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  • #16,421
  • Jun 6, 2023 4:52am Jun 6, 2023 4:52am
The rule seems even more bizarre when we know it's +/- 2 minutes also for speeches.

When Powell or Lagarde are speaking, after the notes release, the tickers stay volatile for much more than the initial 2 minutes of their opening statement.

But the props are only concerned about what is said in the initial 2 minutes. That's some kind of a joke.

And BeSpoke was even worse. Any news were affecting any pair or instrument. So someone with a EURCHF or oil would have to take into consideration a JPY stuff at 4 am. (they eliminate the news rule).
  • #16,422
  • Jun 6, 2023 4:57am Jun 6, 2023 4:57am
Quoting Nsak3y
{quote}-I cannot relate. I monitor all of my trades and would never leave them unsupervised, but I am not a swing trader. The reality is this... as responsible traders, we should know each day, before we even start trading, if there are major news events scheduled. As such, it is our responsibility to work with or around them. Just my opinion. I am not trying to justify this practice, I just do not care much, either way. If it's better for the model, then great. If the practice is too gross for you or others, then you have different options to choose...
Usually taking a SL or a TP is a sign of money management. It doesn't make sense that this become a bad thing if done during news (even with slippage).
Alternative is to close positions because we are afraid that our SL that risks 0.5% of the account (very reasonable) could be hit.

I agree we have to play with the existing rules and accept them. But this doesn't prevent us from being critic of them and/or suggest alternatives.
  • #16,423
  • Jun 6, 2023 5:00am Jun 6, 2023 5:00am
Quoting Nsak3y
{quote}-I cannot relate. I monitor all of my trades and would never leave them unsupervised, but I am not a swing trader. The reality is this... as responsible traders, we should know each day, before we even start trading, if there are major news events scheduled. As such, it is our responsibility to work with or around them. Just my opinion. I am not trying to justify this practice, I just do not care much, either way. If it's better for the model, then great. If the practice is too gross for you or others, then you have different options to choose...
Yes, it is all good. "The Glass Is Always Half Full & We Drank The other Half."
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  • #16,424
  • Jun 6, 2023 5:41am Jun 6, 2023 5:41am
Quoting Capablanca
I agree we have to play with the existing rules and accept them. But this doesn't prevent us from being critic of them and/or suggest alternatives.
-Totally agree, especially if the rule is not necessary for ensuring long-term survivability.

My perspective is simple. There are far too many opportunities afforded to me for me to get concerned about some small thing, especially if I can easily work around it. When things are unreasonable (or unnecessary), then such matters should be challenged. Maybe this rule is unreasonable for some, but for me, it is not really a big deal. It actually forces me to maintain good habits, as I can sometimes forget to look at the calendar.

Just recently, I challenged Traders With Edge about changing their refund policy for customizable options. I think that their decision is totally unreasonable. I asked them to justify their reasoning or to consider alternatives, but they refuse to do so. As such, I do not need to give them my business. Simple decision for me.

Just like you guys, sometimes you just have to stand on your principles; decide what is important, draw your lines and stand your ground.
  • #16,425
  • Jun 6, 2023 6:15am Jun 6, 2023 6:15am
Quoting Nsak3y
{quote}-Totally agree, especially if the rule is not necessary for ensuring long-term survivability. My perspective is simple. There are far too many opportunities afforded to me for me to get concerned about some small thing, especially if I can easily work around it. When things are unreasonable (or unnecessary), then such matters should be challenged. Maybe this rule is unreasonable for some, but for me, it is not really a big deal. It actually forces me to maintain good habits, as I can sometimes forget to look at the calendar. Just recently,...
Quote
Just like you guys, sometimes you just have to stand on your principles; decide what is important, draw your lines and stand your ground.

Exactly that. Trading is just like any other business or job, decide who and why you want to work with them.
  • #16,426
  • Jun 6, 2023 6:28am Jun 6, 2023 6:28am
Quoting Nsak3y
{quote}-Totally agree, especially if the rule is not necessary for ensuring long-term survivability. My perspective is simple. There are far too many opportunities afforded to me for me to get concerned about some small thing, especially if I can easily work around it. When things are unreasonable (or unnecessary), then such matters should be challenged. Maybe this rule is unreasonable for some, but for me, it is not really a big deal. It actually forces me to maintain good habits, as I can sometimes forget to look at the calendar. Just recently,...
I milked Funded Next despite they still had the news trading. Strategy was simple. Looking at calendar (which I always do) and remove SLs and TPs if I saw they had a chance of being hit. After the news I would reinstate again. Never failed. Stupid work but paid off.

