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  • #26,721
  • Nov 29, 2023 2:40am Nov 29, 2023 2:40am
By the middle of 1st quarter of 2024 there will more signs of unraveling in the prop industry. Sticking with the futures account I currently have as these issues are no worries there.
  • #26,722
  • Nov 29, 2023 2:45am Nov 29, 2023 2:45am
Time for FTMO cash in
  • #26,723
  • Nov 29, 2023 3:05am Nov 29, 2023 3:05am
NOVA FUNDING
I successfully passed my $200,000 challenge and was given credentials for a live account. I started setting up my MT4. and was looking to start trading on monday.
as they require 21 days wait for a payout wait since the first trade, so I took a tiny 0.05 trade to get the ball rolling and was intending to close it immediately as that would count as day 1

After taking the trade I tried to close and the MT4 did not allow me to close it, which then resulted in having this tiny position over the weekend (which is not allowed)

I emailed support but no reply.

Monday my account was disabled stating "hard breach" and I lost nearly $1,000 challenge payment.

I am vey angry, is there anyway I can complain this to anyone, any regulators? any guidance given will be appreciated.
  • #26,724
  • Nov 29, 2023 3:07am Nov 29, 2023 3:07am
Quoting fxguru2010
NOVA FUNDING I successfully passed my $200,000 challenge and was given credentials for a live account. I started setting up my MT4. and was looking to start trading on monday. as they require 21 days wait for a payout wait since the first trade, so I took a tiny 0.05 trade to get the ball rolling and was intending to close it immediately as that would count as day 1 After taking the trade I tried to close and the MT4 did not allow me to close it, which then resulted in having this tiny position over the weekend (which is not allowed) I emailed support...
Why don't you have take the time to read the rules!?
  • #26,725
  • Nov 29, 2023 3:08am Nov 29, 2023 3:08am
Quoting fxguru2010
NOVA FUNDING I successfully passed my $200,000 challenge and was given credentials for a live account. I started setting up my MT4. and was looking to start trading on monday. as they require 21 days wait for a payout wait since the first trade, so I took a tiny 0.05 trade to get the ball rolling and was intending to close it immediately as that would count as day 1 After taking the trade I tried to close and the MT4 did not allow me to close it, which then resulted in having this tiny position over the weekend (which is not allowed) I emailed support...
Also in trading styles they are very very limited in live account, also on live account daily/max sl is in trailing mode.....
  • #26,726
  • Nov 29, 2023 3:13am Nov 29, 2023 3:13am
Quoting mizi123
{quote} Why don't you have take the time to read the rules!?
I did read the rules, and was aware of it
as I say in my mail that after taking the trade the system did NOT allow me to close the trade
could they have "deliberately" done it?
  • #26,727
  • Nov 29, 2023 3:15am Nov 29, 2023 3:15am
Which is the best PROP trading firm

I am already with FTMO - so far no issues.
I had an account with MFF - never had issues as they always paid me. pity it went down.

I am looking for anothe TWO prop trading firms, can anyone recommend?
I have tried 2 so far NOVA and SuperFunded - and both were useless
  • #26,728
  • Edited 3:46am Nov 29, 2023 3:29am | Edited 3:46am
Quoting juri93
{quote} Was it only spread or also slippage? Did they also increase it for dow jones and dax?
Only spread. Do not know Indices. But overall all spreads widened recently.
  • #26,729
  • Nov 29, 2023 3:30am Nov 29, 2023 3:30am
Quoting fxguru2010
Which is the best PROP trading firm I am already with FTMO - so far no issues. I had an account with MFF - never had issues as they always paid me. pity it went down. I am looking for anothe TWO prop trading firms, can anyone recommend? I have tried 2 so far NOVA and SuperFunded - and both were useless
Try ACG (Alpha Capital Group) or maybe 5ers.
  • #26,730
  • Nov 29, 2023 3:45am Nov 29, 2023 3:45am
Quoting TrAndy1
I just paid 9 points without commission on USDJPY spread at FTMO!
pretty normal with eg. GBEbrokers (The Trading Pit) they go as wide as 10-11 occasionally + $7 RT. I don't know about many others, but IC Markets goes up to 4 + $7 RT, while FTMO is only 9 + $1.5 RT ??

