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prop firm new model - my trading journey 869 replies

Anyone trading with a Prop firm 0 replies

So I accepted a Prop Trading job in South Beach Miami 43 replies

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Prop Firm Hub

  • Post #1
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  • First Post: Edited Aug 3, 4:19am Mar 17, 2021 5:25am | Edited Aug 3, 4:19am

PROP FIRM HUB


Real traders discussion about Prop Firm activity.

Traders may post their attempts at gaining a funded account.

Traders may discuss the pros and cons of various prop trading firms.

All discussion that is inline with thread title is welcome.

Keep it civil here guys and let's sort the real from the myth.

Traders showing TE’s of challenges and verifications should be cheered on and not discouraged.

Traders can show or hide their TE’s at their preference without ridicule from other thread participants.

Traders who show their TE’s or post snapshots of their progress and who have skin in the game have my full respect.

Any thread poster who is seen to be ridiculing another traders attempts at challenges or verifications including the hiding/or removal of TE’s may very well find themselves sitting on the sidelines to think about how they might better contribute to the thread in a more meaningful way.

Funded Account Types:

1. Stock;
2. FX;
3. Futures;
4. Options.


Prop Firm Pros:

1. opportunity to trade larger sums of capital;
2. staged increases to trading capital based on performance;
3. firms resources (education, webinars, analysis and mentoring);
4. trader not responsible for losses incurred;
5. accelerated income to the successful trader;
6. trading across multiple Prop Firms to gain maximum funding.


Prop Firm Cons:

1. Price to play (is the challenge fee refunded??);
2. Profit split ratio (min. 70/30 split in favor of the trader);
3. Drawdown rules or trading objectives set by the firm;
4. How long has the firm been around and how long will they remain in business;
5. Any reasonable history of profit shares being paid;
6. Thread comments regarding a given Prop Firm.


Unbiased Alphabetical Listing of some Retail Proprietary Trading Firms:


Audacity Capital https://www.audacitycapital.co.uk/
City Traders Imperium https://www.citytradersimperium.com/
Colibri Trader https://www.colibritrader.com/
Earn2Trade https://www.earn2trade.com/
Enfoid https://www.enfoid.com/prop
Fidelcrest https://fidelcrest.com/
Fidelity https://www.fidelity.com.au/
Finotive Funding https://finotivefunding.com/
FMS Traders https://fmstraders.com/why-fms/
FTMO https://ftmo.com/en/
Funded Trading Plus https://www.fundedtradingplus.com/
Habby Forex https://www.habbyforex.com/
LeeLoo Trading https://www.leelootrading.com/
Lepus Prop Trading https://www.lepusproprietarytrading.com.au/
Liberty Market Investment https://lmitrade.com/
Lux Trading Firm https://luxtradingfirm.com/
Main Street Trading https://www.mainstreettrading.net/
Maverick Trading https://mavericktrading.com/
MyForexFunds https://myforexfunds.com/
OneUpTrader https://oneuptrader.com/
Psyquation https://psyquation.com/
Savius https://www.saviusllc.com/en/home-english/
SMB Capital https://smbcap.com/
The Trader Institute https://thetraderinstitute.com/tti-funding/
The5ers https://the5ers.com/
The Funded Trader Program https://thefundedtraderprogram.com/
TopStepFx https://www.topstep.com/
Trader2b https://trader2b.com/
Trader Seed https://traderseed.io/
Traders4Traders https://traders4traders.com/
Traders Prop https://tradersprop.com/
Trend Trading DNA https://www.trendtradingdna.com/pro-trader-program-2/
Unibull Markets http://www.unibullmarkets.com/
WeFundTraders https://www.wefundtraders.com/
XLTrade Funding https://www.xltrade.net/

Traders Central Funding (White Labels) Prop Firms
1.
2.
3.
4.
5.
6. Ultra Capital https://ultracapitalfund.com/


Other Funding Firm's (not necessarily Prop Firms):

Alpari Pamm https://alpari.com/en/invest/pamm/?l...nservative.asc

c2Collective2 https://trade.collective2.com/

Darwinex https://www.darwinex.com/

E Toro https://www.etoro.com/

Fundseeder https://fundseeder.com/home

Metaquotes Signals https://www.metaquotes.net/en

Zulu Trade https://www.zulutrade.com/


THREAD OPs PROP FIRM PARTICIPATION

The Thread Op may on occasion entertain the thread with real challenges and verifications from multiple Prop Firms.

