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Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

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  • #8,221
  • Edited 8:55am May 28, 2022 8:33am | Edited 8:55am
Quoting Desbinary
{quote} Hello Trandy1; I trust this message finds you well & thank you for taking the time to detail the information. Please be advised that I have taken a glance at the website as a matter of general interests since I am currently between weekend trading tasks i.e. journaling & MTF analysis across the 28 pairs in order to compile my trading planner for the upcoming week. I regret to inform you that from the view (the previous word become a link which I am not associated with) point through which I viewed the company/website/value proposition, this...
Thanks for sharing that information. I will not consider them anymore until anyone else is trying them and get some payout proofs. I was really deliberating whether it is jump in worth or not, but with more thoughts I made with them the more I got the opinion they can only be a scam, there are too many red flags as you have stated.
  • #8,222
  • May 28, 2022 9:12am May 28, 2022 9:12am
Quoting Mtinifx
{quote} Neither do I! But you started this by arguing with my intitial post remember? Let's just not reply to each other's posts. That's the best thing to do! I have to say though (this is not refering to you, P77) that I find it ridiculous - certain people constantly posting matrixes and other images of Phase1/2 etc and telling everybody how wonderful they are. But hardly ever if not never, do we see any payout proofs! What is the use of posting proofs of Phase 1 pass, Phase 2 pass, etc, etc if the guy never gets to the payout stage?...
Yes, very true. This is why I never post any screenshots of anything. I do not wish to share how much I am funded, how much I earn, etc.....Too many eyes on that or maybe I am just overly afraid of Big Brother? I contribute here simply to help folks stay away from the bad firms, share FIRST HAND experience with the good firms. Provide tips on how to pass, how to NOT LOSE A FUNDED ACCOUNT, etc. Payout proofs of the firms I recommend are everywhere, no need to post them here (at least for me).
  • #8,223
  • May 28, 2022 9:14am May 28, 2022 9:14am
Quoting TrAndy1
There is no evaluation here, so you can earn from day one with weekly payouts if you meet 5% profit target. Expectancy Score is then 8, which is great. But they do not accept US based traders and only the 28 FX pairs before the first profit split then one can also trade Gold and Indices, which is all fine for me. Broker is Tickmill, which is also good. They have no trustpilot reviews and I could not find payout reviews. But the offer from this prop firm is too great not to have a closer look. You get 16% max DD with 8% daily DD and 8 Lot size on...
If this were a legit offer.....I think they'd be marketing it aggressively. They could literally take all of the business from everyone else. How do you run a business and not want everyone to know about it?
  • #8,224
  • May 28, 2022 9:20am May 28, 2022 9:20am
Quoting driven18
I totally disagree with some of you who do not believe trading via ea is viable. In actuality, it is great...just seat on your hands and see what 5 years of your hard work is going to bring you. I have not touched my ea in the months of March-May, however I run 4 miles everyday, went out to parties, meetings....gift of time and freedom from phycological trading torture were 2 priorities .. .here are live trading results for the last 3 months, showing trading 1 lot of Dow Futures per 25K. Month of May was about break even but very happy with 60%...
Great excellent results. I totally agree that using a systematic strategy like an EA in the end saves you a lot of time. It requires more time at the beginning but that's it.
  • #8,225
  • May 28, 2022 9:21am May 28, 2022 9:21am
Quoting TrAndy1
{quote} Great excellent results. I totally agree that using a systematic strategy like an EA in the end saves you a lot of time. It requires more time at the beginning but that's it.
Thank you..I decided to delete that post but you got it...
  • #8,226
  • May 28, 2022 9:41am May 28, 2022 9:41am
Quoting driven18
{quote} Thank you..I decided to delete that post but you got it...
Hello Driven18;

Thank you for the information pertaining to your EA & the results related thereto. I also viewed your previous post & hope you don't mind my feedback related thereto.

