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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
Disliked{quote} yes, you earn income and pay tax on it. You then take that money which was already taxed and purchase something and get taxed again. You then sell the item for a profit and pay tax on the profit. Yet, this country is trillions of dollars in debt.Ignored
Disliked{quote} 1. You are scalping with a strategy where you are rr is like 0.3:1 if I remember correctly from earlier posts, so not only scalping in itself is really stressful you also get emotionally brutalised because the losses wipe out so many wins. You should go back to the drawing board and find a higher timeframe more mechanical strategy to not be so prone to all the negative emotions, rn there is really a lot of free strategies online and many of them actually work if you don't listen to all the bullshitters that talk about 1:10rr or 100% win...Ignored
DislikedThe CFTC has no brain with their 3 ladies. They made a very big mistake. They said he is misusing funds for his own purpose while it was money for the taxes. That says all. They did not spend any longer time to do any due diligence. The only thing that could matter little bit, that they were trading CFDs but not real CFDs only virtual ones. Less than 1% of a fraction was real CFDs with STP. Maybe also that they were running a virtual forex broker. But this is little and they cannot shutdown entire MFF for that. From what I read now I cannot assume...Ignored
Disliked{quote} We are at the final stage. Possibly 24 hours later I just got the "crypto submission form" to fill out because requesting a payout and giving them the wallet address isn't enough. So you have to fill this form out, give them your email that they already have, the exact time of the original request (or in my case multiple requests), the withdrawal amount that was already provided, and the crypto wallet address that was already provided. It's like an insurance company. Even though they know they have to pay their main strategy is to keep the...Ignored
Disliked{quote} "“The CFTC can obtain a court order in secret to shut down your entire business and have someone seize not only your business’s assets, but also your personal assets, before you ever know a complaint has been filed against you. That is what happened here, and the CFTC would have this Court believe that all of this is completely constitutional. It is not.”, the motion stated." And we see the other folks. like MFFx, saying that they are ok, abiding by the law. The power of regulators/public entities is huge. I remember that they shut down...Ignored
DislikedIn the meantime some good news. I got the payout from E8. The process is: 1. Request payout in E8 site (as before) 2. They aprove it and send an invitation to Plane (the new payment platform) 3. We fill in the details in Plane (no need to submit personal documents) 4. E8 send us the contract to sign in Plane and we sign 5. We request the payout in Plane (this is different from Deel - we are the ones requesting) 6. They approve the payout and send Plane the money 7. The money is not held at Plane, like in Deel. Plane directs it to the bank account...Ignored
Disliked{quote} Yep, I found that very weird. Forgot to say that they ask to fill the W8BEN (for non US customers), though no documents, proof of address or selfie are requested. I don't know if anything is shared by E8 with Plane (I doubt it because this would be a data protection offense, I think).Ignored
Disliked{quote} I try not to comment too much on mffx anymore because people get their sphincters all tight and feel offended but Matt's whole "OUR CFTC LAWYERS" speil is complete hogwash. If he is using CFTC LAWYERS to do the changes he did, they need to be fired immediately for incompetence. The basis of the case against MFF has nothing to do with A/B - instant funding or whether or not they have their own server. Its purely a regulatory infringement which all prop firms are non compliant on that is in a grey area that the CFTC Feels should require registration....Ignored
Disliked{quote} I really like the Trading pit approach of having people hired as "signal provider". We provide signals in a demo platform and then it's up to them to use it (or not) however they want. We have nothing to do with that and company can use information as they please. This seem to cover a lot of legal aspects, I guess. There's no broker involved, just a demo thing, no real funds, A/B book doesn't matter, they can profile the signal providers without any problem, commissions and slippage can be used without problems because they need the signal...Ignored
Disliked{quote} I really like the Trading pit approach of having people hired as "signal provider". We provide signals in a demo platform and then it's up to them to use it (or not) however they want. We have nothing to do with that and company can use information as they please. This seem to cover a lot of legal aspects, I guess. There's no broker involved, just a demo thing, no real funds, A/B book doesn't matter, they can profile the signal providers without any problem, commissions and slippage can be used without problems because they need the signal...Ignored
Disliked{quote} Signal providers require licenses in various countries. Its really a massive can of worms. I have in my head how it can be done to satisfy all jurisdictions but it wouldnt satisfy the traders because the traders need ego strokes.Ignored