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  • #3,881
  • Sep 17, 2021 5:55pm Sep 17, 2021 5:55pm
Quoting chrissfx
Hey Guys, me reading since first post. Thanks for this great thread! One to mention for the future. Prop trading has been great 20 years ago (speaking for Germany). Good traders are now recruited by private firms... How long till the we can get nice offers from the 'big sharks' (banks) ? Best Chriss
It doesn't usually work that way.

To make in-roads into the trading space of banks typically requires at least a good grounding in university level finance or similar based on the banks recruiting policies and YOU need to reach out, not the other way around.

Go to the major banks (investment banking) websites such as Goldman Sachs, JP Morgan Chase, Morgan Stanley, Citigroup, Merrill Lynch, Deutsche, Barclays and several registered Hedge Funds.

Start with a desktop study and in no time at all you will see how candidates are recruited in this space ... to put it simply ... very involved.

To top that off you are highly likely not to be trading their capital anytime soon, first step if you get a job there is learning the various aspects of the 'business' under the care of a more senior employee.

If this is what you want by all means go for it.

However, there are other ways to do this ... retail Prop Firm's.

Masterrmind .........
Master your Mind then Master your Trades
  • #3,882
  • Sep 17, 2021 6:19pm Sep 17, 2021 6:19pm
Quoting Masterrmind
{quote} It doesn't usually work that way. To make in-roads into the trading space of banks typically requires at least a good grounding in university level finance or similar based on the banks recruiting policies and YOU need to reach out, not the other way around. Go to the major banks (investment banking) websites such as Goldman Sachs, JP Morgan Chase, Morgan Stanley, Citigroup, Merrill Lynch, Deutsche, Barclays and several registered Hedge Funds. Start with a desktop study and in no time at all you will see how candidates are recruited in this...
Not to mention, 80-90% split and work wherever you wish.
  • #3,883
  • Sep 17, 2021 6:42pm Sep 17, 2021 6:42pm
In my view, MFF is still ahead of FTMO.
Getting paid by a prop firm is the second step.
The first step is to clear the evaluation stage

  1. MFF is 2% less than FTMO.
  2. MFF has unlimited retries vs FTMO has only 1 retry.
  3. MFF members "may be eligible for an extension" if unable to reach full profit target. FTMO doesn't have any such condition.

Cheers
Garfield

Trading is SIMPLE not EASY.
  • #3,884
  • Sep 17, 2021 6:47pm Sep 17, 2021 6:47pm
Quoting garfield75
In my view, MFF is still ahead of FTMO. Getting paid by a prop firm is the second step. The first step is to clear the evaluation stage MFF is 2% less than FTMO. MFF has unlimited retries vs FTMO has only 1 retry. MFF members "may be eligible for an extension" if unable to reach full profit target. FTMO doesn't have any such condition. Cheers Garfield
Agree. I use both simply to have more capital and to diversify risk, plus both have rock solid payment history. I believe FTMO is ALOT bigger than most folks realize.
  • #3,885
  • Sep 17, 2021 7:28pm Sep 17, 2021 7:28pm
Quoting pipmaster77
{quote} Not to mention, 80-90% split and work wherever you wish.
Yes and the banks won't give out that type of split in favor of the trader.

Being a trader at a Hedge Fund, Investment Bank or large Superannuation Company certainly has its perks such as base salary, profit share, work environment, access to technology and possibility to communicate with a firms current top traders to name a few but the process in getting to a 6 or 7 figure income is far more involved.

Pros and Cons for both sides.

Far simpler option would be to have a go at a few challenges (start with the lower priced ones if necessary) and work your way up from there.

Only pressure is your own ability to pass through the few stages and then once funded keep the account at all costs.

Masterrmind ........
Master your Mind then Master your Trades
  • #3,886
  • Sep 17, 2021 8:24pm Sep 17, 2021 8:24pm
Quoting Masterrmind
{quote} Yes and the banks won't give out that type of split in favor of the trader. Being a trader at a Hedge Fund, Investment Bank or large Superannuation Company certainly has its perks such as base salary, profit share, work environment, access to technology and possibility to communicate with a firms current top traders to name a few but the process in getting to a 6 or 7 figure income is far more involved. Pros and Cons for both sides. Far simpler option would be to have a go at a few challenges (start with the lower priced ones if necessary)...
Plus most places, you’re asked to trade the way the firm wants you to trade. I knew of a chap that got a rude awaking going in. Had to trade only one way with either VWAP charting or the DOM ladder.
Trade with confidence, trade without fear.
  • #3,887
  • Sep 17, 2021 8:37pm Sep 17, 2021 8:37pm
Quoting Cryptosurf
{quote} Plus most places, you’re asked to trade the way the firm wants you to trade. I knew of a chap that got a rude awaking going in. Had to trade only one way with VWAP charting or trading the DOM ladder.
Yes exactly, very difficult to introduce your own trading strategy especially if it's far removed from what has shown to be working for them.

