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  • #7,701
  • Apr 26, 2022 3:24am Apr 26, 2022 3:24am
Quoting geoffrod
{quote} So, affordable forex funding!!, after April is over can we assume the price doubles? If so fairly comparable with MFF except; only 8% drawdown 10% profit required good that it is only 1 phase of evaluation This is interesting say's 90 days to complete but confusing say's 40 days in another {image} {image} {image}
Yes.

Is it 40 days or is it 90 days ?

Hmmm

Masterrmind ...........
Master your Mind then Master your Trades
  • #7,702
  • Apr 26, 2022 6:18am Apr 26, 2022 6:18am
Quoting Mtinifx
{quote} Hi doji Well done! I was also thinking of trying their $15k account. Can you possibly post a screenshot of their spreads on Gold, and Indices?

Here you go:

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Amor Fati--F. Nietzsche
  • #7,703
  • Apr 26, 2022 6:29am Apr 26, 2022 6:29am
Quoting doji
{quote} Here you go: {image}
Thanks Doji!

I see they have a 1 phase express version which is about 10% more expensive.
  • #7,704
  • Apr 26, 2022 8:46am Apr 26, 2022 8:46am
Quoting Masterrmind
{quote} Yes. Is it 40 days or is it 90 days ? Hmmm Masterrmind ...........
apparently 90 days looks to be the correct number
  • #7,705
  • Apr 26, 2022 9:45am Apr 26, 2022 9:45am
Quoting Capablanca
Any guidance here ? 2. What do they mean by this: "Scaling up (To the moon) My Forex Funds offers a competitive scaling up plan so that we grow with you. If you have achieved a profit of 10% or more within a 4 month period and 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size. At the time of scale up request, trader should be breakeven or positive with the account balance." Assuming that someone fits in the conditions and account is increased from 100K to 130K. Does this mean that the max...
Start 100K w/ 12K drawdown >>> 4 months = >10% return + 2 out of the 4 months = + months >>> Scaled up to 130K w/ 15.6K drawdown
  • #7,706
  • Apr 27, 2022 10:33am Apr 27, 2022 10:33am
Why are prop trading firms good ? Why do you need more than 1 prop trading firm ?

From a Senior FX trader on one of the big 8 banks in FX sitting in NYC, I know they get 3% to 5% of profits with a max. of $2 to $3 million Drawdown.
So that is about $60k to $150k risk capital. On one prop trading firm like FTMO you get 80% of up to 40k risk capital, =$32k, so you need ca. 3 prop trading firms to be on par with an investmentbank FX trader. Second, you do not need to study a lot on University for the prop trading firms, but you need those degrees when to start in a bank. You can just concentrate on trading and the whole research process to that when using a prop firm. But you also need some of the prop trading firms, because 1 prop firm do not offer usually more than $600k in funding (in a fast process). That is why are prop trading firms good for additional capital (especially as kickstart). Also the bank trader gets it bonus in February to April of the following year (one time annually), and in prop firms you get it once or twice a month. That is an additional advantage of the prop firms and your base salary in a bank when you start as trader can be pretty low with high rents residing in a larger metropole too. So with the prop firms one is competitive to the bank FX trader's salary.
  • #7,707
  • Apr 27, 2022 12:15pm Apr 27, 2022 12:15pm
To the German Traders in this thread in German!

Habt Ihr schon einen günstigen Steuerberater gefunden ? Meine Suche war lange und dann wollte der netto 20% vom Gewinn bis 20k und immer noch ca. 7% bis 10% vom Gewinn bei 150k. Jeder Trade wird scheinbar gebucht. Habe jetzt einfach die Lexware Software zu den Steuern mir angeschaut, tut es das auch ? Übrigens die Bafin sollte keine Rolle spielen, da keine Finanportfolioverwaltung vorliegt und eine Anlageberatung an die professionelle Prop Trading Firma auch nicht. Wenn überhaupt, dann muss die Prop Trading Firma lizensiert sein (oder eine Bank, wenn man dort angestellt ist), ist aber scheinbar nicht nötig. Die sitzen alle außerhalb von D, im Ausland, also kein Bafin Zugriff. Wenn man in keine Kategorie reinfällt die erlaubnispflichtig bei der Bafin wäre, dann muss das meiner Meinung nach erlaubnisfrei sein, anders macht sonst eine Regelung kein Sinn. Eine Frage noch, ist das eine reine Selbständigkeit weil es eine reine Dienstleistung ist, oder muss man tatsächlich ein Gewerbe anmelden. Was sagt das Finanzamt bei Euch ?

