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  • #14,221
  • Mar 2, 2023 3:09pm Mar 2, 2023 3:09pm
Quoting TraderTero
{quote} 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.
Yes, the legality is on the broker, not the trader. It is definitely not illegal to use the offshores, but yes, they can be strong armed into compliance. What is comical about the CFTC is the fact that they are supposedly the toughest regulators in the world, YET.....

1.The brokers they regulated are the shadiest, biggest scam market makers on the globe
2.They offer nothing for protection of customer funds, they actually PROHIBIT it
3. If they were truly "protecting" us, why would we not be allowed to trade with the big regulated non market maker brokers who do actually protect traders funds

Hmmmm, just like everything in the US government, something just doesn't add up.......
  • #14,222
  • Mar 2, 2023 4:10pm Mar 2, 2023 4:10pm
Quoting forexbali
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...
1- what time frame you trade??
2-where you put SL

This information are important without it will be hard to say anything
  • #14,223
  • Mar 2, 2023 5:16pm Mar 2, 2023 5:16pm
Quoting pipmaster77
{quote} Yes, the legality is on the broker, not the trader. It is definitely not illegal to use the offshores, but yes, they can be strong armed into compliance. What is comical about the CFTC is the fact that they are supposedly the toughest regulators in the world, YET..... 1.The brokers they regulated are the shadiest, biggest scam market makers on the globe 2.They offer nothing for protection of customer funds, they actually PROHIBIT it 3. If they were truly "protecting" us, why would we not be allowed to trade with the big regulated non market...
Don't bother engaging with that fool. He literally has no idea what he's talking about. The harder he tries, the more idiotic he gets.
Trade with confidence, trade without fear.
  • #14,224
  • Mar 2, 2023 5:19pm Mar 2, 2023 5:19pm
Quoting forexbali
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...
You're better off (in the long run) not chasing pips via news events. You'll get slipped to hell. It may work some of the times but there's always that one event that will eat your entire account, before you're able to close.
Trade with confidence, trade without fear.
  • #14,225
  • Edited 6:03pm Mar 2, 2023 5:42pm | Edited 6:03pm
Quoting youngD
{quote} 1- what time frame you trade?? 2-where you put SL This information are important without it will be hard to say anything
https://www.mql5.com/en/signals/1876...ite+Signals+My

I trade 15 minutes charts, and I use 1 minute chart to feel the market. Usually the stop loss is max 5 pips for majors, while for GBPUSD 6
I use RONZ SLTP EA to manage stop loss that is always in place, somebody in this thread suggested it to me.
Edited: perhaps this EA doesn't help me like it should. I need less of 5 pips stops most of the time. I would need to place a stop loss in automatic at the the low or high of the last 5 Minutes, or 15 minutes. Most of the time is less of 5 pips and to reduce the risk I spend time to move stop losses down or up.

for CryptoSurf I know what you mean. But I've experience and unfortunately I'm a scalper so I'm already all the time in the hell he he.
But if you are patient! I have seen the worse news and volatile market and on GBPUSD with EURUSD already coming down 5 pips, he was on the high with 1 pip only risk, not moving, you could just sell, risk max 2 pips, after than in 1 minute and few seconds more was already down 10+ pips, for such volatile pair was a real opportunity. To be patient and wait a signal like this, can make you the month. This happened after 15 minutes or more after the data, some time even after 30-60 minutes when usually market push up without major pullbacks... you are there, and you have to find the opportunity. Of course, in the future I will do this, because I do not resit to hyper trading, but I will fix this too.

Another thing I need is to know if exist one EA that will allow me, in the current bar of a chart, with the click of a button sell or buy stop at the retracement of 50% of a bar (candle 1M, 1H, 4H, 1D whatever it is) and also to put the stop loss at the high or low of that candle, and to put a take profit at a desired Risk Reward ratio (1:3, 1:4, 1:5 etc..) and that can even calculate an auto lot based on % of equity or balance.
Not like the one in the market... I need something very practical and fast. Or a day I will build it.
in holiday till end of November
  • #14,226
  • Mar 2, 2023 5:44pm Mar 2, 2023 5:44pm
Yikes, this thread has gotten a bit wild.

