMO will refund your tryout fee in full with your 1st profit withdrawal. I do not believe Earn2Trade mini gauntlet or Topstep (or others) offer that

    Data Fees - Im not completely sure about this point but I believe there is no data fee on funded FTMO accounts - if true that saves potentially $100/month or more over Topstep, E2T and others as well



     
    Last edited: Sep 13, 2020
    #181     Sep 13, 2020
    tomtr27 and legionx like this.
  2. traderjo

    traderjo

    Here is one concern about FTMO though they don;t seem to trade Exchange traded products but OTC products so with the "broker" is most likely market maker... so in long run if Most of FTMO funded traders keep winning the broker is not going to like it! have you considered that aspect
     
    #182     Sep 13, 2020
  3. trade2020

    trade2020

    My personal opinion is I think that is incorrect and not a concern. I believe FTMO uses LMAX

    https://www.lmax.com/global?gclid=EAIaIQobChMInMf0-aHn6wIVAZyzCh2uCgBGEAAYASAAEgKxDvD_BwE


     
    #183     Sep 13, 2020
  4. traderjo

    traderjo

    #184     Sep 13, 2020
  5. They now only use LMAX and Purple Trading. They used to use many more though.
     
    #185     Sep 13, 2020
  6. trade2020

    trade2020

    yes that is correct i believe you can choose which one to use - from what I hear most people use LMAX which is supposed to be a very high level firm
     
    #186     Sep 13, 2020
  7. traderjo

    traderjo

    ok LMAX is supposed to be a true market rather than a OTC bucket shop so +1 for FTMO however my other concerns reg this business model remain unchanged
    Also where is FTMO regulated! even as simple company!
     
    #187     Sep 13, 2020
  8. I guess it was our prop firm!
    We don't mind people trading their own way as long as they stay within our set risk parameters.
     
    #188     Sep 13, 2020
  9. You've got a couple of people with heavy 8 figure careers telling what doesn't work....and it's ignored. Guess every dilettante knows more than industry practioners with employment histories in finance and over a decade of success running their own book. Scary.

     
    #189     Sep 13, 2020
  10. Desperation isn't a good look either.
     
    #190     Sep 13, 2020
    legionx likes this.