VG
  • #7,708
  • Apr 28, 2022 2:00am Apr 28, 2022 2:00am
Regarding my review of Traders Central Fund, they never stop surprising me.

I contacted them through chat to check why I haven't received the challenge fee refund after the first profit payout.

In short: they refunded !

In long: the guy in the chat asked the usual bunch of useless questions instead of checking the situation. Then he asked for the challenge ID, email and user tag and said he would forward that to the "team" and promised feedback when the situation was solved. After two days I got refunded but, as expected, no feedback.

As I said before, these guys seem to be very disorganized and to have very poor internal processes in customer service.
At the end they did solve all the 4 issues I had (when purchased the challenge, in the funded account credentials, crypto payment mistake and refund fee) but in none of them they sent me any feedback after solving it.

It's strange because at the end, looking factually, they have paid everything so far (with a lot of time wasted, though).
  • #7,709
  • Apr 28, 2022 4:00am Apr 28, 2022 4:00am
Quoting TrAndy1
To the German Traders in this thread in German! Habt Ihr schon einen günstigen Steuerberater gefunden ? Meine Suche war lange und dann wollte der netto 20% vom Gewinn bis 20k und immer noch ca. 7% bis 10% vom Gewinn bei 150k. Jeder Trade wird scheinbar gebucht. Habe jetzt einfach die Lexware Software zu den Steuern mir angeschaut, tut es das auch ? Übrigens die Bafin sollte keine Rolle spielen, da keine Finanportfolioverwaltung vorliegt und eine Anlageberatung an die professionelle Prop Trading Firma auch nicht. Wenn überhaupt, dann muss die Prop...
das ist die beauty in Prop, du tradest nicht dein eigenes geld, hast somit keinen kapitalzuwachs, du bist ein dienstleister und du wirst bezahlt fuer das druecken von knoepfen, desshalb schickst du denen ja eine rechnung, und kein log bezueglich der trades involviert, diese trades sind nicht dein profit, das ist nur deine arbeit.

(quick English version for the rest)
you not having capital gain, you just being paid for pressing buttons, the bill you send to the firm will/should reflect that.
so there is no capiatal gain, as a result there isn't any capital gain tax, just the income tax.
  • #7,710
  • Apr 28, 2022 4:12am Apr 28, 2022 4:12am
I Place order on 10k evaluation challenge and receive credentials in a minutes.
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  • #7,711
  • Apr 28, 2022 5:28am Apr 28, 2022 5:28am
what do you guys think as prop firm no. 3,4 and 5 behind MFF and FTMO?

also can I ask, what happens in MFF and FTMO if you got extension and still fail to reach profit target? do you get a reset or another extension? can't seem to find that info
In the end its just a stupid numbers game
  • #7,712
  • Apr 28, 2022 5:44am Apr 28, 2022 5:44am
Sideway week with no gain and an overall small loss of equity from the start of the week. Fingers crossed next week will be better.
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Trading is SIMPLE not EASY.
  • #7,713
  • Apr 28, 2022 8:09am Apr 28, 2022 8:09am
Quoting danzka
what do you guys think as prop firm no. 3,4 and 5 behind MFF and FTMO? also can I ask, what happens in MFF and FTMO if you got extension and still fail to reach profit target? do you get a reset or another extension? can't seem to find that info
My personal opinion (based upon my experience):
3. The Funded Trader
4. The Prop Trading
5. True Forex
(although 4 and 5 is a close call)

Traders Central Fund I don't recommend

Check this post. At the end you'll find my review for those 3 props
  • #7,714
  • Apr 28, 2022 8:50am Apr 28, 2022 8:50am
Quoting Capablanca
{quote} My personal opinion (based upon my experience): 3. The Funded Trader 4. The Prop Trading 5. True Forex (although 4 and 5 is a close call) Traders Central Fund I don't recommend Check this post. At the end you'll find my review for those 3 props
Solid review, many thanks man
In the end its just a stupid numbers game
  • #7,715
  • Apr 28, 2022 11:21am Apr 28, 2022 11:21am
Quoting Capablanca
{quote} My personal opinion (based upon my experience): 3. The Funded Trader 4. The Prop Trading 5. True Forex (although 4 and 5 is a close call) Traders Central Fund I don't recommend Check this post. At the end you'll find my review for those 3 props
I decided to test out a little 10K account on True Forex. I was expecting ICmarkets but they apparently have their own server now; TrueProprietaryFunds. Tight spreads but with commissions. Good for me though.