The regulatory panic is a little pre-mature and has become very immature. Brokers went through it, props will get through it. The ones who have good financial standing will remain and some how some way, an ironfx of the prop firm world will remain.

Eightcap definitely should feel nervous though for facilitating scams - See, firstclassforexfunds amongst others. Non US regulated broker, onboarding US customers, retail or institutional... big no no.

That being said I predict we will all be able to enjoy prop firms for the foreseeable future just some of the gimmicky ones won't be here anymore and the flood of 12 yr olds with a credit card won't be able to open new ones.
  • #14,227
  • Mar 2, 2023 6:23pm Mar 2, 2023 6:23pm
Quoting Expo33
Passed phase 2 out of 3 on my E8 Track challenge. Not quite as smooth a ride as phase one but gets the job done. Dialed down risk a touch but passed in less than a week. Will dial down risk a bit more for the final phase. Always a good time for a pat on the back. {image} And for Forexbali here's the coveted candlestick chart. This pattern is known as the 4-blue soldier expo33 bullish pattern. {image}
Trouble in paradise for phase 3. By dialing down the risk I meant to go for the gusto. Now I'm going to really have to earn it.

Note the new candle pattern. It's called the bearish "oopsy daisy" pattern.
Attached Image (click to enlarge)
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Pride always comes before destruction.... -Proverbs 16:18
  • #14,228
  • Mar 2, 2023 8:57pm Mar 2, 2023 8:57pm
Quoting Expo33
{quote} Trouble in paradise for phase 3. By dialing down the risk I meant to go for the gusto. Now I'm going to really have to earn it. Note the new candle pattern. It's called the bearish "oopsy daisy" pattern. {image}
That is nothing for someone like you. I've brought accounts back from way worse. Just dial back to 10% of what the remaining loss is and aim for minimum 2:1 set ups. E8 is 8% max loss, so you have 3K to play with....risk $300 to make $600....2 in a row, you're out of DD.
  • #14,229
  • Mar 2, 2023 10:20pm Mar 2, 2023 10:20pm
Quoting pipmaster77
{quote} That is nothing for someone like you. I've brought accounts back from way worse. Just dial back to 10% of what the remaining loss is and aim for minimum 2:1 set ups. E8 is 8% max loss, so you have 3K to play with....risk $300 to make $600....2 in a row, you're out of DD.
It's a 25K account so the max drawdown is only 2K. I have 1K to play with.

No worries, I perform well under pressure
Attached Image (click to enlarge)
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Pride always comes before destruction.... -Proverbs 16:18
  • #14,230
  • Mar 3, 2023 12:10am Mar 3, 2023 12:10am
Just saw this in the prop group. Not sure if that's legitim but, if so, why is TFT facing so many demands and not able to respond ? It's not like they are a new incumbent company.

Quote
Hey @everyone! I understand there are many of you waiting on a reply from our support team, though please note that we are currently experiencing high volume of outreaches which is causing the delays in response. Rest assured we’ll be getting back to absolutely everyone within within the next few hours, so please continue to exercise some patience. We appreciate you guys bearing with us! Victoria —- Head of Trader Success


In the meantime, the group goes on being flood by payout proofs of TFF with cared messages, correct grammar, punctuation, etc. Always the same style, print screen + message. Anybody following the group for a while can easily tell how staged those are. Dozens of them in the last 2 days.
  • #14,231
  • Mar 3, 2023 2:23am Mar 3, 2023 2:23am
Quoting Capablanca
Just saw this in the prop group. Not sure if that's legitim but, if so, why is TFT facing so many demands and not able to respond ? It's not like they are a new incumbent company. {quote} In the meantime, the group goes on being flood by payout proofs of TFF with cared messages, correct grammar, punctuation, etc. Always the same style, print screen + message. Anybody following the group for a while can easily tell how staged those are. Dozens of them in the last 2 days.
I don't think they are facing much other than people angry the server froze a lot.