Lengthy process involved in implementing your own strategy if it actually gets implemented.

Whereas, in the retail Prop Firm space a trader generally has far more freedom even though there are rules to follow they never really stipulate a set trading strategy to use. Afterall, spreading the risk across traders entails the use of different strategies.

Masterrmind ........
Master your Mind then Master your Trades
  • #3,888
  • Sep 18, 2021 12:03am Sep 18, 2021 12:03am
Quoting Koop
{quote} Lmao Some Lieden slander is always appreciated. {quote} You do not trade from home?
Yes, I do trade from home but I spend a lot of time hiking in the canyons. I'm an adventure seeker and I'm obsessed with photographing birds. I also spend a lot of time volunteering at my daughter's school so I'm rarely home during the day. Plus I live in the western US so 8am my time is 11am New York time so trading is over at that point anyway. Bad time zone for trading forex. London open is midnight my time
Pride always comes before destruction.... -Proverbs 16:18
  • #3,889
  • Sep 18, 2021 12:28am Sep 18, 2021 12:28am
Quoting Expo33
{quote} As I stated in a previous post, I signed up for the 25K account on Monday and am now about 6% in profit so I'll find out soon enough if I get paid. Sent in my documents for ID verification 48 hours ago but my profile still says "unverified" so I sent a telegram message to the "one-man show" Mark asking about this and he responded within the hour saying he will check on it. Out the door for the day but will update tonight when I get home. Until payday on the 25th, I'll freeroll with the extra 1% profit so I stay at the 5% minimum profit requirement...
UPDATE

Mark, the "one-man-band" said he'd check on my ID verification and now I'm verified and good to go.

Certainly not recommending DT4X but so far the trading conditions and support have been good. Although having a dead chat box on their website is foolish. You'd think they could at least hire someone named Mobumbadingo from the Congo to man the chatbox.

Also, I haven't been able to find any complaints about nonpayment. If I had to guess, I would assume they don't have a big client base and I would imagine the majority of the "instant funding gratification junkies" like me blow up so they never get to request any withdrawals anyways. Also, they changed their name and website along with their funding offers so it seems like they are starting from square one, with their one employee Mark.

Anyways, I've got $266 of drawdown to play with now until the 25th. I want to make sure I stay at or above that 5% profit withdrawal threshold.

PS. Jessica honey I'm sorry for cheating on you with DT4X. I promise to come back to Funding Junkies very soon.
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Pride always comes before destruction.... -Proverbs 16:18
  • #3,890
  • Sep 18, 2021 3:41am Sep 18, 2021 3:41am
Quoting garfield75
In my view, MFF is still ahead of FTMO. Getting paid by a prop firm is the second step. The first step is to clear the evaluation stage MFF is 2% less than FTMO. MFF has unlimited retries vs FTMO has only 1 retry. MFF members "may be eligible for an extension" if unable to reach full profit target. FTMO doesn't have any such condition. Cheers Garfield
FTMO allows unlimited retries as well.

But yeah, MFF is still slightly ahead in terms of offering.
  • #3,891
  • Sep 18, 2021 3:45am Sep 18, 2021 3:45am
Quoting Expo33
{quote} Yes, I do trade from home but I spend a lot of time hiking in the canyons. I'm an adventure seeker and I'm obsessed with photographing birds. I also spend a lot of time volunteering at my daughter's school so I'm rarely home during the day. Plus I live in the western US so 8am my time is 11am New York time so trading is over at that point anyway. Bad time zone for trading forex. London open is midnight my time
Lol the good life.
So, full time trader? Nice!!


Does anyone here still work a "main" 9-5 job or business? With trading on the side?
  • #3,892
  • Sep 18, 2021 7:29am Sep 18, 2021 7:29am
Quoting Koop
{quote} Lol the good life. So, full time trader? Nice!! Does anyone here still work a "main" 9-5 job or business? With trading on the side?

I thought I better send you a picture of me at work
Attached Image
  • #3,893
  • Sep 18, 2021 8:31am Sep 18, 2021 8:31am
I still think the non robotic human interaction MFF provides makes them the best. FTMO is fine and all the changes are a little gimmicky but the company itself is still "cold". Alas, pays the bills and thats all we can ask for in the end.
  • #3,894
  • Sep 18, 2021 9:45am Sep 18, 2021 9:45am
Quoting garfield75
In my view, MFF is still ahead of FTMO. Getting paid by a prop firm is the second step. The first step is to clear the evaluation stage MFF is 2% less than FTMO. MFF has unlimited retries vs FTMO has only 1 retry. MFF members "may be eligible for an extension" if unable to reach full profit target. FTMO doesn't have any such condition. Cheers Garfield
most important of all for myff

