Prop Firm Hub | Page 711 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 31 replies

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

prop firm new model - my trading journey 871 replies

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

  • #14,201
  • Mar 2, 2023 11:17am Mar 2, 2023 11:17am
Quoting Nsak3y
{quote}-UPDATE: Traders With Edge So I finally received an update regarding all of this. I was initially getting replies to my emails about this, but then, out of nowhere, they just stopped replying to my emails altogether, as if they were ghosting me. I'm not sure why. I spent the last couple of weeks sending numerous emails, asking for clarification about the lot consistency rule, but no one from the company would reply to me for some reason. I decided to start a new email chain and finally received a response today. 1. The 1% rule has been...
Thanks a lot for the time taken writing this. It's really bad that they reversed it. Lot consistency (and trailing max loss) are two things that put immediately a cross over a prop.
  • #14,202
  • Mar 2, 2023 11:22am Mar 2, 2023 11:22am
Quoting Capablanca
Thanks a lot for the time taken writing this. It's really bad that they reversed it. Lot consistency (and trailing max loss) are two things that put immediately a cross over a prop.
-I am receiving different responses now. This has been the problem since the beginning. I will update once I have a final answer.
  • #14,203
  • Mar 2, 2023 11:25am Mar 2, 2023 11:25am
Quoting TraderTero
{quote} First of all, I don't have a prop firm and I'm not promoting any. However, I have been in the forex broker business over 10 years and know the US financial markets and regulation quite well. CFTC will take down US prob firms sooner or later and they have several options for doing so. See for example https://fxnewsgroup.com/forex-news/r...-ponzi-scheme/ It would be much safer to run this type of operations from off shore where many big brokers have already moved.
That CFTC action was against anything close to resembling a prop firm.

You haven't a clue what your talking about either. You're just trying to promote your flimsy offshore affiliate.
Trade with confidence, trade without fear.
  • #14,204
  • Mar 2, 2023 11:30am Mar 2, 2023 11:30am
Quoting Capablanca
{quote} I don't think it's non sense thinking that US (or Europe) is a bad place for a prop to be. We've all seen areas where regulation came and just destroyed the business, despite they were operating for long years. It happened with poker in US in 2011, overnight, in something known as Black Friday among the players. Or something that came up in Europe that prevents investors from putting their money in wide used ETFs like SPY or TLT. And now we also see the fight against crypto world with US leading and Europe following like a dog.
Who knows whats going to happen in the future. Its all just conjecture from some rando. Again, this model has been around for 10+ years for futures.
Trade with confidence, trade without fear.
  • #14,205
  • Mar 2, 2023 11:33am Mar 2, 2023 11:33am
Quoting Cryptosurf
{quote} That CFTC action was against anything close to resembling a prop firm. You haven't a clue what your talking about either. You're just trying to promote your flimsy offshore affiliate.
Looks like you are illiterate. Please read again what I wrote. I'm not promoting anything and also using several prop firms myself.
  • #14,206
  • Mar 2, 2023 11:36am Mar 2, 2023 11:36am
I'm agree about the prop firm US/EU based... it's just question of time, too much regulation and restrictions, sometimes it is good sometimes it's just a ban to smart businesses.

I was one of the first users of google services in 1998, after 20 years they made so much rules that it is almost impossible for example to run an adv campaign for a forex website, to promote your affiliate links (now it's required a license). And it can make sense.

However google treat very badly customers, in google ads, do you believe that they are rated 1 star in trust pilot?

We are just number now, there are millions of customers and they just treat as a small dot.

This could be the same at some point with prop firm when they will be many, so big, with million of customers. Yes million. Because even if are few thousands now the funded trader, for sure are already approaching to 1.000.000 the number of challenges "paid", and imagine in the next 5-10 years when everybody will be aware, probably we will have already 50-100.000 funded traders and dozen of millions of challenges done.

At that point, unhappy users, complaining for abuses, profit not paid y bla bla will raise many potential red flags, at that point you will have still time to move in UAE or non US and not EU countries till when even broker licensed in US or EU etc will ban such firms and so on...

And let's not forget, that this "prop" firms, are makings lots of money on commissions and markups... if not even illicit profit from "slippages" in deal with forex brokers, this require a license... you can't be introducing broker, broker, or promote "your" business simulating to be a prop firm.

At the end imagine that the top prop firm doesn't make any money from "copying" but they are running a clear business to make money from challenges fees plus brokerage fees, this would be sufficient to state that they are just simulating to be a prop firm, but the main goal is, true the idea of a challenge, to make money with brokerage activities, that require a license, and when you are regulated... everything change.
in holiday till end of November
  • #14,207
  • Mar 2, 2023 11:44am Mar 2, 2023 11:44am
Quoting TraderTero
{quote} Looks like you are illiterate. Please read again what I wrote. I'm not promoting anything and also using several prop firms myself.
Looks like you're an a grade Bull artist.