For TFF, FTMO does the same sort of thing - even here in forexfactory.
  • #14,232
  • Mar 3, 2023 3:28am Mar 3, 2023 3:28am
Quoting forexbali
{quote} https://www.mql5.com/en/signals/1876...ite+Signals+My I trade 15 minutes charts, and I use 1 minute chart to feel the market. Usually the stop loss is max 5 pips for majors, while for GBPUSD 6 I use RONZ SLTP EA to manage stop loss that is always in place, somebody in this thread suggested it to me. Edited: perhaps this EA doesn't help me like it should. I need less of 5 pips stops most of the time. I would need to place a stop loss in automatic at the the low or high of the last 5 Minutes, or 15 minutes. Most of the...
So actually if u trade 1-2 min after news on minute chart, you see formed high or low where your SL will be it is easy. You don't need measure moves you just need EA (you got one) which put SL above high or below low and calculates% or amount you want to risk. You ride quickly swing and get out .

I do not personally recommend digging in measure time or waves targets straight after news because it all changes over time, there will be times market will go straight, another time it will shake out bulls and bears within minutes, and there will be times price will do quick move after news and than just range till end of day. wasting time, just stick to easy scalp after news grab your pips and job done.
  • #14,233
  • Edited 3:53am Mar 3, 2023 3:38am | Edited 3:53am
yes correct. However since weeks I do not trade anymore news, I try to trade London session till half New York, and I avoid the news, I wait that the market stabilize.

Quoting forexbali
yes correct. However since weeks I do not trade anymore news, I try to trade London session till half New York, and I avoid the news, I wait that the market stabilize.
Sometime I believe I'm alone as scalper, are there scalper on the market? scalping is very difficult, I see around on web, youtube everybody with short term entries with risk reward ratios of 1:3 1:4 1:5 etc, brokers like fusion, fpmarkets, icmarkets (less liquid book) or even tickmill are quite good for spreads or commissions.

However spreads of ftmo-mff-e8 are not so good, and sometime I make mistake for the spread so high to don't close positions. I will have to traing some other months there because I think that scalping won't be possible for me in such props. Unique options could be some using eightcap but everybody speak badly about them. Perhaps in scalping I don't need to trade heavy lots I can enter more time in seconds with 1 lot can be sufficient and distribute max 5-10 lots, avoiding the slippage.

So for scalping on forex I think the best spread/commission rate is The Funded Trader. But Eightcap that perhaps recently is not doing so good on spreads and is again after fpmarkets-icmarkets.

I attach a trade I simulated on a hourly chart. This is what I want to do in a 1 minute or 15 minute chart without need to lose focus on scalping, I want a tool to set up quickly a trade like this just with a click of a button placing stops on high/low of the previous 1, 5, 15 minutes highs/low, I have to open settings only if I want to change the risk reward ratio, or lots (that however have to be auto lots based on % risk balance/equity per trade). Some youtuber also suggest to do not place these trades to "breakeaven" because on the long run doesnt' pay.
Attached Image (click to enlarge)
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in holiday till end of November
  • #14,234
  • Mar 3, 2023 4:40am Mar 3, 2023 4:40am
Quoting forexbali
yes correct. However since weeks I do not trade anymore news, I try to trade London session till half New York, and I avoid the news, I wait that the market stabilize. {quote} Sometime I believe I'm alone as scalper, are there scalper on the market? scalping is very difficult, I see around on web, youtube everybody with short term entries with risk reward ratios of 1:3 1:4 1:5 etc, brokers like fusion, fpmarkets, icmarkets (less liquid book) or even tickmill are quite good for spreads or commissions. However spreads of ftmo-mff-e8 are not so good,...
The best is request someone to build one click panel for you.

Some youtuber also suggest to do not place these trades to "breakeaven" because on the long run doesnt' pay.

according to this youtuber is not right what he say. It all depends. Break even give you mental advantage, if you take part profit and than you set BE for remaining position you can look for other trade with free mindset.
  • #14,235
  • Mar 3, 2023 5:31am Mar 3, 2023 5:31am
Quoting youngD
{quote} The best is request someone to build one click panel for you. Some youtuber also suggest to do not place these trades to "breakeaven" because on the long run doesnt' pay. according to this youtuber is not right what he say. It all depends. Break even give you mental advantage, if you take part profit and than you set BE for remaining position you can look for other trade with free mindset.
Yes I'm agree with you. Then I think than when you are above a 1:3 ratio, and you have let's say a 1:4 or 1:5 ratio, if you close at 1:3 or 1:4 a trade it's even better to think to move to breakeven. I mean, a good trader should be always profitable at a ratio around 1:4 in average, or let's say even to 1:5. Very hard to find these statistics because are too much based of discretionality.

