When hearing CFD trading, a lot of people think it’s scam. Because everybody have heard stories, where the CFD broker takes ”other side” of your trades but trust me, TradeNet is a different story. From my own experience I can say, I didn’t had any problems.
How did I came across TradeNet? After blowing up one of my previous brokerage accounts I was out of the game again. And when you are an average working person it’s not easy to save money for new account. So I came across TradeNet challenge and decided to try it. TradeNet challenge is where you have to prove your trading skills and if you are successful, you will receive INTRO package for FREE what usually costs $500. More about these packages and challenge a bit later.
- FAST EXECUTIONS
- NO BORROW FEES
- GOOD CUSTOMER SUPPORT
- CHAT ROOM
- FREE CHALLENGE
- GOOD SOFTWARE
- FAST FUNDING AND PAYPAL OPTION
NOT SO GOOD
- NOT ALL STOCKS ARE TRADABLE
- PROFIT SPLIT
- CANT TRADE PRE MARKET AND AFTER HOURS
- LESS AND LESS SMALL CAPS TO TRADE
SO WHAT IS TRADENET?
Tradenet was founded in year 2004, by Meir Barak who is the Chairman and Head trader of company. Tradenet has now become one of the largest trader training schools and is helping hundreds of people every day to reach their dream of becoming a successful traders.
Tradenet is collaborating with an investments firm (TEFS) which allows its students to apply for account.
WHAT IS MY EXPERIENCE WITH TRADENET?
As I said earlier, I came across Tradenet after blowing up my account with my previous broker. They was having challenge that time, where you could get INTRO program for free, what usually costs $500. (INTRO program is special Tradenet funded accounts program, where you can trade with $14000 account. But if you drop below 13300 you are out.) I decided to give it a try.
Traded from 30.07 – 03.08 and managed to grow account by $1600. To complete challenge I was required to profit at least $500 over 5 day period. To my bad, I failed it because didn’t had necessary 6 tickets a day. At the start of challenge I didn’t thought it gonna be so important. But rules are rules.
You can see some of my trades from challenge HERE.
Don’t be confused, I am using separate TC2000 charts for trading, so usually I am marking trades there.
If you take the challenge, what I would recommend, because you can get something for free. Learning to trade eats a lot of money, if you get possibility to get something for free or discount, use it… And I would highly recommend to read through all the rules as they are very important.
APPLYING FOR ACCOUNT.
After taking the challenge or purchasing any of packages you will be contacted by one of their team members usually by phone. If they cant reach you by phone, you will get an email.
Purchasing the package was fast and easy. I used PayPal what seemed like perfect payment option. No need to go through all that wiring thing.
When you pay you will receive email with confirmation and further steps what is signing the agreements and access to their Educational Centre, chat room, Meirs book ”Market Whisperer” and 14 day DEMO trading account.
TEFS not gonna allow you to trade with real money straight away. They want you to get used to software by using the DEMO account what I would highly recommend.
After registering it will take about 5 days to get your Live sub-account. Anyway you are supposed to receive email with login info stating ”Welcome to funded accounts program”.
I like it. It almost looks the same as direct access broker software. Its even showing the same LV2 prints as on direct access brokers LV2, the only thing your buys and sells not gonna show up on LV2, because it is NOT a direct access broker. Remember, you dont own purchased securities. It even makes the trading easier, because you dont need to wait for somebody to buy or sell to you shares as it is in normal market conditions. You can execute any calculated size you want and you will be filled. Just remember to manage your risk if you dont want to blow up fast.
Executions are quick. I was using hot keys. Yes they have Hot Keys. I even have a blog post how to set them up. It’s HERE if you’r interested.
WHAT HAPPENS WHEN YOU REACH THE MAXIMUM DRAWDOWN?
Yeah, what happens when you blow it up? I traded level 1 sub-account(INTRO program) account for about one week and I reached the maximum drawdown. This is what happened. I was holding ABIL over weekend to expect a Offering on Monday. With TEFS you can’t sell your position after hours or pre market. That got me badly. That day ABIL spiked pre market more than $2 and I was down more than $800 bucks. 09:30 market opened and TEFS blocked the sub-account. I still could see everything, but couldn’t trade. All together I was down $900 what is $200 more than accepted $700.
I was thinking TEFS never gonna let me trade with funded account. But to my surprise, I purchased the INTRO program and applied for level 1 sub-account with them again, and again with discount for $399.
I payed them early UK morning on Friday the 24th Aug and by US market open new account was live again. First time I did need to wait 5 days for it to be live. Now it was in the same day. So here is the answer to your question – What happens if you reach the maximum drawdown?
Only thing you cant purchase more than two INTRO programs.
After losing your second level 1 account TEFS gonna suggest you to go to the next level what is STUDENT or higher programs.
YOU CAN’T TRADE ALL OF THE STOCKS
Thats true, but as far as you dont trade small caps you are ok. All the large caps gonna be tradable. As I am trading small caps it sometimes was an issue for me. Although you will be able to trade small caps what are usually in play all the known and popular stocks. You can’t trade those witch has no previous daily volume.
DON’T APPLY FOR TRADENET IF YOUR TRADING SMALL CAPS. Recently they have removed almost all of them.
OH YEAH. PROFIT SPLIT.
When you are trading with the funded accounts programs, you are splitting the profit. But I think it’s not a big deal, because you got access to trade with large accounts and that’s the price for it. Each of sub-account levels have different splits.
- INTRO program you can keep 70% of profits
- STUDENT program you can keep 75%
- EXPERT program you can keep 80%
- PRO program you can keep 85%
There is higher programs too where you can get 90% and 95%.
FUNDED ACCOUNTS PROGRAMS
There are 4 available programs to public.
Each is more expensive than others, but have their benefits.
TEFS TRADER PLATFORM FEES AND COMMISSIONS
For 1000 shares you pay $6 commission and $1.50 routing fee
Minimum is $1.50 per execution what you pay if there is 200 shares or less
”The current transaction fees in a sub-account are $0.006 per share/CFD ($6 per 1,000 shares/CFD) with a minimum of $1.5 per ticket, all paid by an external investment firm (additional overnight margin and routing fees of $0.0015 apply). A monthly platform and data fee of $15.1 per month is also charged.”
I can say, i didn’t had any problems with them. When you purchase a funded accounts program, you gonna have your own account manager who you can ask for any questions you have.
Usually they contact you first when you start to use one of their programs.
OTHER MENTION ABLE THINGS
- You can upgrade to next level by using your profits
- 14 day money back guarantee if you havent done any trades that period
SOME PEOPLE WHO ARE USING TRADENET
Just few examples, lately I have seen more and more people using Tradenet
Dr G twitter https://twitter.com/2TH_DR_96
Garage Trader youtube https://www.youtube.com/channel/UC-14hcJsH7eE7A0uTZZbb0g
I like TEFS Trader platform and execution speeds, but don’t like that all stocks isn’t tradable. As I am trading small caps it’s quite important for me. And recently they have removed almost all small caps from trading. So I don’t recommend using their services if you are small cap trader.
No need to spend money for borrows makes a huge difference especially on HTB stocks, but it all evens as you split the profit.
I would recommend Tradenet for people who are starting out and for bigger cap traders. As they have a lot of learning options for beginners and options for experienced traders.
They are having FREE CHALLENGE with opportunity to get free INTRO Program. So you can give it a try, just make sure you read the rules.
As a special gift for my followers, I have a discount for all programs. If you decide to join, you can use this LINK .
If You got any questions, please ask.
Thank YOU for attention!