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Anyone trading with a Prop firm 31 replies

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  • #22,561
  • Sep 22, 2023 11:44am Sep 22, 2023 11:44am
Some valuable sheet (not made from me), but wanted to share:
https://docs.google.com/spreadsheets...oyc/edit#gid=0
  • #22,562
  • Sep 22, 2023 11:53am Sep 22, 2023 11:53am
Quoting Capablanca
{quote} I don't know and I may have misunderstood what was being discussed about invoices approval. I'm with their support right now to see what I will need to do upfront but they didn't reply for a couple of hours now. They CS was never fast and now is basically inexistent.
Did you get any useful info out of e8 yesterday? I'll soon be due a payout before I've even recieved the last one at this rate.
  • #22,563
  • Sep 22, 2023 11:53am Sep 22, 2023 11:53am
Quoting pipmaster77
I still cannot wrap my head around the futures prop firms being completely unscathed, still able to process through Deel, no change in model, verbiage, etc Reason I cannot grasp is simple, if these are virtual, simulated, whatever we wish to call it, the exchanges are not making a dime from this trading. Therefore, I would think they'd be after them more as they are blantanly taking money from right under their noses....or is this like the best place to commit a crime is accross the street from the police station? Not being sarcastic here, I'm really...
AMP (USA) seem to attract quite passionate responses from supporters and detracters albeit they seem to offer low day margin rates ( Micro Futures $40) than say Tradestation. As an aside to use Trade Station International in the UK one pays no data fees and can trade Micro Futures. Maybe these guys are safer than "Prop" (sic) Firms.
I am told Prop Futures firms ( earntotrade etc) charge monthly fees. as opposed to CFD prop firms that charge one off fees ( 5%percenters etc) but again, with all the fuss and controversey around the likes of MFF etc, maybe Micro Futures are the way to go?
every Saint has a past. Every Sinner has a Future
  • #22,564
  • Sep 22, 2023 12:21pm Sep 22, 2023 12:21pm
Quoting turnip15
{quote} AMP (USA) seem to attract quite passionate responses from supporters and detracters albeit they seem to offer low day margin rates ( Micro Futures $40) than say Tradestation. As an aside to use Trade Station International in the UK one pays no data fees and can trade Micro Futures. Maybe these guys are safer than "Prop" (sic) Firms. I am told Prop Futures firms ( earntotrade etc) charge monthly fees. as opposed to CFD prop firms that charge one off fees ( 5%percenters etc) but again, with all the fuss and controversey around the likes of...
If all you do is indicies, then having your own futures account is the way to go. My day starts after the 9:30 bell and usually done a few hours after.
Trade with confidence, trade without fear.
  • #22,565
  • Edited 1:20pm Sep 22, 2023 1:03pm | Edited 1:20pm
This is good. Looks like a Bespoke clone, this prop of Maven Trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-09-22_220231.jpg Size: 652 KB

https://docs.google.com/spreadsheets...oyc/edit#gid=0
  • #22,566
  • Sep 22, 2023 1:32pm Sep 22, 2023 1:32pm
Quoting Cryptosurf
{quote} If all you do is indicies, then having your own futures account is the way to go. My day starts after the 9:30 bell and usually done a few hours after.
You can martingale, grid, anything you'd like and you don't need to worry about getting paid. The CFTC likes amp.
  • #22,567
  • Sep 22, 2023 1:40pm Sep 22, 2023 1:40pm
Quoting rizla101
{quote} Did you get any useful info out of e8 yesterday? I'll soon be due a payout before I've even received the last one at this rate.
Yep, E8 sent the invitation for Plane. I filled in all details. Then they sent the contract to sign in Plane, which I did.
And then I submitted them the request for payment. So the process is not like in Deel where they were the ones creating the payments. In Plane we are the ones submitting the payment and they need to approve it.
I'm waiting for their approval. I guess that now I will be waiting for a week or more. At least I can resume trading.
  • #22,568
  • Edited 2:20pm Sep 22, 2023 2:07pm | Edited 2:20pm
What is the secret code for Maven Challenges ? I heard you can get 30% or 40% off.
It is said it is in this picture. Anyone can guess it ?

Attached Image (click to enlarge)
Click to Enlarge Name: secret.jpg Size: 51 KB
  • #22,569
  • Sep 22, 2023 2:12pm Sep 22, 2023 2:12pm
Quoting Takisd
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.
-As well as all b-book brokers, any casino running slot machines and/or any other business that uses profits to pay for fees and/or services etc.. I think that the whole ponzi argument is a stretch. I could be wrong, but it certainly begs the question about what constitutes a ponzi, then.
  • #22,570
  • Sep 22, 2023 2:13pm Sep 22, 2023 2:13pm
Quoting rizla101
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.
-But commingling is not illegal. Misappropriation of funds is. I suspect that they just added it in there to make MFF look even worse. All they really need is some small suspicion and they do not even have to be right about it; just adds more pressure on MFF to try to disprove or settle etc..
  • #22,571
  • Sep 22, 2023 2:15pm Sep 22, 2023 2:15pm
Quoting Capablanca
{quote} Yep, E8 sent the invitation for Plane. I filled in all details. Then they sent the contract to sign in Plane, which I did. And then I submitted them the request for payment. So the process is not like in Deel where they were the ones creating the payments. In Plane we are the ones submitting the payment and they need to approve it. I'm waiting for their approval. I guess that now I will be waiting for a week or more. At least I can resume trading.
thanks great info, why the hell don't they communicate that to us though. I requested early last week, before plane was a thing. Then invited and set plane up follow day. Guess I need to go request the payouts again then.
  • #22,572
  • Sep 22, 2023 2:18pm Sep 22, 2023 2:18pm
Quoting rizla101
{quote} thanks great info, why the hell don't they communicate that to us though. I requested early last week, before plane was a thing. Then invited and set plane up follow day. Guess I need to go request the payouts again then.
Yep, they're lacking communication. Had I not seen that in telegram and I would be waiting forever for their payments, not knowing that I should send request for payment in Plane.
These were the instructions they sent me when I contacted them in chat, after signing the contract:

