DislikedSaw this in the prop group. Not sure if it's legitim. {image} Edit: apparently seems legit {image}Ignored
The owls are not what they seem
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prop firm new model - my trading journey 871 replies
Anyone trading with a Prop firm 2 replies
So I accepted a Prop Trading job in South Beach Miami 43 replies
DislikedSaw this in the prop group. Not sure if it's legitim. {image} Edit: apparently seems legit {image}Ignored
Disliked{quote} What else do they expect from traders other then betting? Flipping the account in 30 days has never been serious trading. Promoting all the 5-6digit payouts and then penalizing traders for using the full leverage they offer is a hypocrisy in it's purest formIgnored
Disliked{quote} to make 10% in 20 sessions is not betting and gambling for who doesn't have a real trading successful plan, let's say a scalper that try to grind every day risking large drawdowns, and how many people failed to reach that 10% target? who knows the true story if that trader was a better or a one doing with consistency profits risking as all the others.. in evaluation passing the challenges in 1 short with 1:100 leverage unique way to show consistency is to be a swing trader or to have a real good EA that nobody is using and leave it running....Ignored
Disliked{quote} It is gambling. Remember - you're not making 10% but 100% (10% profit when you only have 10% DD) And that's only a beginning. Look at what those firms - FTMO included - celebrate and advertise. 40k, 60k 100k profit made with 100k account in 14 days (or maybe 30). What else is this other than a pure gambling? Even 40k out of a 100k account means +400% (40/10). So what they reward and celebrate is gambling. Yet when you try to make it they start threatening you or even ban you for good. That's why I call them hypocrites but maybe i should...Ignored
Disliked{quote} unlicensed betting, at the end one day regulators will say that they are accepting people's deposits for betting-gambling, is the same than to deposit 1000$ and bet on a sport team win 1:5 or 1:10, plus unlicensed introducing brokerage, because they are getting paid lots of dollars per lot... with the excuse of larger spread to offer liquidity. And the fun is, that even if they are simulating unlicensed activities they can fool all and make advertising, but it would require a license. Than it is not so hard to get, so they could have it,...Ignored
Disliked{quote} It is gambling. Remember - you're not making 10% but 100% (10% profit when you only have 10% DD) And that's only a beginning. Look at what those firms - FTMO included - celebrate and advertise. 40k, 60k 100k profit made with 100k account in 14 days (or maybe 30). What else is this other than a pure gambling? Even 40k out of a 100k account means +400% (40/10). So what they reward and celebrate is gambling. Yet when you try to make it they start threatening you or even ban you for good. That's why I call them hypocrites but maybe i should...Ignored
DislikedThat's why I call them hypocrites but maybe i should rather say impostors or cheaters or fraudsters or maybe ...Prop Firms...?Ignored
Disliked{quote}-I think, without knowing the whole truth of the situation, we cannot say this. If we assume that the trader is just insanely profitable and is maxing out leverage all of the time while using a good system, and FTMO just decided to do this, then we can absolutely say this. However, if the trader is obviously just gambling by taking one trade on every new account, maxing out leverage and swinging for the fences in hopes of getting lucky, then waiting until payout, or opening new accounts if the account gets blown and repeating the process...Ignored
Disliked{quote}-I think, without knowing the whole truth of the situation, we cannot say this. If we assume that the trader is just insanely profitable and is maxing out leverage all of the time while using a good system, and FTMO just decided to do this, then we can absolutely say this. However, if the trader is obviously just gambling by taking one trade on every new account, maxing out leverage and swinging for the fences in hopes of getting lucky, then waiting until payout, or opening new accounts if the account gets blown and repeating the process...Ignored
Disliked{quote} Good luck! I looked into it when they launched but the max loss is a trailing one so I gave up.Ignored
DislikedI'm inclined to agree. I wouldn't be surprised if most of these people who get their accounts closed are still developing traders who haven't figured out their risk model yet, and are doing stupid things like casino-minded penny stock "traders". If someone is still a developing trader they shouldn't be trying to get funded, plain and simple.Ignored
DislikedI agree. However, IT NEEDS TO BE IN THE RULES. If you cannot hit target with 1 trade, they must disclose that.Ignored
Disliked{quote}-We are not talking about the same thing. I am not referring to the challenge phases, but funded. In this case, it seems that the trader is getting funded, but is still going against what FTMO has requested that he change. And I do believe that most firms have terms written in such a way that if your trading is not beneficial for the company, then they reserve the right to terminate services with you. The trader has clearly been warned already, yet refuses to listen. I think, if a trader is actually gambling, and is just trying to get lucky...Ignored
DislikedHowever, my point still remains....they ENCOURAGE the gambling in the challenge and then DISCOURAGE it once funded. The hypocrisy makes us all look like idiots.Ignored
Disliked{quote}-There is a lot of hypocrisy, for sure. But I do not necessarily agree with this statement. I do not equate all high-risk activity with gambling. Many traders here can pass the challenges without gambling. There is a difference between taking calculated risk and opening a position and just hoping for the best with max leverage etc.. {quote}-Yes, you know what you signed up for. We all accept the trade-off because it allows us to get funded very fast and easy. So, no point in complaining about the hypocrisy if you are willing to play the game....Ignored
DislikedThe thing is that showing someone that made 40 or 50% in one month is passing the wrong messageIgnored