I don't really see any problem here

EDIT: I assume by saying 1 point you refer to 0.1 pip, ie. 1 pipette, right?
Money is made by sitting, not trading
  • #26,731
  • Nov 29, 2023 3:51am Nov 29, 2023 3:51am
I haven't read this entire thread, but the impression I get is that these things are all scams. The definition of proprietary trading is a firm using it's own money to earn a profit on directional bets. It's weird that all of these prop firms are focused on day trading when the prevailing wisdom is that day trading is a suckers game, and there are exactly zero institutionally managed investment funds (professional firms the profit from directional bets) that that engage in practice. Looking at the rules for these things it is evident from the math that the profits from trading aren't the goal. The goal is to make the people who pay the fee engage in the trading behavior least likely to succeed, so they fail and the prop firm can keep the trial fees. Then I read post after post of people who do somehow manage to pass the test getting kicked out for nonsensical reasons...

Is there any "prop" firm offering challenges for swing trades lasing several days/weeks, with rules that would actually allow you to keep a profitable position?

If not, why not?
  • #26,732
  • Nov 29, 2023 3:58am Nov 29, 2023 3:58am
Quoting fxguru2010
{quote} I did read the rules, and was aware of it as I say in my mail that after taking the trade the system did NOT allow me to close the trade could they have "deliberately" done it?
I'm not sure but I think Nova trading is of the same guys that scammed with blue forex funds and first class forex funds.

