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Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

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  • #21,741
  • Sep 13, 2023 6:19pm Sep 13, 2023 6:19pm
Quoting CableJ
{quote} moved to Oct 31st
looong time
Intraday only.
  • #21,742
  • Sep 13, 2023 6:35pm Sep 13, 2023 6:35pm
Quoting navk
{quote} looong time
Remember what I said?

Quoting Cryptosurf
{quote} A case like this could very well take months to resolve.
Trade with confidence, trade without fear.
  • #21,743
  • Sep 13, 2023 8:04pm Sep 13, 2023 8:04pm
Which prop firm can trade AAPL, NVDA, AMD?
Except for FTMO.
  • #21,744
  • Sep 13, 2023 10:49pm Sep 13, 2023 10:49pm
Quoting Takisd
{quote} No the market conditions change. The market isn't a constant, people seem to think it is. It changes regularly and no strategy fits all conditions. Risk management can save you for a while but eventually your edge disappears because of efficiency. Trading is ultimately a game of making as much as you can when you can and getting out of the way when you cant
One pattern I've noticed among the interviews among those who claim they now live off of Trading is that. When the interviewer asks them what method do you use. They normally say: "None. I adapt to the market." Back when I was more newbie than now. I didn't realize what they meant tbh. Since I just couldnt understand how they could adapt to a constant changing market while still being profitable without a specific tactic.
But as I become less newbie I notice it is possible but takes alot of practice and experience. Only practice through charting not reading books.
To use prop firms of course is better for newbies than to use brokers.
  • #21,745
  • Sep 13, 2023 11:18pm Sep 13, 2023 11:18pm
Quoting KoyaAndy18
Is fundingpips a good firm?

https://fundingpips.com/faq/What-are...unded-Account/

Read stop loss rules
Intraday only.
  • #21,746
  • Sep 14, 2023 1:22am Sep 14, 2023 1:22am
Quoting navk
{quote} https://fundingpips.com/faq/What-are...unded-Account/ Read stop loss rules
Much better than Finotive because Finotive demands in ALL orders. Here they allow 2 "mistakes" and apparently reset this count weekly. It's much more fair.
In Finotive you may be trading for 2 months to pass a challenge and, when done, they just say "Hey, you have to repeat the challenge because in those 326 trades that you did you forgot one SL/entered one SL in 68 seconds instead of 60).

I hate those news rules on pending orders. One has a trade running for 3 days and has the "bad luck" of having the TP hit during an event and all profit is gone. This is not being serious prop.

Where are these guys based ?
  • #21,747
  • Sep 14, 2023 1:51am Sep 14, 2023 1:51am
CEO of FundingTrader:

Inserted Video
  • #21,748
  • Edited 3:02am Sep 14, 2023 2:49am | Edited 3:02am
Quoting Dirac
CEO of FundingTrader: https://www.youtube.com/watch?v=JjmA-f3tzu0
Ok Robin Hood"meaning the guy in video". He mentions how the retail trader is the little guy, I'm sure hes got the best intentions for "little retail trader". Which a tiny study on how Darwinex investors a post I made a while back proves not even experienced traders last very long using these prop firms or even bother to touch them if they would trade them consistent.

They might put some trades to A-Book to look good. But this guy knows 100% what would happen if they started to do it on regular basis without monitor. Same would happen as it does to Darwinex investors who invest in the best indexes. Meaning total fail. Never trust anyone especially these guys. When they put themselves on camera like this be even more careful, something is up.
  • #21,749
  • Sep 14, 2023 2:58am Sep 14, 2023 2:58am
Quoting Ferna
Seems like EU is a failed project. I know the ’regulators’ are targeting this globally, but will there be any countries spared?
In a world which aims to be totally globalized and more or less already is. No way any country will be spared. Whoever lives in this moment in time is very lucky to have some freedom to trade freely as they did and do with prop firms. Nothing holds back the regulatory system for example implemented in Germany atm. Basically not allowing people to get too rich trading ofc. But might be lesser or higher degrees of it sure. Im sure its the goal globally.

