{quote} I'm think of using one of these guys that pass the challenge for you. If you don't trust yourself anymore what choice is there? Or give up of course
- #13,522
- Jan 21, 2023 10:24am Jan 21, 2023 10:24am
- Joined Aug 2010 | Status: Trader | 1,761 Posts
{quote} I'm think of using one of these guys that pass the challenge for you. If you don't trust yourself anymore what choice is there? Or give up of course
If you think trading is for you then evalutions with no time limit are better.
Actually the evaluation of MFF with no time limit looks better than the 2-phase evalution. Because there is no time limit and you have to do only 10%.
- #13,523
- Jan 21, 2023 10:35am Jan 21, 2023 10:35am
- Joined May 2016 | Status: Trader | 6,301 Posts
{quote} I'm think of using one of these guys that pass the challenge for you. If you don't trust yourself anymore what choice is there? Or give up of course
phase 1........... risk 1% per trade, or more specifically 10% of AVAILABLE DD, let's assume a 1:1 RR. $100K account with 10% DD, risk $1,000. If you lose you now have $99,000, remaining DD is $9K, next trade you risk $900, and so on, this prevents DD from getting too out of control during a losing streak. When in profit, same approach, let's say you are at 104K, 14 K DD, you may risk $1400. The 10% of DD is always going to be LOWER than the 1% of equity while losing and HIGHER when winning. Once you only need 2% or less to pass, I drop down to half the remaining target as risk per trade, so as not to give back when you are that close.
phase 2...........half the target, double the time, now risk 5% of available DD. You could do 2.5% here, but I don't see the need.
funded............ I trade 2% of available DD, just as if it was a personal account. I treat max loss in the prop as 100% equity in a personal account. I have some accounts which I apply higher risk to, I may average in to a position by spreading multiple entries at multiple prices across multiple firms. Point here is you have a MAX LOSS of approximately 20 times the fee you paid, which has also been refunded at this point, just DON'T LOSE THE ACCOUNT!!!!!
This is a slow, methodical approach....the other approach is risk everything on day 1 and get funded as quickly as possible. It may cost more in failed attempts but then you are also earning money faster (time has a price as well)
Everyone's risk tolerance is different, everyone's goals are different. In my opinion, though, if you are having a hard time passing, figure out the numbers on your system and adjust risk to fit.
- #13,525
- Jan 21, 2023 3:08pm Jan 21, 2023 3:08pm
- Joined Aug 2010 | Status: Trader | 1,761 Posts
{quote} MFF doesn't have a no time limit "evaluation". If you are referring to rapid or accelerated, run the numbers..........as with most no time limit or "instant funding" accounts you are getting no value whatsoever vs. the fee being paid. Not going to explain AGAIN and AGAIN, search my posts, it's all there.
there is no time limit. You get 12 % of target, for 10K target is this 1200.
If you can make 1% daily profit of 12K (max drawdown of 100K) then about ~ 70 trading days you pass the test.
Then you have 1200 + a funded account. At third withdrawal your profit share goes to 80%, but starts at 50%. Is this not worth it
- #13,526
- Jan 21, 2023 3:19pm Jan 21, 2023 3:19pm
- Joined May 2012 | Status: Trader | 1,340 Posts
{quote} If I have calculated and understood well: the Rapid account is really worth it. Actually a gem. there is no time limit. You get 12 % of target, for 10K target is this 1200. If you can make 1% daily profit of 12K (max drawdown of 100K) then about ~ 70 trading days you pass the test. Then you have 1200 + a funded account. At third withdrawal your profit share goes to 80%, but starts at 50%. Is this not worth it
Note : They will pay you 12% monthly of what ever you earned as bonus.
Compare it with evaluation. You will earn atleast 50K instead of 2-4K per month if you make 1% daily for 70 days on 100K account. If you compare it is penny wise pound foolish approach.
As a side note it is amazing people need unlimited time but still give hypothetical example of 1% per day
- #13,527
- Jan 21, 2023 3:47pm Jan 21, 2023 3:47pm
- Joined Aug 2010 | Status: Trader | 1,761 Posts
{quote} Couple of things, Rapid will put upto max 3.5% per month it will take atleast 3 months to reach funded account. Which means if you have 100K account you need start with 10K account after 3 months with 10% drawdown. Do you think that is worth your effort? Note : They will pay you 12% monthly of what ever you earned as bonus. Compare it with evaluation. You will earn atleast 50K instead of 2-4K per month if you make 1% daily for 70 days on 100K account. If you compare it is penny wise pound foolish approach. As a side note it is amazing people...
