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Anyone trading with a Prop firm 31 replies

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  • #21,341
  • Sep 11, 2023 4:32am Sep 11, 2023 4:32am
Quoting fxpider
Would you consider a prop firm that uses a 3rd party broker over a firm that uses an in-house broker? Why or why not?
Its no difference, what MFF is accused of, all metatrader companies other than LMAX do.
  • #21,342
  • Sep 11, 2023 4:52am Sep 11, 2023 4:52am
Quoting Takisd
{quote} Its no difference, what MFF is accused of, all metatrader companies other than LMAX do.
Apparently, all the small prop firms prefer to use 3rd party retail broker, whereas the big and reputed (!!) ones tend to have their own.
Success = Practice + Patience + Persistence
  • #21,343
  • Sep 11, 2023 4:56am Sep 11, 2023 4:56am
Quoting navk
{quote} How good is Funded engineer / UAE
I had a discussion with their security team staff the other day and basically they admitted that if they detect multiple IPs in my trading log i get most likely ban with them for good. The guy seemed to be pretty honest about it so most likely saved me a lot of time and some money.
Money is made by sitting, not trading
  • #21,344
  • Sep 11, 2023 5:04am Sep 11, 2023 5:04am
Quoting Vitore
{quote} I had a discussion with their security team staff the other day and basically they admitted that if they detect multiple IPs in my trading log i get most likely ban with them for good. The guy seemed to be pretty honest about it so most likely saved me a lot of time and some money.
My understanding is, that they allow only two IPs. One will be the home wifi and the other one when using your mobile phone (data network only but no public WIFI).
Success = Practice + Patience + Persistence
  • #21,345
  • Sep 11, 2023 5:08am Sep 11, 2023 5:08am
Quoting fxpider
{quote} My understanding is, that they allow only two IPs. One will be the home wifi and the other one when using your mobile phone (data network only but no public WIFI).
when you turn off - turn on ur modem ur IP will be changed
I will succeed Not immediately... but definitely
  • #21,346
  • Sep 11, 2023 5:11am Sep 11, 2023 5:11am
Quoting navk
{quote} How good is Funded engineer / UAE
So far so good and I have been laudatory about them… until today.
Banned for no justifiable reason except that they claim I was rude with their support team… Allô?!
I keep naively waiting for more explanations
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I used to be indecisive but now I'm not so sure...
  • #21,347
  • Sep 11, 2023 5:25am Sep 11, 2023 5:25am
Quoting fxpider
{quote} My understanding is, that they allow only two IPs. One will be the home wifi and the other one when using your mobile phone (data network only but no public WIFI).
I didn't ask about how many as they strongly recommend against using VPNs in their rules and any risk of this happening is a no go for me. The sequence of events the guy described to me that would happen on their side upon detecting multiple IPs reminded me the old good FundedNext. The whole process seemed to me like copy & pasted. Multiple IPs = account management service for them regardless of any evidence you provide against such a suspicion.
Money is made by sitting, not trading
  • #21,348
  • Sep 11, 2023 5:27am Sep 11, 2023 5:27am
Quoting fxpider
{quote} My understanding is, that they allow only two IPs. One will be the home wifi and the other one when using your mobile phone (data network only but no public WIFI).
That's strange because our mobile IP is changing all the time, depending where we are. It's very dumb and shady to decide based in mobile IP.
  • #21,349
  • Sep 11, 2023 5:33am Sep 11, 2023 5:33am
Quoting Filipo1
{quote} So far so good and I have been laudatory about them… until today. Banned for no justifiable reason except that they claim I was rude with their support team… Allô?! I keep naively waiting for more explanations {image}
We would have to see what happen in that chat to correctly judge but in my understanding is that customer service of all companies (not just props) have to be prepared for some heat and sometimes not pleasant conversations. It's not a place to have delicate hears or thin skin. If you do then you're in the wrong job.

This said, I would only admit a ban based on chat if there were serious things like racist comments, violence threats, serious accusations not proved, etc.
Specially because most of traders are not English fluent and also because written message can be quite misunderstood. Rude seems to me something very vague.
  • #21,350
  • Sep 11, 2023 5:34am Sep 11, 2023 5:34am
Quoting Capablanca
{quote} That's strange because our mobile IP is changing all the time, depending where we are. It's very dumb and shady to decide based in mobile IP.
It's very confusing, indeed.

this is from FundedNext.