Re TWE what did they change ? Are they only refunding the base without the add-ons that you paid to have X and Y ?
This is a good question to make to FXIFY because they have the same kind of pricing with add-ons. I assumed they reimburse everything paid.
  • #16,427
  • Jun 6, 2023 8:35am Jun 6, 2023 8:35am
Quoting Capablanca
Re TWE what did they change ? Are they only refunding the base without the add-ons that you paid to have X and Y ? This is a good question to make to FXIFY because they have the same kind of pricing with add-ons. I assumed they reimburse everything paid.
-When I asked about this early on, I was told that the customizable options would be refunded, along with the challenge fee, upon successful completion of the challenge phases.

However, I later found out that they changed their refund policy to not include the customizable fees. So, if you pass, you are refunded your challenge fee, but not your customizable fees.

This is totally gross in my opinion, especially considering the fact that adding some of the good options can easily double your overall costs.
  • #16,428
  • Edited 3:13pm Jun 6, 2023 2:55pm | Edited 3:13pm
I am testing FXIFY one step. 5 days minimum and after 3 days both challenges almost reached profit, but today I read on there's Faq that only one account is allowed per trader at a time. Opened ticket, we see are they going to allow both accounts funded or are they going to make excuses. It said in promo 3x accounts max per trader so i thought you can have more than one a time anyway it is my mistake, but from other side it is good situation to check how they deal with good trader who done 2x more job than required, afterall if I earn profits ones funded they should be happy to have more profits they are looking for profitable traders like every prop i guess


Edit:
After few minutes received positive reply on discord. I really like dealing with new props, they most of the time not making problems when trying to promote themselves. Will update my review about FXIFY if I reach first withdrawal ones funded.

"Hey Lukasz, usually we ask that only one account is traded at a time. More than one can be purchased at the same time but we ask only one is started at a time, until one fails / passes.
We can make an exception here though.
I know you're not, but just be sure not to hedge between accounts as this'd be flagged by our trading team.
Good luck with the accounts and if you need anything from us, just reach out!"
  • #16,429
  • Jun 6, 2023 6:37pm Jun 6, 2023 6:37pm
I hope someone comes out with a new model soon. I am bored of this casino stuff, I am a bit keen to join a real prop trading program. Might apply for optiver or something.
  • #16,430
  • Jun 6, 2023 8:58pm Jun 6, 2023 8:58pm
Quoting Takisd
I hope someone comes out with a new model soon. I am bored of this casino stuff, I am a bit keen to join a real prop trading program. Might apply for optiver or something.
Interesting to see the firms change all the time.
Why do these firms keep changing their plans? Are they trying to get market share at the expense of protecting a long-term viable model? A cheaper playground that can't get cheaper? Don't these firms make income from good traders with profit splits? Or is the business model selling new repacked products = fees coming in?
  • #16,431
  • Jun 7, 2023 1:34am Jun 7, 2023 1:34am
Quoting FocusWinReal
Are they trying to get market share at the expense of protecting a long-term viable model?
-At the expense of deviating from a long-term, viable model... yes. And who knows... maybe someone will invent a better wheel, but likely, that will not matter until they can figure out how to properly monetize all of the traffic/trading.
  • #16,432
  • Jun 7, 2023 2:43am Jun 7, 2023 2:43am
Quoting FocusWinReal
{quote} Interesting to see the firms change all the time. Why do these firms keep changing their plans? Are they trying to get market share at the expense of protecting a long-term viable model? A cheaper playground that can't get cheaper? Don't these firms make income from good traders with profit splits? Or is the business model selling new repacked products = fees coming in?
We're currently in a race to the bottom phase.
Once someone overdoes it and goes bust, we will see consolidation.
  • #16,433
  • Jun 7, 2023 3:08am Jun 7, 2023 3:08am
I don't think we are that far away from seeing something more sensible but I'm not sure it will come from the current players and it sure won't be a white lable 8 crap "prop offering". Probably won't find it on the usual shit social channels.

