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Anyone trading with a Prop firm 31 replies

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  • #31,941
  • Edited 12:29am Feb 27, 2024 12:11am | Edited 12:29am
New prop with stocks included is starting soon

Arctic is drumming up a variety of PR, from CEO beef to launch teases. Will be interesting to see if stocks can gain any market share in the eval world Stock evals account for less than 1% of all trader evaluations sold It hasn't been easy to convince underfunded traders to participate in low leverage 930am-4pm EST trading in lieu of massive leverage 23/5[7] trading with FX/Futs

https://twitter.com/thearcticfund

discord.gg/arcticfunding

https://t.co/2R5Orm8WHz
  • #31,942
  • Feb 27, 2024 12:13am Feb 27, 2024 12:13am
Quoting KarlKraus
{quote} The blatant spelling mistakes may possibly be deliberate (as they are in those "Nigerian Prince" scam emails) to ensure - by deliberately putting off anyone educated - that they attract only the most gullible and least intelligent participants possible. However you look at it, though, it’s certainly not a plus!
Yep, maybe that's an elaborated marketing strategy, developed with a McKinsey team of consultants, after hours of branstorming, a detailed SWOT analysis and a 200 pages business plan.
  • #31,943
  • Feb 27, 2024 12:21am Feb 27, 2024 12:21am
Just to add - Seems after becomin CFO Chris is making some changes at Prop trade tech along with Alastair [Alastair is the CEO] From basic reading it looks like the firms listed on that page are just distributors. Not eval firms. When you buy a challenge, the money goes to Eightcap [The eval firm receives a refereal commission] You trade as per the rules. As you reach payout, you will receive the payout from Eight cap Eightcap may adjudicate disputes [MAY. ust remember that. Not certain what and how etc]. Prop Trade Tech might have entered into a strategic agreement with EIghtcap for administering the challenges. There is also a possibility that some of the PTT people will be part of the administration along with EIghtcap. This is a model similar to FPFX's basic eval firm offering. Big difference is PTT roped in a broker to administer things instead of doing on their own. A very good move by them [Not a recommendation. In my list any firm connected with PTT are strictly avoid. But some change seems to be coming. Need to look into it]
  • #31,944
  • Feb 27, 2024 3:18am Feb 27, 2024 3:18am
TFT has disabled my account and still
waiting for it to be recovered This stupid migration is causing pain now
  • #31,945
  • Feb 27, 2024 3:27am Feb 27, 2024 3:27am
How to get issues like payout denials addressed at eval firms?

1st step - Write a formal mail to the firm [without any abuses] requesting them to reconsider. Explain your side of the story. Explain rationale behind your trades. Put some effort in writing this.

2nd step - If the firm still refuses, send the firm another mail requesting them to honor the contractual agreement. Give them 1 to 2 weeks time. Till this point you won't need any lawyer. Don't use any lawyer from your contry just to send a letter. It is waste of money for you.

3rd step - If the issue is not sorted, file a complaint with consumer commissions / forums in respective countries and / or states within that country.

4th step - If it is still not sorted, you can file the legal case. For this you need to approach the lawyer in that country [where the firm is operating]. You will come across a few options. Try to find some one who will work on success fee based.
4a - Even if a lawyer agrees for success based fee, still you will end up paying court fees. It varies. Assume you may end up any where between 500 to 3000 USD as court fee [in some places the claim amount also determines the fee].

5] - If you followed this process meticulously, you will have a very good chance of getting justice.
  • #31,946
  • Feb 27, 2024 4:34am Feb 27, 2024 4:34am
Quoting TrAndy1
If you followed this process meticulously, you will have a very good chance of getting justice ...

… while if the industry were properly regulated in the first place, of course you wouldn't need to do any of it at all (just as clients of futures brokers don't).
  • #31,947
  • Feb 27, 2024 4:43am Feb 27, 2024 4:43am
But in exchange of regulation you would have much worse offers from any retail prop, because of the cost for regulation, see Oanda and Forex.com vs. IC Markets (SC).
  • #31,948
  • Feb 27, 2024 4:44am Feb 27, 2024 4:44am
Quoting KarlKraus
{quote} … while if the industry were properly regulated in the first place, of course you wouldn't need to do any of it at all (just as clients of futures brokers don't).
Thanks for trying to push the futures thing again. I'll continue to gamble with props and offshore brokers.
  • #31,949
  • Feb 27, 2024 4:58am Feb 27, 2024 4:58am
Quoting woody70
I'll continue to gamble with props and offshore brokers.

And good luck with them while they last, Woody.

