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  • #14,161
  • Mar 1, 2023 7:21am Mar 1, 2023 7:21am
FTMO ceased accepting Indian customers (apparently due to regulatory reasons)
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  • #14,162
  • Mar 1, 2023 7:22am Mar 1, 2023 7:22am
Quoting Bizziebee
{quote} I think they will give you a trial account if you ask on chat. It's Purple markets broker. Spreads are OK but not as good as FTMO of course
Oh sorry I see that I still have their platform on my computer. There you are:

Commission is $5 per standard lot
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  • #14,163
  • Mar 1, 2023 7:57am Mar 1, 2023 7:57am
Quoting Capablanca
FTMO ceased accepting Indian customers (apparently due to regulatory reasons)
-Hmm. Curious if this is due to regulatory reasons, or risk management? If regulatory, I have to wonder who could be next. If risk management, I have to wonder if it is due to cheater/scammer reasoning.

It is never a good thing to see an entire country get blacklisted, because whether or not the reasoning is due to regulation or risk management, you will always have collateral damage in the form of many good traders losing out on opportunities to improve their situation.
  • #14,164
  • Mar 1, 2023 7:59am Mar 1, 2023 7:59am
Quoting Bizziebee
Wow, you found holy grail friend?
-No, but anyone that persists long enough with trading over several years will eventually have an understanding of how the market moves.

By the way, some markets are more predictable than others.
  • #14,165
  • Mar 1, 2023 8:01am Mar 1, 2023 8:01am
Quoting Feelas
{quote} account manager, that's the thing make me feel suspicious about fundednext. with each problem you face no one can help you if you couldn't contact your account manager and you would be lucky if you get a response from him within 24hours. feels like the account manager is separated from the company. I don't understand why do we struggle getting to contact account manager while they can simply forward our query to him. Folks, it looks like a new fad. just imagine account manager doesn't have an email belong to the company ! you only contact...
I like to test props that are around for a while (many months at least) and that we saw already a lot of payout proofs.

Thus, I tested Funded Next and they pay. So far I received 3 payouts + refund. Payouts were easy to request in the site and payments were done the day after, even being weekends. On that part (payout) they were one of the best experiences. But....

The problem with them is when you have to sort out a problem.

I had an issue with my dashboard not updating and contacted my account manger. He didn't reply once, twice, three times. I contacted support and they told me to contact account manager. I said I've done that already and the answer was that I had to wait for the account manager and they could do nothing. Support is, thus, completely useless and we're at the mercy of the account manager.

The guy managed to sort out the problem but initially he thought the dashboard was correct. It's the typical "robot" brainless guy. I had to insist twice until he realized it. It took one and half week to solve that.
I had an experience with Traders Central Funds and I thought there was not customer service worse than them. Well, I was wrong. Funded Next is even worse. The worse of all the ones I know.

So, in resume, Funded Next is good and pay only if you're lucky enough of not having any technical problem in dashboard and so one. At some point you will have problems and then you are screwed and will consume a lot of energy to sort out the problem. I would avoid.

Btw, funded account has the worse execution of all I know. Only 1 lot of EURUSD gets always about 1 to 1.2 pips slippage, out of news time, London session. It's clearly parametrized. So don't be fooled by tight spreads or by good execution during challenges.

And they have the rule of the 2 minutes before and after news. Not even SL or TP can be taken so it's easy to lose the account if you're not carefull.

