Account Status 6/9/2024 (Apex, Bulenox, Leeloo, and Precision)

Hello everyone! 😃

It’s been a while since my last update, but I’m excited to announce that starting next week, I will begin live streaming my trades on YouTube. Since my last update, the prop trading landscape has seen significant developments, particularly with Apex, which I will briefly discuss today and explore in more depth in future posts.

Apex – What Does the Future Hold

For those who have been following recent events at Apex, you’re aware that opinions are sharply divided. Some vigorously defend Apex, while others criticize their actions with equal passion. Personally, I understand the reasons behind their decisions, though I wish their communication and flexibility in implementation had been handled differently.

Here’s a quick rundown of the situation:

First, Dollar Cost Averaging (DCA), Apex has always prohibited DCA according to their PA Agreement and website rules. This is undisputable. However, the discussions seem to stem from changes in how they enforce this rule. Previously, Apex communicated through YouTube videos (from what I remember) that traders should not exploit the system and should adhere to their trading rules (e.g., don’t go long and short on the NQ at the same time in hopes to get a windfall trade). If traders did so (i.e., adhered to their trading rules and didn’t take advantage of Apex), Apex would honor payouts. This implied that using a DCA strategy without gaming the system would not lead to payout denials. Many, including myself, operated within these guidelines and benefitted mutually with Apex. However, recently, Apex has specified that:

PERMITTED and ACCEPTED use of DCA Scenario: Apex will allow traders to enter one additional entry only into an open position that currently has a negative PNL. But only a single additional entry execution, after the initial entry, not multiple additional entries. Contract size of the additional entry is not regulated and is at the discretion of the trader, just be sure to keep good risk management practices. DCA has always been prohibited and listed as prohibited in the Apex PA contact and FAQ on the website. This allowance for one additional entry is an update and an “easing” of the restrictions.

https://support.atf.com/hc/en-us/articles/4404875002139-What-are-the-Consistency-Rules-for-PA-and-Funded-Accounts

Interesting, right? Apex has always stated that DCA was disallowed in the PA Agreement and the rules on their website. However, despite this clear rule, their practical approach allowed some flexibility. Traders like myself, who did not attempt to exploit the system and adhered to their trading rules, were able to use DCA strategies and still receive payouts. This symbiotic arrangement seemed fair to both Apex and traders.

Fast forward to recent changes. They now officially permit only one additional entry into a losing position with no more after that, and the size of this additional entry is left to the trader’s discretion, emphasizing the importance of maintaining good risk management practices. Confusing? No, they just changed what they are going to enforce, which is completely up to their discretion. However, you could see how people would be upset by the contradiction and change in enforcement approach. It’s also important to note that the DCA rules were not initially messaged as they are now. If you look through their Discord history, the rule was that you could have 1 DCA, but it could be no larger than your initial entry. They’ve since relaxed that rule, likely due to the feedback they received 👍.

Second, Risk to Reward Ratios, another significant update is the new rule regarding risk management. Previously, the policy was broad and left much to the trader’s discretion. The current, more specific rule states that Risk to Reward Ratios between 3-4 times the amount of potential targeted profit targets are acceptable without raising a red flag. Slight deviations will be reviewed but are generally acceptable depending on the trader’s consistency and history.

Risk to Reward Ratios between 3-4 times the amount of potential targeted profit targets are acceptable to Apex without Red Flag. Slight overages will be reviewed and acceptable based on consistency, history, no existence prohibited activity, or account cycling

https://support.atf.com/hc/en-us/articles/4404875002139-What-are-the-Consistency-Rules-for-PA-and-Funded-Accounts

I believe the main contention was not with the essence of the new rule itself, but rather with how it was communicated. Apex persistently stated in their Discord chats and YouTube videos that there were no new rules. However, upon reviewing my previous PA Agreements and the website prior to the updates, it is clear that the explicitly defined risk to reward ratio of 3-4 was never mentioned. Originally, the risk management guidelines were vague and left largely to the interpretation of the traders. Only recently has Apex clarified that a risk of 3-4 is now considered acceptable, without needing further review. Furthermore, this ratio was initially set at 3, and only later expanded to 3-4. The introduction and explanation of these changes were not as clear as they could have been, contributing to the frustration among traders. See below for the original messaging.

Third, Communication and Transparency, the theme of inconsistent messaging has been a persistent challenge. Apex’s assertions that there are no new changes have led to some confusion and lively discussions 🔥. For those of us who diligently monitor the terms of our agreements, this has been particularly perplexing. We are hopeful for more transparent communication in the future to foster better understanding and cooperation.