If they had a malfunctioning and are not assuming it I would try to charge back through my card.
  • #26,733
  • Nov 29, 2023 3:59am Nov 29, 2023 3:59am
Quoting Vitore
{quote} pretty normal with eg. GBEbrokers (The Trading Pit) they go as wide as 10-11 occasionally + $7 RT. I don't know about many others, but IC Markets goes up to 4 + $7 RT, while FTMO is only 9 + $1.5 RT ?? I don't really see any problem here EDIT: I assume by saying 1 point you refer to 0.1 pip, ie. 1 pipette, right?
Does TTP has forex ?
  • #26,734
  • Nov 29, 2023 4:03am Nov 29, 2023 4:03am
Quoting Capablanca
{quote} Does TTP has forex ?
Yes, they have quite usual range of instruments on their cfd(/forex) challenge. You can choose between two brokers - GBEbrokers and FxFlat, I use GBE
Money is made by sitting, not trading
  • #26,735
  • Nov 29, 2023 4:08am Nov 29, 2023 4:08am
Quoting Vitore
{quote} Yes, they have quite usual range of instruments on their cfd(/forex) challenge. You can choose between two brokers - GBEbrokers and FxFlat, I use GBE
Thanks. I knew they had futures and CFDs and i even read both sections but didn't realized that they had forex on the CFD side.
  • #26,736
  • Nov 29, 2023 4:29am Nov 29, 2023 4:29am
Quoting TrAndy1
{quote} Try ACG (Alpha Capital Group) or maybe 5ers.
Thanks you
  • #26,737
  • Nov 29, 2023 6:02am Nov 29, 2023 6:02am
Quoting longcanlun12
Anyone here trades with Topstep 50k account I would like to ask you guys a couple of questions about your trading instrument, is it even possible to trade currencies (6E, 6S, 6N, 6A) with a high time frame (>=30 MIN chart) ?? cuz any SL with higher than ~24 tick is too risky for the maximum drawdown or daily, my strategy usually place SL around 24 - 48 ticks from the entry. On the other hand, the 6J is impossible to trade with the 5 contracts maximum size rule. Just want to know what instrument you guys usually trade with, cuz I find currencies...
Is anyone in my case?? need some advice about Topstep
  • #26,738
  • Nov 29, 2023 6:24am Nov 29, 2023 6:24am
Quoting Velarcus
I haven't read this entire thread, but the impression I get is that these things are all scams. The definition of proprietary trading is a firm using it's own money to earn a profit on directional bets. It's weird that all of these prop firms are focused on day trading when the prevailing wisdom is that day trading is a suckers game, and there are exactly zero institutionally managed investment funds (professional firms the profit from directional bets) that that engage in practice. Looking at the rules for these things it is evident from the math...
It can be done. Just trade small enough to not violate daily DD rules. Chose a solid firm that doesn't prohibit holding, scaling, etc. Itrade FTMO swing account and have up to 5 trades within one position, scaling in and out as needed until target is hit. I calculate my max loss assuming ENTIRE position will lose.
With that being said, I am probably 1 in a 100. Since the model and marketing is geared towards gamblers, it attracts gamblers as customers. Pay the fee, engage in high risk trading, fail, repeat. Then, someone passes using high risk and the firm no longer accepts this trading behavior.
Done correctly, you pay $500ish for 100K account with 10K max loss. Trade responsibly as everything is unlimited time to pass, get your fee back and trade a 10K max loss as if it was your own 10K account. It's actually a gold mine for NON-degen gamblers.
I use FTMO swing account as mentioned above, due to no news restriction and holding over weekend (I do not, but just in case). I also use TFF and used MFF, which both allow exactly the style I described. TFTP was fine as well, but haven't used that account in a couple of months.
  • #26,739
  • Nov 29, 2023 6:44am Nov 29, 2023 6:44am
Quoting pipmaster77
{quote} It can be done. Just trade small enough to not violate daily DD rules. Chose a solid firm that doesn't prohibit holding, scaling, etc. Itrade FTMO swing account and have up to 5 trades within one position, scaling in and out as needed until target is hit. I calculate my max loss assuming ENTIRE position will lose. With that being said, I am probably 1 in a 100. Since the model and marketing is geared towards gamblers, it attracts gamblers as customers. Pay the fee, engage in high risk trading, fail, repeat. Then, someone passes using high...
I couldn't say this myself any better! This is something people should read twice. There is everything you need to know.
  • #26,740
  • Edited 7:25am Nov 29, 2023 7:00am | Edited 7:25am
Quoting Velarcus
I haven't read this entire thread, but the impression I get is that these things are all scams. The definition of proprietary trading is a firm using it's own money to earn a profit on directional bets. It's weird that all of these prop firms are focused on day trading when the prevailing wisdom is that day trading is a suckers game, and there are exactly zero institutionally managed investment funds (professional firms the profit from directional bets) that that engage in practice. Looking at the rules for these things it is evident from the math...
its no scam, its like a casino.
in not the smallest intention social prop are there to help trader, to make traders better or to let traders win (maybe 20 % of the incoming fee money they allow to give out to winners) .... the main goal is to make players believe they can win with higher Chance then in real trading, that they are real money manager (many like call this by only manage demo account with paper money, you will often see this crazy people in youtube), make marketing like there are very big money to win and to make people addicted to buy challenges again. they have same math advantage like a casino, anything will be done inside such a company like in a casino, even more crazy because they dont have any licenses or supervising because of demo accounts. no gamling taxes, no advanced rules... just people bring you money to play a game with strict rules to take the fee (casino style). so same like a casino they are maximum there to make you a great time, but they dont scam... people who trade(= play in this prop) should know that they are pushed to lose there... same like people who play should know in casino.

so of course any little break of rule you lose, they will even push all what is possible that you come in situation to break the rules. to easy game. when real accounts can create great traders, demo account can create traders, prop accounts are only there to destroy traders best behaviour and make them bad traders (in average) to win more. ist so easy, always its so easy. when people often think something is complicated, they dont understand this topic and should learn more about, simple easy rule.

and then we have some people finding out how to count cards in casino (have you ever thought about why they allow the possibility to count cards?? they could so easy avoid by reshuffle after some hands by using many decks -> there is a simple reason for this same like for prop), this people you simple are to sucessful by doing it you dont allow to play in casino any more (problem solved). but allow the idea for the people they could by theory win, ... thats a big trick in marketing.
same you do in prop, allow the idea for the people they can win big and use this prop to get better...... some will when they are not to successful... when they are they get pushed out.... just use this people for the marketing and kick them out when to sucessfull use it....
i could talk endless about this, it is not first time casinos are copied to different market and will not be last.
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