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  • #30,761
  • Feb 16, 2024 9:35am Feb 16, 2024 9:35am
Just got an email from FTMO on my ongoing challenge account (I am in US). They wanted me to close all positions, they will switch to DXTrade on Monday.

I have a feeling that FTMO will eventually go back in the game with US Clients (with DXTrade). They may drop CFD's for US Clients and leave only FX Pairs.
Drawdown is more important than Account Size !
  • #30,762
  • Feb 16, 2024 9:43am Feb 16, 2024 9:43am
Quoting procrude
Just got an email from FTMO on my ongoing challenge account (I am in US). They wanted me to close all positions, they will switch to DXTrade on Monday. I have a feeling that FTMO will eventually go back in the game with US Clients (with DXTrade). They may drop CFD's for US Clients and leave only FX Pairs.
Another alternativa is that Meta will ban all prop traders, never mind if that's their own server or not. Meaning that 5ers, Alpha, Finotive, etc. would follow.

Takisd ?
  • #30,763
  • Feb 16, 2024 9:48am Feb 16, 2024 9:48am
I have generally been opposed to the whole "prop firm" phenomenon. There was a time when prop firms were legitimate ways for traders to get access to training and funding. Navinder Sarao (aka "the Flash Crash" trader) accumulated tens of millions of profits as a prop trader with the now defunct Futex firm in the UK.

I just recently became aware of TradeDay Funding, and their set up really looks close to the old school prop set up that was popular in the 1990's through 2010 or so.

Two things are especially attractive and put TradeDay above the rest of the recent entrants, imo:

1) No restriction on trader withdrawals and most importantly,

2) The trailing drawdown locks once it reaches the initial account balance. This gives the trader the opportunity to build a genuine cushion. Managed properly, a trader who achieves funded live status with TradeDay should never be in danger of losing his or her account. "Managed properly" means not to over trade, do not over leverage, and build a profit cushion, i.e. don't withdraw down to the level that you are always within $2K of blowing out the account.

I may be wrong, but TradeDay is the only prop firm that I have looked into that seems to be organized to allow the trader to profit and keep funded status. All the others (TopStep, APex, Earn2Trade) seem to be set up to just keep churning monthly subscription fees by holding out the carrot of becoming (and staying) a funded prop trader.
Life itself is a privilege, but to live life to the fullest is a choice
  • #30,764
  • Feb 16, 2024 9:48am Feb 16, 2024 9:48am
Quoting Capablanca
{quote} Sorry Acetrader, I was being bit ironic. Pardon if that was not clear. I will edit the post for the case someone reads it very quickly. They were both involved in a ponzi scheme, stealing money from retired people. It's disgusting. I would not touch Surge Trader even if they had a 5K accounts
Hi Capablanca,
I agree they are both digesting & I will for sure stay clear of their Surge business. Thank you for sharing.
  • #30,765
  • Feb 16, 2024 9:50am Feb 16, 2024 9:50am
Quoting Capablanca
{quote} Another alternativa is that Meta will ban all prop traders, never mind if that's their own server or not. Meaning that 5ers, Alpha, Finotive, etc. would follow. Takisd ?
if FTMO are infact legally conscious, they will not accept US residents. If they only knee jerk to letters from SaaS providers, they will onboard via dxtrade. However, there are murmurs already that DX are getting nervous. Not sure how true that is or not.

Metaquotes won't ban all props I believe. Its a bit suicidal to do so as they are driving too many users to alternatives. From what I heard today they are loosening the noose a bit already to prevent implosions.
  • #30,766
  • Feb 16, 2024 9:52am Feb 16, 2024 9:52am
5%ers just said no more new US traders. Bye bye.
A snails pace wins the race :-)
  • #30,767
  • Feb 16, 2024 10:05am Feb 16, 2024 10:05am
Quoting vidvad
I have generally been opposed to the whole "prop firm" phenomenon. There was a time when prop firms were legitimate ways for traders to get access to training and funding. Navinder Sarao (aka "the Flash Crash" trader) accumulated tens of millions of profits as a prop trader with the now defunct Futex firm in the UK. I just recently became aware of TradeDay Funding, and their set up really looks close to the old school prop set up that was popular in the 1990's through 2010 or so. Two things are especially attractive and put TradeDay above the rest...
it allow forex, or it just options or futures based ??
  • #30,768
  • Feb 16, 2024 10:05am Feb 16, 2024 10:05am
Quoting JustPipMe
5%ers just said no more new US traders. Bye bye.
Attached Image (click to enlarge)
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Here
  • #30,769
  • Feb 16, 2024 10:09am Feb 16, 2024 10:09am
Quoting genuine007
{quote} it allow forex, or it just options or futures based ??
It is a futures prop firm. You can trade forex futures contracts, but not spot forex as far as I know.