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Success = Practice + Patience + Persistence
  • #21,351
  • Sep 11, 2023 5:35am Sep 11, 2023 5:35am
Quoting fxpider
{quote} Apparently, all the small prop firms prefer to use 3rd party retail broker, whereas the big and reputed (!!) ones tend to have their own.
Who knows man, retail traders seem to focus on things that aren't actually effecting them. You could give all prop firms the same feed and server settings and people would still claim they prefer one over the other because of server settings.
  • #21,352
  • Sep 11, 2023 5:40am Sep 11, 2023 5:40am
Quoting Capablanca
{quote} That's strange because our mobile IP is changing all the time, depending where we are. It's very dumb and shady to decide based in mobile IP.
They probably trace the MAC address using the IP address. as the MAC address will get changed only if the device is changed, IMO.
Success = Practice + Patience + Persistence
  • #21,353
  • Sep 11, 2023 5:44am Sep 11, 2023 5:44am
Quoting fxpider
{quote} It's very confusing, indeed. this is from FundedNext. {image}
That's even contradictory with what they have in another part of the site.

In yours they say you can use 2 devices. Here they say that using 2 devices is "exceptional circumstances".
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And then all these rules like providing evidence of travel like plane tickets or hotel booking. Serious ? Who wants to be involved with such a company for the long term.

I was with them some months ago and milked a bit from them but that was in my categories of very shady companies that I try once in a while. Nobody should consider himself safe with a company with these rules. Even less for the long term.
  • #21,354
  • Sep 11, 2023 5:48am Sep 11, 2023 5:48am
Quoting Capablanca
{quote} That's even contradictory with what they have in another part of the site. In yours they say you can use 2 devices. Here they say that using 2 devices is "exceptional circumstances".{image} And then all these rules like providing evidence of travel like plane tickets or hotel booking. Serious ? Who wants to be involved with such a company for the long term. I was with them some months ago and milked a bit from them but that was...
Holly crap !! what are they doing?
Success = Practice + Patience + Persistence
  • #21,355
  • Sep 11, 2023 5:57am Sep 11, 2023 5:57am
I just keep laughing when i read all bs about prop firms.
Why you search for prop firms that is cheaper? Why build ''business' with fishy prop firms when there are plenty of verified prop firms as FTMO that really pays, and dont ask for dumb verifications if you traver or something...
Just dont know what you want from those prop firms if you are always searching for something. Stop searching, do things and get funded or forget prop firms. Simple as that
Consistency will bring everything...Be good.
100% Is The Target v.1 All Time Return: -95.4%
  • #21,356
  • Sep 11, 2023 6:07am Sep 11, 2023 6:07am
Quoting navk
{quote} How good is Funded engineer / UAE
Customer Service is honest; but unfortunately their drawdown rules are horrendous in my opinion..

For instance, their MFF/FTMO type offering is called a superior account, and for all superior accounts, but I'll use a 100K a/c for computations; your daily DD is 5% (5K); if you take the account to 110K, daily DD remains at 5K; you would need to take the a/c to 125K in order to see a 2% increase in max DD, and 1% increase in daily DD on the geared scaling package (or 4% increase in max DD, and 2% increase in daily DD on the geared up scaling package)..meaning the risk of failure pretty much remains the same, no matter how much you grow the account by..

https://fundedengineer.com/scaling-plan/

Added to that, this is the leverage situation:

Superior Leverage:
1:100 FX
1:2 Crypto
1:30 Indices
1:20 Commodities and Gold

So, your 100K account is really a 30K account at 1:100 leverage for indices; or a 20K account with a 100:1 leverage for Gold..

To my thinking, this offering best suits FX traders, who can afford to go for the highest DD accounts from the onset..otherwise, it might just be a waste of time
  • #21,357
  • Sep 11, 2023 6:45am Sep 11, 2023 6:45am
Thanks to all .

I just passed phase1 with Funded engineer.

Third day today.

Yes, customer service seems to be good.

Let me see how they do with account.

I trade only from one device, my laptop.
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Intraday only.
  • #21,358
  • Edited 7:07am Sep 11, 2023 6:47am | Edited 7:07am
And i recd phase 2 acc credentials witin minutes
( No minimum and No maximum days )
Intraday only.
  • #21,359
  • Sep 11, 2023 6:58am Sep 11, 2023 6:58am
For those playing at home. There is a bit of an apocalypse going on. If you have access to semrush if you are tracking prop firm keywords and data. This is what it looks like for the US which is ~30% of the market. These are daily figures.

Why am I not touching props right now? First, the CFTC might have other cases behind the MFF one and my opinion is that some other companies have significantly worse things on their plate to deal with - I am looking at you Angelo Caramelos.

Secondly, I don't think many will stay solvent if this apocalypse of traffic continues. We know the model remember.
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  • #21,360
  • Sep 11, 2023 7:36am Sep 11, 2023 7:36am
Quoting Takisd
{quote} Postponed.
does anybody know when the hearing is?
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