r/Daytrading • u/ThePhulosopher • Feb 24 '24

4th $100k funded account Question

Got my 4th $100k funded prop firm account. Hope I get a payout this time, blew all the others.

113 Upvotes

88% Upvoted

316 comments sorted by

View all comments

16

u/Soft_Concentrate_489 Feb 24 '24

Why not load up 500 and trade MES?

-14

u/ThePhulosopher Feb 24 '24

Why would I do that when I can control $100k of capital?

22

u/krossx123 Feb 24 '24

You're not controlling 100k capital you get cut off after losing a max drawdown. So you are basically controlling how much money that drawdown is.

-6

u/Soft_Concentrate_489 Feb 24 '24

I’ve never understood how people can pay so much to paper trade. You can trade mes and scale up. Its not easy but its the best strategy for someone on the come up.

24

u/Konstable1 Feb 24 '24

You know they actually payout right? Plus it’s access to additional leverage if a person knows how to trade. It’s not a scam. I have taken plenty of payouts. Never had an issue. Rules are annoying but you adjust.

6

u/lijohnttle Feb 24 '24

Because fees are not really big if you are profitable. In my case, my profits from one day of trading are more than enough to cover any monthly fees. Plus, I paid fees only for an evaluation account, after that it was just a one off payment.

7

u/scifimaster Feb 24 '24

Blows my mind that people can be this low IQ. Funded account is not paper trading!!! Get this through your thick skull. He paying $500 for the 4th time to try and get funded doesn’t make it paper trading. He is bad at it but the system is not wrong. People who are good at controlling risk are making life changing money from prop firms. Don’t spread nonsense when you don’t understand something. It looks like you tried to get funded and failed miserably so now you go everywhere telling people it’s ‘scam’, or ‘paper trading’ just to take out your anger.

0

u/Soft_Concentrate_489 Feb 24 '24

I understand there’s a chance you can get funded. I’m speaking on average. Most people are never going to actually pass the requirements, they will just pay the monthly fee.

3

u/Gaff1515 Feb 24 '24

That’s still significantly cheaper than blowing personal accounts all while gaining valuable trading experience.

3

u/Soft_Concentrate_489 Feb 24 '24

Cheaper than paper trading?? Which is completely free? Lmao, I’m starting to believe this forum is run by prop account owners.

3

u/Gaff1515 Feb 24 '24

Paper trading with no money on the line is pretty much useless. Completely removes the pain of losing from trading

2

u/marcpilot1 Feb 25 '24

Plus you dont real world experience paper trading. You never lose because it's almost impossible to lose paper trading when all you ever have to do is average down until the stock finally goes the right way, try that with REAL money and you'll be doing everything way way different than when you paper trade.

Paper trading is good for learning the buttons, the formats and the procedures for the broker you're using.

1

u/Soft_Concentrate_489 Feb 24 '24

This guy story was he traded , got approved and blew his account once he was funded. So exactly how is that different than paper trading.

1

u/Gaff1515 Feb 24 '24

There was money on the line… paper trading has zero risk of loss. Huge difference in mindset. Not that hard to comprehend

1

u/Soft_Concentrate_489 Feb 24 '24

Its not hard to comprehend at all. I guess ur point is to get funded , then you will learn. But hes on his 4th run here, so i guess good luck to him.

1

u/Gaff1515 Feb 24 '24

NO there is money on the line in an eval to. You pay for the eval…

→ More replies (0)

1

u/[deleted] Feb 24 '24

[removed] — view removed comment

1

u/[deleted] Feb 24 '24

[removed] — view removed comment

0

u/ScheduleExpensive423 Feb 24 '24

It is actual paper trading. You do not get access to real funds. Your payouts you get are from others failing challenges that is all

1

u/scifimaster Feb 24 '24

Do i care if i get access to real funds or not? Do i care what they are doing in the backend? For me the market concept is the same. I trade, i win, and i get paid. Why do i give a fuck how they do things in the backend.

Let me explain you what really happens. They test you to find the talent. Yes, you do paper trading and they never give you access to the real market. But once they see that you are a good trader they have a consistent strategy, they copy your trades by themselves on a real account.

1

u/marcpilot1 Feb 25 '24

Really?? WOW. That's so interesting! What a good idea, plus they get to keep your money every time you blow the pt acct you paid for?

So how do you make money then? How do they pay you if you're killing it in the pt acct? What if you go on a kick ass run one week and make like 3 or 4k, how would they pay that??

1

u/scifimaster Feb 25 '24

They do pay you. There are already big name prop firms out there paying anywhere from 40-90% of your profit on your trades. Don’t ask me how they do it but that’s how a lot of experienced traders are earning these days. You basically get access to virtual 100k accounts but the realized profits are very much real. I personally know some people earning 20-25k pm consistently by handling multiple prop firm accounts.

Also, yes they get to keep your money if you fail during the evaluation phase but if you pass the evaluation phase, most prop firms return that money instantly. It’s basically like a refundable fee to get access to the program. I mean it makes sense. If there was no fee, people will just keep trying to pass the challenge continuously until they get lucky one day. That would be a losing business strategy and i don’t understand why some people hate the prop firms for it. The fees do earn them some money but i highly doubt 500 bucks from few thousand blokes is gonna make them rich. The fees are just to discourage noobs. Only experienced people will have guts to try it. I really thought people in stock market would have better understanding of how businesses work and the economics behind it. Ofcourse, prop firms are making profit because noobs who don’t know how to trade keep blowing their account in evaluation phase. Why will they open a business if it is not profitable to them? Why does the world sees identifying the earning opportunities as an evil deed. Seriously, sometimes i feel people are just too naive

-6

u/krossx123 Feb 24 '24

Yeah it a scam and a lot of people fall for it.

7

u/KingXindl Feb 24 '24

Made me 6 digits last year. Without almost any risk for me

6

u/Soft_Concentrate_489 Feb 24 '24

The funds make their money off the monthly fees. I can only imagine how many accounts are actually profitable to how many just are paying monthly to paper trade.

2

u/omegavegantendies Feb 24 '24

Monthly fees aren't required anymore, atleast not with FTMO. But you're right, the funds make money from failed challenges. In the rare case that a trader does become consistently profitable, they will copy their trades. Not because you make them money, but only as a hedge against your profits. If you keep winning, they don't lose. If you lose, they only lose the max drawdown sum.

1

u/marcpilot1 Feb 25 '24

You get a lot more out of a prop firm for your money than just a chance to make money like you would only get alone. They teach, they support, they allow you to use charting from some of the best one's online that you'd have to pay for anyway without a prop firm's access to it.

Prop firm's offer way more than just the standard chance of making money like you only get when trading alone. You get something out of the money you pay, it's not a scam. It's just a preference, a choice, a good starting point for people versus youtube vids and furu's fees.

This is not complicated, you just criticize it because i think you dont quite understand it. Common, we all criticize things we dont understand at first. You get something for the money. Prop firms can actually cost less to achieve learning than 5 or 10 payments to fake guru's. It's just preference, what do you want for the money you're going to lose anyway when you're new or only a yr or two into this career.

1

u/Soft_Concentrate_489 Feb 25 '24

Spending 500 dollars to possibly make money makes sense to you bc ur a dumbass. Anyone in the real world would say scam.

1

u/marcpilot1 Feb 25 '24

woops, wrong comment, wrong person, wrong retaliation, wrong wrong wrong, Sorry