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Anyone trading with a Prop firm 31 replies

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  • #19,761
  • Sep 1, 2023 6:58pm Sep 1, 2023 6:58pm
Quoting Dirac
{quote} No doubt. I would hope prospective firms discuss their business model with relevant government dept. before setting up shop, i.e. we slip b-book traders (to simulate live trading conditions) and don't pay US exchange fees. Basically get green lighted.
Regulators don't discuss much. I asked them. They said we are not in the business of guiding you to set up your business. Go get a financial lawyer and ask them to do the research and advise you what you can or cannot do.
Apparently 300 mill cash wasn't enough for MFF to afford a lawyer.
  • #19,762
  • Sep 1, 2023 7:05pm Sep 1, 2023 7:05pm
Quoting pipmaster77
{quote} Yes, pronouns are important in wacko leftist, liberal countries. It's so ironic, the same folks that told us to "follow the science" and get 7 boosters that didn't even prevent folks from getting sick now claim there are more than 2 genders. The world is absolutely nuts and half of the population is so brainwashed they can't even see common sense slapping them in the face on a daily basis. Oops, got bit derailed, the pronouns led me on a tangent.
preach it.
  • #19,763
  • Sep 1, 2023 7:16pm Sep 1, 2023 7:16pm
Quoting jezzode
{quote} Have got a screenshot of this on FTMO - curious as I cant see this block (although I am looking via my own client portal)
FTMO seems fine now
In the end its just a stupid numbers game
  • #19,764
  • Sep 1, 2023 7:18pm Sep 1, 2023 7:18pm
Quoting TrAndy1
And I did not needed any prop firm. The hedge fund pays 100% always and they have better rules, which are only soft of course. But now I started to increase my income with more prop firms, recently got $1.4 million in live funds and was adding another 1.2 million. And I have been profitable every month this year.
and how can we walk that path?
  • #19,765
  • Sep 1, 2023 7:27pm Sep 1, 2023 7:27pm
Quoting Capablanca
{quote} I have a 100K account with them (high stakes - 2 phase challenge) and good experience so far. Payout took 1 day and 2 hours since I asked for it but the good thing is that, as soon as we request the payout, the amount is deducted from the balance and we can go on trading immediatly. There is no "downtime", which is great (from the ones I work with only MFFx has the same thing). Regarding customer service, I had to solve a problem with them and I had very good impression. By far the best CS I experienced in props. People understanding the...
I got the impression that they seem to be in this business for the long run and not looking to profit as much as possible from entry fee, since they mostly offer one time fee with level progression type of account, hence the low leverage and only 100K max for the High Stakes

Funny thing I talk with the CS yesterday to ask what is "High Impact News" as stated in the TC and they just answer with "just see forexfactory red news" no polite greetings or polite goodbye, which I don't actually mind, CS are probably just tired bombarded with question from ex MFF Client

Regarding the 2 minutes rule I don't mind since I don't even trade 30 minutes before and after, though I might forget there's news release coming, gotta set alert on my phone I guess
In the end its just a stupid numbers game
  • #19,766
  • Sep 1, 2023 8:32pm Sep 1, 2023 8:32pm
Quoting TrAndy1
So no way that MFF can get out of this on 9/11. They are offering clearly CFDs on their own server for trading.
All US/Canada props are gone. Hopefully FTMO and the other non North America ones will go offshore before the EU regulators come knocking. The business was so successful for MFF and Kazmi, if he doesnt go to jail, am sure he'll start another offshore firm once the dust settles.
  • #19,767
  • Sep 1, 2023 8:34pm Sep 1, 2023 8:34pm
Quoting Inception12
{quote} All US/Canada props are gone. Hopefully FTMO and the other non North America ones will go offshore before the EU regulators come knocking. The business was so successful for MFF and Kazmi, if he doesnt go to jail, am sure he'll start another offshore firm once the dust settles.
bro... 100 percent confirmed MFF is dead???
  • #19,768
  • Edited 9:22pm Sep 1, 2023 8:48pm | Edited 9:22pm
Quoting KoyaAndy18
{quote} bro... 100 percent confirmed MFF is dead???
Read what is needed for you here.