Remote trading with good risk management and a sensible profit split isn't rocket science... pay for a seat and get paid if you perform, easy.
  • #16,434
  • Jun 7, 2023 3:20am Jun 7, 2023 3:20am
Another new prop firm:
https://smartfundedtrader.com/

These firms pop up like mushrooms.
  • #16,435
  • Jun 7, 2023 3:46am Jun 7, 2023 3:46am
Quoting Vitore
{quote}I'm fighting FundedNext right now. I start avoiding them only after I win.
Finally the case has come to its end. I was refunded the fee + 15% of phase 1 + 2 profit. The funded account profit is gone.

So it's not impossible to get some money out of them after they try to suspend your account for a non-existing violation. And I'm pretty sure they generate them as a part of their business as usual. But I had to pull even their CEO kid into the game in order to make things start moving at all. But I was not willing to spend so much time and effort into what seemed nearly impossible. So I'm fine with the money I got. I better spend the same time trading with a better profit/effort ratio
Money is made by sitting, not trading
  • #16,436
  • Jun 7, 2023 4:15am Jun 7, 2023 4:15am
Quoting Vitore
{quote} Finally the case has come to its end. I was refunded the fee + 15% of phase 1 + 2 profit. The funded account profit is gone. So it's not impossible to get some money out of them after they try to suspend your account for a non-existing violation. And I'm pretty sure they generate them as a part of their business as usual. But I had to pull even their CEO kid into the game in order to make things start moving at all. But I was not willing to spend so much time and effort into what seemed nearly impossible. So I'm fine with the money I got....
Scammers logic.

Refund is paid only in first payout. Phase 1/2 profits should be paid when you get 5% or so. Both demand that you have (legitim) profits.
So you have legitim profits for that but not legitim profits to withdraw ?

What about the account ? I guess it's gone, also ?

From the bigger operations around FundedNext is the clearly winner on the scam ranking.
  • #16,437
  • Jun 7, 2023 5:17am Jun 7, 2023 5:17am
Quoting Capablanca
{quote} Scammers logic. Refund is paid only in first payout. Phase 1/2 profits should be paid when you get 5% or so. Both demand that you have (legitim) profits. So you have legitim profits for that but not legitim profits to withdraw ? What about the account ? I guess it's gone, also ? From the bigger operations around FundedNext is the clearly winner on the scam ranking.
Yes you need 5% profit to get this bonus. I made about 16% or so. Never mind. The account is gone (suspended) and even if it wasn't I wouldn't traded with them ever again of course. But they still keep posting me with their promo actions and discounts
Money is made by sitting, not trading
  • #16,438
  • Jun 7, 2023 5:55am Jun 7, 2023 5:55am
Quoting fxbarwise
Another new prop firm
-An interesting choice to use MFFX for comparing options, when some might even consider it to be the better option.

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I would not be surprised if there was some association, either directly or indirectly. CEO of MFFX admitted to helping many other firms get started. I think, if he had a choice in the matter, then probably all of the prop firm operators would be friends that shared all of their secrets with each other.

I am all for transparency, but it needs to go both ways. If firms want to partner up, or if someone named Blake wants to get his hands in as many cookie jars as possible, then that's fine, but that needs to be disclosed to traders. If firms are sharing information, then that also needs to be disclosed. Similarly, if someone in this thread spams the same firm for two years, but does not disclose any association with said firm, then that is simply being dishonest in my opinion.
  • #16,439
  • Jun 7, 2023 6:25am Jun 7, 2023 6:25am
The source of all these 8cap/thinkmarkets/purpleheadedmonster prop firms is one single tech provider with an out of the box solution. They are facilitating the bullshit.

The funniest thing i see today on twitter is mffx talking about doing futures.

Open your door sir, invite the SEC in.
  • #16,440
  • Jun 7, 2023 7:11am Jun 7, 2023 7:11am
Quoting Takisd
Open your door sir, invite the SEC in.
-Ugh. I have been ranting about the SEC all morning.
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