The data provides compelling factual information which serves to ensure even persons with the most diametrically polar opposite view sit up & take notice. After all, the beauty of facts are not open to contestation or the whims of our emotions.

If I may concede, whilst I have not chimed in on this & other threads where strong views are echoed ( I don't indulge in heated exchanges or encourage them) as to whether or not EA trading is practical, I do harbour a view (perhaps grossly outdated & convoluted at that) that automated systems are unable to exhibit the requisite agility that a purely manual one shot, one kill trader such as myself is able to execute at times when there are market “gimme” edges presented. I am sure you are full well aware there are times when sniper entries such as I am referring to, allow loading up an entry which suffices for the week & sometimes even the month for someone with low over-heads & living a modest introvert, sedentary lifestyle.

I surely can’t speak for all those who are “anti-EA” but I can speak for myself when I state that my trepidation is/was (no more after your post) born out of the idea that the EA systems lack the agility to alter course as the market oscillates between accumulation/ranging to breakout intra-week or even month aggressive trends.

With the kind information you have included I am permitted the ability to set aside my rose coloured lenses through which I was viewing the EA slant for the better part of the last 5 years, for which I record to you my sincere gratitude & appreciation.

After all, if I am able, like you to put my CNS to work for a particular length of time in order to deploy an EA which is customized to my edge & said EA is able to do what I do, more clinically in both a robust & agile manner I should be nothing short of appreciative & thankful for such technological advancements. After all, stoically demanding that EA trading is not suitable is tantamount to traders of yesterday demanding that we all trade by reading tape as opposed to the MT4 or other order execution bridges. it goes without saying the ultimate advantage of our function as opposed to persons involved in the other sectors of business is our ability to adapt in the moment when a superior set of facts supersede that which we held as truth up until that point in our trading journey.

I wish to confirm that your post is a hiatus moment in my trading journey.

Like you, I also run as part of my routine (03h16 local SAST time, daily, weekends & holidays included) & I will surely be able to increase the length/distance I could run with the free allocation of time. Sadly, I don’t attend parties or many social gatherings but perhaps I could dedicate the party time to making more post on Forex Factory, haha.

Having said that, I thank you once again for providing the information & wish you continued success with refining your process as a continuous improvement (kaizen) aspiration.

Rest assured, I will PM you as & when I manage to deploy an EA which could yield a positive expectancy outcome.

Sincerely,
Des
My success is due to The Great Napoleon Hill. May His Name Live Forever
  • #8,227
  • Edited 10:41am May 28, 2022 10:06am | Edited 10:41am
Quoting Desbinary
{quote} Hello Driven18; Thank you for the information pertaining to your EA & the results related thereto. I also viewed your previous post & hope you don't mind my feedback related thereto. The data provides compelling factual information which serves to ensure even persons with the most diametrically polar opposite view sit up & take notice. After all, the beauty of facts are not open to contestation or the whims of our emotions. If I may concede, whilst I have not chimed in on this & other threads where strong views are echoed ( I don't indulge...
I appreciate this. Always remember there are 2 things in successful trading:

1. Mindset - not to have a fearful caveman brain, when you are in the trade.
2. Statistics

Your mind during trading can and will lie to you but Stats will never lie.
  • #8,228
  • May 28, 2022 10:46am May 28, 2022 10:46am
Quoting pipmaster77
{quote} If this were a legit offer.....I think they'd be marketing it aggressively. They could literally take all of the business from everyone else. How do you run a business and not want everyone to know about it?
Seems too good to be true huh. You'd think if it was legit they would have hired this guy for sure.
Attached Image (click to enlarge)
Click to Enlarge Name: guy.jpg Size: 93 KB
Pride always comes before destruction.... -Proverbs 16:18
  • #8,229
  • May 28, 2022 11:34am May 28, 2022 11:34am
There is another prop firm not in the Mastermind list on its first page. Anyone know them, tried them or know how does the scaling work ? The most interesting aspect is the double your account size on every 10% profits. I do not know if you had to leave the profits then or still can have your profit split. In the second case that would be very good offer then too. See here and tell me more what you already know about them. I did not read about them here in this thread so far, so I am curious to know more. I contacted their support by e-mail but no answer so far. It is weekend I know but they have not the fastest customer support. I do not know if they do payouts.

