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  • #14,341
  • Mar 6, 2023 1:51pm Mar 6, 2023 1:51pm
Quoting KarlKraus
{quote} The rest all sounds fair enough, to me, but that one's very concerning because it opens up huge gray areas of potential interpretation, doesn't it?
This one sentence alone is a big NO for me. I would never trade for such a company. This sentence would only lead to never ending argues. What if my system is composed of elements which they consider independent systems and thus inconsistency? This is a complete nonsense
Money is made by sitting, not trading
  • #14,342
  • Mar 6, 2023 2:02pm Mar 6, 2023 2:02pm
Quoting Vitore
{quote} This one sentence alone is a big NO for me. I would never trade for such a company. This sentence would only lead to never ending argues. What if my system is composed of elements which they consider independent systems and thus inconsistency? This is a complete nonsense
It does seem shady. "We noticed you changed from a trend strategy to a ranging strategy like an intelligent person would because of changing market conditions. We have, after due deliberation, decided to close your account."
Virtue signaling is for those who are devoid of actual virtue
  • #14,343
  • Mar 6, 2023 2:07pm Mar 6, 2023 2:07pm
Yes it's insane.

So if I decide today to be a scalper because I feel good, and tomorrow tired and prefer swing trading for a couple of days, and then a day decide to go long for a week of a cheap Nasdaq and so on... I should be banned. Crazy.

Correct who wrote "an intelligent trader... or person"
in holiday till end of November
  • #14,344
  • Mar 6, 2023 2:19pm Mar 6, 2023 2:19pm
Quoting forexbali
Program Termination may take effect at any stage in the Program ... for all of the below reasons: Skipping between various trading systems or methods within the same trading account (which indicates inconsistency).
-Personally, if I were looking to invest long-term with a firm like 5%er's, then I would request that such questionable rules are clarified and/or even reworded before committing to anything. I do not think that this would be unreasonable.

The truth of the matter is, they can protect themselves well-enough without needing to resort to ambiguous, questionable terms that could potentially put legitimate traders at risk of losing their account(s).

Anyone that is looking to trade with this firm should probably try to bring these concerns to light and give them the opportunity to amend this terrible rule before casting any stones or blacklisting them for it. They are a long-standing firm, after all, and I am not aware of many complaints thus far.
  • #14,345
  • Mar 6, 2023 2:35pm Mar 6, 2023 2:35pm
Sone native english speaking here should write them all the bad points and clarify. They answer usually quite fast in 1-2 days.

At the end you are the customer, and if you are afraid, they have to feel it, and agree to find a compromise, or the customer just leave the shop with 0$ profit

Here or is a win win deal, or a scam. Nobody can't be afraid to clarify rules that can raise fear on the trader. We already have many good prop firms, we don't need them if they don't excel really at the same level of other prop you love.

How ended then The Prop Trading? still alive? or closed down?
in holiday till end of November
  • #14,346
  • Mar 6, 2023 2:36pm Mar 6, 2023 2:36pm
Hello,

For those who like "no minimum trading days", Bespoke Trading Program seems interesting. I saw this in the monthly report of the Telegram group. The reviews on Trustpilot are ok. The Max Loss is not extraordinary (9%) and the target phase 1 is also 9%. They have a Discord (with only 1000 members) To watch, little proof of payment for the moment.
The negative points: the broker is Eightcap, there are limitations with the lot size (read the rules carefully !) It is a prop firm somewhat in the style of MFFX.
Of course do your own research, it's for informational purposes only.
  • #14,347
  • Mar 6, 2023 3:00pm Mar 6, 2023 3:00pm
Quoting Nsak3y
Anyone that is looking to trade with this firm should probably try to bring these concerns to light and give them the opportunity to amend this terrible rule before casting any stones or blacklisting them for it. They are a long-standing firm, after all, and I am not aware of many complaints thus far.

Yes, agreed.