So sure scammers will get it rough in future such as smaller prop firms etc who doesn't give payout or harass clients. Who lives on false hopes of the dream of newbies who could in reality just use demo accounts. To become decent at trading in long run which is needed regardless even to pass a prop firm and do well. Those who even pass prop firm challenges without tons of retries are those who already are profitable even not using them. Trying them for fun. Not the average Indian boy from the village using his last coins since he believes in what is said on a website since hes new to the internet and then sees a CEO in a video saying its all fine, give him your cash indian little boy.
  • #21,750
  • Sep 14, 2023 3:09am Sep 14, 2023 3:09am
I saw a guy asking in Telegram if he should do a credit card charge back for a challenge he was doing in MFF, attaching the court papers.

That's a very good question and dilema, I guess. MFF doesn't seem to be able to come back soon, if they ever come back at all.
  • #21,751
  • Sep 14, 2023 3:22am Sep 14, 2023 3:22am
Quoting Capablanca
I saw a guy asking in Telegram if he should do a credit card charge back for a challenge he was doing in MFF, attaching the court papers. That's a very good question and dilema, I guess. MFF doesn't seem to be able to come back soon, if they ever come back at all.
I have requested money back from bank (where I used a debit card) for one of my challenges. Hoping to hear back in a few days. The key thing is that it doesn't matter whether you passed/failed/not started the challenge -> you should still be able to claim the funds back so long as the payment was not more than 120 days ago (in the UK).
Your worst drawdown is yet to come
  • #21,752
  • Sep 14, 2023 3:27am Sep 14, 2023 3:27am
Quoting Ferna
{quote} Yeah i get that they need everyone working to keep the economy up in a shrinking population. But who says u won’t work just cause u have money? Some of the richest people i met all been hard workers, but they choose their work. Money is just a way to choose what you want to do, not to get less workers. Its very de-motivating to stay in EU or U.S with just being able to pay the bills, i don’t think people want to live for their shitty ass jobs only. They proably want to live too, for example going golfing, climb a mountain, go on sightseeing,...
Arabic countries I don't know much about tbh when it comes to trading. But what I do notice around brokers is they got somekinda special accounts for those in arabic countries due to Sharia I suppose or similar. But never looked into whats the difference truly is. My impression its even more regulated on those accounts with less leverages etc the few I looked into. Otherwise why even offer special accounts for those in arabic countries. Might also be why so many flocked to prop firms to escape these "regulations" worldwide even in Arabic countries Im guessing. We must remember USA was the last country of freedom. If they are not having the freedom even in trading then yea good luck elsewhere.
  • #21,753
  • Sep 14, 2023 3:35am Sep 14, 2023 3:35am
Quoting nebby
{quote} I have requested money back from bank (where I used a debit card) for one of my challenges. Hoping to hear back in a few days. The key thing is that it doesn't matter whether you passed/failed/not started the challenge -> you should still be able to claim the funds back so long as the payment was not more than 120 days ago (in the UK).
you will be recharged if they are not found guilty of fraud and flagged for chargeback fraud. It’s a freeze with a receiver. The way it works is if guilty on all counts they will take all existing money and share it to all users. If the payment provider accepts a chargeback they are in breach of the freeze.
  • #21,754
  • Sep 14, 2023 3:59am Sep 14, 2023 3:59am
Quoting Takisd
{quote} you will be recharged if they are not found guilty of fraud and flagged for chargeback fraud. It’s a freeze with a receiver. The way it works is if guilty on all counts they will take all existing money and share it to all users. If the payment provider accepts a chargeback they are in breach of the freeze.
Yes I have stated clearly with the bank what state the company is in - and will let them decide whether they wish to issue funds back. The problem is if I wait till 31st October then my window for chargeback is gone and then I will have no chance of getting anything back if the company winds up and there are no funds back left after paying all fines etc.
Your worst drawdown is yet to come
  • #21,755
  • Sep 14, 2023 4:02am Sep 14, 2023 4:02am
Quoting Takisd
{quote} you will be recharged if they are not found guilty of fraud and flagged for chargeback fraud. It’s a freeze with a receiver. The way it works is if guilty on all counts they will take all existing money and share it to all users. If the payment provider accepts a chargeback they are in breach of the freeze.
On the other hand if they take 1 year to solve this and not enough money to reimburse, people lose the time window for the charge back. It will be too late at that time.