Quoting TraderTero
No Challenges. No Verification. Just Instant Funding. 100% Refundable Fee, 1:100 Leverage. Up to 90% Profit Split. Account scales up 2x every time profit target has been reached. For more info, visit https://www.acefx.com/funding.html {image} For more info, visit https://www.acefx.com/funding.html
Trade with confidence, trade without fear.
  • #14,208
  • Mar 2, 2023 11:49am Mar 2, 2023 11:49am
Quoting forexbali
I'm agree about the prop firm US/EU based... it's just question of time, too much regulation and restrictions, sometimes it is good sometimes it's just a ban to smart businesses. I was one of the first users of google services in 1998, after 20 years they made so much rules that it is almost impossible for example to run an adv campaign for a forex website, to promote your affiliate links (now it's required a license). And it can make sense. However google treat very badly customers, in google ads, do you believe that they are rated 1 star in trust...
Totally agree. They took also down binary options and prevented US citizens from trading forex. I just wanted to give heads up so that people can plan and diversify their operations accordingly. The fact is that if you are located in USA and the CFTC contacts you, you are done.

TFF is currently getting a lot of complaints for people not getting paid and I have seen several instances on chat boards where people are saying that they will complain directly to the AG of Texas. If they receive enough complaints it might have quite bad consequences for TFF and people using them.
  • #14,209
  • Mar 2, 2023 11:52am Mar 2, 2023 11:52am
Quoting Cryptosurf
{quote} Looks like you're an a grade Bull artist. {quote}
Did you click on any of the links? None of them resolve to any prop firm. You are just making a fool of yourself.
  • #14,210
  • Mar 2, 2023 11:56am Mar 2, 2023 11:56am
Quoting TraderTero
{quote} Totally agree. They took also down binary options and prevented US citizens from trading forex. I just wanted to give heads up so that people can plan and diversify their operations accordingly. The fact is that if you are located in USA and the CFTC contacts you, you are done. TFF is currently getting a lot of complaints for people not getting paid and I have seen several instances on chat boards where people are saying that they will complain directly to the AG of Texas. If they receive enough complaints it might have quite bad consequences...
TFF is in Hungary you idiot.
Trade with confidence, trade without fear.
  • #14,211
  • Mar 2, 2023 12:08pm Mar 2, 2023 12:08pm
Quoting Cryptosurf
TFF is in Hungary you idiot.
-Are you having a bad day? My back is killing me and I can barely sit in my chair. I was bed-ridden for over a week, from a slipped disc. Not fun.
  • #14,212
  • Mar 2, 2023 12:09pm Mar 2, 2023 12:09pm
Quoting Cryptosurf
{quote} TFF is in Hungary you idiot.
True, meant to say E8. TFF is getting also slammed all over. Btw, you should try to learn to behave. Oh well..maybe that's too much to be asked. Have a nice evening.
  • #14,213
  • Mar 2, 2023 1:01pm Mar 2, 2023 1:01pm
Quoting Nsak3y
{quote}-Are you having a bad day? My back is killing me and I can barely sit in my chair. I was bed-ridden for over a week, from a slipped disc. Not fun.
Im fine actually. Just had to chime in when some uniformed rando (from Finland), had to flex his limited knowledge of the current state of affairs here in the US. He somehow thought a unrelated CFTC action meant the sky is falling. He also is under the impression FX is banned here, which it is not.
Trade with confidence, trade without fear.
  • #14,214
  • Mar 2, 2023 1:10pm Mar 2, 2023 1:10pm
I have a question that may be make it sense to ask here because lots of prop trader with good risk management.

I loved to trade news but, when I was making some mistake I was destroying past positive results (demo)

After some week now I'm in a situation where I found a way to understand exactly an entry (scalping, price action) so usually I'm working on forming lows, highs, and rarely on some breakout because usually happen in London session in the morning and usually I'm later for a couple of hours.

The issue to trade news is the high speed and fast market and volatility, that even with experience, you cannot easily quantify with your eyes, so any mistake can be 2-3-5-10 time even bigger because a 5 pip stops can happen in matter of 1 minute or 2 and not 5-10-15 minutes.

I'm not talking to trade on the news or even in 1-2 minutes after news, but I'm talking about the speed and volatility we have after that that can last 15-30-60 minutes or even till the end of session when the market go just up or down without pull backs.

So my question is, how can I filter this "speed" of the market above the average in a way that I can change the size of lots of my trading and trade with the correct risk in a faster market?

So for example if in London session the GBPUSD move of 10 pips usually in a 15-30 minutes range when formin an high/low, but after news in the same time frame the GBPUSD is able to move 30 pips, I mean I have a volatility that is 3 times higher due to fast market.

Does this make sense? how can I measure this? may be there is a EA that can track this kind of volatility?
in holiday till end of November
  • #14,215
  • Mar 2, 2023 1:20pm Mar 2, 2023 1:20pm
Quoting Nsak3y
EDIT: Post removed. Talking with TWE now. Will update with their response, or, apply my original comments, depending on what they say.
-I have received clarification from TWE regarding their lot size manipulation rule:

Email 1:
"For funded accounts, we can remove lot exposure restrictions as long as the trades are proper and there is no malicious intent behind them. We have the rule in place to prevent traders from manipulating the system. However, if your trades are legitimate and in line with our policies, then you do not have to worry about violating this rule."

