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prop firm new model - my trading journey

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  • First Post: Edited 3:13pm Aug 9, 2020 3:02pm | Edited 3:13pm
Hi guys

I decided to start a journal to record my journey with "Forextips101". They offer a 25k account and a 100k account

This is a new prop firm offer whereby the model is - no challenge/verification stages - one is paid 10% of any profits bi-weekly. Also a maximum of $5000 is paid every month into a live account which you can trade once the balance reaches 15k.

There is another company called "myforexfunds" which is almost identical except they offer more choice. 10k, 20k, 50k and 100k. Also the 10% scales up to 12.5%, then 15% - that is quite good

The rules are basically the normal 5% max daily loss and 10% max loss. Few other rules, main one being trading "consistency" which is a bit ambigious in my view but you'll have to check the rules out for yourself to see if they suit your style of trading.

Broker offerings are very good - Tickmill, ICmarkets, etc. Leverage up to 500:1. Mt4 platform

Anyway, I am 7 days along in my journey - trading the 25k account. Don't know if I have broken any rules - haven't heard anything from Fxtips and their trading analysis/metrix is not functional yet!

Anyway time will tell!

Any comments welcome - especially from anyone who is with Forextips101 or myforexfunds
Not that I want to say anything bad but it doesn't sound right. Forextips101: what real prop firm offers 500:1 leverage? I never met an investor that was comfortable with their money wiping THAT EASILY. The best protection against a negative balance is reducing leverage because regulations require negative balance protection. And looking at the website of myforexfunds screams scam. So be careful.

I think people are better off looking at 5%ers, even though their risk is ridiculously low. Trading FX with a 4% max risk doesn't make sense. Better to just offer this type of risk profile on stocks. But you can hold over the weekend and not worry about news. Every firm I've been at doesn't let you hold positions over the weekend, but not having to worry about news is great.

One I haven't actually worked with but I've talked to is enfoid. I looked at them cause I thought about going straight for their 700k uSd account since I already have a 6 figure account with longer than 1 year positive track record. But anything less than 300k and you are basically trading in the same environment as FTMO, but FTMO is at half the cost. But Enfoid seems like they really need traders. They'd probably get more business if they lowered their cost down, but they are also more transparent. 1k uSD for a 100k uSD account when FTMo is 600$. It's no wonder FTMO wins the popularity contest there.

Anyway, good luck.
The best strategy is a profitable one.
Will follow this thread, good luck bro
I think it's useful to be aware of other options out there (besides the usual suspects like FTMO) for those interested in getting funded as forex traders.

As a matter of fact, I'm trying out myforexfunds soon.

The pros: lower fees, fast bi-weekly payouts, less restrictive trading rules, bigger profit-share on the funded account, wide choice of brokers (as well as leverage).
Cons: monthly fee, no track record yet (though they claim to be part of the Star Global Group), a slower way to grow one's funded account.

Thanks for volunteering to be a "guinea pig" yet again, mtinifx. Wish you the best of luck, of course!
Amor Fati--F. Nietzsche
Quoting AnRan
Not that I want to say anything bad but it doesn't sound right. Forextips101: what real prop firm offers 500:1 leverage? I never met an investor that was comfortable with their money wiping THAT EASILY. The best protection against a negative balance is reducing leverage because regulations require negative balance protection. And looking at the website of myforexfunds screams scam. So be careful. I think people are better off looking at 5%ers, even though their risk is ridiculously low. Trading FX with a 4% max risk doesn't make sense. Better to...
It's your choice dear. I choose 500:1 but it's entirely up to the trader what leverage one wants to trade with. But you have a point - Thanks for the heads up!
Quoting Mtinifx
{quote} It's your choice dear. I choose 500:1 but it's entirely up to the trader what leverage one wants to trade with. But you have a point - Thanks for the heads up!
What I'm talking about is the insanity of having investor funds being traded at 1:500. There is suppose to be a fiduciary relationship with institution and client. Meaning action taken is in favor of all parties, and that includes not being reckless with insane margins. That isn't fiduciary to the investor. That's why I don't think anyone is actually trading any investor fund.