A TE or myfxbook link to trading history will only be provided at the discretion of the Thread Op who reserves the right to remove it at any time.

Thread Ops own funded accounts will only be elaborated once funded capital or equity has exceeded $1Million.


FTMO $200K Challenges:

April 2021 - Unsuccessful (failed to reach 10% Profit Target)

My Forex Funds $200K Challenges:

2021 - ... coming soon ...


Notes:
1. These lists are by no means complete.
2. The list will be updated on an ongoing basis including website links.
3. The list is presented in an unbiased manner.
4. Traders are encouraged to read the thread and conduct their own due diligence.
5. Traders should understand that a challenge fee may very well be at risk of full loss.


Good trading,

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
I'm not here to promote any particular Prop Firm but I may share some of the real progress of parting with the fee for a crack at trading one of their 'larger' accounts.

Everything in trading is relative, price to play for one trader may be insignificant to one trader but a major deal with another trader.

At the end of the day after any due diligence has run its course it boils down to only 2 decisions, take the plunge or don't take it.

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
  • Post #3
  • Quote
  • Edited at 9:30pm Mar 18, 2021 5:19am | Edited at 9:30pm
Hello Masterrmind, I think this is a good idea for a thread, because these prop firms are growing in popularity. New prop firms getting more competitive popping up, regulators cracking down on "retail traders". This may be the future of forex?

I'm in the process of a verification stage with Enfoid. The owner is a trader himself who streams live daily.
Quoting Horne
Hello Masterrmind, I think this is a good idea for a thread, because these prop firms are growing in popularity. New prop firms getting more competitive popping up, regulators cracking down on "retail traders". This may be the future of forex? I'm in the process of a verification stage with Enfoid. The owner is a trader himself who streams live daily.
Welcome Horne ...

Yes agreed I thought it warranted its own thread.

There are plenty of Prop Firms and I have no doubt that many more will appear with better and better conditions for the traders.

Competition will be great for the trader.

I look forward to your progress.

Good trading,

Masterrmind ......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
  • Post #5
  • Quote
  • Edited at 7:57am Mar 18, 2021 7:35am | Edited at 7:57am
Hi!

Thank you Masterrmind opening the thread!
Just joined with The5ers 40k evaluation.
I'm really surprised of small spread.
Attached Image
Commission for 0.1 lot is 0.4 pips.
Not bad at all.

SP
List Funded Trading Accounts [Choose the Best Funded Trader Program] (tradingsitereviews.com)
Quoting SuperPip
Hi! Thank you Masterrmind opening the thread! Just joined with The5ers 40k evaluation. I'm really surprised of small spread. {image}Commission for 0.1 lot is 0.4 pips. Not bad at all. SP
Yes SuperPip that's not bad.

Feel free to post your progress in The5ers if you wish.

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
Quoting Ross88
List Funded Trading Accounts [Choose the Best Funded Trader Program] (tradingsitereviews.com)
Some useful information in that link.

Welcome Ross88.

Masterrmind ........
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
In my major trading account I use Interactive Brokers.

FX spot quite often use IC Markets, Pepperstone or Fusion.

However, there is much more to think about than just the spread of the retail broker.

Unfortunately, quite often we have to make a sub-optimal broker choice based on what the Prop Firm is offering.

Due diligence required.

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
I wonder how many traders are looking to undertake evaluation process at a Prop Firm.

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
Subscribed Congrats, i'm glad that you are back
Quoting Ross88
List Funded Trading Accounts [Choose the Best Funded Trader Program] (tradingsitereviews.com)
Good info.

My guess is that sites like that will blossom in future. This is after I saw this post from somebody here in in FF trying one of these offers.

People considering these offers will have to do their due diligence properly.

Trade well / Mos
Don't limit yourself!!
Quoting mosiskv
{quote} Good info. My guess is that sites like that will blossom in future. This is after I saw this post from somebody here in in FF trying one of these offers. People considering these offers will have to do their due diligence properly. Trade well / Mos
It's almost the perfect time for prop firms so many people cannot go to work so are looking to turn a hobby into a full-time career however they do not have the capital to finance themselves so are turn to prop firms and the competition between the prop firms is getting very competitive
The relationship between a trader and a so called prop firm is a Symbiotic relationship. Do you agree?

A trader who is (or thinks is) successful, doesn't really need a prop firm other than to grow exponentially. At the same time, it is rare that a trader is allowed to be and do as he/she is capable of being successful on their own due to many constrictive limitations put upon them. So, in most likelihood, a trader has to change themselves in order to fit within the confines of a prop trader.

