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Anyone trading with a Prop firm 31 replies

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  • #22,581
  • Sep 22, 2023 7:36pm Sep 22, 2023 7:36pm
Quoting montygoldy
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...

You're a great trader man best of luck

Topstep is supposed to be another reputable company and they will let you trade 3x accounts with a copier if you want, only one step too
  • #22,582
  • Sep 22, 2023 7:51pm Sep 22, 2023 7:51pm
Quoting forexn00b81
{quote} You're a great trader man best of luck Topstep is supposed to be another reputable company and they will let you trade 3x accounts with a copier if you want, only one step too
I dont want to overload too much on my first time. I am manual iPhone mt4 trader. So maybe I'll remove 1-2 from the list and increase the rest to 200k accounts. If all goes well I'll share the report and will add the Trade Explorer here.
Now i feel i should have been in this FUNDED GAME way before rather than trying to pull off 1000% or 2000% gain on small accounts.
Extreme gut feeling trader
  • #22,583
  • Edited Sep 23, 2023 12:39am Sep 22, 2023 11:57pm | Edited Sep 23, 2023 12:39am
Quoting montygoldy
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.
Okay, Casino and using IPhones to trade and having a party I guess same time. Well yes good luck. Im still a newbie trader myself, but I guess thats the end level right there if one been trading for 3 decades and became mega expert all you need is a tiny little thing device and gamblers mindset then the coins rain in. You must have experienced some truly tough times in life analyzing the markets I cannot imagine the sweat and tears you backtraced history of your trading methods to become good at what you do. Great some finds their way. Prop firms are made for you my friend. . .
  • #22,584
  • Edited 12:37am Sep 23, 2023 12:02am | Edited 12:37am
Quoting forexn00b81
{quote} You're a great trader man best of luck Topstep is supposed to be another reputable company and they will let you trade 3x accounts with a copier if you want, only one step too
I dont want to sound too much of an expert here but, I thought about using a Nokia from 2005 to master my skills in prop firm trading. Figured it would make me more hyper focused on just one thing instead of overthinking the markets and trading methods. Just YOLO it right. Just throw it at these teenage thug founder kids"majority of prop firm owners" as much as you can why not Great. . .
  • #22,585
  • Sep 23, 2023 1:15am Sep 23, 2023 1:15am
Quoting montygoldy
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...
Maybe can take a look at ACG too.

Got two 100k accounts funded there. Payouts are quite fast (within hours). Only firm to still pay with Deel as far as I can tell. Can trade the news.

Cons would be no martingale and restricted total lots once funded.

Might be a good firm to consider depending on your trading style.
  • #22,586
  • Sep 23, 2023 1:45am Sep 23, 2023 1:45am
Quoting TrAndy1
Some valuable sheet (not made from me), but wanted to share: https://docs.google.com/spreadsheets...oyc/edit#gid=0

outstanding!
can this be tethered to page 1?
  • #22,587
  • Sep 23, 2023 2:49am Sep 23, 2023 2:49am
Quoting Takisd
{quote} 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.
You are wrong again. "temporary restriction order"...
A company can go to court, court revoke the temporary restriction order and company fight with CFTC years.
But is not the case for MFF, the owner fight for his freedom and to remain with some money...
MFF is dead.
  • #22,588
  • Sep 23, 2023 3:29am Sep 23, 2023 3:29am
https://twitter.com/TheTrustedProp

A few Props I know that don’t use FPFX Tech…
@GlowNodefx
@myflashfunding
@Maventrading
@CFTradercom
@Funding_Traders
@FTMO_com
@the5erstrading
@CTI_Funding
And maybe, MyFundedFX

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  • #22,589
  • Sep 23, 2023 3:34am Sep 23, 2023 3:34am
Which props are/can be trusted ?
See here:
https://thetrustedprop.com/props/
  • #22,590
  • Sep 23, 2023 3:41am Sep 23, 2023 3:41am
Quoting TrAndy1
Which props are/can be trusted ? See here: https://thetrustedprop.com/props/
I'd trust very few from that list with my money atm
  • #22,591
  • Sep 23, 2023 3:49am Sep 23, 2023 3:49am
Quoting LehmanBrotha
{quote} I'd trust very few from that list with my money atm
I think that NO FPFX tech list is the one actually, which props you can trust right now.
  • #22,592
  • Edited 4:06am Sep 23, 2023 3:55am | Edited 4:06am
Cheap and high value with 100% profit split. Opinions ? (also not on FPFX tech list) (Trustpilot score is 4.9) (they offer $2m without scaling but 4 month min. trading)
https://fundingtraders.com/
  • #22,593
  • Sep 23, 2023 3:57am Sep 23, 2023 3:57am
Quoting TrAndy1
https://twitter.com/TheTrustedProp A few Props I know that don’t use FPFX Tech… @GlowNodefx @myflashfunding @Maventrading @CFTradercom @Funding_Traders @FTMO_com @the5erstrading @CTI_Funding...
myfundedfx 5ers and maven use them

