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  • #35,741
  • May 1, 2024 9:10am May 1, 2024 9:10am
Quoting KarlKraus
{quote} Completely wrong. It isn’t, at all. It’s completely different. With futures, it’s trivially easy to verify that you’re trading on a real, live, genuinely funded account on a real exchange. It’s a genuine partnership in which the people funding you can profit only when you do, and are therefore obviously always on your side. You don't need to take anyone's word for it. It takes 1 second to verify it for yourself. https://www.forexfactory.com/thread/...9#post14846539

You would need a real broker order book to check it. If someone can check for this it will be very usefull.

But funded doesn’t mean real live account. If someone makes always profit they could make his account real live account ( or they could kick him out )
  • #35,742
  • May 1, 2024 9:17am May 1, 2024 9:17am
Quoting RiskFighter
{quote} If somebody try to earn 20,000$ and it happens frequently, this person sums up in a batch of people emptying the money reserve in the Prop company. This leads to the companies go broke. And to the situation where we daily hear about companies denying payouts. The problem is of cause, that the Prop companies are selling big money accounts in order to grab the customers. Another problem is, that some people keep thinking they can send gigantic invoises and trust they will be paid. Why don't we learn? That person don't need to invoice 20,000$...
Hello RiskFighter;

I trust you are well.

If I could, I really wish I could upvote the type of sentiment which you have echoed more than once, with frugal withdrawals which permit the companies the ability to remain liquid.

This is similar to what Nsak3y & TakisD state time & again.

Wishing you a pleasant day ahead.
Des
My success is due to The Great Napoleon Hill. May His Name Live Forever
  • #35,743
  • May 1, 2024 9:31am May 1, 2024 9:31am
Quoting Desbinary
{quote} Hello RiskFighter; I trust you are well. If I could, I really wish I could upvote the type of sentiment which you have echoed more than once, with frugal withdrawals which permit the companies the ability to remain liquid. This is similar to what Nsak3y & TakisD state time & again. Wishing you a pleasant day ahead. Des
I support the idea of capping monthly profit at around 6%. Since most Forex prop firms process payouts every 14 days, each payout can be capped at 3%.
  • #35,744
  • May 1, 2024 9:33am May 1, 2024 9:33am
Quoting ladder
{quote} I support the idea of capping monthly profit at around 6%. Since most Forex prop firms process payouts every 14 days, each payout can be capped at 3%.
then also the targets in eval should be dropped, right?
  • #35,745
  • May 1, 2024 9:40am May 1, 2024 9:40am
Quoting 1odi
{quote} then also the targets in eval should be dropped, right?
If no targets in evaluation, how do firms decide who passes the evaluation?

As there is no time limit, you can take 12 months to reach the targets in evaluation.
  • #35,746
  • May 1, 2024 9:49am May 1, 2024 9:49am
I am so so angry on topstep. I bought on friday and blew my accounts on monday. I heard many good news of free Reset code given by them. Waited for 2 days then last night i reseted my accounts paying the fees again on 3 accounts. JUST now they sent me a free reset code why why why could have saved money. Btw now i honestly loving topstep with all these things
Extreme gut feeling trader
  • #35,747
  • May 1, 2024 9:49am May 1, 2024 9:49am
Quoting Takisd
All of Sean Baintons companies are close to insolvent. Aqua being the most stable of the 3. My flash funding are banning because they are insolvent. We will see a lot of this now because the toxic groups have become too big and too greedy. The refund removal helps deter them a little bit but it will also drain the revenues as these groups slag off people in public. The majority of props now are just dogs chasing their tail around in circles. They didn't make a business that is sustainable, they didnt invest in their business and all these businesses...
Hi TakisD,

I trust you are well & recuperating at an exponential rate.

Your wealth of knowledge in this area is ever well received and no doubt resonates with every Trader who are purely manual/ discretionary and merely wish to draw a moderate amount from each account.

Perhaps you may recall in a previous post, I stated that I target $500 to a maximum $800 per $100(10K Drawdown) account. This leaves me completely under the radar and these companies probably laugh whilst paying me seeing as my withdrawals are basically a fly swat upon their balance sheets.