In addition to that, the prop firms have handedly stacked the conditions to benefit themselves. If a trader fails under the umbrella of that relationship between trader and prop firm, most likely, it is the trader who will suffer the worst of the sting of the failure. That is because the prop firm has thought of and well prepared themselves for a trader's failure (the proverbial 95% fail rate) and are more than willing to toss off the dead trader with a flick or even consume his/her contributions (fee or subscription or even hours and days and years that the trader has put into their craft).

One way is to study this relationship is to look into the nature to see how the nature's Symbiotic relationship works: https://www.nationalgeographic.org/a...ving-together/

Unfortunately, the relationship between a trader and the prop firm is not a natural one. It is a construct engineered by the prop firms to help themselves no matter how the trader fares. I can't really pin that relationship on any of the categories described in the article. The closest I can come is the predation model where the predator being at the top of the food chain, survives all the time. Of course the ones at the top of the food chain also die as a result of disease or getting beached etc., so they are not perfect but that aspect can be explained by the nature and it's laws.
Quoting OutThere
The relationship between a trader and a so called prop firm is a Symbiotic relationship. Do you agree? A trader who is (or thinks is) successful, doesn't really need a prop firm other than to grow exponentially. At the same time, it is rare that a trader is allowed to be and do as he/she is capable of being successful on their own due to many constrictive limitations put upon them. So, in most likelihood, a trader has to change themselves in order to fit within the confines of a prop trader. In addition to that, the prop firms have handedly stacked...
For the most part I'd say I agree with you that in the long run, the prop firm route isn't as good as it seems for growing an account. That being said, I think there's a lot of value if you approach it from a "hit and run" technique. What I mean by this is pay the $300-400 fee for around 150k depending on the firm, and be very aggressive trading it. Maybe do something where you give yourself a 5-7 trade buffer until you hit your drawdown. If it hits it you start the tryout from scratch but if you manage to have a good week or two, this could be up to 10k in profit where you keep 70-80% of it. Just sort of rinse and repeat this idea. Of course, the most important thing is you have to already be a consistent and profitable trader. I think the 95% fail thing is blown out of proportion because so many traders rush into things without knowing what they're doing. I'd love to see a fail rate of traders with a year or more experience but I don't think anyone truly knows that number haha.
Quoting ccrkk10
{quote} For the most part I'd say I agree with you that in the long run, the prop firm route isn't as good as it seems for growing an account. That being said, I think there's a lot of value if you approach it from a "hit and run" technique. What I mean by this is pay the $300-400 fee for around 150k depending on the firm, and be very aggressive trading it. Maybe do something where you give yourself a 5-7 trade buffer until you hit your drawdown. If it hits it you start the tryout from scratch but if you manage to have a good week or two, this could...
That is exactly the routine that is being followed by the admirers of a certain funder that starts with ft..
I have seen some traders bragging that they passed the challenge just to find out later that it was their 3rd. 4th, 6th, etc. try and they passed due to the grace of a long candle and being on the correct side of it. Then they trade .01 sizes until time passes. After that the formula is to take it easy and trade very cautiously to not fall off the cliff.
Guess who is the primary benefactor of all those hit and miss trials?

That kind of behavior is already anticipated and formulated in by the top of the chain operators. Always win/win/win.
Quoting OutThere
{quote} That is exactly the routine that is being followed by the admirers of a certain funder that starts with ft.. I have seen some traders bragging that they passed the challenge just to find out later that it was their 3rd. 4th, 6th, etc. try and they passed due to the grace of a long candle and being on the correct side of it. Then they trade .01 sizes until time passes. After that the formula is to take it easy and trade very cautiously to not fall off the cliff. Guess who is the primary benefactor of all those hit and miss trials? That kind...
I'd argue that the main issue for that isn't necessary the way the prop firm is laid out, I think it's more about the traders not really being consistently profitable if it's taking someone 6 times every time to pass a challenge. For the challenge itself I'd say take it slow and steady, because I know for FTMO as long as you finish with a profit, you get to take it again for free. Once you get the funded account I'd ram the risk up and push it to the limit. Not saying this way is perfect but I think it's the only real shot anyone has.
Quoting ccrkk10
{quote} I'd argue that the main issue for that isn't necessary the way the prop firm is laid out, I think it's more about the traders not really being consistently profitable if it's taking someone 6 times every time to pass a challenge. For the challenge itself I'd say take it slow and steady, because I know for FTMO as long as you finish with a profit, you get to take it again for free. Once you get the funded account I'd ram the risk up and push it to the limit. Not saying this way is perfect but I think it's the only real shot anyone has.
Okay, you have an angle on this and going for it with a plan. Kudos to you. I hope you succeed. It doesn't change the fact that if you succeed, they succeed. If you fail, they succeed.