Hello.
We no longer work with Deel, we use Plane to process the payout.
If you have signed the contract in Plane, you have to request a payment.
To submit a payment request:
Log into your account and go to the Request payment tab.
Click the 'Request your first payment' button if this is your first payment request, or click 'Request payment' in the upper right-hand corner.
Enter the payment amount and select the currency.
In the Payment period dropdown menu, select the date range that this payment is for. If you need a custom date range, select ‘Other’ and then choose the specific dates.
If you’d like to attach an invoice to your request, click ‘Choose File’ in the Attach invoice section and select the file containing your invoice.
Enter your invoice number.
Click ‘Request payment.’ The customer’s administrators and managers (if applicable) will receive an email notifying them about the payment request and the pay period for which it applies. When they view the payment request in their account, they will also be able to view the payment request details and invoice, if attached.
After a client has signed the contract in plane clients must submit the payment request according to the amount sent to them in the contract, if they submit a request for more than what their contract states the payment will not be made to them.
  • #22,573
  • Sep 22, 2023 2:25pm Sep 22, 2023 2:25pm
Quoting Nsak3y
{quote}-As well as all b-book brokers, any casino running slot machines and/or any other business that uses profits to pay for fees and/or services etc.. I think that the whole ponzi argument is a stretch. I could be wrong, but it certainly begs the question about what constitutes a ponzi, then.
That's exactly the point.

We don't know the stats but if they receive $100.000 in fees for 200 challenges and 10 get funded, with lifetime average payout of 6K until they bust, that's 60K payouts. They still have 40k for operational costs and remaining is profit. This would be a normal and sustainable business, not a ponzi.
It's just a example of how a prop can be thought exactly like a casino business, having an long term hedge over traders.
  • #22,574
  • Sep 22, 2023 2:55pm Sep 22, 2023 2:55pm
Attached Image (click to enlarge)
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  • #22,575
  • Sep 22, 2023 3:05pm Sep 22, 2023 3:05pm
Quoting Nsak3y
{quote}-But commingling is not illegal. Misappropriation of funds is. I suspect that they just added it in there to make MFF look even worse. All they really need is some small suspicion and they do not even have to be right about it; just adds more pressure on MFF to try to disprove or settle etc..
It will settle at some point, because a trial will be at least 1 year from the hearing date no company would survive limbo that long. Who knows what the world looks like november 2024.
  • #22,576
  • Sep 22, 2023 3:15pm Sep 22, 2023 3:15pm
Quoting Capablanca
{quote} Yep, they're lacking communication. Had I not seen that in telegram and I would be waiting forever for their payments, not knowing that I should send
Thanks for that.
  • #22,577
  • Sep 22, 2023 3:56pm Sep 22, 2023 3:56pm
Quoting pipmaster77
{quote} You can martingale, grid, anything you'd like and you don't need to worry about getting paid. The CFTC likes amp.
No joke, the big boy's spoof it all day long, there's wicked algos on the various platforms like NT, Tradestation etc.,

All under the nose of regulators as well
Trade with confidence, trade without fear.
  • #22,578
  • Sep 22, 2023 4:59pm Sep 22, 2023 4:59pm
Quoting Takisd
It will settle at some point, because a trial will be at least 1 year from the hearing date no company would survive limbo that long. Who knows what the world looks like november 2024.
-I agree with you. I will say that if any type of company could survive, it would be one of these props like MFF, especially if everything could remain frozen in the interim. Getting things back up and running might take some time, but the market reach is already there. There would be many traders that would shun MFF, regardless, but I suspect that if MFF were to come out of this alive and fully-operational, then there would probably be many traders that would reevaluate their loyalty.
  • #22,579
  • Sep 22, 2023 5:11pm Sep 22, 2023 5:11pm
Quoting Nsak3y
{quote}-I agree with you. I will say that if any type of company could survive, it would be one of these props like MFF, especially if everything could remain frozen in the interim. Getting things back up and running might take some time, but the market reach is already there. There would be many traders that would shun MFF, regardless, but I suspect that if MFF were to come out of this alive and fully-operational, then there would probably be many traders that would reevaluate their loyalty.
I'd be trading with them again in a heartbeat. Hopefully, the same account(s) I have, just fire 'em back up.
Seriously, when we look at all the BS firms popping up, with all of the BS rules on trading style, IP addresses, etc, how could you not want to use MFF?
  • #22,580
  • Sep 22, 2023 5:32pm Sep 22, 2023 5:32pm
Thanks for everyone for the advice. So instead of two 400k accounts i have divided it into multiple challenges through multiple firms. Confirmed these firms based on other users experiences. Here is the Plan
FTMO - 200k
MyFundedFx - 100k
FundedEngineer - 100k
Fxify - 100k
TFF - 100k

Usually, i spend this much money in high leverage casino account.

Trading style aim for 20pips per trade. Risk 0.5% per trade. No more than 2 trades per day. Usually, I GO BERSERK once I start winning.

Will Start Next Week and should have everything prepared by Tuesday.

Wish me luck
Extreme gut feeling trader
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