So let's say I'm a winner with some entry plan with 1:3 up to 1:10 risk reward ratio, I would prefer to exit near the target than lose time with much more complicate strategies like partial take profits or breakeven. If you are good in technical analysis your are quite sure of the trend and probabilities to be right, so you should not be so worried about your stop loss.

What is really difficult to me, and the key of the trading plan, is how to decide which will be the ratio for each trade. Yes you could have an idea of an important reversal and sometime bet that that one is a 1:10 risk reward trade, but doesn't make sense, it's just about statistics, when you trade "auto lot" risking for every trade a % of your balance.

In few words for example, a long at 0.96 on EURUSD or a short at 150 on USDJPY on a key medium term reversal, risking 1% of your balance with a trade 1:5 or 1:10 RR, it's the same risk of a trade intraday on EURUSD risking the same 1% for a ratio 1:5 or 1:10 RR. At the end, or intraday or on a 1H 4H or D chart, what matter is how many times you are right every 10 trades.

If a scalper is good in entries, I don't know this method to trade if intraday will fail while on solid signal on 1H 4H or daily chart will work. No idea. To test it will take several time on demo in the next weeks, while I will try to raise money with scalping.

In youtube, some serious prop trader, always show that on challenges they risk 1.5% up to 2.5% per trade. In few words they can just be stopped 2-3 times till to breach. Even this I can't understand. Too speculative, don't know make more sense that, or wait to scalp aggressively few minutes a day to try to make some money. At the end the risk is the same but may be not, that's why my next step is to improve with such techniques.

Problems is that in 30 days of challenge, even if you are good enough let's say with 10 trades with 1% risk per trade with an average risk reward of 1:3 and you make 50% winnings, you end with a net profit of 10% theoretically.

What would you suggest so for a challenge as method to trade if the scalping become impossible due to high spreads on FX?

Which could be a trading plan to make 10% or 8% in a month with number of trades in 20 sessions, average risk reward, and minimum winning rate to arrive at the end of month to pass a challenge?

Then if you are good enough, I can imagine that you continue with such technique on the funded account and you risk to lose the account only when the variance on don't know how to call it can bring you 1 month with a streak of 10+ stop losses consecutive.
in holiday till end of November
  • #14,236
  • Mar 3, 2023 6:10am Mar 3, 2023 6:10am
Quoting Takisd
For TFF, FTMO does the same sort of thing - even here in forexfactory.
I guess so, it's marketing, although very easy to spot.

It's funny to see that, out of those dozens payouts, there's not even a single soul making any remark to their inefficient payout process, which prevents people from trading during the payout day (D) and also the day after because they only send the new credentials by the end of D+1, very late in the day. Not even one.
  • #14,237
  • Mar 3, 2023 6:13am Mar 3, 2023 6:13am
I currently trade Phase 2 with TFF. For the first time I had "common error" on MT4 when placing trades. Anyone the same?
  • #14,238
  • Mar 3, 2023 6:49am Mar 3, 2023 6:49am
Quoting Olarion1975
I currently trade Phase 2 with TFF. For the first time I had "common error" on MT4 when placing trades. Anyone the same?
Do you have a screenshot ?
  • #14,239
  • Mar 3, 2023 7:19am Mar 3, 2023 7:19am
Quoting Expo33
{quote} It's a 25K account so the max drawdown is only 2K. I have 1K to play with. No worries, I perform well under pressure {image}
Oh, I calculated DD on a 50K. Little tougher, still doable.
  • #14,240
  • Mar 3, 2023 7:28am Mar 3, 2023 7:28am
Quoting youngD
{quote} The best is request someone to build one click panel for you. Some youtuber also suggest to do not place these trades to "breakeaven" because on the long run doesnt' pay. according to this youtuber is not right what he say. It all depends. Break even give you mental advantage, if you take part profit and than you set BE for remaining position you can look for other trade with free mindset.
I agree. This is best for psychology. I do it quite often
1. You've booked some profit
2. FOMO on the rest of the move is non existent, as you still have a potential runner
3. You can use your "normal" risk on next trade as you have no exposure on the BE trade
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