I don't mean you, personally. A trader is free to deposit their own money and go trade at 1:1000 margin if you really wanted.
The best strategy is a profitable one.
Quoting Mtinifx
Hi guys I decided to start a journal to record my journey with "Forextips101". They offer a 25k account and a 100k account This is a new prop firm offer whereby the model is - no challenge/verification stages - one is paid 10% of any profits bi-weekly. Also a maximum of $5000 is paid every month into a live account which you can trade once the balance reaches 15k. There is another company called "myforexfunds" which is almost identical except they offer more choice. 10k, 20k, 50k and 100k. Also the 10% scales up to 12.5%, then 15% - that is quite...
I wonder how their business model works. I pay $600 for the 100k account then I already get the demo account and start earning 10% of profit? What if I just paid $600 and one day I traded 100 lots and lose 10k. That's a 10k loss on their pockets. Or am I missing anything?

Reason why I'm interested in the business model is that if I'm sticking with 1 or 2 prop trading firms, I want them to succeed too so they can offer more favorable conditions to their profitable traders and stay longer in the market. I don't understand here how they can maintain the whole program without filtering traders they accept.

Forextips101's rules in https://www.forextips101.com/rules/ is ambiguous, especially in the Consistency section. I don't get why they open a live account for you and then take 25% of what you earn - https://www.forextips101.com/funding-talent/? You could just withdraw it .... right?

Quoting AnRan
Not that I want to say anything bad but it doesn't sound right. Forextips101: what real prop firm offers 500:1 leverage? I never met an investor that was comfortable with their money wiping THAT EASILY. The best protection against a negative balance is reducing leverage because regulations require negative balance protection. And looking at the website of myforexfunds screams scam. So be careful. I think people are better off looking at 5%ers, even though their risk is ridiculously low. Trading FX with a 4% max risk doesn't make sense. Better to...
Same with my sentiment with the5ers. Challenge/Verification/Scaling program are harder to achieve because of the low drawdown and maximum lot exposure. But it might work if you are a scalper tho. Enfoid looks promising, especially for traders in SEA like me. Will probably look into their business model and try them out.

-------------------------------------------------------------------------------------------------------------------

Any idea if we can provide services for multiple prop firms?
adapt or be killed
Quoting slappymove
{quote} I wonder how their business model works. I pay $600 for the 100k account then I already get the demo account and start earning 10% of profit? What if I just paid $600 and one day I traded 100 lots and lose 10k. That's a 10k loss on their pockets. Or am I missing anything? Reason why I'm interested in the business model is that if I'm sticking with 1 or 2 prop trading firms, I want them to succeed too so they can offer more favorable conditions to their profitable traders and stay longer in the market. I don't understand here how they can...

I'm not sure about your point about the 10k loss - it's a demo account not real money. If one exceeds the daily loss you have to start again.

Agree that it's a good business model. I for one don't like all the hoops one usually has to jump through with the normal model.

As far as the live account is concerned, They must have control of one's withdrawals. Unless it's on trust!
Quoting Mtinifx
{quote} I'm not sure about your point about the 10k loss - it's a demo account not real money. If one exceeds the daily loss you have to start again. Agree that it's a good business model. I for one don't like all the hoops one usually has to jump through with the normal model. As far as the live account is concerned, They must have control of one's withdrawals. Unless it's on trust!
It doesn't have challenge/verification unlike other prop firms the5ers and FTMO to name a few. I assume you will trade using demo account but they will copy you using their live account (as what other prop firms do). They specifically say here in this page https://www.forextips101.com/funding-talent/ "Start trading and earnings as soon as you sign up. No need to complete a challenge to begin getting paid." Hence, if they are copying using their live account, they could easily lose 10k.

I wish you good luck with them! Happy to have other options.
adapt or be killed
anybody ever checked the background of forextips101?

I ended up with a (cute but nevertheless) hairdresser/nurse.
Quoting eztrader1
anybody ever checked the background of forextips101? I ended up with a (cute but nevertheless) hairdresser/nurse.

Have a look here:

https://www.facebook.com/groups/2296075200687446
Quoting slappymove
{quote} It doesn't have challenge/verification unlike other prop firms the5ers and FTMO to name a few. I assume you will trade using demo account but they will copy you using their live account (as what other prop firms do). They specifically say here in this page https://www.forextips101.com/funding-talent/ "Start trading and earnings as soon as you sign up. No need to complete a challenge to begin getting paid." Hence, if they are copying using their live account, they could easily lose 10k. I wish you good luck with them! Happy to...
I have my doubts that prop firms are copying every trader. That would be suicidal!

The idea is that they monitor your trading and if you are consistently profitable, they will copy trade but I would be pretty sure that even then they would be using strict MM. Doubt if they will ever lose that much.

