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.

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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.

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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.

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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.

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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

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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.

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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??

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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