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Anyone trading with a Prop firm 31 replies

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  • #20,181
  • Sep 2, 2023 10:44pm Sep 2, 2023 10:44pm
Quoting bluesteele
BOOM ! https://twitter.com/MyFundedFX/statu...694555112?s=20 My FundedFx shuts down Canadian operations...no more Canucks allowed Running scared.. I Would be more worried about US regulators Matt than Canada... Far bigger teeth down south ! Tremors happening !!!
This is what I was worried about, I dont undersand why anyone will be happy with MyForexFunds going down mainly Canadians and Americans.
  • #20,182
  • Sep 2, 2023 10:55pm Sep 2, 2023 10:55pm
Quoting sampat
{quote} This is what I was worried about, I dont undersand why anyone will be happy with MyForexFunds going down mainly Canadians and Americans.
I think those people who can't pass who believe the know how to trade feels justified. And as the saying goes, there's more losers than winners. So the majority gets their day.

Still, i just hope if mff closes, se get our money back. If not, then gg. Where will it go.
Trading is gambling. So gamble responsibly.
  • #20,183
  • Sep 2, 2023 11:10pm Sep 2, 2023 11:10pm
Quoting Sovy
{quote} I think those people who can't pass who believe the know how to trade feels justified. And as the saying goes, there's more losers than winners. So the majority gets their day. Still, i just hope if mff closes, se get our money back. If not, then gg. Where will it go.
If MyFF closes no body is getting any dime. Look at Funding Talent they didn't pay any thing they still owe me 9.5K
  • #20,184
  • Sep 2, 2023 11:10pm Sep 2, 2023 11:10pm
Quoting Nsak3y
the only way that I could see this working without doing a traditional prop approach, would be if the firm partnered with a B-book broker that agreed to pay out 100% of whatever profits the broker gains from trading against the firm's traders
-Allowing a firm to act as a middle-man broker would likely violate many regulatory laws, putting both, the broker and the firm at risk.

I suppose that one other way to avoid all of the back-and-forth would be to partner with a broker that agreed to create simulated (fake) live accounts. This way, the prop firm could say that they are acting as a traditional prop to appease regulators, while still carrying on with their true, ponzi model where everything is fake. This would still require licensing, but the challenges could remain as they are.

It is all speculation, either way.
  • #20,185
  • Sep 2, 2023 11:15pm Sep 2, 2023 11:15pm
Quoting sampat
{quote} If MyFF closes no body is getting any dime. Look at Funding Talent did they didn't pay any thing they still owe me 9.5K
Sigh, I hope coffeezilla tackles this and i see it youtube as a story
Trading is gambling. So gamble responsibly.
  • #20,186
  • Sep 3, 2023 12:24am Sep 3, 2023 12:24am
Hope everything works out.
Trade at your own risk.
  • #20,187
  • Sep 3, 2023 12:36am Sep 3, 2023 12:36am
At least MFF updated their Twitter banner. You know, for transparency.
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Pride always comes before destruction.... -Proverbs 16:18
  • #20,188
  • Sep 3, 2023 12:41am Sep 3, 2023 12:41am
Quoting Expo33
At least MFF updated their Twitter banner. You know, for transparency. 4535700
Trade at your own risk.
  • #20,189
  • Sep 3, 2023 1:43am Sep 3, 2023 1:43am
Quoting pipmaster77
{quote} Not even a question.....FTMO, not even close. As you stated, it all comes down to who you trust. I traded with offshore "unregulated" brokers for 5 years prior to props. I trusted them 1000 times more than any of the "regulated" brokers under the CFTC. I never experienced any of the tricks the regulated brokers pull off daily. In addition, my spreads and overall trading conditions were far superior. The offshores claimed STP, and even if it wasn't, it sure felt like it. I'd literally watch price come within 0.01 of a stop and not take it...
Similar experience I have had with Fusion Markets since 2019.

Mastermind...........
Master your Mind then Master your Trades
  • #20,190
  • Sep 3, 2023 1:45am Sep 3, 2023 1:45am
Quoting Expo33
At least MFF updated their Twitter banner. You know, for transparency. {image}
Priceless !!!