https://www.socialfundingfx.com/
  • #8,230
  • May 28, 2022 12:05pm May 28, 2022 12:05pm
Quoting TrAndy1
There is another prop firm not in the Mastermind list on its first page. Anyone know them, tried them or know how does the scaling work ? The most interesting aspect is the double your account size on every 10% profits. I do not know if you had to leave the profits then or still can have your profit split. In the second case that would be very good offer then too. See here and tell me more what you already know about them. I did not read about them here in this thread so far, so I am curious to know more. I contacted their support by e-mail but...
Hello again TrAndy1;

Thank you for the information concerning this entity. Seems its Saturday all day long today for you & I with these pop-up entities.

From what I discovered, this is yet another one which should rather be given a wide berth if we factor in the core considerations which render these companies suitable; or not.

Here we go, such as with the other company from earlier on;

Strike 1 – tabs on the website not working properly & generally scant to non-existent information pertaining to key information.

Strike 2 – payment to be made via crypto only; here again denies the trader/client the ability to initiate a charge-back if they are aggrieved with any aspect of the value proposition. Given the opaque nature of the information presented on the website, the probability is high that such a situation could present.

Strike 3 – website trust-score search analytics awards this “entity” a whopping 5/100. Yes, that’s five out of 100

I trust the information included provides added clarity.

Wishing you a pleasant evening ahead.
Des
My success is due to The Great Napoleon Hill. May His Name Live Forever
  • #8,231
  • Edited 1:21pm May 28, 2022 12:51pm | Edited 1:21pm
Here is another one. Anyone knows or tried FXM Funding? The catch is the guaranteed salary when being funded in case you made no profit on a month. Payout proofs?
https://fxmfunding.com/evaluation/
  • #8,232
  • May 28, 2022 12:52pm May 28, 2022 12:52pm
Guys, why I mentioned about being a bit irritated by some people constantly posting images of passed Phase 1/2 challenges, etc., etc., is this:


Watch this video - it is the sad truth. 99.9% failure rate!!

Inserted Video
  • #8,233
  • May 28, 2022 1:28pm May 28, 2022 1:28pm
Quoting Mtinifx
Guys, why I mentioned about being a bit irritated by some people constantly posting images of passed Phase 1/2 challenges, etc., etc., is this: Watch this video - it is the sad truth. 99.9% failure rate!! https://www.youtube.com/watch?v=B_KQM7tjle8
But you even do not need to be a profitable trader to profit from those prop firms with the given capital you get there. Imagine one is having a winning streak for 2 or 3 months and then is having a losing streak where one loose all his previous profits. On a broker he would be without success but not when trying the same on prop firm.
  • #8,234
  • Edited 1:53pm May 28, 2022 1:34pm | Edited 1:53pm
Quoting Mtinifx
Guys, why I mentioned about being a bit irritated by some people constantly posting images of passed Phase 1/2 challenges, etc., etc., is this: Watch this video - it is the sad truth. 99.9% failure rate!! https://www.youtube.com/watch?v=B_KQM7tjle8
I can never find any more stats as we had in November(in this video). Why did they stopped posting? I think they realize that it is not a great marketing tool.
  • #8,235
  • May 28, 2022 2:01pm May 28, 2022 2:01pm
Quoting Mtinifx
Guys, why I mentioned about being a bit irritated by some people constantly posting images of passed Phase 1/2 challenges, etc., etc., is this: Watch this video - it is the sad truth. 99.9% failure rate!! https://www.youtube.com/watch?v=B_KQM7tjle8

Indeed they are mainly doing this for the fees.