My own guess is that regulation is coming eventually, and that eventually you’ll benefit from it, as we all will. But (unlike some others who post here, apparently, lol!) I may, of course, be wrong.

Wishing you well, either way.
  • #31,950
  • Feb 27, 2024 5:15am Feb 27, 2024 5:15am
If a company cares on reputation it is much more powerful than any regulation. The broker or prop will listen to his customers and will do everything that they are happy. On regulation it is forced to have a given standard among all companies. But with competition it is not needed as the better ones will look for reputation. You only need to make your own mind to choose from. With regulation only the average Joe with his high school degree is protected who is as dumb as earth. If you are educated you do not need regulation you have a mind and can judge the offer and what the reputation standing of a broker or retail prop is. So the question is now, are you that educated person who has an own mind and own opinion and can judge yourself or are the dumb average Joe in USA with no education at all who needs to be protected from government with regulators ? --->>> I think that 99% here are good educated persons here, so this is only a theoretical question here.
  • #31,951
  • Feb 27, 2024 5:49am Feb 27, 2024 5:49am
Interestingly, I have received approx. 50% of my due payout from Dei Funded, within about two days of the payout date (approx. $14.5k received so far, the same still due). I'm relatively optimistic following discussions with them that the remainder will be coming soon. Must admit, I wasn't expecting to receive it so that's a pleasant surprise.
  • #31,952
  • Feb 27, 2024 6:12am Feb 27, 2024 6:12am
Imagine being a part of a futures prop and having to come to forexfactory to solicit new business.
  • #31,953
  • Feb 27, 2024 6:34am Feb 27, 2024 6:34am
Quoting Takisd
Imagine being a part of a futures prop and having to come to forexfactory to solicit new business.
Having to call the other guys crooks and defending, simultaneously, that futures props are honest. But not all futures props, just some of them.

One has to be a great juggler to do all this. Earning life is hard for some people. I almost feel sorry.
  • #31,954
  • Feb 27, 2024 6:51am Feb 27, 2024 6:51am
Quoting JustPipMe
{quote} sorry to hear this. TFT is a scam.
A prop that pays several millions by month is scam ? You must not have the right references

Never got denied payouts in 2 years
  • #31,955
  • Feb 27, 2024 7:02am Feb 27, 2024 7:02am
Quoting Nehemah
{quote} A prop that pays several millions by month is scam ? You must not have the right references Never got denied payouts in 2 years
Big payouts being denied, thats not new all those props denying big payouts, you dont got denied because your payouts go under the radar
  • #31,956
  • Feb 27, 2024 7:08am Feb 27, 2024 7:08am
Quoting Nehemah
{quote} A prop that pays several millions by month is scam ? You must not have the right references Never got denied payouts in 2 years
you must be from the wayback machine. There are hundreds of denials going on right now with them.
  • #31,957
  • Feb 27, 2024 7:18am Feb 27, 2024 7:18am
Quoting TrAndy1
If a company cares on reputation it is much more powerful than any regulation. The broker or prop will listen to his customers and will do everything that they are happy. On regulation it is forced to have a given standard among all companies. But with competition it is not needed as the better ones will look for reputation. You only need to make your own mind to choose from. With regulation only the average Joe with his high school degree is protected who is as dumb as earth. If you are educated you do not need regulation you have a mind and can...
One of the best posts ever.
Regulation and all forms of government control are ALL GEARED towards the less educated, they are easier to manipulate and control. Keeping in mind, regulation is never really for the benefit of the end user, it is just disguised as such.
Intelligent folks understand how to do their own due dilligence, develop their own risk model and USUALLY avoid situations where regulation would be needed in the first place.
Once again, a waiver allowing one to opt-out from protection. That will never happen, as it is not about protection at all.
  • #31,958
  • Feb 27, 2024 7:21am Feb 27, 2024 7:21am
Quoting Takisd
{quote} you must be from the wayback machine. There are hundreds of denials going on right now with them.
Never refused as far as I am concerned but I notice that payment times are getting longer and longer
  • #31,959
  • Feb 27, 2024 7:30am Feb 27, 2024 7:30am
Daily reminder that DXTrade is the used toilet paper of the trading platform market.
  • #31,960
  • Feb 27, 2024 7:46am Feb 27, 2024 7:46am
Quoting Nehemah
A prop that pays several millions by month is scam ?
Quite often, yes. Madoff paid out for decades. How much it pays out doesn’t determine whether something is a scam, does it?

Quoting Nehemah
Never got denied payouts in 2 years
Oh well. One person had no complaints for two years. Conclusive proof, there: can’t possibly be a scam?!
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