Masterrmind ..........
Master your Mind then Master your Trades
  • #20,191
  • Sep 3, 2023 1:47am Sep 3, 2023 1:47am
Quoting pipmaster77
{quote} In the meantime, someone who spent a couple of years getting funded and possibly scaled, as CableJ mentioned earleir, 675K in funding, even if he is only averaging 0.5% per week, he and his family now need to replace 150K annually......because some dumb shit that has no business trading in the first place complained to a regulator about his $500 he lost on a challenge. Just doesn't seem right....who is protecting the funded traders? who is replacing our income? Seems to me they are hurting more than protecting.
It may not even have stemmed from a complaint. You don't think they wouldn't have noticed his huge spending? One minute plodding along probably as a normal business man the next buying himself a car for over a million dollars in an auction? That wasn't a little local auction looking for that kind of money. And then over $3 million on another car and then the mansions? These things get noticed and questions start there and then looking into where the money is coming from. Less than 2 years after starting a "business".
  • #20,192
  • Sep 3, 2023 1:49am Sep 3, 2023 1:49am
Quoting sampat
{quote} If MyFF closes no body is getting any dime. Look at Funding Talent they didn't pay any thing they still owe me 9.5K
Yes this is a real issue with the longer term funded traders or perhaps more so to those who just recently got funded and might miss out on recovery of participation fee and percentage take of the funded account.

However, we all knew we were dealing in a grey area so it is what it is....

Masterrmind ..........
Master your Mind then Master your Trades
  • #20,193
  • Sep 3, 2023 1:54am Sep 3, 2023 1:54am
Quoting lynnc
{quote}It may not even have stemmed from a complaint. You don't think they wouldn't have noticed his huge spending? One minute plodding along probably as a normal business man the next buying himself a car for over a million dollars in an auction? That wasn't a little local auction looking for that kind of money. And then over $3 million on another car and then the mansions? These things get noticed and questions start there and then looking into where the money is coming from. Less than 2 years after starting a "business".
Probably on their radar for at least 12 months and then they ran down a rabbit hole looking for evidence.

End result likely to have been the same even without his taste for exotic cars but by spending like a crazy man sure didn't help.

I strongly doubt MFF will be back, gone for sure from what I have read.

But you never know let's wait and see.

Masterrmind..........
Master your Mind then Master your Trades
  • #20,194
  • Sep 3, 2023 1:58am Sep 3, 2023 1:58am
Quoting loom
{quote} We must be protected from ourselves. Unless it's a state-run lottery or Ponzi scheme - burning your money on those things is fine, and probably good. Something to keep in mind: This type of prop firm exists because of other regulations - whether licensing of traders or the rules governing brokers - and to meet a demand. Getting rid of MFF and the rest won't get rid of that demand. Someone somewhere will think up another workaround, and this silly game of whack-a-mole will continue.
Absolutely agree.

As we have always said on this thread, you need maybe 3 Prop Firms to cover yourself if one of them drops out of the race for whatever reason.

Masterrmind.............
Master your Mind then Master your Trades
  • #20,195
  • Sep 3, 2023 2:41am Sep 3, 2023 2:41am
Quoting 1odi
{quote} u reckon that s bad thing? if they do that, i d imagine they re just gonna thro in the margin required, 10k for 100k and so on to represent to buying power.. it s the only way but..they might take a hit with the amount of traders failing when they reach funded. still, there are ways to mitigate that risk i think
They can STP every challenge winner but with pre set parameters, individual profiles, so the guys who they think just "got lucky" for example can be set at 10% of original trade size and guys that their risk team consider to be safe hands can go through at 110% of original position size for example. Obviously this is very simplified and I'm not suggesting it's so easy, the risk team would really need to be on their game but I think it can be done. The basic software to do this is already out there in regular copy trading etc. As for the regulation aspect I think they may have to partner officially with an existing regulated broker who fancies a piece of this pie and I'm sure there are a few eyeing up the potential. I also think the low minimum days scenario would be scrapped and back to at least a month or more so they can properly profile the risk parameters for a better starting baseline, if a challenge is won.
  • #20,196
  • Sep 3, 2023 3:13am Sep 3, 2023 3:13am
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MyFF Received $300m, customer Payouts were $137m

I have read most of the pdf doc :
CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders | CFTC

Conclusion : MyFF not a Ponzi

- This 'manipulative 'software they use in the back-end of MT4/5, we on FF have known about for +10yrs,
- Every MT4/5 Broker uses it, made by Boston Technologies.
- The Parts of the document where they 'expose' MYFF CEO Lavish luxury lifestyle is irrelevant, so what he bought a Lambo etc? Jealous?
- 99.9% of Traders were B-Booked. Only 100 were A-Booked STP'ed - like most 'ECN' Brokers then. Standard Industry practice.
- So payouts, were paid from the losing challenge fees. Who on FF does not already know that? MyFF did lie about this.
- Slippage for traders who seem to be on an extended winning streak, put on a 'hard mode' probably. I have experienced this every broker I have made profits with.
suddenly opening/closing becomes slower.

