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Anyone trading with a Prop firm 6 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

Attachments: Prop Firm Hub
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Prop Firm Hub

Quoting Takisd
{quote} This is not just mff, this is everyone in prop. The problem with running an a-book as a prop, and some people seem to forget, is that there are no investors or deposits. Its far harder to get any reward out of the orders if there are no deposits than it is if there are deposits. And the risk is far greater. But I am tired of talking about it to be honest because it always triggers the people who think that there are far more successful retail traders than there actually are. Per 100, there is likely 1 person who will make money trading....
1 out of a 100? So, on the scale that 5% is a success rate, only 1 out of 5 can pay their mortgage with profits. Wow! I agree with it, in reality I am only aware of only one person, outside of me, who truly does make money retail trading. Others that say they do, including 99% traders on FF just say they do.
"According to experienced traders approximately 33% of traders are able to profit over a 3-month period whereas the percentage of those market participants who trade consistently, on a yearly basis stands at 7.7%. This suggests that more than 92% of traders cannot achieve this goal."

https://forexsuggest.com/consistent-in-forex/

90% of day traders lose money consistently.
Only 1% of day traders are predicted to be profitable after costs.
97% of individual day traders consistently lose money.
40% of day traders quit within a month, and 87% quit within 3 years.
Approximately 17% of day traders can manage to earn minimum wage via day trading.
Only 3% of day traders make consistent profits.

https://blog.gitnux.com/day-trading-statistics/

 

  1. There are 9.6 million forex traders globally, and the average age of traders is 43.1 years.
  2. 99.6% of retail Forex traders cannot achieve more than four back-to-back profitable quarters.
  3. 7% of all traders have been trading forex for more than a decade, 39% have been trading for 1-3 years, while 31% of traders have been trading for less than a year.

https://analyzingalpha.com/forex-statistics

Quoting Tim_isoara
{quote} I purchased $250k bootcamp. Good luck.

nice package I have phase 2 of the 250k bootcamp
MY OPINION NOT FINANCIAL ADVISE
Quoting TrAndy1
"According to experienced traders approximately 33% of traders are able to profit over a 3-month period whereas the percentage of those market participants who trade consistently, on a yearly basis stands at 7.7%. This suggests that more than 92% of traders cannot achieve this goal." https://forexsuggest.com/consistent-in-forex/ 90% of day traders lose money consistently. Only 1% of day traders are predicted to be profitable after costs. 97% of individual day traders consistently lose money. 40% of day traders quit within a month, and...
Heard any issues with funded engineer ? Am not able to purchase new challenge. error message coming.

And who is dylan ? Which firm ?
Intraday only.
Quoting Capablanca
{quote} About CTI rule of SL in 60s depends how we see it. It's not hidden (neither is Finotive) but it's quite reasonable and benevolent. You forget the SL and they close the trade after 60 seconds. If there is a profit it's not counted. If there is a loss it is counted. And it's not a breach. I think it's pretty reasonable. Not like finotive that allows people to work 2 months and then points out a trade, 3 weeks before, without a SL. If your argument against SL is fake funds then we could also question the daily limit.
Thanks Capa, I think my point was they promote they have no rules but having a SL ruleis a rule. The SL rule is perhaps a good one as it drills discipline and better than letting someone trade for months then telling them later "oh you are breached champ back to stage 1". Drawdown rules are ok, once again for discipline. I don't get why 2 stage challenges have larger drawdowns than 1 step or instant models (across the industry).
Cheers.
Quoting donfriday
{quote} nice package I have phase 2 of the 250k bootcamp
Have you had a good experience with them Don? How do you feel about the drawdown rule being so small? Any problems?
What is the general consensus on rizdoms firm Skilled Funded Traders? https://skilledfundedtraders.com/

Have not been able to find many red flag complaints about traders being randomly banned etc and the metrics are decent.
Quoting FocusWinReal
{quote} Have you had a good experience with them Don? How do you feel about the drawdown rule being so small? Any problems?

the DD is not small, for me I am okay with them I have high stake and bootcamp and they are my number 1 choice of prop firm for now .
MY OPINION NOT FINANCIAL ADVISE
Quoting navk
{quote} Heard any issues with funded engineer ? Am not able to purchase new challenge. error message coming. And who is dylan ? Which firm ?
Dylan is the CEO of E8 Funding. Been reading some recent bad reviews, what’s the latest news?
Regarding the statistics of the traders vs profitable ones. I wonder what would happen if those 99.3% would demo trade for 5 years several hours straight instead of gambling. Trading does seem simple at first glance. Maybe we are bit crazy those of us who try to become as profitable as possible. Since it does require alot of time and effort. Normally to become decent.

But its funny tho, one options trader who once said he only started to become profitable at first after he found a "glitch" an edge with an instrument. That glitch was quite simple even and boring, Of course it didnt last forever that glitch. But it made him understand what trading was all about it seemed. Such glitches if used and found in markets while using prop firms. Im certain would be banned instantly .

