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  • #26,181
  • Nov 14, 2023 10:11am Nov 14, 2023 10:11am
Quoting Trader191
{quote} but this only works for traders who are not very successful already and so have small private accounts against traders who are successful and have very big private accounts. in general a trader with a small private account of less of some 100k from his wins (not simple by deposit the money) will not be considered a good or successful trader, but maybe he will get one over next decades or years. so the 6 times the pace works only for the traders at maximum medium level success, so will not be a case for any professional trader. of course...
OK, let's say I have a 50K personal account and wish to increase that to 100-150K, options are:

A. deposit 50-100K additional
B. trade it to that level (min 2-3 years with GREAT trading and not pulling any profits)
C. accelerate the process through the use of prop firms.

Which is both the QUICKEST and LESS COST(by a lot)?
  • #26,182
  • Nov 14, 2023 10:21am Nov 14, 2023 10:21am
Quoting pipmaster77
{quote} OK, let's say I have a 50K personal account and wish to increase that to 100-150K, options are: A. deposit 50-100K additional B. trade it to that level (min 2-3 years with GREAT trading and not pulling any profits) C. accelerate the process through the use of prop firms. Which is both the QUICKEST and LESS COST(by a lot)?
yes, when you are at this beginning - medium level (thatswhy you have still this small 50k account) then it can help. but at this level in general the good traders not live (until they had brutal or unlucky big events happen and lost near all money from trading wins they had) , then you have many 100k already in account, because you do this already many years or decades.

but for this smaller level account you are right, then can be good or bad to do prop, depends how they pay, how much time to invest, how many trades you miss in real private accout by doing prop same time, how your trading process change your brain, how additional pressure you get,..... different for any person, so costs are different for anyone.

maybe a difference is in some countries the tax situation too. in many countries prop should taxed higher with normal income tax against the reduced tax for capital gain (ok, germany is worst opposite example since 2 years).
  • #26,183
  • Nov 14, 2023 10:57am Nov 14, 2023 10:57am
Quoting Trader191
{quote} yes, when you are at this beginning - medium level (thatswhy you have still this small 50k account) then it can help. but at this level in general the good traders not live (until they had brutal or unlucky big events happen and lost near all money from trading wins they had) , then you have many 100k already in account, because you do this already many years or decades. but for this smaller level account you are right, then can be good or bad to do prop, depends how they pay, how much time to invest, how many trades you miss in real private...
Yes, I think we are on the same page here. There is a benefit for the "in-between" trader in using these props. The mid-level trader who has a personal account not yet large enough to meet their goals.
  • #26,184
  • Nov 14, 2023 11:06am Nov 14, 2023 11:06am
Quoting Stoneyrocks
{quote} Which account with CTI ? Serious payouts ?
TopStep
Pride always comes before destruction.... -Proverbs 16:18
  • #26,185
  • Nov 14, 2023 11:08am Nov 14, 2023 11:08am
Quoting Cryptosurf
{quote} Something that has never changed is most futures platforms are lacking intuitive interfaces. Yes Bracket orders you would use the ATM management. Example like below i had set for NQ. {image}
Thanks, I got it figured out just in time to short the SP500 before the inflation report. Oops
Pride always comes before destruction.... -Proverbs 16:18
  • #26,186
  • Nov 14, 2023 11:11am Nov 14, 2023 11:11am
Quoting Expo33
{quote} TopStep

CTI is CitytradersImperium ,no ?
  • #26,187
  • Nov 14, 2023 11:15am Nov 14, 2023 11:15am
Quoting Vitore
New FTMO Premium Programme https://ftmo.com/en/premium-programme/
Just read through......I like it, get a free challenge of the szie of your account on prime....up to 1 million allocation on supreme and then third level is where the new merger with the traditional prop comes in.......this looks really good and it's a unique offer.
I think they have just separted themselves from the herd of bullshit that has popped up in the past 12-18 months.
Didn't see if any of this is retroactive to those of us with them.
  • #26,188
  • Nov 14, 2023 11:22am Nov 14, 2023 11:22am
Quoting youngD
{quote} Yes, that is the clue of problem. It's one step but in reality more like 2 step program. It is better in this case take 20-25 k account with FX prop and have 2000 dd with 2 step program. This is my view.
It depends of your trading style. With Futures, you trade the real market, with no slippage and you can even win the spread. Two different worlds.
  • #26,189
  • Nov 14, 2023 11:25am Nov 14, 2023 11:25am
Quoting Expo33
{quote} Thanks, I got it figured out just in time to short the SP500 before the inflation report. Oops
Man, this forum would not be the same without you. Your posts always make me laugh.
  • #26,190
  • Nov 14, 2023 2:32pm Nov 14, 2023 2:32pm
US Forex Brokers Hit a Snag as Q3 Closes with Deposit Drop
Tuesday, 14/11/2023 | 15:00 GMT by Damian Chmiel

https://www.financemagnates.com/forex/us-forex-brokers-hit-a-snag-as-q3-closes-with-deposit-drop/

  1. Gain Capital and Oanda are still the largest brokers in terms of deposits.
  2. However, September's result was the weakest of the quarter.

