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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 Lrg
{quote} Did you look at Maven, My FlashFunding and Funding Pips..
Fundinpips is somewhat ok but they have a lot of rules even for withdrawing the fees as well. Myflashfunding and maven doesn't even look professional at all from their website (my personal opinion). I can start a website with a fancy name mean nothing.
Btw this is my excel sheet. Aim to get 3million worth of funding by June of next year. Starting with Ftmo 400k on monday
Attached File(s)
File Type: xlsx Prop Firms.xlsx   17 KB | 280 downloads
Extreme gut feeling trader
E8 still use deel
ftuk use deel

but why stop working with other prop firms?
MY OPINION NOT FINANCIAL ADVISE
After a year of having an account with a prop. I still cannot understand their business model. Everywhere you see the usual complaint, that when payments get big, people are either kicked out, delayed, or hassled. If you look at the negative comments in Trustpilot, of the big props, they are scary.

We all thought in the beginning, that the "prop idea" was genius, give people money to trade, copy the trades of the best traders, and charge a fee to cover your risk from the losers. I figured: this was a win-win situation.
Now I am doubting any "A-Book" even exists. I am doubting most of the best Trustpilot ratings. Actually, I am doubting even some of the "payments" declared in the Discord internal chats. They could be fake. One guy in my prop firm, defended every complaint like he is the father of the owner, but he insists on being just another "very happy trader", collecting regular fat payments.

What happened? Was it really a Ponzi? All over?
The most satisfied clients I experienced,( having lost an account there myself, when they got busted ), were on MFF. The Regulators closed it without any warning and just took all the money from people getting ready to be paid. I thought regulators were there to protect us.
What a world.
Quoting TrAndy1
{quote} only 5ers and only because of the recent youtube video of the CEO explaining how they do it.
But then thousand of people would be doing something illegal according to you. Do you think risk is real for average trader in that firm?

Also, in the mff website is says that yet they dont have power to make refunds. Guess maybe they do it in the near future? what do you all think? Possible?
Quoting cuchuflito
The Regulators closed it without any warning and just took all the money from people getting ready to be paid. I thought regulators were there to protect us. What a world.
-Hopefully, the more people that wake up to what is really going on in this world, the more that people will be willing to put their foot down and say enough is enough. I do not speak only about over-reaching regulation here.
Quoting donfriday
E8 still use deel ftuk use deel but why stop working with other prop firms?
E8 don't use Deel anymore but Plane
Quoting Nehemah
{quote} E8 don't use Deel anymore but Plane

the recent email I r cei e says they have 2 payout
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MY OPINION NOT FINANCIAL ADVISE
Quoting montygoldy
{quote} Fundinpips is somewhat ok but they have a lot of rules even for withdrawing the fees as well. Myflashfunding and maven doesn't even look professional at all from their website (my personal opinion). I can start a website with a fancy name mean nothing. Btw this is my excel sheet. Aim to get 3million worth of funding by June of next year. Starting with Ftmo 400k on monday {file}
I just got my first payout with Myflashfunding and for the moment everything is perfect with them.
6% phase 1 with an automatic switch to the phase 2 and they are now giving up the 30 days rules for the first payout (---> 14 days) The support is excellent. I prefer to focus on its very concrete considerations rather than on the look of the site
Quoting donfriday
{quote} the recent email I r cei e says they have 2 payout {image}
Deel no longer works with prop firms then it's a little strange.
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Quoting Tim_isoara
{image}
No surprise. This will drag out as expected
Pride always comes before destruction.... -Proverbs 16:18
The IRS needs to collect more money so Joe can send it to Zelensky et al. Don't forget the 10% for the big guy.

Got this email from Kraken today

Hello Kurt,

We are reaching out to inform you of a recent court order requiring us to share some of our clients’ information with the IRS.

What’s the background for this?

In May 2021, the Internal Revenue Service (IRS) issued a summons to Kraken demanding that we produce a wide range of records and data relating to our U.S. clients. Since one of Kraken’s guiding principles has always been maintaining our clients' security and privacy, we objected to the IRS’s demands and fought the summons in court.