Email 2:
"If you use a large lot size and all of your leverage on one trade, then close it with only a small number of pips, we cannot copy that trade effectively under live market conditions. Consequently, it's unreasonable to expect us to pay you for such trades. That being said, we do appreciate trading strategies that involve large lot sizes, short targets, and good R-to-R ratios, as long as they can be easily replicated. However, if you're trading with a $50K account and placing 100 lot trades during news events, it's highly unlikely that we'll be able to copy your trades.

However, even if the lot size exceeds five times the usual amount, we can still permit it if it's not deemed significant enough. We acknowledge that certain traders have demonstrated their proficiency and are aiming to optimize their profits. As long as the fills are realistic and account for slippage, then it is acceptable."

In other words, as long as your trading can be duplicated in a live environment and you are not trying to manipulate anything (e.g. trade one lucky trade, then micro-lots to finish things out) or trade with malicious intent, then you should be fine.

I think, there may be some pros and cons to this firm. Time will tell how things actually play out.
  • #14,216
  • Mar 2, 2023 1:32pm Mar 2, 2023 1:32pm
Quoting Cryptosurf
Im fine actually. Just had to chime in when some uniformed rando (from Finland), had to flex his limited knowledge of the current state of affairs here in the US.
-That's good. I think, E8, SurgeTrader, The Funded Trader Program, Ment Funding etc. all have a presence in the US. Beyond that, I'm not sure.

Even if some of what is being done could be considered legally 'gray', the real question is whether or not a firm that faces regulatory pressure would be willing to relocate shop to some operational safe-haven. I cannot see that this prop business will go away any time soon.
  • #14,217
  • Mar 2, 2023 2:17pm Mar 2, 2023 2:17pm
Quoting Nsak3y
{quote}-That's good. I think, E8, SurgeTrader, The Funded Trader Program, Ment Funding etc. all have a presence in the US. Beyond that, I'm not sure. Even if some of what is being done could be considered legally 'gray', the real question is whether or not a firm that faces regulatory pressure would be willing to relocate shop to some operational safe-haven. I cannot see that this prop business will go away any time soon.
TFTP is the only US based firm I use.......FTMO,MFF and TFF all non US. TBH, TFTP is by far the third largest and I would assume they would relocate if necessary. I would also be inclined to believe these firms have a pivot plan already in place for if/when regulation occurs.
  • #14,218
  • Mar 2, 2023 2:35pm Mar 2, 2023 2:35pm
Quoting Nsak3y
{quote}-That's good. I think, E8, SurgeTrader, The Funded Trader Program, Ment Funding etc. all have a presence in the US. Beyond that, I'm not sure. Even if some of what is being done could be considered legally 'gray', the real question is whether or not a firm that faces regulatory pressure would be willing to relocate shop to some operational safe-haven. I cannot see that this prop business will go away any time soon.
Prop business will probably stay and flourish for a while but not in USA. It will have the same faith as online gambling, binary options and forex brokers (most were forced to leave due to regulatory issues). It's just common sense that CFTC will not allow US citizens back to forex trading once they have successfully being able to limit access. Neither will they allow prop firms to operate on US soil. Once the CFTC is knocking on your door, it will be too late to move operations anywhere. That's why I consider US prop firms being some kind of a risk. The good thing is though that the risk is only limited to the challenge fees.
  • #14,219
  • Mar 2, 2023 2:50pm Mar 2, 2023 2:50pm
Quoting TraderTero
{quote} Prop business will probably stay and flourish for a while but not in USA. It will have the same faith as online gambling, binary options and forex brokers (most were forced to leave due to regulatory issues). It's just common sense that CFTC will not allow US citizens back to forex trading once they have successfully being able to limit access. Neither will they allow prop firms to operate on US soil. Once the CFTC is knocking on your door, it will be too late to move operations anywhere. That's why I consider US prop firms being some kind...
They cannot prevent from trading with props not located in the US. Just as there are numerous offshore brokers that will still accept US citizens. It is way more risk than just the challenge fees once you're funded.....once again, they will be taking food away from my family, but you know, after all, they are just protecting me.
  • #14,220
  • Mar 2, 2023 2:58pm Mar 2, 2023 2:58pm
Quoting pipmaster77
{quote} They cannot prevent from trading with props not located in the US. Just as there are numerous offshore brokers that will still accept US citizens. It is way more risk than just the challenge fees once you're funded.....once again, they will be taking food away from my family, but you know, after all, they are just protecting me.
Yes, some brokers do still accept US clients but none of the bigger ones. I know people who got sued for 10 million for accepting US clients and they were not located in USA. Offshore props will be accepting US clients for a while but some brokers like 8cap might put a stop on that at some point.
188 traders viewing now