- MyFF Fake commissions, are necessary, if there were no commissions it would be a scalping EAs Dream, making trading conditions unrealistic, FundingTalent made too many payouts as the trading conditions were better than any broker, we were too harsh on Jessica Ghaney she was young and got taken advantage by retail traders who knew more about the products than she .


- Traders that are using 'data feed arbitrage ' should be put on hard mode or not get any payout.
- The Trader that had 0 Losses from Challenge to payout- should be Flagged as suspect arbing.
- Tick scalping EAs should not get any payouts, since they don't work in real trading conditions, real brokers may ban their accounts.

- The most I ever got slipped on MyFF Live was 12pips during CPI or PMI.

All the people in the youtube comments angrily venting against MyFF, as if MYFF have stopped you from being a profitable trader -- Give it a rest.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 20.2%
  • #20,197
  • Sep 3, 2023 3:16am Sep 3, 2023 3:16am
As I mentioned weeks ago in this thread the strategy for smaller investors is to buy 10k account with discount for 50-60 $ and trade it aggressively. Threat one small account as part of your overall capital , and go for 5-10% withdrawal and move to another account instead of working long-term with bigger account like 100k. This approach keeped me out of trouble at the moment, but the limitation is you cannot build larger capital.
  • #20,198
  • Sep 3, 2023 3:17am Sep 3, 2023 3:17am
I have been studying pretty hard these documents to see what the actual complaint is. I still don't really get it because there is very little context around the supposed bomb shell text.

I can count to 100 and its the number of times i have been in a meeting at a brokerage where the question of why someone arbing or abusing the feed is not slipped.
User profiles are normal because it brings retail price feeds towards real market.
Stp is real market, the fills are always going to be the worst compared to retail mt4 feeds because market depth comes into play. You can simulate market depth with small amounts of slippage.
$3 commission is massive apparently and made people lose?
Drawdown rules are designed to make people lose? What
Owner of a company that makes lots of money owns expensive things. Ok.
The things I see of most relevance inside the documents are the code violations perhaps. But that just brings us back to broker armageddon 2.0 where the whole process is designed to get people out of the US. Which is likely where this is going, operate outside of US but dont accept US citizens.

The scummy prop firms like TFT and MFFX changing their language doesnt make sense either, the complaint is not that the trades were executed the complaint is that they were simulated. Changing the language to say your firm is virtual is really stupid and thats me just being polite. Also banning canada for what? OSC is only acting for the CFTC.

I think there are more questions than answers from the accusations and it is almost identical to when the brokers got stung. Freezes without warning, court dates set but before the court dates - release everything and make big lists. Let the court of public opinion determine the destiny of the market place.

I think if you measured which string to pull to destroy prop firm markets you should pull, this was the one to pull.

People are so clouded in their judgement of this because they are like its written on the internet it must be true and dude owns a bugatti but I would be surprised if most of it isn't complete bullshit apart from the code violations.
  • #20,199
  • Sep 3, 2023 3:33am Sep 3, 2023 3:33am
Quoting Takisd
I have been studying pretty hard these documents to see what the actual complaint is. I still don't really get it because there is very little context around the supposed bomb shell text. I can count to 100 and its the number of times i have been in a meeting at a brokerage where the question of why someone arbing or abusing the feed is not slipped. User profiles are normal because it brings retail price feeds towards real market. Stp is real market, the fills are always going to be the worst compared to retail mt4 feeds because market depth comes...

are this firm not reliable TFT and MFFX ? do u have any bad experience or any solid complain against them? they are on my list palning to join within few months
  • #20,200
  • Edited 4:39am Sep 3, 2023 4:15am | Edited 4:39am
Quoting navk
Hey guys, I am looking at following additions after MFF Disaster : - TFF - Funded next. I traded with TFF and i know fairly the rules. Funded next is new to me and i intend to sign up for steller challenge. Any adeas , suggestions on Fundednext welcome.
Read the IP rules of Funded Next and decide if you really want to be involved with a prop like that.
https://help.fundednext.com/en/artic...-at-fundednext

Vitore got his payment denied for IP matters.

At some point I got my bonus from phase 1 but only after a technical video-interview (only company so far that interviewed me to pay).
The guy asked me about my trading background, what was my trading style, trading strategy, what TFs I used, what hours I used to trade and then asked me to do a 0.01 lot trade in desktop and mobile. I think this was to access if I was the real guy trading the account.

I accepted all this because I had a decent bonus to receive and because I wanted to see what the outcome of that would be.

They paid but I don't trust a bit on them. And they have a terrible customer service.
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