Instant account credentials as stated in your review. I like their parameters as well.

Thanks for all of your valuable reviews!
Pride always comes before destruction.... -Proverbs 16:18
  • #7,716
  • Apr 28, 2022 12:08pm Apr 28, 2022 12:08pm
Quoting Expo33
{quote} I decided to test out a little 10K account on True Forex. I was expecting ICmarkets but they apparently have their own server now; TrueProprietaryFunds. Tight spreads but with commissions. Good for me though. Instant account credentials as stated in your review. I like their parameters as well. Thanks for all of your valuable reviews!
Yep, we discussed some days ago that they were planning to make that move and pipmaster confirmed that they already did, which is probably a good indication (I'm still operating in old ICMarket servers).
If you trade forex, could you please let us know if commissions are still 7 USD per lot in that server ?
Spreads in ICMarket demo servers were (are) the tightest I ever experienced in props.

Good luck for the challenge mate !
  • #7,717
  • Edited 1:18pm Apr 28, 2022 12:12pm | Edited 1:18pm
Quoting Capablanca
{quote} Yep, we discussed some days ago that they were planning to make that move and pipmaster confirmed that they already did, which is probably a good indication (I'm still operating in old ICMarket servers). If you trade forex, could you please let us know if commissions are still 7 USD per lot in that server ? Spreads in ICMarket demo servers were (are) the tightest I ever experienced in props. Good luck for the challenge mate !
Thank you!

Away from the desktop until tonight but I'll check the commissions and post when I get home.

Cheers.

Actually here's a screenshot from day one. It looks like $3.50 on the commission? I highlighted one of the GBP trades
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Pride always comes before destruction.... -Proverbs 16:18
  • #7,718
  • Apr 28, 2022 12:30pm Apr 28, 2022 12:30pm
Quoting Masterrmind
{quote} Ditto Trade:: No additional deposit is required to progress from one level to the next. Confirmed by Mike via Ditto.Trade discord. However, unless the trader can produce phenomenal gains within the trading rules for each level there will be a significant shortfall in reaching the US$ 2,000,000 AUM required for Pro Status. Nevertheless, as I've mentioned before this requirement can be waived at the discretion of Ditto based primarily on how well the trader has managed risk in the account from inception. Masterrmind ............
Hi Masterrmind

Just curious if you or anyone else jumped on board with Ditto and how you are finding things with them?

I’m still dithering whether it’s worth my time with them or the 5fivers freestyle offer (although I still don’t like their criteria) but like what ditto have come up with so far. I see on discord there is some kind of news with them? Any idea?

cheers

F
  • #7,719
  • Apr 28, 2022 3:55pm Apr 28, 2022 3:55pm
Quoting Fagin
{quote} Hi Masterrmind Just curious if you or anyone else jumped on board with Ditto and how you are finding things with them? I’m still dithering whether it’s worth my time with them or the 5fivers freestyle offer (although I still don’t like their criteria) but like what ditto have come up with so far. I see on discord there is some kind of news with them? Any idea? cheers F
I will start with Ditto early next month.

The discord is where most information is provided.

They use MT5 only at the moment which suits me fine but a few teething issues.

I'm confident things will run smoothly eventually.

They are upfront about what's happening and also what can be expected later down the pipeline.

Mike responds to questions on discord or email quite quickly so if you have pressing issues I'd suggest using discord or email if it's more of a personal nature.

The numbers do not work out to be the best from the traders perspective in my opinion but I like the team behind the operation and it's a longer term trading plan for me with them and I'm ok with that.

Once I do start with Ditto I plan to make my trading analytics available either in this thread or a dedicated journal thread.

Masterrmind .............
Master your Mind then Master your Trades
  • #7,720
  • Apr 28, 2022 7:45pm Apr 28, 2022 7:45pm
I join ditto early April. I had some profit trades target set. However, it wasn't able to close it. Nevertheless, they offset back my profit.
One of the indices open trading session time is set wrongly. I am unable to trade and result no profit. For that, I can't claim.
Some bug here and there.
Once they have mt4...I would prefer to go back to mt4.
Any feedback or problem, it is settled and follow up asap.

Deposit is not alot ..so why not.
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