DislikedThe writing is on the wall. I think we will see a few other notices on websites still within 2023. Rather sooner than later if European Authorities decide to set a MFF style example.Ignored
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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
DislikedThe writing is on the wall. I think we will see a few other notices on websites still within 2023. Rather sooner than later if European Authorities decide to set a MFF style example.Ignored
Disliked{quote} In Uk, they already shut down blufx as far as i know. When US citizens are involved, things might move at least a bit faster. Usually things swap over to Europe. I think in this case the potential target of main interest is on the mainland.Ignored
Disliked{quote}-It's difficult to say whether or not the SEC charges against SurgeTrader led, in any way, to MFF's investigation, but whatever outcome that we see with MFF will likely set the tone and pave the way for other firms, good or bad.Ignored
Disliked{quote} I am not familiar with the surge trader case, so i cant say anything about that. With MFF, probably so but this will drag on a bit, so in my humble view most shops will be out of business anyway by then...unless they change their business model without waiting for this MFF case to close.Ignored
DislikedI am hopeful for a soft landing in this but I am imaging a world where MFF wins or settles amicably with retractions of fraud allegations but seeing the fundednext investigation regarding india and various other things going on, it might be a collective effort to shut down props globally. With the noise going on, the UK firms should be very uncomfortable.Ignored
Disliked{quote} I don't think anyone got their fees or profits back at all from blufx after they closed it. Do you know if all hope is lost for their customers or pending the end of trials and what have you, there maybe a chance to recover the funds?Ignored
DislikedI am hopeful for a soft landing in this but I am imaging a world where MFF wins or settles amicably with retractions of fraud allegations but seeing the fundednext investigation regarding india and various other things going on, it might be a collective effort to shut down props globally. With the noise going on, the UK firms should be very uncomfortable.Ignored
Disliked{quote} Although it might not be popular, i have to quote Gil Ben Hur once again. As long as firms trade their own money and their business model is based on generating profits from trading, it will be very hard to regulate companies, even if they provide demo challenges beforehand. In my view, that sums it up. Any company can do with their funds as they please. However, the majority of companies advertize this model but operate in a completely different fashion. That is what this MFF trial is all about. Their model had nothing to do with trading...Ignored
Disliked{quote} The MFF profit numbers are eye openers for many off shore brokers and other entrepreneurs leading to more similar funding solutions being offered. Don't under estimate the power of greed. However, US citizens might be having a bit hard time for finding feasible funding options.Ignored
Disliked{quote} To be honest, I think MFF was a unicorn. If you dig deeply into the data, you will see that they were probably 2x FTMO. People may want to replicate then but it won't be easy and most likely will come now with all sorts of vendor issues. I wouldn't be surprised if card clearing stops working for all prop firms soon as notices get sent to people who are offering those services to high risk firms, or the fees go up significantly.Ignored
Disliked{quote} Cost of CC processing might go up to maybe 5% per transaction but there are plenty of service providers for off shore businesses. In any case cryptos will work and people are used to using them.Ignored
Disliked{quote} sorry, thats not what the case is about. The case is about whether or not fraud took place in the case where a) MFF made conditions on b book worse than "real market conditions" and B) whether MFF made traders on A book lose The fraud element is built around the fact that the system was designed to produce a user to lose. Which is why its confusing because why on earth would you want a trader on A book to lose, which is what is being alleged. If they left the A book element out, it would basically be about whether or not the conditions offered...Ignored
Disliked{quote} sorry, thats not what the case is about. The case is about whether or not fraud took place in the case where a) MFF made conditions on b book worse than "real market conditions" and B) whether MFF made traders on A book lose The fraud element is built around the fact that the system was designed to produce a user to lose. Which is why its confusing because why on earth would you want a trader on A book to lose, which is what is being alleged. If they left the A book element out, it would basically be about whether or not the conditions offered...Ignored
DislikedI think fraud is part of the CFTC charges and pretty well layed out on top of thatIgnored
DislikedDo you think if MFF comes out of it with just settlement around the broker dealer element that it will become a free for all?Ignored
Disliked{quote} {quote}-I think, the CFTC is probably looking to try to bury MFF and set an example, and will likely try to make every claim in the book to try to get them to kneel. They won't even have to go to court in order to set some kind of precedent, since any settlement would likely come with an element of guilt or some kind of admission of that, making it even more difficult for other props to make their own case or even consider doing so. Tacking on the trumped-up fraud charges will just make it easier for the CFTC to get Kazmi to settle and agree...Ignored
Disliked{quote} You are right. Do you think if MFF comes out of it with just settlement around the broker dealer element that it will become a free for all?Ignored
DislikedIt's a bunch of technicalities. I wonder if the person judging has the knowledge for that or if he/she is judging this at the same time he/she may be judging a parking ticket or stolen oranges in a supermarket.Ignored