I don’t agree that fpfx is the problem in any of this btw. So using them as a reason to not work with someone is a witch-hunt

plenty of other reasons not to work with companies. Tech provider shouldn’t be one of them
  • #22,594
  • Edited 5:20am Sep 23, 2023 4:58am | Edited 5:20am
For me Prop Firms should be a stepping stone for retail forex traders to raise decent capital gradually for trading and other offline projects and services. I like the fact that they instill discipline and proper money management awakening by setting a drawdown limit. Most traders easily blow their accounts for lack of discipline and patience.

With this opportunity, I have confidence of returning back to trading next year after I exiled myself in 2015 to face other ventures squarely. If this scheme was introduced earlier in 2010 that I began live forex trading with limited capital and resources, no way I would have lost cumulatively 10k of my personal capital in forex. Many of us were schooled wrongly and to see trading as a money spinner but alas it was a lie more especially with undercapitalization. All retail traders are supposed to have at least 5k to 10k to start serious forex trading or simply quit.

With Prop Firm, I have the hope of purchasing a 10k and above challenge account and gradually scaling going forward. No need to be in a hurry anymore so as to be mentally ready for this come next year hopefully.

STOP THIS MISTAKE IF YOU WANT TO GO FAR IN FUNDED ACCOUNT

If you're given a 10k funded account and told that the daily drawdown is 5%. What this means is that NEVER you HIT $500 loss every trading day. Once you breach this simple rule, you have broken one of the trading objectives and thereby exposing yourself to unnecessary emotion, fear and stress the following day. DID YOU KNOW WHY? Because you must be extra careful not to hit another 5% drawdown as doing so means you have reach the maximum 10% overall drawdown and your account void and challenge fee gone.

If they would be properly regulated like the traditional brokers, there will be some sanity in prop retail trading space to curb some inhuman hidden rules and manipulation by some firm.

My biggest woes back in the days was lack of proper capitalization that always led to increasing lot sizes and blowing accounts daily and weekly. And then the next day I am back with another $200 or 300 deposit lol. My highest funded capital was 3k at a go but due to fear of losing the live savings, I quickly chickened out.

NOW THIS IS THE PART WHERE TRADERS GET IT WRONG WITH PROP AFTER I BEGAN KNOWING ABOUT THEM 3 MONTHS AGO

See the 10k given to you as $500 every day. Prop Firm calculate daily risk from the initial capital of 10k in this example. Even if you raise the account to 15k (5k profit) and you hit 5% drawdown today, you have broken the daily 5% rule which will reflect on your dashboard. Having this golden rule in mind will save you from trading anyhow. Don't allow the big funds deceive you but 5% is the real fund there.

See 100k as a $5000 account because of the 5% daily drawdown allowed. Some wise traders simply divide $5000/10 and this becomes their risk instead of blowing it up away in a click. Hope this makes sense to someone. I registered just to post this.
https://trader.ftmo.com/metrix/1040315039
  • #22,595
  • Edited 5:39am Sep 23, 2023 5:15am | Edited 5:39am
Quoting LehmanBrotha
{quote} I'd trust very few from that list with my money atm
Same here. Most of them are actually on my personal blacklist (which doesn't mean they cannot be trusted per se but eg. employ some stupid rules etc.)

Just a few examples:
- Glow Node Limited
prohibited grid/martingale without specification; cannot open two same trades on two different accounts...
- Maven Trading
US based; inconsistency is a "major red flag" without any specification what "inconsistency" means; martingale prohibited without specification...
- Ment funding
US based; "Utilizing one strategy to pass an assessment and then utilizing a different strategy in a funded account" is prohibited...
- Bespoke Funding Program
no comment...
- Smart Prop Trader
US based, martingale prohibited without specification...
- Big Pip Funding
WTF? did they ever payout anyone?
- My Forex Funds
nice try...
- The Talented Trader
one man show with just a handful of 2-3-figure crypto payouts
- Funded Engineer
see the negative comments here in the thread
- Funding Pips
grid prohibited without specification, 4th positions in DD triggers account termination, many other prohibited strategies...
- Leveled Up Society
martingale/grid prohibited without specification, US based..

and so on...
Money is made by sitting, not trading
  • #22,596
  • Sep 23, 2023 5:19am Sep 23, 2023 5:19am
Quoting TrAndy1
Cheap and high value with 100% profit split. Opinions ? (also not on FPFX tech list) (Trustpilot score is 4.9) (they offer $2m without scaling but 4 month min. trading) https://fundingtraders.com/
Split is 80. But buying some mysterious AddOn might raise the split.