After a lengthy litigation process, Kraken convinced the court to substantially reduce the number of clients affected and the amount of client data it would have to produce. However, the court ordered Kraken to produce profile information and transaction histories for clients who exceeded $20,000 in transactions during any single year from 2016 to 2020.

What this means for you:

The court order requires us to produce information regarding your account, specifically your:

  1. Name
  2. Date of birth
  3. Tax ID
  4. Address
  5. Contact information
  6. Transaction history for 2016 to 2020.

Kraken expects to share this information covered by the court’s order in early November 2023.

For your reference, the court’s judgment can be found here. The case was filed in the United States District Court for the Northern District of California, Case No. 3:23-mc-80029-JCS.

In addition, please note that because Kraken received a summons dated May 11, 2021, and more than six months passed before our challenges to the summons were resolved by the court, the period of limitations under sections 6501 and 6531 of the Internal Revenue Code (title 26 of the U.S. Code) were suspended beginning as of November 11, 2021, which will continue through the final resolution of Kraken’s response to the summons following the court’s order. This may be relevant to the tax returns that you have filed for the 2016, 2017, 2018, 2019, and 2020 calendar years. If you have questions about your tax liability for those years, we strongly encourage you to consult with your tax advisor.

The Kraken Team

Pride always comes before destruction.... -Proverbs 16:18
Quoting montygoldy
{quote} Fundinpips is somewhat ok but they have a lot of rules even for withdrawing the fees as well. Myflashfunding and maven doesn't even look professional at all from their website (my personal opinion). I can start a website with a fancy name mean nothing. Btw this is my excel sheet. Aim to get 3million worth of funding by June of next year. Starting with Ftmo 400k on monday {file}
Not defending anyone but just a note that this week Funding pips eliinated some of the rules.
What rules are you rerefering for withdraw ?
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Quoting donfriday
E8 still use deel ftuk use deel but why stop working with other prop firms?
Unless they came back to Deel this week, E8 is not using Deel any longer. They changed to Plane.
Quoting donfriday
{quote} the recent email I r cei e says they have 2 payout {image}
Hummmm... if this email is very recent then then they may have been allowed back to Deel!
Quoting Nehemah
{quote} I just got my first payout with Myflashfunding and for the moment everything is perfect with them. 6% phase 1 with an automatic switch to the phase 2 and they are now giving up the 30 days rules for the first payout (---> 14 days) The support is excellent. I prefer to focus on its very concrete considerations rather than on the look of the site
Thanks for the feedback. It's always good to get these first hand experiences here.
Are they "normal" in terms of rules ? Anything strange that we should take care ?
Btw, how's the payout process ? Paying in crypto ? How long since the request ? Does the account stay frozen during that period ?
Quoting Tim_isoara
{image}
This seems a never ending story. When this will be solved only the dinosaurs will still remember MFF
Quoting Capablanca
{quote} Not defending anyone but just a note that this week Funding pips eliinated some of the rules. What rules are you rerefering for withdraw ? {image}
Think $1000 is minimum withdraw. And you only get fee refund on the 5th withdraw i believe. Not ideal conditions but still, the dropping of all those other rules makes them bit more attractive.
Quoting Capablanca
{quote} Thanks for the feedback. It's always good to get these first hand experiences here. Are they "normal" in terms of rules ? Anything strange that we should take care ? Btw, how's the payout process ? Paying in crypto ? How long since the request ? Does the account stay frozen during that period ?
Regarding Myflashfunding, as soon as you request your payout, your account is reset and you are able to trade. Then your account is not frozen. It's a great point ! And the next payout is in 7 days ! Second good point. The payout was done is 24 hours. (method is crypto or wise)
Quoting Capablanca
{quote} This seems a never ending story. When this will be solved only the dinosaurs will still remember MFF
We could start our own thread:

"Prop Firm Hub - Back in the day when we thought it could be legit but turned to "
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