Anyway we'll probably find out eventually and thanks, let's see what happens when my first pay date arrives!
Quoting slappymove
{quote} It doesn't have challenge/verification unlike other prop firms the5ers and FTMO to name a few. I assume you will trade using demo account but they will copy you using their live account (as what other prop firms do). They specifically say here in this page https://www.forextips101.com/funding-talent/ "Start trading and earnings as soon as you sign up. No need to complete a challenge to begin getting paid." Hence, if they are copying using their live account, they could easily lose 10k. I wish you good luck with them! Happy to...
From what I can tell, any profits you make in a month on your demo account, they give you 10% of those in cash. Over and above that, they give you up to 5k/month in a real account. When this real account reaches 15k, you can start trading it. All the while, you also carry on trading your demo account to keep earning 10% of your demo profits and they keep adding up to 5k each month in your real account.

It is certainly different, and doesn't seem like a bad business model, but from what I can tell, the growth will be slower. Assuming you made really good profits on your demo account each month, it would take you at least 20 months to get a real 100k account. Have I got this right Mtinifx? And to answer your other question SlappyMove, you could buy their account and trade with 100 lots if you wish. If you lose it all, you have lost your $600 and they have not lost a cent because it is a demo account.
Hi guys

Well I exceeded daily and max loss on that 25k account yesterday. However on looking at the history, I actually blew the account 5 days ago. Exceeded the daily loss limit at least twice

In my view, anything less then a $5000 daily drawdown limit is dangerous.

Anyway will reset and try again!!
What? How come?

Don't you set a Stop Loss?
Amor Fati--F. Nietzsche
Quoting Mtinifx
Hi guys Well I exceeded daily and max loss on that 25k account yesterday. However on looking at the history, I actually blew the account 5 days ago. Exceeded the daily loss limit at least twice In my view, anything less then a $5000 daily drawdown limit is dangerous. Anyway will reset and try again!!
I think it would be better to go for the mid/highest fund they can offer, it gives the most favorable conditions for the trader, if the $$$ value for you is better than the %, then highest fund is better. I'm also forced to change my strategy from having no SL to having SL + ATR. Well, if we want it, then we go and try to get it one way or another.

Can I ask what went wrong with your trades?
adapt or be killed
Quoting slappymove
{quote} I think it would be better to go for the mid/highest fund they can offer, it gives the most favorable conditions for the trader, if the $$$ value for you is better than the %, then highest fund is better. I'm also forced to change my strategy from having no SL to having SL + ATR. Well, if we want it, then we go and try to get it one way or another. Can I ask what went wrong with your trades?
Didn't care anymore is the answer! But didn't follow my system. Clearly showed to sell and I'm buying.

No excuses!
you was doing great.
you are great trader.. keep good job just take care from small details. good luck
Quoting Mtinifx
Hi guys Well I exceeded daily and max loss on that 25k account yesterday. However on looking at the history, I actually blew the account 5 days ago. Exceeded the daily loss limit at least twice In my view, anything less then a $5000 daily drawdown limit is dangerous. Anyway will reset and try again!!
My advice would be stop viewing it is monetary. 5k USd isn't the issue. The issue is you keep going over a % of your total capital. If i give you a million dollars to trade you couldn't scale your trades properly to give me a decent return based on the risk. And high net worth individuals or serious investor for that matter, have no interest in risking 20% of their capital on one or two trades.

Tweek your strategy a little to work with a better risk system. Position size is always based on distance to the stop loss. Then check your reward in comparison to the stop. If you are successful at least 50% of the time a 1:1 reward-risk is enough. If you're success rate is less than 50% than you need a higher reward to risk ratio to remain positive. But sizing should be done as a % of the account with distance to the stop, not the profit, ahead of the trade open. I don't know if it helps you or not cause you've been on this site for 9 years, but something isn't right if you can't stop exceeding a loss limit.

Happy pipping
The best strategy is a profitable one.
Quoting AnRan
{quote} My advice would be stop viewing it is monetary. 5k USd isn't the issue. The issue is you keep going over a % of your total capital. If i give you a million dollars to trade you couldn't scale your trades properly to give me a decent return based on the risk. And high net worth individuals or serious investor for that matter, have no interest in risking 20% of their capital on one or two trades. Tweek your strategy a little to work with a better risk system. Position size is always based on distance to the stop loss. Then check your reward...
Thanks mate some good advice
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