It goes without saying, if the bulk of the profitable traders lodge withdrawals such as these the companies will remain financially viable due to the high failure rate such as unofficial B-Book brokers. Who knows, maybe they could transition to a C-Book type unofficial broker with actually copying some of the Traders as opposed to detailing it as a fictitious statement.

Maybe they could hedge themselves with taking 50% of the original position size executed by the Trader, provided the Trader has reached the 3rd or 4th payout cycle such that they only have to pay "half" the profit deficit if the Trader gets to profit & they have more profit if the Trader goes on tilt & blows up before the pay-out cycle.

Concerning your model which you drew reference to, I wished to gain your insight as to what you think about a more robust metric as opposed to the current one-dimensional flipping the account i.e. issuing 10k drawdown & asking for 10k profit.

How about in your new model including an entirely different metric which creates a "layered" amount of capital allocation based upon a directly proportionate manner based on the Traders' RRR, SQN & ROMAD numbers including their Position Sizing strategy.

Traders with anything below RRR of 2 or 2.5 should ideally be disqualified which will ensure that bang & burn type gamblers who rely upon news & mindless reverse trading methods are purged from the ecosystem.

To incentivize the Trader, how about a soft profit cap, which is set at 1.5% to maximum 3% per payout cycle but allowing the surplus, if any to to be carried over into the next payout cycle as a smoothed out amount over 3-6 months so it doesn't shock-load the companies cash flow.

Wishing you a pleasant day ahead & I look forward to the model you'll deploy.
Des
My success is due to The Great Napoleon Hill. May His Name Live Forever
  • #35,748
  • May 1, 2024 9:54am May 1, 2024 9:54am
Quoting Eren10
{quote} You would need a real broker order book to check it.

No, Eren10, sorry, but this is just completely wrong. You DON’T need that to check it. The exchange feed is all you need. Just read the post I linked to.

(I think some of the people posting here actually don’t know what an exchange is?!?!).
  • #35,749
  • May 1, 2024 9:59am May 1, 2024 9:59am
https://news.bloomberglaw.com/securi...ubling-actions

Its pay walled, am trying to find a non paywall version if you can't read it.
  • #35,750
  • May 1, 2024 10:15am May 1, 2024 10:15am
Quoting KarlKraus
{quote} No, Eren10, sorry, but this is just completely wrong. You DON’T need that to check it. The exchange feed is all you need. Just read the post I linked to. (I think some of the people posting here actually don’t know what an exchange is?!?!).
I am not familiar with the data you can get from trading futures in USA. If it is veryfiable then someone can do it and better shows it to us
  • #35,751
  • May 1, 2024 10:34am May 1, 2024 10:34am
Quoting Takisd
https://news.bloomberglaw.com/securi...ubling-actions Its pay walled, am trying to find a non paywall version if you can't read it.
Looks like good news right?
  • #35,752
  • Edited 11:14am May 1, 2024 10:43am | Edited 11:14am
Quoting ladder
{quote} I support the idea of capping monthly profit at around 6%. Since most Forex prop firms process payouts every 14 days, each payout can be capped at 3%.
Here is the problem... 6% of 300-600K funding is unpayable by most FX props in the current environment (no US + no MT4 + contracting market)

To stay solvent FX Props likely need a combination of several of the following...

1. ban eas
2. no refunds + bonuses
3. monthly profit cap
4. 100K/200K max funding
5. drop leverage to <20:1
6. no entries/exits +/- 2 min major impact news
7. 30-40% consistency rules.
  • #35,753
  • May 1, 2024 10:48am May 1, 2024 10:48am
Quoting Takisd
https://news.bloomberglaw.com/securi...ubling-actions Its pay walled, am trying to find a non paywall version if you can't read it.
Didn't MFF recently get the go ahead from the special master for discovery on the CFTC?