Back 100's of years ago, there was this trend about turning the common metal into gold. It's called ALCHEMY of course. There was an old book written about it. I had the privilege of reading it (or quick reading it) and I found no real recipe to do the deed. There have been several other books written on it as well but I bet you that they follow the original format of just side skirting the craft and rightly so. As far as I am concerned, one can not turn the common metal into gold unless it is by just raising it's value by changing it into a more usable item like a car part and so on.

The reason that I mention that is that thanks to the modern finance, we have exchanges and trading with enthusiastic participants willing to throw in money to make something out of something of lower value. This is the modern alchemy. Yes there are books written on it and there are gurus teaching it but it doesn't always pan out according to formula. At best it is a 70/30 success rate (according to some broker stats I have seen) or more commonly known as the 95/5 ratio. So, how do you improve on those stats? You hire Alchemists or at least those who claim to be the ones.

One way of hiring Alchemists is to pay them hourly or by salary or at least retain them by a small mean like a base salary while they do their thing. That is how things used to be. Look at the book of the Market Wizards of the 80's. If you research how they became who they were and how they rose to prominence, you will see that they were 'hired' by one of the old fashioned methods and they were given accommodations and nurtured to raise to prominence.

That model is gone now. At least in the 'prop firm' regard of nowadays that we are being led to believe is the way of doing things. The market wizards of today have become expandable units of production that like a disposable light bulb will be thrown out upon dimming. Even a throw away light bulb costs the user of it a bit of money. Today's light bulbs are expected to manufacture themselves and pay a fee to screw themselves into the socket but the throwing away is automatic.

So before going on and on, as a participant, you have the role of an Alchemist, so don't undervalue yourselves. You didn't become an Alchemist because a kind fairy sprinkled you with magic dust. You most likely put time. effort and money into becoming one. Also, don't forget that the predators going after your knowledge are not interested in you, your well being, your goals and desires and dreams. They are out to suck on your talent and get fat on what they can leech out and then spit you out when you dry up.

Yes what I am saying has a negative tone and I have said similar things before but there is a truth to that if you want to be objective for a few seconds. The usual retort is that you can't trade and that is why you are bitter...you can't figure out how to benefit from the system bla bla bla.. but at the end of the day, the old fashioned ways of nurturing a market wizard are changing into 'catch, suck blood and release' method and apparently it sits well with many just as other aspects of the society have changed and there is nothing one can do about it. I have advice for the alternative but the need of people to get rich quick gets in the way.

Anyhoo. Carry on folks.
Quoting OutThere
{quote} Okay, you have an angle on this and going for it with a plan. Kudos to you. I hope you succeed. It doesn't change the fact that if you succeed, they succeed. If you fail, they succeed. Back 100's of years ago, there was this trend about turning the common metal into gold. It's called ALCHEMY of course. There was an old book written about it. I had the privilege of reading it (or quick reading it) and I found no real recipe to do the deed. There have been several other books written on it as well but I bet you that they follow the original...
I fully agree with you here hahaha. I don't think it's necessarily wrong that a prop firms wins when their users lose, it's a business after all. Prop firms are without a doubt misleading and grab the attention of the newer trader who hasn't fully developed as a trader and understand the market and its swings. They create a sense of false hope to allude to the alchemy you were talking about. However, these firms can be very beneficial to an experienced trader who is fully honest with himself/herself about their own skills. If a firm is offering the potential to generate 5 figures of income for only risking $300 of capital, I think it has it's place of value for the right traders.
Quoting ccrkk10
{quote} I'd argue that the main issue for that isn't necessary the way the prop firm is laid out, I think it's more about the traders not really being consistently profitable if it's taking someone 6 times every time to pass a challenge. For the challenge itself I'd say take it slow and steady, because I know for FTMO as long as you finish with a profit, you get to take it again for free. Once you get the funded account I'd ram the risk up and push it to the limit. Not saying this way is perfect but I think it's the only real shot anyone has.
Certainly a critical objective with FTMO is to at least finish the challenge in profit for the free retake.

Not all trading months will produce the 10% profit due to the trading objectives so trade carefully.

Masterrmind .......
Master your Mind then Master your Trades
GPro Master 2021 Return This Month: 0.3%
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Masterrmind