----
The article is short and doesn't say much more than the headlines. Other firms: Charles Schwab, IG, IB & Trading.com.
I still think that firms (MFF) don't do themselves any favors when they post how much they've paid out.

  • #26,191
  • Nov 14, 2023 2:39pm Nov 14, 2023 2:39pm
Quoting pipmaster77
{quote} Man, this forum would not be the same without you. Your posts always make me laugh.
I second that .....
Extreme gut feeling trader
  • #26,192
  • Nov 14, 2023 2:41pm Nov 14, 2023 2:41pm
Btw first time seeing ftmo 10% off and i am a huge fan of DISCOUNTS. Hope they keep this running till the end of the month.
Extreme gut feeling trader
  • #26,193
  • Nov 14, 2023 2:48pm Nov 14, 2023 2:48pm
Quoting montygoldy
Btw first time seeing ftmo 10% off and i am a huge fan of DISCOUNTS. Hope they keep this running till the end of the month.
Yes, this brings FTMO 100K much closer to the industry standard of $500, as their price is in EUR, so proabably $520-530 with 10% off.
Keep in mind you are paying the premium for reputation and reliability, very worth it in my book. I mean what are we talking, extra $60-70, which is refunded anyway.
  • #26,194
  • Nov 14, 2023 4:05pm Nov 14, 2023 4:05pm
https://www.financemagnates.com/fore...unders-assets/

MFF result is in.
  • #26,195
  • Nov 14, 2023 4:15pm Nov 14, 2023 4:15pm
Quoting Takisd
https://www.financemagnates.com/fore...unders-assets/ MFF result is in.
So back to normal now ? MFF wants to continue business now as usual ?
  • #26,196
  • Nov 14, 2023 4:17pm Nov 14, 2023 4:17pm
Quoting pipmaster77
{quote} Yes, this brings FTMO 100K much closer to the industry standard of $500, as their price is in EUR, so proabably $520-530 with 10% off. Keep in mind you are paying the premium for reputation and reliability, very worth it in my book. I mean what are we talking, extra $60-70, which is refunded anyway.
10% discount is the max. you can get at FTMO from past experience.
  • #26,197
  • Nov 14, 2023 4:18pm Nov 14, 2023 4:18pm
Quoting Takisd
https://www.financemagnates.com/fore...unders-assets/ MFF result is in.
So great. They have won. Court partially granted, but what is partially here ? What drawbacks do exist now ?

Murtuza Kazmi will receive approximately $100 million, but $12 million remains frozen.

The New Jersey court, tonight (Tuesday), partially granted My Forex Fund's request in the lawsuit filed by the CFTC against the company. The court ordered the release and return of most of the assets belonging to founder and CEO Murtuza Kazmi, valued at approximately $100 million. However, $12.08 million of these assets will remain frozen.

Additionally, the court decided to discharge the current temporary receiver and ruled against appointing a new one.
  • #26,198
  • Nov 14, 2023 4:28pm Nov 14, 2023 4:28pm
Industry Implication - Court validated
@CFTC
jurisdiction. WIll be posting in detail shortly. This order will make all the propfirms operating from US requiring RFED license.
  • #26,199
  • Nov 14, 2023 4:31pm Nov 14, 2023 4:31pm
MFF will likely settle and register thats what I read from this. But it means all firms accepting US residents (including futures) require licenses. So I expect swift movement on other firms now. Ones with actual fraud.
  • #26,200
  • Nov 14, 2023 4:40pm Nov 14, 2023 4:40pm
Quoting Takisd
MFF will likely settle and register thats what I read from this. But it means all firms accepting US residents (including futures) require licenses. So I expect swift movement on other firms now. Ones with actual fraud.
I'm thinking it will be more like the offshore broker situation. Firms operating OUT OF THE US will require registration, but firms like FTMO, the 5%ers, TFF should be OK. Perhaps they will join TFF on the dreaded 'red" list, which ALL of my offshore brokers have been on for years. Will have to see if they have any balls to stand up to the CFTC, atleast until CFTC commands the EU regulators to enforce the no US customers.
One thing is for certain, I will be glad to see Angelo, Blake and all of the other scam firms go. This may be a blessing in disguise, a little clean up of the industry.
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