Not recommended firm at all.
  • #14,166
  • Mar 1, 2023 8:03am Mar 1, 2023 8:03am
Quoting Nsak3y
{quote}-Hmm. Curious if this is due to regulatory reasons, or risk management? If regulatory, I have to wonder who could be next. If risk management, I have to wonder if it is due to cheater/scammer reasoning. It is never a good thing to see an entire country get blacklisted, because whether or not the reasoning is due to regulation or risk management, you will always have collateral damage in the form of many good traders losing out on opportunities to improve their situation.
I assumed it's regulatory because if that was risk (scammers) I think it would be more countries like other props investigated (if I remember well Pakistan, Nepal and some more).
  • #14,167
  • Mar 1, 2023 8:41am Mar 1, 2023 8:41am
Quoting Bizziebee
{quote} I think they will give you a trial account if you ask on chat. It's Purple markets broker. Spreads are OK but not as good as FTMO of course
I thought asking an active user here might be faster :-) I found the commission on their website after all ($5) but it is not clear to which instruments they apply it.
Money is made by sitting, not trading
  • #14,168
  • Mar 1, 2023 8:43am Mar 1, 2023 8:43am
Quoting Capablanca
I assumed it's regulatory...
-Could be. I didn't think India was usually very restrictive with trading, but I could be mistaken. If it is not due to regulation, then I would first assume that it is due to massive copy-trading, but I can only guess.
  • #14,169
  • Mar 1, 2023 9:42am Mar 1, 2023 9:42am
Quoting youngD
Commission for Evertrader is 5$ total for 1 lot. But on dow 1 lot is 5 x bigger than cfd, and Dax 25 x bigger. So for example 0.1 lot Dow you pay 0.5 $ and one point is 0.5 $ value. For Dax 0.1 lot commission is same (0.5$ ) but point value is 2.5 Euro. Saying simple way comission for Dow = 1 point of index value For Dax is less than 0.2 point depending on eurusd rate.
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  • #14,170
  • Mar 1, 2023 10:50am Mar 1, 2023 10:50am
Quoting Nsak3y
{quote}-No, but anyone that persists long enough with trading over several years will eventually have an understanding of how the market moves. By the way, some markets are more predictable than others.
Tell us more. Which markets? Of course we cannot blame you for not sharing a winning formula
  • #14,171
  • Mar 1, 2023 11:18am Mar 1, 2023 11:18am
Quoting Bizziebee
Tell us more. Which markets? Of course we cannot blame you for not sharing a winning formula
-Depends on the type of trader that you are. As a technical trader, I trade indices, which respond very well to indicators. If you are a fundamental trader, you might look at commodities, like oil and especially electricity, since they can be very predictable, depending on the weather and other current events etc..

Trading should be easy. Anyone here can share with you their strategy, but it may only do you so much good, depending on your understanding of the market and risk management etc.. It just takes time.

You can invest four years of your life attending university, spend thousands of dollars for that education, and maybe land a job working for someone else, where you have to adhere to a strict schedule and have a capped income. Or, you can invest that same time and money to learn how to trade, live where you want, work when you want and decide how much you want to earn etc..

Most people are not willing to invest that much into it, probably, and will end up quitting prematurely.
  • #14,172
  • Mar 1, 2023 11:37am Mar 1, 2023 11:37am
Quoting Nsak3y
{quote}-Depends on the type of trader that you are. As a technical trader, I trade indices, which respond very well to indicators. If you are a fundamental trader, you might look at commodities, like oil and especially electricity, since they can be very predictable, depending on the weather and other current events etc.. Trading should be easy. Anyone here can share with you their strategy, but it may only do you so much good, depending on your understanding of the market and risk management etc.. It just takes time. You can invest four years of...
Yes, I swing trade the currencies, but bread and butter is grabbing 100-150 points from the DOW/NAS daily. DOW daily range is 450, NAS is 230. I just want a little piece of it each day.
For anyone struggling, I recommend adhering to the 531 rule of forex trading. Narrow down to a few instruments and learn how they behave like the back of your hand.
  • #14,173
  • Mar 1, 2023 11:51am Mar 1, 2023 11:51am
Passed phase 2 out of 3 on my E8 Track challenge. Not quite as smooth a ride as phase one but gets the job done. Dialed down risk a touch but passed in less than a week. Will dial down risk a bit more for the final phase. Always a good time for a pat on the back.
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And for Forexbali here's the coveted candlestick chart. This pattern is known as the 4-blue soldier expo33 bullish pattern.
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Pride always comes before destruction.... -Proverbs 16:18
  • #14,174
  • Mar 1, 2023 11:57am Mar 1, 2023 11:57am
Quoting Expo33
Passed phase 2 out of 3 on my E8 Track challenge. Not quite as smooth a ride as phase one but gets the job done. Dialed down risk a touch but passed in less than a week. Will dial down risk a bit more for the final phase. Always a good time for a pat on the back. {image} And for Forexbali here's the coveted candlestick chart. This pattern is known as the 4-blue soldier expo33 bullish pattern. {image}
Yes, definitely a bullish pattern with that morning star on 2/26
Good job.
  • #14,175
  • Mar 1, 2023 12:04pm Mar 1, 2023 12:04pm
Quoting pipmaster77
For anyone struggling, I recommend adhering to the 531 rule of forex trading. Narrow down to a few instruments and learn how they behave like the back of your hand.
-Absolutely. I only trade NAS100 at the moment. I narrow down even further and only trade a very specific time block as well, because I can see that the market moves differently, depending on which time block I am trading, because there is different money moving the market.

