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  • #13,641
  • Jan 27, 2023 1:13pm Jan 27, 2023 1:13pm
Quoting Nsak3y
{quote}-I can only speculate. Maybe if someone can recall the statistics that MFF published a while back regarding failure rates for each phase, we could have some better idea about it.
Phase 1 around 30/35% if I remember well.
  • #13,642
  • Jan 27, 2023 1:13pm Jan 27, 2023 1:13pm
Quoting Cryptosurf
Maybe they just consulted Jessica FatCow since she had a winning model?
-Yeah, the Jimmy Norville model.
  • #13,643
  • Edited 1:45pm Jan 27, 2023 1:14pm | Edited 1:45pm
Quoting Capablanca
Phase 1 around 30/35% if I remember well.
-Thanks. Would be curious how many actually make it to payout/refund. It could be that having a phase-2 does not change the statistics much.
  • #13,644
  • Jan 27, 2023 2:03pm Jan 27, 2023 2:03pm
Quoting Takisd
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.

Phase 1 is the difficult part. Phase 2 is much easier due to the time and lower requirements. Number of failures at phase 1 will be much higher.
  • #13,645
  • Jan 27, 2023 2:10pm Jan 27, 2023 2:10pm
Quoting Eren10
{quote} Phase 1 is the difficult part. Phase 2 is much easier due to the time and lower requirements. Number of failures at phase 1 will be much higher.
Just read their consistency rule. It's so vague. Lots of excuse not to pay. Stay away from this firm. I copy and pasted their consistency rule. Even their mention of consistency rule is so unclear. It's like they are admitting it and not admitting it at the same time. Is there consistency rule? YES OR NO? They did not say that.

""""
Is there a consistency rule?
We are looking for successful Traders. Trading is about being consistently profitable. It is not about one gamble trade where you make a lot of money. Everyone can do this one time, that is why we want to see you trade for minimum 5 days in each Phase. We highly discourage you from possessing a gambling strategy.
Trading style, strategy, and selection of instruments (shares, forex, stock indices, crypto, or commodities) are up to you. Your trading strategy just must be useable in the real markets and you have to respect the functioning of the real market and fair trading.
We don’t restrict lot sizes. You can trade any lot size and place as many trades as you wish. Please note that you are limited to 200 orders at a time and 2000 positions per day.
Please remember risk management and consistency is one of the most important thing to being a profitable trader."""""
  • #13,646
  • Jan 27, 2023 2:12pm Jan 27, 2023 2:12pm
Now my statement.

There is 0% chance of a prop firm making money in the long run if they are refunding after phase 1. 0.

You have to factor in that withdrawals after the refund are likely 5x fee on average + more people, WAY more people are being refunded. You can't a-book the flow cos you will burn in hell and you have already removed a significant portion of your revenues.

Hidden rules are the catch of the gimmick i presume.
  • #13,647
  • Jan 27, 2023 2:35pm Jan 27, 2023 2:35pm
Quoting Vitore
{quote} the commission is what makes 8cap nearly useless for trading indices, esp. SP. Much like E8, which is still even worse however
I checked now, yes on indices with commission the costs become on the high side. On forex it is at normal level. In the past even they did not have commission on gold. They have made it worse apparently.
  • #13,648
  • Jan 27, 2023 2:47pm Jan 27, 2023 2:47pm
Quoting Takisd
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.
They can, in first, because they have 10 + 30 days in advance. And if they are able to sell challenges exponentially before the first payouts, they can collect a lot of dead money. They could later change the rules and defer payments (or better, refuse them for no consistency)
  • #13,649
  • Jan 27, 2023 3:20pm Jan 27, 2023 3:20pm
Quoting Takisd
Instead of me making a statement, I would like someone - if they could be so kind - explain to me how a prop firm in retail FX can make money if they refund after phase 1.
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If you are called Charles and it might be helpful if you also live in a friendly country that doesn’t support western extradition, might be profitable….
  • #13,650
  • Jan 27, 2023 3:45pm Jan 27, 2023 3:45pm
Quoting maflip
Just read their consistency rule.
-If they are that contradictory with themselves when stating their own terms, just imagine how things might play out if there is an issue or disagreement etc..
  • #13,651
  • Jan 27, 2023 4:09pm Jan 27, 2023 4:09pm
This rules with Evertrader is all about my trading with them phase 1 in 1 day than 0.01 lot next 4 days. Phase 2 done in 2 days now Sunday opening will be my last day of 5. I will ask them if new rules will affect my live account it looks it will be exactly like with fidelcrest. First cheap offer (with fidel was second chance for example) trade easy thru challenges and then consistency on live account....
  • #13,652
  • Edited 12:17pm Jan 29, 2023 12:05pm | Edited 12:17pm
Quoting Nsak3y
{quote}-If they are that contradictory with themselves when stating their own terms, just imagine how things might play out if there is an issue or disagreement etc..
They are not consistent themselves. Changing rules in a blink is not consistent.
  • #13,653
  • Jan 29, 2023 2:30pm Jan 29, 2023 2:30pm
I have a good method now in scalping when I don't have volatility with news.

I need lowest spread like Fusion-Eightcap-IcMarkets

Right now I'm trading with Fusion where I have for example on eurusd and usdjpy 0 spread and a commission of 2$

Now assuming that the prop using eightcap have the same spread, with TheFundedTrader I have 2.5$ commission while with FundedTraderPlus I have 3.5$ that start to be hard for my method because I do many trades.

So with TFT I can have just 0.5$ more cost per trade or they markup the eightcap spread sometime or it is exactly the same?

I used FTMO trials and they usually have 6 points spread on eurusd, this would mean that will be like 6$ more + 1.5$ commission like 7.5$ against 2.5$ I could pay with TFT.

Is this correct?

I would like to try a prop one day that have max commission of 2.5$ per lot and spread 0 on majors like Fusion-EightCap-IcMarkets usually have.

Which would you suggest?
in holiday till end of November
  • #13,654
  • Jan 29, 2023 2:33pm Jan 29, 2023 2:33pm
Quoting forexbali
{quote}{quote} tim isoara, you made 300% in few days, soon you will be billionaire
Not easy to maintain such percentages.
  • #13,655
  • Jan 29, 2023 2:34pm Jan 29, 2023 2:34pm
Quoting EnoFX
Is there a list of all the firms that use EightCap?

https://docs.google.com/spreadsheets...it?usp=sharing

this is my file
in holiday till end of November
  • #13,656
  • Jan 29, 2023 2:37pm Jan 29, 2023 2:37pm
Quoting Elknit
{quote} Not easy to maintain such percentages.
Also you Elknit, many profits trades, not a loss, is it an EA or manual? my god.
in holiday till end of November
  • #13,657
  • Jan 29, 2023 2:41pm Jan 29, 2023 2:41pm
Quoting forexbali
{quote} Also you Elknit, many profits trades, not a loss, is it an EA or manual? my god.
Manual. I don't consider 19 trades to be many.
  • #13,658
  • Jan 30, 2023 1:33am Jan 30, 2023 1:33am
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  • #13,659
  • Jan 30, 2023 1:35am Jan 30, 2023 1:35am
Quoting pravin304
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  • #13,660
  • Jan 30, 2023 2:30am Jan 30, 2023 2:30am
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