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  • #20,821
  • Sep 5, 2023 11:36pm Sep 5, 2023 11:36pm
Quoting OutThere
All right, this helps me when I am in a situation that calls for it. I do not mean to offend anyone by posting it. It helps me to center myself in a way because it reminds me where I am in relation to the situation at hand. There is no harm in sorta triangulating where you are and how you are dealing with an issue. This does it. While you may not experience them all (or may experience them in a different order) these include: shock and disbelief. denial. guilt. anger and bargaining. depression, loneliness and reflection. reconstruction (or 'working...
So you learned how to copy and paste the 7 stages of grief.

No one was that shocked or in disbelief as regulation coming very soon was talked about regularly in this thread.
Pride always comes before destruction.... -Proverbs 16:18
  • #20,822
  • Sep 5, 2023 11:51pm Sep 5, 2023 11:51pm
Quoting Expo33
{quote} So you learned how to copy and paste the 7 stages of grief. No one was that shocked or in disbelief as regulation coming very soon was talked about regularly in this thread.
Yes. I heard copy and pasting is better than writing it from memory.

I'm glad you brought up 'the regulation coming very soon' topic.
I was around. I read stuff.
I just don't remember the freezing of MFF being the regulation that was predicted to come.
I wasn't alone because I have read a lot of traders writing about just having purchased an account or were sitting on payouts and not requesting withdrawals and so on.
Clearly there has been shock expressed at the appearance of a set of regulators swooping on the big one to begin with...and that coincided with the disappearance of a big one...shocking. really...that you're so cool about it.
  • #20,823
  • Sep 6, 2023 12:40am Sep 6, 2023 12:40am
Quoting pipmaster77
{quote} You do realize you are THE ONLY ONE In here pro CFTC and anti MFF, right?
Wrong. Personally I thought MFF was the best along with FTMO in the past of course. But all of them are scammers. Considering the high amount of payouts MFF did it was still impressive how many who became profitable from them despite them targeting people and closing their accounts.

I suspect that they mostly targeted the high accounts in 100k or 50k. From the looks of it as people in this thread already suspected a long time ago regarding prop firms. Even if MFF payout with the higher accounts it just used more sneaky methods to cancel accounts in that range compared to other prop firms which just denied payouts. So in retrospect I assume those who got their high accounts cancelled never spoke out on the web much and felt as if they were actual failures and thought it was all organic. Which makes MFF the sneakiest devious prop firm of them all so far.

I made wrong judgement in the past saying MFF was ok even if they did make payouts. It was all just hidden. 100% unreliable sneaky.
This makes me wonder about the claims some did online about FTMO threatning people to left an right if they even whisper anything negative about them . It appears the biggest prop firms become big since they are sneaky. But thats speculation yet on regard of FTMO.
  • #20,824
  • Edited 1:08am Sep 6, 2023 12:56am | Edited 1:08am
When I think about this even more regarding MFF it must be very young people who even think they can get away with anything like they did. Thus why I always say stay away from the hipster young founders of prop firms if you aim for some reliability. Since no one in their right mind would even dare or try what they did to target and cancel high cost accounts on that large scale. They hurt the prop firm industry more than anyone else did so far by being ignorant. So whoever praises such prop firms for the short term and think as long as they payout its all fine, maybe you should think about the damages these hipster kids do in the long run to your finances.
  • #20,825
  • Sep 6, 2023 1:02am Sep 6, 2023 1:02am
Quoting OutThere
{quote} Yes. I heard copy and pasting is better than writing it from memory. I'm glad you brought up 'the regulation coming very soon' topic. I was around. I read stuff. I just don't remember the freezing of MFF being the regulation that was predicted to come. I wasn't alone because I have read a lot of traders writing about just having purchased an account or were sitting on payouts and not requesting withdrawals and so on. Clearly there has been shock expressed at the appearance of a set of regulators swooping on the big one to begin with...and...
Thanks for all of your contributions to this thread. It would be meaningless without you.

Eternally grateful,

-Expo33
Pride always comes before destruction.... -Proverbs 16:18
  • #20,826
  • Sep 6, 2023 1:03am Sep 6, 2023 1:03am
Quoting Expo33
{quote} Thanks for all of your contributions to this thread. It would be meaningless without you. Eternally grateful, -Expo33
Love you too.
  • #20,827
  • Sep 6, 2023 1:15am Sep 6, 2023 1:15am
So, let's look at this instance.
FF member forexhack https://www.forexfactory.com/thread/...9#post14544419

You can look back at his posts. It is regarding having a shared IP and the ones given by mff didn't match etc.