NO NEWS RESTRICTION, big no-no for me and reason why i didnt go with ftmo again once i lost my account months back ( i dont even check for news anymore)

in ftmo when i was funded i amslost violated the news rule (i closed my trade 4-5 minutes before the news by chance)
and in my second funded month i closed my trade at break even because news were coming and it was a 5 pip stop. that one trade alone would have won between 14-20k. (it moved about 80-120 pips in that day alone i dont remember ecactly)
then i got pissed and lost the acount.

never loocked back since then
offering my system to copy trade. check my link
  • #3,895
  • Sep 18, 2021 9:53am Sep 18, 2021 9:53am
Quoting nikosk0
{quote} most important of all for myff NO NEWS RESTRICTION, big no-no for me and reason why i didnt go with ftmo again once i lost my account months back ( i dont even check for news anymore) in ftmo when i was funded i amslost violated the news rule (i closed my trade 4-5 minutes before the news by chance) and in my second funded month i closed my trade at break even because news were coming and it was a 5 pip stop. that one trade alone would have won between 14-20k. (it moved about 80-120 pips in that day alone i dont remember ecactly) then i...
For me, it was also a big no-no. But they have recently started offering an account that allows holding trades during news and through the weekend. Only one restriction is 1:30 max leverage though.

I like this.
  • #3,896
  • Sep 18, 2021 10:41am Sep 18, 2021 10:41am
Quoting nikosk0
{quote} most important of all for myff NO NEWS RESTRICTION, big no-no for me and reason why i didnt go with ftmo again once i lost my account months back ( i dont even check for news anymore) in ftmo when i was funded i amslost violated the news rule (i closed my trade 4-5 minutes before the news by chance) and in my second funded month i closed my trade at break even because news were coming and it was a 5 pip stop. that one trade alone would have won between 14-20k. (it moved about 80-120 pips in that day alone i dont remember ecactly) then i...
Wouldn’t surprise me if they dump that requirement altogether.
Trade with confidence, trade without fear.
  • #3,897
  • Sep 18, 2021 11:06am Sep 18, 2021 11:06am
Quoting Mtinifx
{quote} I thought I better send you a picture of me at work {image}
I feel your pain. My back has been killing me lately.
Attached Image (click to enlarge)
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Pride always comes before destruction.... -Proverbs 16:18
  • #3,898
  • Sep 18, 2021 11:09am Sep 18, 2021 11:09am
This was from one of the post in FT Discord posted by Wade.

"Ask any other firm to provide their broker license - or just go online and check if they are a registered broker. If not then you have your answer.
And copying to a Live Account doesn't excuse a company from needing a broker license. That would be one heck of a loophole"

If what he says is true, then neither FTMO or MFF or any Prop firm claiming to copy trades cannot operate without a broker license. Both FTMO and MFF have stated that they are not brokers.

It is kind of getting more and more confused scenario, any one help me understand this?
  • #3,899
  • Sep 18, 2021 11:24am Sep 18, 2021 11:24am
Quoting karun
This was from one of the post in FT Discord posted by Wade. "Ask any other firm to provide their broker license - or just go online and check if they are a registered broker. If not then you have your answer. And copying to a Live Account doesn't excuse a company from needing a broker license. That would be one heck of a loophole" If what he says is true, then neither FTMO or MFF or any Prop firm claiming to copy trades cannot operate without a broker license. Both FTMO and MFF have stated that they are not brokers. It is kind of getting more and...
This is the definition of a forex broker:

A foreign exchange broker, or forex broker, is a financial service provider that lets you buy and sell currency. It's a bit like a middleman between traders and the interbank, which is a global market that allows you to trade foreign currency. Traditionally, a forex broker would buy and sell currencies on your behalf.

They are not doing that. We are trading for them not for ourselves, we are just receiving commission on trades we have placed that they then copy to their own accounts. So, they are not taking our money and then placing that money in the market when we place trades like for instance fxpro do.

It is their own money not ours. If you go to their site you cannot deposit funds and then trade with them, that is a forex broker and the reason they need to be regulated because otherwise they could run off with our money. We however, have NO money with them they can run off with. The worst that can happen to us is if they go out of business and we lose a months wages, and that happens all the time with normal companies.
  • #3,900
  • Sep 18, 2021 11:27am Sep 18, 2021 11:27am
Quoting Takisd
I still think the non robotic human interaction MFF provides makes them the best. FTMO is fine and all the changes are a little gimmicky but the company itself is still "cold". Alas, pays the bills and thats all we can ask for in the end.
Yes, if you go back to when I took my first challenge, it's like 15 months with FTMO, never a personal interaction with anyone, while within my first two weeks with MFF, still doing an eval at that point, I'm having conversations with Josh, so yes, definitely a more human touch.
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