They're longstanding as you say, and come across overall as honest, good people.
  • #14,348
  • Mar 6, 2023 3:02pm Mar 6, 2023 3:02pm
in the past weeks many time was mentioned https://myfundedfx.com/

should I add them on my spreadsheet or still you don't trust them?

and which is the commission per lot they have on FX, metals, indices?
in holiday till end of November
  • #14,349
  • Mar 6, 2023 4:15pm Mar 6, 2023 4:15pm
Quoting forexbali
in the past weeks many time was mentioned https://myfundedfx.com/ should I add them on my spreadsheet or still you don't trust them? and which is the commission per lot they have on FX, metals, indices?
https://www.forexfactory.com/thread/...8#post14339738
  • #14,350
  • Mar 6, 2023 7:49pm Mar 6, 2023 7:49pm
Quoting forexbali
in the past weeks many time was mentioned https://myfundedfx.com/ should I add them on my spreadsheet or still you don't trust them? and which is the commission per lot they have on FX, metals, indices?
Kindly please add them to the spreadsheet. One of the best prop firms, they have good trading rules.
  • #14,351
  • Edited 2:21am Mar 7, 2023 1:58am | Edited 2:21am
Quoting KarlKraus
{quote} Yes, agreed. They're longstanding as you say, and come across overall as honest, good people.
5'ers? Honest, good people? Hmm, not so sure... they are good marketeers but that's all I see so far.

They've also been here before, bringing out programs with the inevitable "sting in the tail" to relieve you of your money and then to change/take the programme down again after some rightful criticism (and taking your fee).

The fact that they launch programmes like "Freestyle" which was completely flawed and then they whitewash it after it was a failure and very dubiously weighted like a con does not raise a red flag with anyone? I ask again any genuine funded, professional traders living from 5'ers in the forum or anywhere outside of a 5er's web space/socials?

If you are not questioning them and give them your money, good luck.
  • #14,352
  • Mar 7, 2023 2:24am Mar 7, 2023 2:24am
Quoting Fagin
{quote} 5'ers? Honest, good people? Hmm, not so sure... they are good marketeers but that's all I see so far. They've also been here before, bringing out programs with the inevitable "sting in the tail" to relieve you of your money and then to change/take the programme down again after some rightful criticism (and taking your fee). The fact that they launch programmes like "Freestyle" which was completely flawed and then they whitewash it after it was a failure and very dubiously weighted like a con does not raise a red...
Not speaking specifically about 5ers but I think reputation in this shady industry is a broad concept

In the prop world I would qualify someone as decent if:
1. They are around for a long time
2. Trust pilot is decent, without too many bad credible reviews, specially the most recent one
3. Has a lots of payout proofs
4. No rumors or proofs of hidden or arbitrary rules applied, banned traders for not justified reason, etc.

So, almost none qualifies.
I take most of them and do a lot of tests with a bit of salt, knowing that I'm probably dealing with unscrupulous or incompetent people. It's a risk I know I'm running (I won't probably go with 5ers, anyway, because of that stupid rule).
  • #14,353
  • Mar 7, 2023 4:07am Mar 7, 2023 4:07am
Quoting Capablanca
So, almost none qualifies.
In your opinion, which ones do qualify, Capa?
  • #14,354
  • Mar 7, 2023 4:51am Mar 7, 2023 4:51am
Quoting KarlKraus
{quote} In your opinion, which ones do qualify, Capa?
MFF and FTMO (despite these late news about FTMO payout refusals).

TFT is borderline (I hope their last bad reviews are from guys caught in the group trading). On the other side, Angelo (CEO) is quite an arrogant guy and I think the TFT structure follows that posture, which is not good.

The remaining ones have still to prove being reliable IMO. Paying is not the only criteria (Funding Talent or TPT paid often and went down and/or has shady rules). And this includes TFF which some time ago was caught manipulating past trades nd recently is accused of banning profitable traders.

IMO E8 is trending up well (I like what I have been seeing in the telegram prop group - the CEO is there quite often and has been addressing all claims of scamming very efficiently, showing clear proofs, completely contrary to what Angelo does for TFT).

Finotive could be a good prospect but they have to improve the 1 minute SL rule and the 50% DD rule. It's too discretionary or complicated and they don't inform violations in real time.
  • #14,355
  • Mar 7, 2023 5:11am Mar 7, 2023 5:11am
Quoting Capablanca
{quote} MFF and FTMO (despite these late news about FTMO payout refusals). TFT is borderline (I hope their last bad reviews are from guys caught in the group trading). On the other side, Angelo (CEO) is quite an arrogant guy and I think the TFT structure follows that posture, which is not good. The remaining ones have still to prove being reliable IMO. Paying is not the only criteria (Funding Talent or TPT paid often and went down and/or has shady rules). And this includes TFF which some time ago was caught manipulating past trades nd recently is...
Yep agree with all of that. Although I'm not fully convinced about FTMO trading live which should matter if you are a "funded" trader.

MFF is still tracking ok for me, E8 I have never used. I have an evaluation with FT+ which is going ok although 8 CAP is shite on news days, forget about trading them if you are within an hour of news. If I get live with FT+ I hope they move brokers for live accounts..

