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  • #22,541
  • Sep 22, 2023 11:01am Sep 22, 2023 11:01am
Quoting Nsak3y
{quote}-Yes. This has been the issue all along... how to define this. Either it is, or it isn't. If it is, well, then licensing, fees, reporting, compliance et al. are all going to be required. If it isn't, then it's just gambling, which is a whole different list of requirements. Even though these firms may be operating in a sort of gray area in some respects, regulators will not accept that. They likely see it as circumvention and will look to punish.
My understanding and interpretation, and im not a lawyer, is that they are essentially suggesting the fact its fake/sim is the route to define it ponzi which would mean that all prop firms are ponzi's. Which means that if they get one, they get them all. Yes including 5ers, despite what the clown says.

But in the same breath, the cftc complaint contradicts that based on marketing, again all prop firms fall into this. So.... ... who the fuck knows. The fact of the matter is this wont' be the last. I wouldn't be surprised if another SRO comes out before new year.
  • #22,542
  • Sep 22, 2023 11:08am Sep 22, 2023 11:08am
Quoting bascupower
The regulators haven't even develop a proposal to regulate this business model.....

That's the point, they like to keep the waters muddy, then strike back with fines. Look at what they've been doing with crypto for the last decade.

If they propose clear guidelines, then their mafia shakedown fine collection model dries up.
Trade with confidence, trade without fear.
  • #22,543
  • Sep 22, 2023 11:16am Sep 22, 2023 11:16am
Quoting Nsak3y
{quote}-One of the charges that is being brought against Murtuza is misappropriation of funds. I would have to think, that, in order for this to be applicable in this case, that he would have had to have been using funds from challenge fees, where challenges were not yet completed. .
I'm pretty sure the evidence submitted includes, mff bank account paying the auction house for his lambo.

Thats some company car policy they had there.
  • #22,544
  • Sep 22, 2023 11:22am Sep 22, 2023 11:22am
Quoting rizla101
{quote} I'm pretty sure the evidence submitted includes, mff bank account paying the auction house for his lambo. Thats some company car policy they had there.
The documents I have seen, it does not.

The whole car thing as far as it seems (so far) is just to paint a picture for the public "look evil rich man he has luxury lifestyle look get him guys get him". It works - for like 3 days all people could talk about is the fact he had a bugatti.
  • #22,545
  • Sep 22, 2023 11:30am Sep 22, 2023 11:30am
Quoting ashark69
so I was about to register with fundingtraders and checked their FAQs and looks like they are blocking grid trading. So had to clarify and ended up talking to Rob CFO himself, and looks like their finance team defines any additions to your positions or subtractions as grid trading. You know... same thing that in futures you would simply consider netting, unfortunately in fundintraders its not allowed. So something like this for example, is confirmed to be not allowed by their team (watch image attached) I guess if you are a simple SL and TP guy,...
If someone made a list of all prop firms banning, closing down people using grid and martingale method and willing to share that would be appreciated. Especially if other interesting facts about the founders background and how old the prop firms are, and if they got issues with payouts lately. But I suppose age of prop firm doesnt matter that much anymore. Seeing how some the older prop firms now also treat clients as garbage.

Although as some suggested here in reality its best to stay away from prop firms atm. Even if I do think real futures prop firms who comply with demands of regulators already. Will stick around for some years at least as it seems only the forex prop firms are targeted atm. TraderTero I believe said he got decade of experience also with how regulators in US operate and target domestic prop firms before anyone else. But tbh since no one expected MFF to go down first. Then anything is possible.
  • #22,546
  • Sep 22, 2023 11:38am Sep 22, 2023 11:38am
Quoting labu
{quote} If someone made a list of all prop firms banning, closing down people using grid and martingale method and willing to share that would be appreciated. Especially if other interesting facts about the founders background and how old the prop firms are, and if they got issues with payouts lately. But I suppose age of prop firm doesnt matter that much anymore. Seeing how some the older prop firms now also treat clients as garbage. Although as some suggested here in reality its best to stay away from prop firms atm. Even if I do think real futures...
here you go
https://forexpropreviews.com/which-p...ow-martingale/
  • #22,547
  • Sep 22, 2023 11:39am Sep 22, 2023 11:39am
https://forexpropreviews.com/prop-tr...uency-trading/
  • #22,548
  • Sep 22, 2023 11:40am Sep 22, 2023 11:40am
Quoting Takisd
{quote} Rip expo, warm up that bus pass.
Yup, crickets so far on my payout but of course, they continue spamming my email wanting me to review them.

I mean what do they want me to say? TFT is the best, well except for the part where you don't get paid.