So, who knows what the story is about that but just below rep of mff replies to Boulder.
That means he has seen forexhack's messages and just ignored it all. I don't remember if he replied to him before but at that moment, he might have not existed at all.

135000 customers. Do you guys think they were all treated right?
Do you think all the ones that were done wrong went to a forum and posted their complain?
134999 happy customers and only 1 unhappy, so who cares?

Maybe that is all it would have taken. A team of lawyers and putting things in motion. I'm not at all saying forexhack did it...I don't know but somebody would inevitably be able to ring the regulators' doors, somehow. I'm sure all the props consider the traders a bunch of money hungry arses waving 500 dollar bills at them but someone might have had a few extra bucks or the lawyer saw merit in the case.

That is just shaky footing of the business.
The only time it is worth doing crime is when it is 100% assured that you won't get caught.
Did they?
  • #20,828
  • Sep 6, 2023 1:23am Sep 6, 2023 1:23am
The most funny thing reading telegram these days is people blaming that MFF were either a ponzi or crooks because there were not real money and just after this they ask what prop they should sign up now.
  • #20,829
  • Sep 6, 2023 1:42am Sep 6, 2023 1:42am
Quoting Takisd
Also banning canada for what? OSC is only acting for the CFTC.
That had me scratching my head. You'd think these guys would have at least a working knowledge of relevant legal issues - a quick Google search brought up the Memorandum of Understanding from 2014 between the relevant Canadian and US agencies. This, at least, isn't some deep, obscure, archaic legal matter. They're telling you in plain language: Hey, we're pals and we're working together. (Whether and how far that's actually legal under US law would be an interesting, if archaic, court case - but I doubt any of these firms are going to fight charges).

Quote
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...

Playing to people's envy and sense of victimization works every time.
  • #20,830
  • Sep 6, 2023 1:51am Sep 6, 2023 1:51am
So I was under the assumption that The Funded Trader wasn't still operating in the Stone Ages but I guess I was wrong.

The Sumsub software for doing the KYJelly verification only took a few minutes but apparently, it takes 24-48 hours before they send you an email to sign the contract for Rapid or Knight accounts and they only work on Wednesdays and Sundays for Standard or Royal accounts.

I guess I thought there would be a priority placed on the most important part of the journey. Guess not. But, at least they have cute emojis and stuff.

Maybe if I send Blake some pimple cream he will fast-track me to the front of the line.

Attached Image (click to enlarge)
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Pride always comes before destruction.... -Proverbs 16:18
  • #20,831
  • Edited 2:43am Sep 6, 2023 2:03am | Edited 2:43am
Quoting OutThere
{quote} You and others have explained that many times, however, your explanation is a little dated considering the new developments. I don't see anywhere in your comments above that there is a danger of losing not only your $500, but also what you have earned on that up to date. In addition, you have probably worked out this trading for prop thing into your life. Pretty inconvenient if at any moment you have to start looking for a job or trade your own money. I don't know where you are doing your challenges but my 100K ones give me only 5K to play...
It's about use of time not money. I can get access to 600k to 1m within a few weeks, or really is it a 60k/100k recurring loan, interest free with zero collateral to put down (after my fees have been refunded). To earn a UK average income returning 20 to 50% per year 70 to 100k GBP(not $) is required to trade with if you want to do it as your sole earner. Let me tell you, unless you have inheritance or lucky to be born rich it is damn hard to accrue that money in the UK and live at the same time.

I read a post a few pages back (not you) about some wanker saying if you aren't rich enough to trade you should remain poor, something to that effect... hope he has a cardiac on his golf course.

Out of all of this I think about a lot of the poorer people in poorer countries learning to trade and the CFTC has literally taken bread from their mouths. Will they get a refund on their week/months worth of wages for the fee? Remains to be seen I guess but I'm pessimistic. Land of the free, my arse.
  • #20,832
  • Edited 2:45am Sep 6, 2023 2:24am | Edited 2:45am
Quoting Expo33
So I was under the assumption that The Funded Trader wasn't still operating in the Stone Ages but I guess I was wrong. The Sumsub software for doing the KYJelly verification only took a few minutes but apparently, it takes 24-48 hours before they send you an email to sign the contract for Rapid or Knight accounts and they only work on Wednesdays and Sundays for Standard or Royal accounts. I guess I thought there would be a priority placed on the most important part of the journey. Guess not. But, at least they have cute emojis and stuff. Maybe if...
When I started with them they were activating accounts only on Sundays evenings, even if we passed KYC on Monday and Tuesday. It was a major improvement in the Flintstones land.
  • #20,833
  • Sep 6, 2023 2:40am Sep 6, 2023 2:40am
Quoting Fagin
{quote} It's about use of time not money. I can get access to 600k to 1m within a few weeks, or really is it a 60k/100k recurring loan, interest fee with zero collateral to put down (after my fees have been refunded). To earn a UK average income returning 20 to 50% per year 70 to 100k GBP(not $) is required to trade with if you want to do it as your sole earner. Let me tell you, unless you have inheritance or lucky to be born rich it is damn hard to accrue that money in the UK and live at the same time. I read a post a few pages back (not you) about...
So,true.
I found prop trading is one tool to build my personal account to which level I can live with medium standard in my country.
Then, this regulators bastards try to take those opportunities from us.
Fuck them!
- X -
  • #20,834
  • Sep 6, 2023 2:54am Sep 6, 2023 2:54am
I'll also state after quite some years trading, sticking to daily drawdown rules, overall drawdown rules and building a working risk management strategy for growth during the past 2 years of actually trying to work with these props has improved my trading dramatically.

