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  • #16,701
  • Jun 15, 2023 3:15am Jun 15, 2023 3:15am
Quoting sampat
{quote} Problem with SCAM is you don't get information until you get scammed After getting burnt with Funding Talent, OFP, TPT I realized. Good scammers talk good and often make payouts.
Absolutely. Until the day before the scam goes down don't you dare to say that they are a scan. There will be anyway a pack of dogs defending how good the prop is.

Anyway, those groups are good to get some info and sometimes also to see some cases. We also get a flavor of who is running them. I can see there that BeSpoke and Blue are runned by very arrogant and ambiguous kids, while I see E8 as a much more decent guy. That gives us an idea of how the firm is and how we should approach them if we want to milk them.
  • #16,702
  • Jun 15, 2023 3:16am Jun 15, 2023 3:16am
Quoting Takisd
If I was going to scam............... I would be as loud as i can on twitter, then say I am taking some days off and disappear.
Still today there are people believing that TPT really received a notification from ASIC to close
  • #16,703
  • Jun 15, 2023 3:23am Jun 15, 2023 3:23am
Quoting sampat
{quote} Sue may lead to only deposit return since it is the only invested money.
They are promising trading. So they should deliver. For that amount I would try to find a good lawyer and offer something between 10K - 30K to the lawyer of the total sum.
  • #16,704
  • Jun 15, 2023 3:58am Jun 15, 2023 3:58am
How do you decide on currency pairs with robot trading? Mine basically uses bollinger bands and martin gale, no S/L. Therefore, it gets stuck a lot in one direction. Wanting to minimize swap fees, should I use currecy pairs with close to equal swap ratio or those that have low swap (ideally both, but it changes a lot)?

Also, are their currency pairs that move within a limited range or do currency have long-term trends (bullish or bearish)? If they're trending, is most likely to get stuck against the trend and a positive swap fees against the trend hold preference?

Any thoughts/ideas, please share. Thanks, Floris
  • #16,705
  • Jun 15, 2023 4:46am Jun 15, 2023 4:46am
In the last 2 days I saw a lot of FTUK claims. Never paid attention to their offer but looking at their instant funding seems free money because a 90K account with 6% absolute DD costs 1200 USD with 80% payout.

So 6% x 90K x 80% = 4.320 USD for 1.200 USD would be free money.

The trick seems to be changing the 6% absolute DD into relative 6% DD and also only paying when traders achieve 10%.
Several people claiming about that and saying that this is not in the rules.

I have not gone through the T&C as I don't want to lose time with this but better be advised if some of you are considering FTUK.
  • #16,706
  • Jun 15, 2023 4:55am Jun 15, 2023 4:55am
FTUK

... we are concerned about your trading history with us.
As a firm we need to assess you further and see that you are profitable long-term. We want you to succeed with us long term and reaching the drawdown limit is in nobody's interest.

Therefore we are going to proceed with your level 2 account but under 2 conditions:

1. There will be a relative drawdown to ensure a buffer on your trading account and to help you succeed to level 3.

2. Pay-outs will be increments of 5%. Meaning you need to make 5% on your level 2 account in order to request a pay-out including your level 1 profit share.

These conditions will only be in place for your level 2 account. Please make sure to trade within the rules on your level 2 account.

The relative drawdown is set at 6% and trails using the closing balance on your account until you have accomplished a 6% profit. Once you have achieved that 6% profit, the relative drawdown no longer trails and is permanently locked in at your starting balance which in your case would be $14,000. You will be able to check the loss allowance anytime on your traders dashboard.
  • #16,707
  • Jun 15, 2023 6:07am Jun 15, 2023 6:07am
Quoting Capablanca
{quote} London time: - On payout day (D) account is blocked early in the morning for review. - Credentials are sent only in the afternoon of D+1 (sometimes late afternoon). Completely useless for me. I'm not going to start trading forex London session at 3 or 4 or 6pm London time. So, for someone trading forex London session this is 2 business days of inactivity in each cycle of 14 days. It's the worse payout process of the props I work with. TFT was even worse (3 days) but recently they've been paying and releasing the account in 24 hours. So now...
I think that is not a huge issue, for me personally, as most of the other firms take some time to send their Payouts, but with TFF I usually receive it on Time. Some people trading with TFF have received their new credentials in 24 hours as well, so I think it depends on the process itself of reviewing the trades, maybe some accounts needed more time to properly review it. But I don't know, each one of us has a different strategy and timeline for trading.
  • #16,708
  • Jun 15, 2023 7:55am Jun 15, 2023 7:55am
Quoting OutThere
My point was that if by sharing the story of how the said company rejected the trader, an intelligent reaction to it is expected. RIGHT? So, in order, as a reader to come up with a reasonable decision whether the company or the trader is right, it is reasonable to ask for the trade list to see if the trades were gambling or not.
-Oh, my comment was not directed at you in any way. Sorry about that. You just happen to be the person that I quoted for context. I was merely making the point that these firms that claim this nonsense are a joke.
  • #16,709
  • Jun 15, 2023 8:10am Jun 15, 2023 8:10am
Quoting Capablanca
Absolutely. Until the day before the scam goes down don't you dare to say that they are a scan. There will be anyway a pack of dogs defending how good the prop is.
-You see a lot of the gang mentality in these groups, especially where firms are being operating by kids. Who would have thought...