You can go to their website and look around to see if they might offer what you are looking for:

Homepage - TradeDay
Life itself is a privilege, but to live life to the fullest is a choice
  • #30,770
  • Edited 11:18pm Feb 16, 2024 10:18am | Edited 11:18pm
Quoting TrAndy1
{quote} {image} Here
It's officially over now. The 5ers were confident they had nothing to worry about last week.
  • #30,771
  • Feb 16, 2024 10:21am Feb 16, 2024 10:21am
Quoting JustPipMe
5%ers just said no more new US traders. Bye bye.
According with CEOs all is fine and bright one day and the next day they shut up in emergency mode. How can anyone trust people like this ?
  • #30,772
  • Feb 16, 2024 10:22am Feb 16, 2024 10:22am
Quoting Capablanca
{quote} According with CEOs all is fine and bright one day and the next day they shut up in emergency mode. How can anyone trust people like this ?
Maybe someone got fed up with the arrogance.
  • #30,773
  • Feb 16, 2024 10:26am Feb 16, 2024 10:26am
Quoting vidvad
I have generally been opposed to the whole "prop firm" phenomenon. There was a time when prop firms were legitimate ways for traders to get access to training and funding. Navinder Sarao (aka "the Flash Crash" trader) accumulated tens of millions of profits as a prop trader with the now defunct Futex firm in the UK. I just recently became aware of TradeDay Funding, and their set up really looks close to the old school prop set up that was popular in the 1990's through 2010 or so. Two things are especially attractive and put TradeDay above the rest...
I'm going to give you the benefit of doubt and not think that you are promoting a prop if you can explain why are these guys different from the ones like TopStep, Apex, E2T which are only "churning monthly subscription fees".
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  • #30,774
  • Feb 16, 2024 10:28am Feb 16, 2024 10:28am
Quoting woody70
{quote} Its official over now. The 5ers were confident they had norhing to worry about last week.
Funny they had a meme competition running today. They just made a meme of themselves if we remember what they said in the last days.
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  • #30,775
  • Feb 16, 2024 10:29am Feb 16, 2024 10:29am
[quote=Capablanca;14758964]{quote} I'm going to give you the benefit of doubt and not think that you are promoting a prop if you can explain why are these guys different from the ones like TopStep, Apex, E2T which are only "churning monthly subscription fees". {image}[/quot

Well with these guys you stop paying the monthly fee when you become funded. I don't know jack about futures but just read that on the website.
  • #30,776
  • Feb 16, 2024 10:30am Feb 16, 2024 10:30am
Quoting procrude
Just got an email from FTMO on my ongoing challenge account (I am in US). They wanted me to close all positions, they will switch to DXTrade on Monday. I have a feeling that FTMO will eventually go back in the game with US Clients (with DXTrade). They may drop CFD's for US Clients and leave only FX Pairs.
Same here and just noticed that FTMO servers are absent when you try to search in mobile platforms.

Theres the USA ban we been waiting for.

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Trade with confidence, trade without fear.
  • #30,777
  • Feb 16, 2024 10:30am Feb 16, 2024 10:30am
Quoting Capablanca
{quote} According with CEOs all is fine and bright one day and the next day they shut up in emergency mode. How can anyone trust people like this ?
Yeah this was strange from 5ers, now the only hope for US Traders is if Oanda can offer prop firm to US citizens has they have broker license and already have a prop firm, this would be nice for my fellow US traders, has the rest of the world FTMO for me is the only professional in this situation all the others heaven 5ers dont have a clue what is going on they just want to keep those fees coming in no matter what
  • #30,778
  • Feb 16, 2024 10:32am Feb 16, 2024 10:32am
Quoting vidvad
I have generally been opposed to the whole "prop firm" phenomenon. There was a time when prop firms were legitimate ways for traders to get access to training and funding. Navinder Sarao (aka "the Flash Crash" trader) accumulated tens of millions of profits as a prop trader with the now defunct Futex firm in the UK. I just recently became aware of TradeDay Funding, and their set up really looks close to the old school prop set up that was popular in the 1990's through 2010 or so. Two things are especially attractive and put TradeDay above the rest...
I had a trade day account before moving over to Apex. There’s nothing wrong with them, just found the Apex more interesting and intriguing with their multiple accounts.
Trade with confidence, trade without fear.
  • #30,779
  • Feb 16, 2024 10:33am Feb 16, 2024 10:33am
Quoting Takisd
{quote} if FTMO are infact legally conscious, they will not accept US residents. If they only knee jerk to letters from SaaS providers, they will onboard via dxtrade. However, there are murmurs already that DX are getting nervous. Not sure how true that is or not. Metaquotes won't ban all props I believe. Its a bit suicidal to do so as they are driving too many users to alternatives. From what I heard today they are loosening the noose a bit already to prevent implosions.
This is slightly different from what I thought. Apparently they are only moving US traders to DX.

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The way I read this is that they don't want to kick existing US traders (better to let them blow the accounts for reputation) but, at the same time, they don't want to jeopardize Meta license for the rest of the world keeping existing US people in meta.
This doesn't mean that they are willing to accept US traders in the future in DX.
  • #30,780
  • Feb 16, 2024 10:33am Feb 16, 2024 10:33am
The real “challenge” is how can I (a 49yo man) trade cfds in a prop firm setting while being a U.S. citizen living in the US.

I’m close to obtaining UK citizenship (via my British family), but will that even help? Doubt it…
A snails pace wins the race :-)
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