I've called out the sham challenges very early on in this thread, MFF were my first target and I will never defend that pressure tactic, thankfully they've recognised it was indefensible and dropped the phase 30/60 days etc..

However without this process I've been through I'd still be a genius trader for 2 days of the month followed by his degenerate gambling friend for the next 28 days of the month. Recurring.

Say what you want about the "Prop" industry but there are a few of us that have always treated this seriously and as a profession to improve our lives.

You can't save stupid people from themselves.
  • #20,835
  • Sep 6, 2023 3:36am Sep 6, 2023 3:36am
No discounts on cheap accounts since MFF case appeard, props become quiet with marketing.
  • #20,836
  • Sep 6, 2023 3:37am Sep 6, 2023 3:37am
Quoting pipmaster77
{quote} I posted the other day, if I was MFF lawyers, I would be gathering the evidence demonstarting that all of the "regulated" brokers under their regulation do THE EXACT SAME THING. That is EXACTLY the argument.
Would be interesting to watch that, but irrelevant (for the same reason that "I got a speeding ticket, but those other 50 speeders didn't" is irrelevant). Besides, if the CFTC lawyers are any good, they'd just keep focusing the jury on those luxury items, and how unfair that is.

If MFF plans to fight this - highly unlikely - they should be thinking longer-term. They'll lose this case, but they can appeal (I think - regulatory court can be weird). Eventually, they might even get before a SCOTUS that is currently sympathetic to arguments about regulatory overreach (chipping away at the Chevron Doctrine), and (rightly) narrowing the definition of fraud (see eg Percoco and Ciminelli from this year).

But the prosecution will make any of that as painful as possible.
  • #20,837
  • Sep 6, 2023 3:50am Sep 6, 2023 3:50am
Quoting youngD
No discounts on cheap accounts since MFF case appeard, props become quiet with marketing.
I got some cheap deals

$77 for 10K with The Funded Trader
$50 for 10K with My Funded FX
29$ for 6K with The Funded Engineer

City Trader Imperium had a 100K for $400

Lots of deals
Pride always comes before destruction.... -Proverbs 16:18
  • #20,838
  • Sep 6, 2023 3:57am Sep 6, 2023 3:57am
Well its clear the effect of making sure this is tried in the court of public opinion works.

Being international, every legal system is different, but in the US, innocent until proven guilty. There has been no court, no trial, no ability to vindicate. But it would appear a bunch of folks are looking to get the rope out.

My guess is people who are awful traders.

To suggest that MFF is guilty but to then buy a challenge at X company is probably the dumbest take in all this. Its essentially saying "MFF is guilty, but I am going to go give money to their retarded cousin holding the bloodied knife".
  • #20,839
  • Sep 6, 2023 4:03am Sep 6, 2023 4:03am
Now we have proof...MFF is the worst Prop Firm in the world.
  • #20,840
  • Sep 6, 2023 4:35am Sep 6, 2023 4:35am
Quoting CableJ
{quote} Apex trading has no live accounts, It's a simulated trading video game just like the forex prop side. However, after the MFF takedown the Futures props seem to have no fear of the CFTC bringing the hammer down on them... Futures props are promoting US controlled exchange markets not competition the CFTC/NFA/CME/CBOT/COMEX/ICE/NYMEX don't control or make money from. It's the sole reason CFDs are banned in the United Sates in the 1st place.
https://support.apextraderfunding.co...accounts-live-

Are performance accounts live?
We use live data for performance accounts. Initially they are in SIM but you still get paid the same way this is because many traders may blow a performance account quickly. So this is done to protect the company and you as a customer. Once we see consistency we copy the trades via api in a prop account.
Once we see long term consistency you are placed into a live prop account.
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