This is easier to do as a scalper, admittedly, simply because I can accumulate more data, much faster. If I were trading on the weekly chart, for example, it would take me much longer to gather as much data, and by the time I start seeing strong correlations, the market may have evolved by then.

Like you, I do not think that it has to be either-or. It is good find something that you can depend on, like your bread and butter, and also use other capital to diversify, with different risk parameters etc.. Up to each person to decide what their goals are, based on their individual circumstances, but diversification and risk-mitigation are always key elements for long-term success and stability.
  • #14,176
  • Mar 1, 2023 1:03pm Mar 1, 2023 1:03pm
I'm following a prop group. Once in a while someone shows up saying that prop X or Y (established ones) is a scam or not paying.

Today there was a guy claiming that TFF closed his account (emails below) and TFF didn't provide any proof that the account was not being used solely by him (no proof of IPs or such).

I don't know if this guy made anything wrong. He received several payouts (60K since October) and was even invited for an interview. This proves nothing, of course.
He wrote a lot and claimed his innocence saying that he trades through several devices, including portable ones.
Then some other people came up saying that there are other profitable users with blocked accounts in TFF. etc.

So far nothing unusual. It's the day to day in the group. Mostly gossip and we don't really know where the truth is.

What is strange in this case is that after he made the claim, the group has been literally flooded by TFF payout proofs, saying how good is the company, etc.
And some of them with a lot of praise to TFF (long texts, knowing that we are in a telegram group where messages are usually short).
It's like every group trader of TFF suddenly woke up and came up running to post their payout and describe lengthy how good TFF is.

I'm not sure about the guy but regarding the remaining ones, I follow the group for some time, and I'm 100% sure that is all staged. Payouts may be real but users writing that are not real. We can see that by the quantity in a single day and by the care put in writing the texts. This group has twenty payout proofs every day, if that much, splitted by all companies, and suddenly TFF has a barrage of dozens of payout proofs, all in one day, in a short period of hours. It's clearly damage control.

What I see here is something that could be frightening. Namely TFF using an excuse of different IPs to ban any profitable trader, even if all the IPs are of his own.

May be nothing but let's keep eyes and hears well open.
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  • #14,177
  • Mar 1, 2023 1:34pm Mar 1, 2023 1:34pm
Quoting Vitore
{quote} I thought asking an active user here might be faster :-) I found the commission on their website after all ($5) but it is not clear to which instruments they apply it.

E8Funding 5$ commission is round turn, so like 2.5$ per lot, not so bad, their spread are lower than FTMO for forex, so at the end you should have better price.

about TFF yes scaring, but lots of cheater for sure around and we can't know the true story.

As you teached here... better to keep a lower profile... and don't push aggressively.
in holiday till end of November
  • #14,178
  • Mar 1, 2023 2:03pm Mar 1, 2023 2:03pm
Quoting forexbali
{quote} E8Funding 5$ commission is round turn, so like 2.5$ per lot, not so bad, their spread are lower than FTMO for forex, so at the end you should have better price. about TFF yes scaring, but lots of cheater for sure around and we can't know the true story. As you teached here... better to keep a lower profile... and don't push aggressively.
One big risk with E8 is that they are located in US. You cannot offer any kind of investment services in USA without proper licensing.
  • #14,179
  • Mar 1, 2023 3:01pm Mar 1, 2023 3:01pm
I ask here because full of people managing 5% max daily drawdown

there is an Expert Advisor on the MQl5 for MT5 that I can use to set up my max daily risk in my personal account to 1% or 5% and if reached will close all my position?

thank you
in holiday till end of November
  • #14,180
  • Mar 1, 2023 4:17pm Mar 1, 2023 4:17pm
Quoting forexbali
I ask here because full of people managing 5% max daily drawdown there is an Expert Advisor on the MQl5 for MT5 that I can use to set up my max daily risk in my personal account to 1% or 5% and if reached will close all my position? thank you
https://www.mql5.com/en/market/produ...ng006%3aequity
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