Our default profit split is capped at 80% for the trader and 20% to us. The good news is, you may upgrade your profit split to 90% or 100% when you purchase the add-on through our checkout. If you’re willing to have more skin in the game, we give you the opportunity to earn more.
MetaTrader 4 - so many advantages.
  • #22,597
  • Sep 23, 2023 5:21am Sep 23, 2023 5:21am
Quoting TrAndy1
Cheap and high value with 100% profit split. Opinions ? (also not on FPFX tech list) (Trustpilot score is 4.9) (they offer $2m without scaling but 4 month min. trading) https://fundingtraders.com/
They don't allow glitch trading. But as a robot trader my robot will invest whenever there is a signal and it can not know, if the signal turned out to be a glitch.
MetaTrader 4 - so many advantages.
  • #22,598
  • Sep 23, 2023 5:40am Sep 23, 2023 5:40am
Quoting RiskFighter
{quote} They don't allow glitch trading. But as a robot trader my robot will invest whenever there is a signal and it can not know, if the signal turned out to be a glitch.
What is a glitch for you ? How do you define that ?
  • #22,599
  • Sep 23, 2023 5:52am Sep 23, 2023 5:52am
MFF is fighting back with CFTC. Here are some news.
https://forexpropreviews.com/my-fore...e-accusations/

"
My Forex Funds assert that the accusations are greatly inaccurate in their first Legal Statement. Quinn Emanuel, led by Alex Spiro and his team, has been retained to represent My Forex Funds in response to the CFTC’s allegations. My Forex Funds has exclusively shared its first official statement regarding the lawsuit. They described the allegations as a highly inaccurate and incomplete portrayal of the facts.
Serious accusations were made against My Forex Funds by the Commodity Futures Trading Commission (CFTC). The lawsuit has identified two entities. This includes Traders Global Group Inc., incorporated in New Jersey, and Traders Global Group Inc., based in Canada. They operate under the name My Forex Funds, along with its CEO, Murtuza Kazmi. The CFTC has also secured a restraining order and frozen the assets of these companies.
My Forex Funds First Legal Statement- False Accusations
My Forex Funds stated exclusively, “To clarify, My Forex Funds has never engaged in defrauding its traders, and we eagerly anticipate presenting the truth in a court of law. We deeply regret the difficulties that this ill-conceived lawsuit has imposed on our traders and staff.”
https://forexpropreviews.com/wp-cont...-1024x1024.png
In addition to the CFTC’s legal action, My Forex Funds is facing repercussions in Canada. The Ontario Securities Commission (OSC) has initiated similar proceedings against them. My Forex Funds emphasized that the CFTC’s lawsuit came as a surprise and was filed under seal. Both companies associated with the proprietary trading platform are resolute in their determination to contest the allegations brought forth by the two regulatory bodies.
Regarding the CFTC lawsuit, the company has enlisted legal defense services. This includes Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas from Quinn Emanuel Urquhart & Sullivan, LLP, as stated in their comment. In Canada, as well, the platform has sought legal representation.
Background of the Lawsuit
My Forex Funds, which was once highly successful, has been temporarily disrupted. Established in 2020, it rapidly gained popularity. Similar to other proprietary trading platforms, My Forex Funds generated revenue by collecting fees from traders who participated in its challenges. The company subsequently provided capital to successful traders and shared any realized profits from trading with them.
According to the CFTC, My Forex Funds collected a minimum of $310 million in fees from over 135,000 customers who enrolled in its trading program since November 2021. Additionally, the regulator’s allegations involve fraud and the misappropriation of funds by the CEO."
  • #22,600
  • Sep 23, 2023 6:05am Sep 23, 2023 6:05am
I just wonder how can MFF and the CFTC settle down things, if MFF is 100% opponent to all made accusations from CFTC. That will be interesting to see if that can be resolved soon. For me it looks like they cannot come together and it will go to court. But that can take a lot of more time. Until then the whole prop world is as it was.
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