Also, if MFF is found not guilty I doubt that they want to come back recharging people for what happened months ago.

I don't know. I'm just thinking aloud.
  • #21,756
  • Sep 14, 2023 4:02am Sep 14, 2023 4:02am
Quoting Takisd
{quote} you will be recharged if they are not found guilty of fraud and flagged for chargeback fraud. It’s a freeze with a receiver. The way it works is if guilty on all counts they will take all existing money and share it to all users. If the payment provider accepts a chargeback they are in breach of the freeze.
Regulators probably gonna suck those funds in fines
  • #21,757
  • Sep 14, 2023 4:55am Sep 14, 2023 4:55am
from now onwards every payout we will receive is in
USDT (ERC20) and then from that crypto wallet we can do P2P crypto trading and get cash in bank account
its simple, there is no problem in it, and it is fast as well than deel
but the wallet address is unidentifiable, and its quiet tough to determine whether its related to the user or not
and there can be mistakes as well in typing or other mistakes, and transaction may also lost in blockchain somewhere
and not simple like deel's email address, that's it.. deel's process is easy, fast and secure, and automatic
  • #21,758
  • Sep 14, 2023 5:06am Sep 14, 2023 5:06am
Quoting Takisd
Around the time Jessica showed her ass to the world I started the process to open a prop firm but backed out. In the mean time I did some work for prop firms including the ones that are in trouble right now. I know the people behind most of them it’s why I have bias one way or another. My background in data analytics and brokerage. I also know most of the payment companies from time running brokerages. also I am Jessica, look at my big round ass and excessive make up.
Jeez and I thought you were that blake boy, er bloke all along.. Who would've guessed?
  • #21,759
  • Sep 14, 2023 5:14am Sep 14, 2023 5:14am
Quoting Dirac
CEO of FundingTrader: https://www.youtube.com/watch?v=JjmA-f3tzu0
Well, the gent said something true about MFF, the main problem here was that MFF tried to operate as a broker when they weren't one. Prop firms aren't going away for sure, but this pseudo prop-firm business model I don't think it will last for so many reasons. If a prop firm B-Books its traders, then there's an obvious conflict of interest, simple as that, and it defeats the purpose of what a prop firm should be. Essentially, it's just another man in the middle trying to get a piece of the cake, and sadly most of the time it is run by hustler marketers rather than qualified risk teams.

Most people are angry about the fact that they were running plugins to delay orders, but the truth is you can't operate this business model with a full demo environment; it would simply get abused. Now, how randomly you use the plugin, that's another story... If they B-Book their traders, wouldn't you think they might mark up the spreads in certain situations? Communism doesn't work, folks...

More dramas will come as firms keep falling for various reasons: not enough capital, bad risk management, shifting from grey areas to red areas. Payment providers and banks will refuse to work with these firms, and after a few more cases, regulation will start banning this product in the US, followed by the EU and other regions. You'll still be able to find the crypto dodgy prop firm registered in Saint Vincent and the Grenadines, and probably a few big players already established will operate successfully globally outside the US and EU.

Next, the marketing hustlers will turn their attention to a different sector ripe for exploitation, called Binary options, Course Trading rooms, Challenge prop firms, Crypto tokens, DeFi projects and the story will repeat as it has been for decades.
  • #21,760
  • Sep 14, 2023 5:40am Sep 14, 2023 5:40am
Quoting Fagin
{quote} Jeez and I thought you were that blake boy, er bloke all along.. Who would've guessed?

I know you are joking but that one really hurt
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