Here’s a direct quote from Apex’s Discord:

ok guys this is getting out of hand!

the rules are simple: the stoploss can’t be more the 3 times the target , but it can be smaller like 1:1 or whatever else your strategy requires. we want reasonable stops.

yes you can move stops

note that 1:3 is a ratio. your stop can be for example

5 ticks SL and 5 ticks TP
15 ticks SL and 5 ticks TP
90 ticks SL and 30 ticks TP
40 ticks SL and 20 ticks TP

all ratios between 1:1 and 1:3

no DCA into a losing position
yes you can into a winning position

DCA = dollar cost averaging, meaning adding contract to an open position or average the entry to a lower price

we are here to provide a servire to people. we are not a casino and we don’t enjoy gamblers

these rules were made clearer because of the amount of fraud we were getting

the rules have always been there in the PA agreement

@everyone

https://discord.com/channels/1164636479151161374/1166930495104372786/1240270949287329864

I think any reasonable person can pose two simple questions to understand why the repeated statements of ‘nothing new’ can be frustrating:

1. If no contract terms changed, did what is enforced change?
2. Did the Apex PA Agreement change and if so, how are those terms enforced differently than before?

From my perspective, and based on the above Discord post, the situation is clear: the rules are now explicitly stating that the stop loss cannot be more than 3 times the target—a rule that seems to be a recent clarification rather than an old standard. Previously, this was neither publicly disclosed nor emphasized as it is now. I’ve made it a point to consistently review both their website and PA Agreements, and such specifics were not mentioned as they are today, which brings me to my update on trading with Apex.

Conclusion, 👏 I successfully qualified 20 evaluation accounts (50K accounts), but with the recent enforcement changes at Apex this has prompted me to reassess trading with them. My system, though rigid, heavily relies on DCA and it would be impossible for me to comply with how they are enforcing DCA. Regrettably, after investing over $20,000 (I am still net positive with Apex 💲) and qualifying these accounts shortly after the rule changes, I find myself disheartened that my future trading plans with Apex are not feasible under the current conditions 😭.

Despite this setback, I remain hopeful for a possible revision in Apex’s policies—I would trade again with Apex if such changes were made. I’ve reached out to contacts I’ve previously worked with at Apex to discuss these developments and shared my concerns. While I have yet to receive a response—likely due to their handling of a surge in feedback—I understand and hold no resentment. Apex, as a profit-driven organization, is fully within its rights to modify its PA Agreement and enforcement policies to meet the needs of their stakeholders. I urge everyone within our trading community to maintain a respectful discourse as we navigate these changes, recognizing the challenges from multiple perspectives.

Bulenox – New Beginnings

Following my decision to step back from trading with Apex due to their new enforcement on DCA, I have opened three evaluation accounts with Bulenox, each $50K accounts. Currently, each of these accounts shows a promising start, with approximately $2,000 in profit after just one day of trading. To qualify for a Master Account with Bulenox, I need to reach at least $3,000 in profit and complete a minimum of five trading days. I am optimistic that I can qualify each of these accounts in the coming week.

Leeloo – Flexibility in PA Account Activation

Since my last update, Leeloo ran an amazing Bundle Accounts (LB) promotion on their 25K accounts. I couldn’t help myself and I purchased 10 bundles and successfully qualified all these accounts within just 10 days. Notably, Leeloo has implemented a flexible new policy for activating PAs:

NOT READY TO ACTIVATE YOUR PA? That’s okay, you can wait to activate your Performance account until you are ready to use it. Simply just wait and DO NOT complete ANY of the steps in the link. If you have more than 10 active PAs you can just wait to complete the steps, until you need the other accounts you qualified with to activate. No need to email Leeloo to request more time.

Email with Subject: Leeloo | Congratulations, your trade performance is confirmed Read FULL EMAIL LB-LL######-#-#####

🎉 Currently, I have 10, 25K PA accounts ready and waiting to be activated as needed.

Precision Funding – Recommitting to Trading

Regrettably, I’ve been less active than ideal with my Precision Funding accounts recently. This was largely due to my disappointment (I was in a weird sad mood 😢) and the timing of my decision to step away from trading with Apex. However, I’m ready to turn the page and shift my focus entirely to Precision Funding.

🔥 To reengage actively, I plan to start live streaming my trading sessions on YouTube 🔥. My immediate goal is to qualify all my evaluation accounts before the upcoming rebill date later this month. Here’s a breakdown of the current status of each account (Note: Net Profit is calculated as a change in balance from my last update):