Currently everybody's mind is negative in prop firm Industry.

If you have other funded account, trade them.

Slowly the reality will come out.

My opinion.. this industry will not die. But the firms will take cautious approach henceforth with regard to Regulation.

May be in the future.. traders will get to trade in live environment and not in simulated ones
Intraday only.
  • #19,769
  • Sep 1, 2023 9:20pm Sep 1, 2023 9:20pm
FXIFY - Phase 2 passed .

Just did crypto micro lot and done with 5 day mandatory rule.

They say, it would take 2 days for funded account.

KYC done already.

This is encouraging thing that has happened after MFF disaster.

MFF may have gone.

we do not stop it.
Attached Image (click to enlarge)
Click to Enlarge Name: fxify pass.png Size: 174 KB
Intraday only.
  • #19,770
  • Sep 1, 2023 9:33pm Sep 1, 2023 9:33pm
Quoting KoyaAndy18
{quote} bro... 100 percent confirmed MFF is dead???
Read the CFTC complaint posted a few pages back. It’s not good and only confirms peoples suspicions about scammy prop firms. It’s not so much about the use of “unregulated” brokerage, but more so about how they ran their operation. CFTC is nailing them on fraud.

Somehow they got ahold of internal emails, texts, etc., and its completely counter to what they have stated in the past.
Trade with confidence, trade without fear.
  • #19,771
  • Sep 1, 2023 9:46pm Sep 1, 2023 9:46pm
Quoting Cryptosurf
{quote} Read the CFTC complaint posted a few pages back. It’s not good and only confirms peoples suspicions about scammy prop firms. It’s not so much about the use of “unregulated” brokerage, but more so about how they ran their operation. CFTC is nailing them on fraud. Somehow they got ahold of internal emails, texts, etc., and its completely counter to what they have stated in the past.
They may fine MFF for Ignorance.

If it is fraudulant activity, the CEO would have disappeared by now.

1. Accept mistake and pay fines for Ignorance.
2. Request time extension to set up new things to comply.

With all, shall we get free style trading ?

Our money back may be assured if they do above,
Intraday only.
  • #19,772
  • Sep 1, 2023 9:55pm Sep 1, 2023 9:55pm
Quoting navk
{quote} They may fine MFF for Ignorance. If it is fraudulant activity, the CEO would have disappeared by now. 1. Accept mistake and pay fines for Ignorance. 2. Request time extension to set up new things to comply. With all, shall we get free style trading ? Our money back may be assured if they do above,
The internal discussions via emails, texts, etc would make it hard to claim ignorance.
Trade with confidence, trade without fear.
  • #19,773
  • Sep 1, 2023 9:57pm Sep 1, 2023 9:57pm
A suggestion to CEO.

Set up office offshore.

Migrate all accounts to offshore.

It happened to me once with one forex broker long ago.
Intraday only.
  • #19,774
  • Sep 1, 2023 10:00pm Sep 1, 2023 10:00pm
Quoting Cryptosurf
{quote} The internal discussions via emails, texts, etc would make it hard to claim ignorance.
Internal is internal.. It may be even considered as suggestion to how to go about from some one.

Internal advice also can be due to Ignorance.

Ignorance is just Ignorance.
Intraday only.
  • #19,775
  • Sep 1, 2023 10:12pm Sep 1, 2023 10:12pm
Quoting navk
{quote} They may fine MFF for Ignorance. If it is fraudulant activity, the CEO would have disappeared by now. 1. Accept mistake and pay fines for Ignorance. 2. Request time extension to set up new things to comply. With all, shall we get free style trading ? Our money back may be assured if they do above,
Read the Governments complaint... It is 100% fraud by Kazmi and his co...
The internal emails are absolute undisputable smoking guns that confirm the fraud.