Plan is this. Buy a 100 K account -> overall drawdown is 12000.
Think if you have 12K account, forget 100K.
Make 1% daily from starting balance of 12K (so 1% not over 100K). Then over 70 days you reach balance of 22000. (
Then you get the funded account you bought , which is in this case 100K account. You said you get 10 K funded account is there some hidden rule that I haven’t seen it
And max 3.5% rule per month helps you to not go too fast.
- #13,528
- Jan 21, 2023 4:09pm Jan 21, 2023 4:09pm
- Joined May 2012 | Status: Trader | 1,340 Posts
{quote} Plan is this. Buy a 100 K account -> overall drawdown is 12000. Think if you have 12K account, forget 100K. Make 1% daily from starting balance of 12K (so 1% not over 100K). Then over 70 days you reach balance of 22000. ( Then you get the funded account you bought , which is in this case 100K account. You said you get 10 K funded account is there some hidden rule that I haven’t seen it
- #13,529
- Jan 21, 2023 4:13pm Jan 21, 2023 4:13pm
- | Joined Jun 2020 | Status: Offline | 1,471 Posts
{quote} Plan is this. Buy a 100 K account -> overall drawdown is 12000. Think if you have 12K account, forget 100K. Make 1% daily from starting balance of 12K (so 1% not over 100K). Then over 70 days you reach balance of 22000. ( Then you get the funded account you bought , which is in this case 100K account. You said you get 10 K funded account is there some hidden rule that I haven’t seen it
I’ve been through it and it’s not worth the effort for me but I guess it depends where you are in the world for the time vs payout. Beats working in a sweat factory I suppose.
- #13,534
- Jan 21, 2023 4:35pm Jan 21, 2023 4:35pm
{quote} What is your risk of ruin in your system? How many consecutive losses (on average) does your system produce? What is R:R ratio? Figure out these numbers and adjust risk accordingly......here's 1 approach: phase 1........... risk 1% per trade, or more specifically 10% of AVAILABLE DD, let's assume a 1:1 RR. $100K account with 10% DD, risk $1,000. If you lose you now have $99,000, remaining DD is $9K, next trade you risk $900, and so on, this prevents DD from getting too out of control during a losing streak. When in profit, same approach,...
- #13,536
- Jan 21, 2023 4:40pm Jan 21, 2023 4:40pm
- Joined Aug 2010 | Status: Trader | 1,761 Posts
{quote} Hi yes you have misunderstood this. You get a 10k live account (which you get paid 80% on) and you can trade the 100k demo account which you get paid 12% on. I’ve been through it and it’s not worth the effort for me but I guess it depends where you are in the world for the time vs payout. Beats working in a sweat factory I suppose.
Ok that is what I missed. I thought that they had a good offer
. 10% of the account size is not worth it.FundedNext has a similar offer, evalution without time limit, but their target is much larger: 25%. But with too much rules I don’t know if it is possible to keep the account for longer times.
- #13,538
- Jan 21, 2023 4:45pm Jan 21, 2023 4:45pm
- Joined May 2012 | Status: Trader | 1,340 Posts
{quote} Ok that is what I missed. I thought that they had a good offer
- #13,539
- Jan 21, 2023 4:46pm Jan 21, 2023 4:46pm
- Joined May 2020 | Status: Classified | 2,500 Posts
I'm think of using one of these guys that pass the challenge for you. If you don't trust yourself anymore what choice is there? Or give up of course
If you are not able to pass the challenges, then first look at why. Identify the problem and look for solutions around that problem. Sometimes, people just need to look at lower time-frames and adjust their trading accordingly. Other times, people are just not ready and should spend more time learning on demo first.
My advice to anyone that is unable to pass challenges, is to stop spending money on challenges. Trade on a free demo account until you are consistently profitable and can pass challenges using the same rules and criteria. Once you are able to pass consistently, try to trade the account for at least a month without losing it. Once you are able to do that, and only then, buy a challenge account.