You can better compound your 500 daily, weekly, montly with small percentages. While doing this you can learn the process.

Prop firms require you to achieve 80% or more in one month time. This can be done but not easy, maybe easy with one good attempt at the right time, ofcourse If they allow this option too.
  • #8,236
  • May 28, 2022 2:19pm May 28, 2022 2:19pm
Quoting TrAndy1
https://www.socialfundingfx.com/
-Only briefly glanced at the site, but I see several signs that this is likely a Trader's Central white label firm. Thanks for sharing, nonetheless. I always appreciate when people share new firms to look at.
  • #8,237
  • Edited 4:07pm May 28, 2022 2:51pm | Edited 4:07pm
Quoting Mtinifx
Guys, why I mentioned about being a bit irritated by some people constantly posting images of passed Phase 1/2 challenges, etc., etc., is this: Watch this video - it is the sad truth. 99.9% failure rate!! https://www.youtube.com/watch?v=B_KQM7tjle8
The major issue is that online prop firms attract an avalanche of noobs and degenerate gamblers due to the 5-6 figure payout flexing on social media. Most of these traders have ZERO plan, most use no stop loss & risk 100% of daily limit per trade. Quite a few get lucky jumping on the latest hot market (ex. gold in 2020), then blow out when market dynamics change.

The very nature of what is required to pass phase 1 encourages massive over risking. EVERYONE here that is posting phase 1/2 passed <3 days is very likely over risking, small losing streak @ same risk live and that account is guaranteed blown before payout.

Spend a couple hours in the MFF discord and you will witness pure hilarity. You have people trading that have no idea why they were stopped out when the bid on MT4 didn't touch their SL, what happens at roll over, that the market is closed on Saturday, why their SL had massive slippage on fed announce, cpi or unemployment.
  • #8,238
  • May 28, 2022 3:50pm May 28, 2022 3:50pm
Quoting Nsak3y
The Funded Trader has a free competition.

That is interesting. No time push is good actually.

basically they give 2 times your own started money. For scaling you have to do that amount 3x.

The rule sl at 1.5% results in slow trading. Definetely considerable.
Only question is if you can make 1000 to 3000 in an slow trading manner, why would you need them


There website is slow and not working for the mobile phones, but you need to visit them only in the beginning.
  • #8,239
  • May 28, 2022 4:35pm May 28, 2022 4:35pm
Quoting CableJ
The major issue is that online prop firms attract an avalanche of noobs and degenerate gamblers due to the 5-6 figure payout flexing on social media
-I think it is great. Good for the longevity of the remote prop model and also good for experienced traders.

I always say, trading education can be as cheap or as expensive as you want it to be.
  • #8,240
  • May 28, 2022 5:03pm May 28, 2022 5:03pm
Quoting TrAndy1
There is another prop firm not in the Mastermind list on its first page. Anyone know them, tried them or know how does the scaling work ? The most interesting aspect is the double your account size on every 10% profits. I do not know if you had to leave the profits then or still can have your profit split. In the second case that would be very good offer then too. See here and tell me more what you already know about them. I did not read about them here in this thread so far, so I am curious to know more. I contacted their support by e-mail but...
Thanks for posting.

A couple of things that stick out to me.

1) They can't even get their drawdown parameters in sync.
Attached Image (click to enlarge)
Click to Enlarge Name: challenge.jpg Size: 81 KB

Then right below that, they have their pricing with different drawdown parameters
Attached Image (click to enlarge)
Click to Enlarge Name: challenge1.jpg Size: 102 KB

2) In their rules section, they have this little "gotcha" rule for the funded account........hmmmmmm
Attached Image (click to enlarge)
Click to Enlarge Name: challenge3.jpg Size: 121 KB

Can't find any reviews on them, bad grammar, and no address that I can find = a big no go for me!
Pride always comes before destruction.... -Proverbs 16:18
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