MFF is done and will not come back.
Kazmi will be very lucky when the dust settles not to be locked up and forfeit his properties etc

There is ZERO ignorance on MFFs part.. Very very slimy internal activities...
And don't get me wrong I thought highly of MFF... But this is irrefutable evidence.

If I was trading with these firms...Your best bet is NON US/Canada.

Hopefully,,, the smart traders would have been funneling all the money from these prop trading firms into personal accts.

Stay safe traders,,,,never ever ever put all your eggs in one basket...Multiple personal accounts as well,,,funded with only what your willing
to lose...This goes for US firms as well...Nothing is to big to fail in the trading arena...Remember Refco...I do as that was the first broker to
go under with my money... Lesson learned...

All the best Traders
Blue
Master your Mind,,,Master the Market
  • #19,776
  • Sep 1, 2023 10:25pm Sep 1, 2023 10:25pm
Quoting bluesteele
{quote} Read the Governments complaint... It is 100% fraud by Kazmi and his co... The internal emails are absolute undisputable smoking guns that confirm the fraud. MFF is done and will not come back. Kazmi will be very lucky when the dust settles not to be locked up and forfeit his properties etc There is ZERO ignorance on MFFs part.. Very very slimy internal activities... And don't get me wrong I thought highly of MFF... But this is irrefutable evidence. If I was trading with these firms...Your best bet is NON US/Canada. Hopefully,,, the smart...
I agree all the complaints raised are happening in every firm.

But giving all firms an opportunity is important to set right and not to kill firms.

I am interested if my profit money + fee paid is promptly returned back by regulators.
Intraday only.
  • #19,777
  • Sep 1, 2023 10:26pm Sep 1, 2023 10:26pm
Quoting bluesteele
{quote} Read the Governments complaint... It is 100% fraud by Kazmi and his co... The internal emails are absolute undisputable smoking guns that confirm the fraud.
Exactly. Besides, they would still get nailed to the wall claiming ignorance.
Trade with confidence, trade without fear.
  • #19,778
  • Sep 1, 2023 10:27pm Sep 1, 2023 10:27pm
This subject is overdone.

As traders, WE will wait for the fees to be returned promptly by regulators.
Intraday only.
  • #19,779
  • Sep 1, 2023 10:33pm Sep 1, 2023 10:33pm
Quoting Cryptosurf
{quote} Exactly. Besides, they would still get nailed to the wall claiming ignorance.
In the court of Law, Ignorance is accepted.

The defendant is appearing before the court of law and not disappearing.

It is just a matter of discussion here.

Neither yours nor my suggestion will be taken by Lawyers. They know the way.

At the end, by some way..our fee and profits should come back.

If it is MFF, i am sure we shall get all.

But by regulators, will it happen and how long ? We shall wait and see.
Intraday only.
  • #19,780
  • Sep 1, 2023 11:08pm Sep 1, 2023 11:08pm
Quoting navk
{quote} In the court of Law, Ignorance is accepted. The defendant is appearing before the court of law and not disappearing. It is just a matter of discussion here. Neither yours nor my suggestion will be taken by Lawyers. They know the way. At the end, by some way..our fee and profits should come back. If it is MFF, i am sure we shall get all. But by regulators, will it happen and how long ? We shall wait and see.
Not to be harsh but I suggest you brush up on your first year law,,what you said is simply wrong. No fees will come back from MFF and very unlikely from government either US or Canada...there is no deposit guarantee FDIC or CDIC in this arena... Don't get your hopes up.

It is a fundamental legal principle in the U.S./Canada that ignorance of the law is no defense. If ignorance were accepted as an excuse, any person charged with a criminal offense could claim ignorance to avoid the consequences.

CANADA:
Ignorance of the law
19 Ignorance of the law by a person who commits an offence is not an excuse for committing that offence.

  1. R.S., c. C-34, s. 19

Cheers
Blue

Master your Mind,,,Master the Market
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