Since those glitches doesnt exactly go hand in hand with consistent rules. But even if he traded with very lower amount penny level he made quite a bit of cash from it and later on he could live as trader due to it. Since he found that glitch one time and that learned him all about trading and gave him a cushion.
Quoting navk
{quote} Heard any issues with funded engineer ? Am not able to purchase new challenge. error message coming. And who is dylan ? Which firm ?
i just received pay out last Thursday
hopefully all good
Quoting labu
Regarding the statistics of the traders vs profitable ones. I wonder what would happen if those 99.3% would demo trade for 5 years several hours straight instead of gambling. Trading does seem simple at first glance. Maybe we are bit crazy those of us who try to become as profitable as possible. Since it does require alot of time and effort. Normally to become decent. But its funny tho, one options trader who once said he only started to become profitable at first after he found a "glitch" an edge with an instrument. That glitch was quite simple...
Tom Dante started the same way.
Quoting Tobiazzek
{quote} Tom Dante started the same way.
Neat. One thing I forgot to mention tho about that options trader, was that he truly struggled for years of course. Before he found that glitch and then truly learned. Not like he traded for a few months only with constant profit. But he managed to breakeven eventually then found the glitch or edge.
Quoting FocusWinReal
{quote} Thanks Capa, I think my point was they promote they have no rules but having a SL ruleis a rule. The SL rule is perhaps a good one as it drills discipline and better than letting someone trade for months then telling them later "oh you are breached champ back to stage 1". Drawdown rules are ok, once again for discipline. I don't get why 2 stage challenges have larger drawdowns than 1 step or instant models (across the industry). Cheers.
no rules? They also prohibit DCA which they even wrongly call Martingale. I better avoid them as they don't seem to like copy trading either
Money is made by sitting, not trading
Does anyone have idea about mff trail? When it's going to take place?
Quoting TrAndy1
"According to experienced traders approximately 33% of traders are able to profit over a 3-month period whereas the percentage of those market participants who trade consistently, on a yearly basis stands at 7.7%. This suggests that more than 92% of traders cannot achieve this goal." https://forexsuggest.com/consistent-in-forex/ 90% of day traders lose money consistently. Only 1% of day traders are predicted to be profitable after costs. 97% of individual day traders consistently lose money. 40% of day traders quit within a month, and...
how can Approximately 17% of day traders manage to earn minimum wage via day trading, when in same statistic is Only 1% of day traders predicted to be profitable after costs and 97% of individual day traders consistently lose money? is this 17% is percentage of the winning 1%?

same with Only 3% of day traders make consistent profits and Only 1% of day traders predicted to be profitable after costs?
Quoting Trader191
{quote} how can Approximately 17% of day traders manage to earn minimum wage via day trading, when in same statistic is Only 1% of day traders predicted to be profitable after costs and 97% of individual day traders consistently lose money? is this 17% is percentage of the winning 1%? same with Only 3% of day traders make consistent profits and Only 1% of day traders predicted to be profitable after costs?
(more) experienced to non (or less) experienced traders compared...
Quoting donfriday
{quote} the DD is not small, for me I am okay with them I have high stake and bootcamp and they are my number 1 choice of prop firm for now .
you are used to mt5 ?

Indicators and EA s not many i guess
Intraday only.
Quoting navk
{quote} you are used to mt5 ? Indicators and EA s not many i guess

yes i use MT5 for execution i dont have chart setup on mt5


trading view for chart
mt5 for execution
MY OPINION NOT FINANCIAL ADVISE
Quoting TrAndy1
"According to experienced traders approximately 33% of traders are able to profit over a 3-month period whereas the percentage of those market participants who trade consistently, on a yearly basis stands at 7.7%. This suggests that more than 92% of traders cannot achieve this goal." https://forexsuggest.com/consistent-in-forex/ 90% of day traders lose money consistently. Only 1% of day traders are predicted to be profitable after costs. 97% of individual day traders consistently lose money. 40% of day traders quit within a month, and...
Speaking of the odds of being consistent profitable as experienced trader, where you should have a decade of market experience.

7.7% of all experienced traders can trade consistently.
Only 3% of day traders make consistent profits. => So swing traders being consistent profitable is easier.
5% of all Forex traders are consistent profitable (=(100%-99.6%)/7%). => So being consistent profitable as experienced traders on Forex is more difficult than other asset classes.

After you traded for one decade daytrading Forex is most difficult, but swing trading non FX products is easiest to get consistent profitable. Your odds to be consistent profitable after that decade of experience are somwhere between 1:33 to 1:13.

So the conclusions (with assumptions as best estimation here):

FX daytrading most difficult | Your odds are ~ 1:50 (with 10 years trading experience (!))
Non-FX daytrading second rank | Your odds are ~ 1:25
FX swing trading third rank | Your odds are ~ 1:12.5
Non-FX swing trading highest rank or least difficult (to be consistent profitable after 10 years of trading experience) | Your odds are ~ 1:8

If you have only little trading experience your chance of being consistent profitable are somewhere between 1:80 to 1:500 so between 0.2% to 1.25% depending on what asset class (FX or non-FX) and trading style (daytrading or swing trading) you trade.
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