I posted this in another forum but want to ensure that as many traders are aware of this as possible.
I have been viewing threads here for the past decade or so. Mostly a lurker but today something has prompted me to contribute to the trading community so it might help someone.
I develop algorithms and run them with different funding firms - some work, some don't. Today, I want to talk about earn2Trade and their business policies.
I received an email from earn2Trade for a 40% discount - figured why not - lets run an algo on the $75K account. Their portal says up to 9 contracts on $75K account. I figured with a daily loss limit of $1750 - probably try with 4 contracts.
So the first day today - the algo puts on a trade - 2 with ES and 2 with NQ. Trade is profitable - minor but positive. Then I try to put on another trade but that doesn't work. So I reach out to their support - who point out I have violated their position size rule. At this point, I am trying to understand what the heck is going on - this is the very first day of trading - your website says 9 contracts and I am not even half of that - so how did I end up violating their position size rule.
Well the support points out that they have these position sizing rules of following a progression ladder that is never mentioned in the whole process of signing up - further its not even part of the welcome email that I received. But when you sign up - as a user - what you see is up to 9 contracts - totally misleading. The support mentions that their website says - follow progression ladder - but its not even a clickable link to find out what it means - and further if your intentions are right why say up to 9 contracts and have the user figure out what this progression ladder means - if the intentions were genuine - first it would be a link that's clickable to explain what they mean and second don't mislead with up to 9 contracts - instead say depending on the account balance with a clickable link that explains everything and lastly add those details to the welcome email.
Further, they don't even want to work with you - I mean its the first day - and even if its their policy - they don't want to extend the courtesy to fix it.
My point being - just another vendor trying to lure in traders - I mean I understand that is their business model - failure of a trader is their success but do you really have to resort to such cheap tactics ?
I hope other traders learn from this experience.
New Information after posting above -
Apparently the orange asterisk is actually a link. This in itself provides a clear picture of their intentions - if they were genuine - would the asterisk be a link or would the text of "Follow Progression Ladder" a link - the actual title.
I am a developer myself - develop algos, websites, etc. - how often do you see where an asterisk is a link and not the actual text ?
I mean think about it for a minute - what does they say about the vendor - very shady !
I have been viewing threads here for the past decade or so. Mostly a lurker but today something has prompted me to contribute to the trading community so it might help someone.
I develop algorithms and run them with different funding firms - some work, some don't. Today, I want to talk about earn2Trade and their business policies.
I received an email from earn2Trade for a 40% discount - figured why not - lets run an algo on the $75K account. Their portal says up to 9 contracts on $75K account. I figured with a daily loss limit of $1750 - probably try with 4 contracts.
So the first day today - the algo puts on a trade - 2 with ES and 2 with NQ. Trade is profitable - minor but positive. Then I try to put on another trade but that doesn't work. So I reach out to their support - who point out I have violated their position size rule. At this point, I am trying to understand what the heck is going on - this is the very first day of trading - your website says 9 contracts and I am not even half of that - so how did I end up violating their position size rule.
Well the support points out that they have these position sizing rules of following a progression ladder that is never mentioned in the whole process of signing up - further its not even part of the welcome email that I received. But when you sign up - as a user - what you see is up to 9 contracts - totally misleading. The support mentions that their website says - follow progression ladder - but its not even a clickable link to find out what it means - and further if your intentions are right why say up to 9 contracts and have the user figure out what this progression ladder means - if the intentions were genuine - first it would be a link that's clickable to explain what they mean and second don't mislead with up to 9 contracts - instead say depending on the account balance with a clickable link that explains everything and lastly add those details to the welcome email.
Further, they don't even want to work with you - I mean its the first day - and even if its their policy - they don't want to extend the courtesy to fix it.
My point being - just another vendor trying to lure in traders - I mean I understand that is their business model - failure of a trader is their success but do you really have to resort to such cheap tactics ?
I hope other traders learn from this experience.
New Information after posting above -
Apparently the orange asterisk is actually a link. This in itself provides a clear picture of their intentions - if they were genuine - would the asterisk be a link or would the text of "Follow Progression Ladder" a link - the actual title.
I am a developer myself - develop algos, websites, etc. - how often do you see where an asterisk is a link and not the actual text ?
I mean think about it for a minute - what does they say about the vendor - very shady !