'Tis a tangled web we weave.
  • #14,356
  • Mar 7, 2023 5:30am Mar 7, 2023 5:30am
Quoting Fagin
{quote} Yep agree with all of that. Although I'm not fully convinced about FTMO trading live which should matter if you are a "funded" trader. MFF is still tracking ok for me, E8 I have never used. I have an evaluation with FT+ which is going ok although 8 CAP is shite on news days, forget about trading them if you are within an hour of news. If I get live with FT+ I hope they move brokers for live accounts.. 'Tis a tangled web we weave.
If I remember well FT+ has a trailing max loss, right ? This is something I don't like.
  • #14,357
  • Mar 7, 2023 5:36am Mar 7, 2023 5:36am
Quoting Capablanca
{quote} If I remember well FT+ has a trailing max loss, right ? This is something I don't like.
Yes it does but becomes static. I don't need to use the DD allowance+current equity to avoid further drawdown so it's not an issue for me but it's something you need to fully understand before you go with them. The no time limit offsets the trail/then static DD.

Also no weekend trading on my programme which is a pain in the arse as it means I can't risk any late Thursday or Friday trading if my positions turn to swings, that's the biggest negative for me. Should have picked the experienced instead of the advanced...
  • #14,358
  • Mar 7, 2023 6:22am Mar 7, 2023 6:22am
Quoting Fagin
{quote} Yes it does but becomes static. I don't need to use the DD allowance+current equity to avoid further drawdown so it's not an issue for me but it's something you need to fully understand before you go with them. The no time limit offsets the trail/then static DD. Also no weekend trading on my programme which is a pain in the arse as it means I can't risk any late Thursday or Friday trading if my positions turn to swings, that's the biggest negative for me. Should have picked the experienced instead of the advanced...
I think trailing is very penalizing in a funded after a withdraw.

In a normal (non trailing) prop 100K, with 6% max loss if you make 6K you can withdraw 6K and start new cycle with 100K (and max loss is 94K).

In FT+ if you make the same 6K and withdraw them, then balance is 100K and max loss is also 100K (because trailed from 94 to 100K). You will be automatically violating. Even if you withdraw only 4K, you just have 2K max loss. That's why I don't like it. We have to leave our own profits in the table to accomodate some room for max loss.

Anyway, if that suits you it's great. Out of curiosity, how are them in terms of payouts ? Plenty of proofs and no relevant claims ?
  • #14,359
  • Mar 7, 2023 6:45am Mar 7, 2023 6:45am
Quoting Capablanca
{quote} I think trailing is very penalizing in a funded after a withdraw. In a normal (non trailing) prop 100K, with 6% max loss if you make 6K you can withdraw 6K and start new cycle with 100K (and max loss is 94K). In FT+ if you make the same 6K and withdraw them, then balance is 100K and max loss is also 100K (because trailed from 94 to 100K). You will be automatically violating. Even if you withdraw only 4K, you just have 2K max loss. That's why I don't like it. We have to leave our own profits in the table to accomodate some room for max loss....
Yep it won't suit everyone, from what I have gleaned this is the only way they can mitigate huge risk and still be incentivised to make profit from the job. If you are live funding there has to be a balance to make the business work, seems like they have decided to take a different route which is no bad thing.

I'm long term/low risk/moderate return so being able to scale my drawdown allowance along with scaling position size appeals to me more than resetting each pay-out, but each to their own after all..

Not live yet so no pay out reports from me, there are some on discord and what reviews I've found seems credible. The owners have been around a bit as well so it's not like they are unknowns working out of their bedrooms. I don't know them or had any contact with them yet but they do seem accessible should you need to.
  • #14,360
  • Mar 7, 2023 7:57am Mar 7, 2023 7:57am
Quoting Fagin
{quote} Nice post, thank you. My old broker once explained why indices was b book in a very candid discussion. To cut a long story short it was toxic and LPs wouldn’t take it so they faked it… as for scalping, mine work out great after a few hours going the wrong way and marinated by the market makers so they become an investment opportunity instead A question if I may? What is in it for meta quotes with the vast number of demo accounts constantly churning over and over in the prop space, is the provision for this unlimited? I guess...
Talking about regulation, it won't ever be an issue as long as the platforms self regulate which appears to be happening. Moral - stop allowing junk businesses to sub rent your platform...

This article from the news forum caught my eye and I wonder if it relates to the shoddy prop firm offerings? https://fxnewsgroup.com/forex-news/p...ple-app-store/
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