I made profits for my investors in the month of February in PIPS and EQUITY amounts.
BUT… 2nd month in a row that Zulutrade declined payment due to their "Signal Providers Services Agreement
I feel very powerless to protest this 2nd even more ridiculous reason to decline payment to a trader who has earned Zulutrade a lot of commissions and who has brought a good strategy to the platform and whose equity curve is at HIGH WATER MARK. Honestly, this policy must be changed, as it means that in months when a trader actually generates profits for the Master Account, for investors, and for Zulutrade, it is withholding payment to the trader who is the sole generator of these profits.
Now this is the second month consecutively when ZuluTrade quoted fine print in the “Signal Provider Services Agreement” that actually are not reasonable when you consider Money Management, best practice in the Fund Management industry (response from partner at Mt Cook Financial below), and actual profits for all the parties involved over the space of 6 to 12 months.
See equity curve below!!!
How can these profits not qualify for trading fees for the trader??
There is no way in hell that this is Risky Trading
January reason: As per article ii, paragraph #4, “For each specific calendar month that a Signal Provider presents a negative Total Monthly PnL performance in pips, the Signal Provider will not be compensated. Total Monthly PnL includes unrealized PnL deriving from the end of month evaluation of the Signal Provider’s open positions.”
See month of January at link above in equity terms. All trade copying and fund management platforms will still pay the trader in this situation.
- Cost to Trader: $ 3779.24 USD
February reason: As per paragraph #4, Signal Providers who introduce high risks to their followers with the inappropriate trading behavior will not be compensated. Inappropriate trading behavior occurs when the Trader allows for his max draw down percentage to exceed 100%, or when his open trades have larger than usual draw downs, or one of the trades reaches -700 pips
See month of February at link above in equity terms. All trade copying and fund management platforms will still pay the trader in this situation.
Cost to Trader: $990.31 USD
This is the very reason the platform has so many disgruntled investors, relatively poor traders who ZT does not retain for longer than 6 to 12 months. In February the trades mentioned were USDZAR trades at 0.01 lots size and they all closed in profit and comprised below 1% risk. This is NOT risky trading, in EQUITY terms or in Money Management terms.
My PIP gain is now higher than the High Water Mark set from December when I was paid for the last time. Both January and February my payments have been declined, totaling $4769.55
My equity is now at new High Water Mark as well.
Mt Cook firm - partner — response to my email as copied above
Antonis, I agree with Greg here. I confirm that he is not a fly by the sleeve manager here, who is here to churn accounts. He is a professional manager who trades for a living and manages his clients with care and quality. I can confirm that he is managing many happy clients here at Mt.Cook as well.
I would strongly recommend making an exception to your rules below, to ensure that he is paid these commissions.
PARTNERS / ADVISERS