Plus they now have the new "press conference" thingy. Sign up now
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Pride always comes before destruction.... -Proverbs 16:18
  • #22,549
  • Sep 22, 2023 11:42am Sep 22, 2023 11:42am
Quoting ashark69
so I was about to register with fundingtraders and checked their FAQs and looks like they are blocking grid trading. So had to clarify and ended up talking to Rob CFO himself, and looks like their finance team defines any additions to your positions or subtractions as grid trading. You know... same thing that in futures you would simply consider netting, unfortunately in fundintraders its not allowed. So something like this for example, is confirmed to be not allowed by their team (watch image attached) I guess if you are a simple SL and TP guy,...
The funny thing about that entire post is you talked to Rob, the actual CFO himself, becuase you know, being a CFO at such a large firm affords plenty of time to answer support inquiries, YET they have an entire finance team to evaluate your trading....Just a guess here but I'm betting the entire finance team, is well.........Rob himself.
I wish regualtion could come in such a form that all of these one man shows with the bullshit rules could be closed immediately and leave the MFFs and FTMOs of the world alone.
  • #22,550
  • Sep 22, 2023 11:44am Sep 22, 2023 11:44am
Quoting labu
{quote} If someone made a list of all prop firms banning, closing down people using grid and martingale method and willing to share that would be appreciated. Especially if other interesting facts about the founders background and how old the prop firms are, and if they got issues with payouts lately. But I suppose age of prop firm doesnt matter that much anymore. Seeing how some the older prop firms now also treat clients as garbage. Although as some suggested here in reality its best to stay away from prop firms atm. Even if I do think real futures...
I was mainly referring to payment gateway blocking and the time line. The whole prop firm industry needs first to be made illegal in US before they can start to block funds transfers the same way as with online gambling. Right now we are far away from that as the MFF case is just against one entity. Also good to keep in mind that there are several off shore brokers accepting US clients and making payments to USA. However, everything is possible but I don't think there is any need to panic and stop buying challenges for the fear of losing a couple a hundred bucks as these things tend to take some time.
  • #22,551
  • Sep 22, 2023 11:55am Sep 22, 2023 11:55am
Quoting Takisd
{quote} The documents I have seen, it does not. The whole car thing as far as it seems (so far) is just to paint a picture for the public "look evil rich man he has luxury lifestyle look get him guys get him". It works - for like 3 days all people could talk about is the fact he had a bugatti.
Yes, how dare you run a profitable business and spend your $$$$.
  • #22,552
  • Sep 22, 2023 12:05pm Sep 22, 2023 12:05pm
Quoting pipmaster77
{quote} The funny thing about that entire post is you talked to Rob, the actual CFO himself, becuase you know, being a CFO at such a large firm affords plenty of time to answer support inquiries, YET they have an entire finance team to evaluate your trading....Just a guess here but I'm betting the entire finance team, is well.........Rob himself. I wish regualtion could come in such a form that all of these one man shows with the bullshit rules could be closed immediately and leave the MFFs and FTMOs of the world alone....
agree pip completely, have same thoughts on this, glad i am not only one thinking like that.

Well on the other hand his youtube channel is nice lol
  • #22,553
  • Sep 22, 2023 12:08pm Sep 22, 2023 12:08pm
Quoting Takisd
{quote} The documents I have seen, it does not. The whole car thing as far as it seems (so far) is just to paint a picture for the public "look evil rich man he has luxury lifestyle look get him guys get him". It works - for like 3 days all people could talk about is the fact he had a bugatti.
If lifestyle is a plus for regulator I guess the next one is Bespoke...

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  • #22,554
  • Sep 22, 2023 12:13pm Sep 22, 2023 12:13pm
Quoting pipmaster77
{quote} Yes, how dare you run a profitable business and spend your $$$$.
You need to be a monk running your business from your spiritual retreat. Preferable isolated in the mountains, cultivating your own potatoes and picking eggs from the chickens.
  • #22,555
  • Sep 22, 2023 12:19pm Sep 22, 2023 12:19pm
Quoting Takisd
{quote} The documents I have seen, it does not. The whole car thing as far as it seems (so far) is just to paint a picture for the public "look evil rich man he has luxury lifestyle look get him guys get him". It works - for like 3 days all people could talk about is the fact he had a bugatti.
I haven't seen the document myself, but they are presenting as evidence a wire transfer to the auction house from TD bank, which mff were using, of course I don't know if it was a personal account at the same bank or straight from mff account. A-17 if you have access to docs.
  • #22,556
  • Sep 22, 2023 12:47pm Sep 22, 2023 12:47pm
DOW is about to touch the 200 on the daily. Hasn't been there in a long time.
  • #22,557
  • Sep 22, 2023 1:02pm Sep 22, 2023 1:02pm
Quoting TrAndy1
https://forexpropreviews.com/prop-tr...uency-trading/
Thank you for the info. I didn't know Funderpro, Osprey and True Fores Funds allow HFT in the evaluation and funded accounts.
The two firms I use ( Nova and Infinite) only allow HFT in evaluation not funded accounts
  • #22,558
  • Sep 22, 2023 1:20pm Sep 22, 2023 1:20pm
Quoting Capablanca
{quote} You need to be a monk running your business from your spiritual retreat. Preferable isolated in the mountains, cultivating your own potatoes and picking eggs from the chickens.
or channel his inner Gavin Belson and spend some time in Tibet
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  • #22,559
  • Sep 22, 2023 1:29pm Sep 22, 2023 1:29pm
Quoting Boulder
{quote} Thank you for the info. I didn't know Funderpro, Osprey and True Fores Funds allow HFT in the evaluation and funded accounts. The two firms I use ( Nova and Infinite) only allow HFT in evaluation not funded accounts
We have so many prop firms that I can't keep up with. Is True Forex Funds good one to join? I plan to use HFT for their accounts since its allowed.
  • #22,560
  • Sep 22, 2023 1:34pm Sep 22, 2023 1:34pm
Quoting Boulder
{quote} We have so many prop firms that I can't keep track of. Is True Forex Funds good one to join? I plan to use HFT for their accounts since its allowed.
It is known that they have/make problems on higher payouts. So only aim for lower 4-figure payout on 200k accounts or even lower for 100k accounts and so on.
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