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Hello! I was wondering if anyone here uses a funded trading account to trade with? I recently passed an evaluation with OneUpTrader and I am getting a funded account in a few days. I feel it has helped me tremendously with my trading discipline. I would love to hear any feedback or experience anyone has had with them. Thanks, Mike.
Hello! I was wondering if anyone here uses a funded trading account to trade with? I recently passed an evaluation with OneUpTrader and I am getting a funded account in a few days. I feel it has helped me tremendously with my trading discipline. I would love to hear any feedback or experience anyone has had with them. Thanks, Mike.
Mike, congrats!
I am using top step, still in evaluation. Actually get a trading group together of guys trading the ES, If you want to connect hit me up
These funded account companies have stepped up their social media marketing campaigns a lot lately. I've considered them, but I'd rather grow my account with my own money and my own risk. It's true that it can help you with discipline, but you can also call your broker and ask them to apply the same rules as these accounts have.
You often get a "$50.000" account, but in reality, with OneUpTrader for example, you get a $2500 max drawdown, and enough room for the margin requirements to trade 2 contracts. You have to earn the ability to scale up to 6 contracts with your profits. So in reality you get a $3500 account. Pretty much the amount you earned during the evaluation! So if you had started trading your own money instead, you would have made the same money, and you'd get to keep 100% of that profit, and you would be able to withdraw it right away.
Also, depending on your location, your citizenship and the prop firm, in some cases you're required to fill a form 1099-NEC. For me in my country, this would mean I'd pay taxes on the profits as if it were salary paid out by a company. Which means a huge increase in taxes owed. I pay about 90% less taxes on profits from my own account. So on top of the 20% they take (which will add up to be a whole lot of money, mind you), you might also have to pay a lot more taxes. My advice would be to look into this first.
I would recommend funded accounts for people who have a hard time switching from the simulator to real money, in some cases. If you have an issue with trading your own money, by all means, start with a funded account, or keep one on the side for fun. But long-term, better to trade your own money as a retail trader.