This could get politically embarrassing if 2 regulatory agencies get sanctioned back to back by the courts for blatant lies to obtain ex parte asset freezes on top of the heat on the FTC for their merger antics.
  • #35,754
  • May 1, 2024 11:05am May 1, 2024 11:05am
Quoting Quickly
{quote} What do you mean by “balance based drawdown”? If you mean a maximum allowed drawdown that doesn’t trail open equity but is adjusted only at the end of each day, there are already several. Topstep, for example, has been like that for a decade: their permitted drawdown has never trailed open equity. Tradeday is the same, and they also have no daily loss limit. (But maybe you mean something different? Sorry if I misunderstood you).
I will explain it later what I think it is with the help of examples.
May be I understood or May be not.
  • #35,755
  • May 1, 2024 11:10am May 1, 2024 11:10am
for me all this prop firm business was ended when I first heard about the "my forex funds" CFTC closing news
from that day every week something bad started to happen with every prop firm
i know that my dream of getting 1 million funded 2 million funded is going to remain just a dream never going to be reality when things like this not stopping
i just want some capital from these prop firms or atleast i want to recover my loss from these
then i will trade smaller money on normal broker
  • #35,756
  • May 1, 2024 11:13am May 1, 2024 11:13am
Quoting Novazor
{quote} Looks like good news right?
Depends what you are aiming for.

The thing is during such a hearing the questions will be different. It won't be "are you sure about the evidence" it will be more "why did you lie about the evidence and who knew about it". Its a very guilty until innocent type of situation.

Whilst I would imagine the CFTC will take it seriously given their behavior thus far - its unlikely. So it will play out.

If the outcome is that you want MFF back, I wouldn't hold my breath. If the outcome is you want MFF to burn in hell, I wouldn't hold my breath. Its more of a fight for justice now really and given that there is caught in the act evidence that the CFTC has lied and the judge appears to believe the same thing justice may look very strange from here on.
  • #35,757
  • May 1, 2024 11:17am May 1, 2024 11:17am
& I think all these prop firms whatever changing is for the survival & betterment for normal traders like us
and to safeguard themselves from lucky and money making gamblers
because I know there are masterminds in every game
specially people like from china, vietnam, indonesia, japan kind of countries who have short height people with tiny eyes but have very sharp brain
they mostly have tricks for every online work, they are very sharp in coding, scripts, ea etc
they mostly make most of the money
  • #35,758
  • May 1, 2024 11:20am May 1, 2024 11:20am
Quoting Takisd
{quote} Depends what you are aiming for. The thing is during such a hearing the questions will be different. It won't be "are you sure about the evidence" it will be more "why did you lie about the evidence and who knew about it". Its a very guilty until innocent type of situation. Whilst I would imagine the CFTC will take it seriously given their behavior thus far - its unlikely. So it will play out. If the outcome is that you want MFF back, I wouldn't hold my breath. If the outcome is you want MFF to burn in hell, I wouldn't hold my breath. Its...
I dont hope MFF will come back, i just want CFTC too have some of justice for they way they freezed MFF ect, the current situation in forex prop firms is that maybe in 6 months will only be around top 3 prop firms surviving
  • #35,759
  • May 1, 2024 11:29am May 1, 2024 11:29am
Quoting Takisd
{quote} Depends what you are aiming for. The thing is during such a hearing the questions will be different. It won't be "are you sure about the evidence" it will be more "why did you lie about the evidence and who knew about it". Its a very guilty until innocent type of situation. Whilst I would imagine the CFTC will take it seriously given their behavior thus far - its unlikely. So it will play out. If the outcome is that you want MFF back, I wouldn't hold my breath. If the outcome is you want MFF to burn in hell, I wouldn't hold my breath. Its...
I don't believe MFF will ever be back but I would be happy if CFTC would be condemned to pay a compensation to MFF and Murtuza for all what they did. Probably not going to happen because these people are always above law.
  • #35,760
  • May 1, 2024 11:36am May 1, 2024 11:36am
Quoting Takisd
Time for Karl to confess who he is shilling for or leave.
Tradeday. You know the firm no ones uses with monthly/yearly traffic tanking
Pride always comes before destruction.... -Proverbs 16:18
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