Trading requires risk management; a skill that has to be learned. Anyone trading should probably assume that any broker, prop, exchange and/or bank etc. could be gone tomorrow, and should spread out their funds accordingly in order to properly mitigate their own risk. The "he's cool, trust me bro" stuff just isn't sufficient haha.
  • #16,710
  • Jun 15, 2023 8:18am Jun 15, 2023 8:18am
Quoting Nsak3y
{quote}-You see a lot of the gang mentality in these groups, especially where firms are being operating by kids. Who would have thought... Trading requires risk management; a skill that has to be learned. Anyone trading should probably assume that any broker, prop, exchange and/or bank etc. could be gone tomorrow, and should spread out their funds accordingly in order to properly mitigate their own risk. The "he's cool, trust me bro" stuff just isn't sufficient haha.

step 1: accumulate capital on established low-risk props
step 2: expand to high-risk props with re-invested refunded capital
step 3: milk while it lasts, only opening new accs through reinvestments.
  • #16,711
  • Jun 15, 2023 8:22am Jun 15, 2023 8:22am
I think the MFFX douchebag has highlighted how these idiots are doing their business.

They have a white label agreement with the tech provider FPFX. The find some dude with an instagram and some followers. Give them a firm and let them push it.

But the interest is purely monetary gain and not about developing an actual business. It is pretty clear to see that these instagram firms are going to be gone at some point and it will all revert to mean.
  • #16,712
  • Jun 15, 2023 9:08am Jun 15, 2023 9:08am
Quoting Takisd
They have a white label agreement with the tech provider FPFX. The find some dude with an instagram and some followers. Give them a firm and let them push it.
-Yes. Seems pretty reckless to me. He believes that he has it all figured out and that what these firms are doing is untouchable. I think that he may be in for a rude awakening.

I can honestly see it already, the statement from Matt at MFFX, very similarly to that of Jessica:

With very much regret, blah blah blah...
  • #16,713
  • Jun 15, 2023 9:14am Jun 15, 2023 9:14am
Quoting Nsak3y
{quote}-Yes. Seems pretty reckless to me. He believes that he has it all figured out and that what these firms are doing is untouchable. I think that he may be in for a rude awakening. I can honestly see it already, the statement from Matt at MFFX, very similarly to that of Jessica: With very much regret, blah blah blah...
" Competitors planted fake reviews and kept lying about us and so because of them we must close" also out of jessica's play book but it appears to be his response to all criticism.
  • #16,714
  • Jun 15, 2023 9:25am Jun 15, 2023 9:25am
Quoting Nsak3y
{quote}-Yes. Seems pretty reckless to me. He believes that he has it all figured out and that what these firms are doing is untouchable. I think that he may be in for a rude awakening. I can honestly see it already, the statement from Matt at MFFX, very similarly to that of Jessica: With very much regret, blah blah blah...
Back in the days, binary option companies would claim a rogue employee traded your funds and zeroed your acc

Then they would fire that fake employee and keep the party going

No money was ever returned because they claimed there was nothing to be done - meanwhile, it is all B-book, and funds are just stolen
  • #16,715
  • Jun 15, 2023 10:29am Jun 15, 2023 10:29am
Quoting LehmanBrotha
Back in the days, binary option companies would claim a rogue employee traded your funds and zeroed your acc Then they would fire that fake employee and keep the party going
-I've also seen similar cases with FX brokers.
  • #16,716
  • Jun 15, 2023 11:09am Jun 15, 2023 11:09am
Quoting Nsak3y
{quote}-I've also seen similar cases with FX brokers.
Only the ones who cater to the "I'm a scalper" types with the magical spreads and big deposit bonuses.
  • #16,717
  • Jun 15, 2023 11:20am Jun 15, 2023 11:20am
guys so many messages, whats going on, cant read them all due to time, should we stay away from MFFX?
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #16,718
  • Jun 15, 2023 11:43am Jun 15, 2023 11:43am
Quoting Takisd
Only the ones who cater to the "I'm a scalper" types with the magical spreads and big deposit bonuses.
-Which is the majority of the offshore brokerages that are available to US citizens, unfortunately.
  • #16,719
  • Jun 15, 2023 3:00pm Jun 15, 2023 3:00pm
Quoting Skelm
{quote} I will be trading US30 with a target of at least 50pips per trade
I think the spread will be something between 4-8 points for the most props. Maybe average around 8 points for large trades. US30 moves a lot therefor still tradeable. I don’t know which is the better probably they are all the same, maybe the large ones slightly better
  • #16,720
  • Jun 15, 2023 5:33pm Jun 15, 2023 5:33pm
Quoting sampat
{quote} Problem with SCAM is you don't get information until you get scammed After getting burnt with Funding Talent, OFP, TPT I realized. Good scammers talk good and often make payouts.
I reviewed them (OFP) with 1 star at trustpilot with explanation and here was info about them as well, if i member correctly i said is scam here. And i remeber their dashboard is the worst i ever seen. It should be some scam report in this threat, too many props operating now and so many of them are cheating traders.
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